Page 8 - Economy

Fiscal deficit for April-Dec at 56.7% of full-year target, shows data

Net tax receipts for the first nine months of the current financial year were at Rs 18.43 trillion

Germany cuts 2025 economic growth forecast to 0.3% after two-year slump

The German government on Wednesday slashed its 2025 growth forecast for the country's economy, Europe's biggest, to just 0.3% after it shrank for two consecutive years. The new projection is much lower than the government's previous forecast of 1.1% growth, issued in October. Germany has managed no meaningful economic growth in the past four years as it has struggled to deal with major shifts in the global economy and with structural challenges of its own. Preliminary figures released two weeks ago showed that gross domestic product contracted by 0.2% last year, following a 0.3% decline in 2023. The economy is one of the top issues in the campaign for an early German parliamentary election on Feb. 23. It is being held seven months before it was originally scheduled after Chancellor Olaf Scholz's three-party coalition collapsed in November in a dispute about how to revitalise the economy. Contenders to lead the next government have made contrasting proposals on how to get it growing

IMF downgrades Pakistan's GDP growth outlook for 2025 from 3.2% to 3%

The International Monetary Fund (IMF) has revised cash-strapped Pakistan's economic outlook, downgrading its projected Gross Domestic Product (GDP) growth for 2025 to 3%, down from 3.2% forecasted just three months ago, according to a media report on Saturday. The adjustment comes amid a broader global economic assessment presented in the IMF's "World Economic Outlook Update: Global Growth Divergent and Uncertain", The Express Tribune newspaper reported. The IMF's revised projections also indicate that Pakistan's GDP growth will remain at 4% in 2026. However, the latest downgrade reflects ongoing economic challenges in the country, although the IMF did not provide specific reasons for the revision. This latest revision mirrors the forecast made by the Asian Development Bank (ADB) last month, which also adjusted Pakistan's growth forecast to 3% for the fiscal year 2024-25, up from a previously projected 2.8%. Both institutions have cited challenges faced by Pakistan's economy but h

Hailing the freelance economy as it expands across global professions

Freelancers in the United States contribute significantly to the country's economy, with earnings totalling approximately $1.27 trillion in 2023

Vietnam's 2024 GDP growth accelerates to 7.09% driven by strong exports

GDP grew 7.55 per cent in the fourth quarter, the fastest quarterly growth in more than two years, the General Statistics Office said in a report

UK business morale gloomiest, hits two-year low after tax rises: Survey

Finance minister Rachel Reeves announced 40 billion pounds ($50 billion) of tax rises on Oct 30, the most of any budget since 1993

Argentina's Milei scores win with $1 bn repurchase deal from five top banks

Argentina's sovereign bonds climbed on Friday's announcement. Benchmark notes due in 2035 touched a session high before paring gains

Diljit Dosanjh's concerts a wake-up call: Is India ready for mega events?

Diljit Dosanjh announced that he won't perform in Chandigarh again until there is better infrastructure, highlighting event management and infrastructure woes seen in Delhi and other cities as well

South Korea sharply trims GDP growth forecast after martial law fiasco

The Finance Ministry sees the economy now growing 1.8 per cent in 2025 after expanding 2.1 per cent last year, it said in a statement on Thursday

State-run OMCs cut commercial LPG and ATF prices, effective January 1

State-run oil marketing companies have reduced prices for 19-kg commercial LPG cylinders and aviation turbine fuel across major metros

Confidence is high, outlook is bright: RBI Guv Malhotra on economy

But stress tests show GNPA ratio of banks may rise under baseline scenario

Indian economy prospects expected to improve, says RBI Guv Sanjay Malhotra

He noted that RBI's focus remains steadfast on maintaining the stability of financial institutions and, more broadly, systemic stability while preserving financial stability to support higher growth

