Page 11 - Global Economy

Japan growth data set to confirm its slip to 4th-largest economy last year

While the economy is seen returning to annualized growth of 1.2% in the fourth quarter after a bruising contraction in the summer

Need to grow at 7-8% to become developed nation by 2047: Ex-RBI Guv

India needs to grow at seven to eight per cent annually in order to become a developed nation with USD 13000 per capita income by 2047, former Reserve Bank Governor C Rangarajan said on Tuesday. Asserting that innovation cannot be a single solution to reduce inequalities or poverty, the former Chairman of the Prime Minister's Economic Advisory Council said besides faster growth rate, the country may need social safety nets such as subsidies in kind of cash and basic income. I would say that the real growth between 7 per cent and 8 per cent will take it closer to the developed economy, because the developed economy by definition shows per capita income of USD 13,000 or more. India's per capita income is now at USD 2700. That means per capita income will have to increase by five times, he told PTI. According to him, if the exchange rate is kept at a lower level or if the prices go up then nominal income will increase, then India can become a developed nation. Therefore, I am saying t

Global economy to see soft landing, rate cuts coming, says IMF's Georgieva

She cautioned to expect the unexpected in the wake of the COVID-19 pandemic and said a prolonged war between Israel and Hamas would impact global economies

In an election year, markets typically flourish, says Arbind Maheswari

Historically, the markets tend to perform well during election years as governments aim to increase spending and call attention to growth, he said

ECB needs to start cutting interest rates soon, says Fabio Panetta

"Macroeconomic conditions suggest that disinflation is at an advanced stage, and progress toward the 2% target continues to be rapid," he said on Saturday at the annual Assiom Forex event in Genoa

China's consumer prices suffer steepest fall in more than 14 years

Citigroup economists said in a research note last week that they expect mild reflation in 2024, and forecast annual CPI inflation at 1.2 per cent year-on-year

Too soon to declare victory over inflation: OECD tells central banks

Global economic growth is proving more resilient and inflation in the US and Europe is easing faster than the organization expected in its November outlook

Don't count on a soft landing for the global economy

Despite the relatively buoyant consensus, recent developments suggest that the risks to global growth are still tilted to the downside

Bank of England keeps rates unchanged at 5.25%, may cut if inflation falls

The pound erased earlier losses and investors trimmed bets on the extent of Bank Rate cuts but still saw four reductions in 2024, a view that Bailey said he did not want to challenge

US worker productivity strong in fourth quarter; weekly jobless claims rise

Nonfarm productivity, which measures hourly output per worker, increased at a 3.2% annualized rate last quarter, the Labor Department's Bureau of Labor Statistics said on Thursday

Global affairs becoming more complex, challenging with wars: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the global situation is becoming more complex and challenging due to wars and conflicts in different parts of the world. The Russia-Ukraine conflict and the Israel-Hamas war have disrupted the global supply chains, impacting trade. The minister, while presenting the interim Budget, said that the new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike. She also said that strengthening the financial sector in the country has helped make savings, credit and investments more efficient. All forms of infrastructure are being built in record time, she said. The government has also provided transparent, accountable, trust-based administration with a citizen-first approach.

China merges hundreds of rural banks amid looming financial crisis

After engineering mergers of rural cooperatives and rural commercial banks in at least seven provinces since 2022

10-year bond yield declines below 4% as investors await US Fed

The Federal Reserve two-day policy meeting will conclude this afternoon. Markets have priced in a near-certainty that the central bank will leave benchmark interest rates in their current range

German unemployment edges down by 2,000 to 2.694 million in January

The Federal Labour Office said the number of people out of work decreased by 2,000 in seasonally adjusted terms from December to 2.694 million

US job openings unexpectedly rise by 101,000 to 9.026 million in December

Data for November was revised higher to show 8.925 million unfilled positions instead of the previously reported 8.79 million. Economists polled by Reuters had forecast 8.75 mn job openings in Nov

Conflict in West Asia remains growing risk for energy markets: J P Morgan

Recent attacks on vessels in the Red Sea by Iranian-backed Houthi militants in Yemen have disrupted international commerce on the shortest shipping route between Europe and Asia

US