Foreign investments in Israel rise to $11.8 billion in first half of 2024

In 2023, the US was the leading source country for investments in Israel with $24 billion followed by France with $3.7 billion, India with $1.2 billion and the UK with $1.1 billion

In another blow to new Labour govt, British economy flatlines in Q3

The British economy flatlined in the third quarter of the year, according to downwardly revised official figures Monday, in another blow to the new Labour government that has made growth its number one mission. In its latest revision of the July to September period, the Office for National Statistics said the British economy showed no growth against the previous estimate of 0.1%. The agency partly blamed the reduction on fresh survey data showing weaker trading across bars and restaurants. The reduction has prompted critics to say that Labour talked down the economy on taking power on July 5 for the first time in 14 years when it described its economic inheritance from the previous Conservative administration as being the worst in generations. Treasury chief Rachel Reeves promised to turbocharge economic growth after Labour won the July election but has now seen the economy stall over the three months to September, while official figures earlier this month also pointed towards a 0.

China's Xi swears in Macao's new leader, urges economic diversification

Chinese President Xi Jinping urged the casino hub of Macao to diversify its economy as he swore in the former Portuguese colony's new government on Friday at an event marking the 25th anniversary of its handover to China. New Chief Executive Sam Hou Fai Macao's first leader born in mainland China vowed to address the territory's unbalanced and uncoordinated economic development. Since its 1999 handover, the city of 687,000 has transformed from a monopoly-driven gambling enclave into the world's largest gaming hub, drawing hordes of tourists from mainland China. The casino boom has improved living standards, but authorities are concerned that the semi-autonomous city's economy is unhealthily dependent on the industry. Some young people say the tourism-dominated economy has limited their career options and the city's diversified development. Critics say years of easy money from tourists have discouraged local businesses from innovating and improving, with many residents rely on ...

‘India supported us immensely during economic crisis,’ says Sri Lankan President Dissanayake

Sri Lankan President Anura Kumara Dissanayake, on his maiden bilateral visit to New Delhi since assuming office in Colombo, extended heartfelt gratitude to India on Monday

Pakistan's central bank cuts key policy rate by 200 basis points to 13%

Pakistan's central bank on Monday further reduced the key policy rate by 200 basis points (bps) to 13 per cent from 15 per cent amid improvement in inflation. The State Bank of Pakistan (SBP) announced that its Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 13 per cent, effective from December 17, 2024. It said that the decision was helped by the continued decline in food inflation as well as the phasing out of the impact of the hike in gas tariffs in November 2023. However, it added that core inflation, which stood at 9.7 per cent, was proving to be sticky, whereas inflation expectations of consumers and businesses remain volatile. The MPC also noted that the current account had remained in surplus for the third consecutive month in October 2024, which, amidst weak financial inflows and substantial official debt repayments, helped increase the foreign exchange of the central bank to around $12 billion. The committee also said global prices had remaine

Economy ends 2024 strong as business growth reaches 4-month high, shows PMI

Asia's third-largest economy grew a softer 5.4 per cent last quarter, but easing inflation is expected to spur demand among private sector firms

UK economy shrinks in Oct, suffers first back-to-back declines since 2020

Gross domestic product shrank 0.1 per cent month-on-month in October, as it did in September, the Office for National Statistics said

India's economic growth by end of this fiscal will be back on track: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday expressed confidence that India's economic growth by end of this fiscal will be back on track despite global uncertainties. He said that this year also India will be the world's fastest growing economy. "We had an election in the first quarter and during the election, obviously policy making and decisions on next steps of growth or infrastructure spending does slow down and there is a lag effect. "But from what the initial numbers for this quarter, the third quarter show, the festive spending, the rebound in rural growth, the way banks are now seeing traction back again, the way infrastructure spending has come back on track, I think by the time we close the year in March, we will be back on track," Goyal said at Times Network's India Economic Conclave here. The minister was replying to a question whether the 5.4 per cent GDP growth in the July-September quarter of this fiscal worries him. The latest government data showed ..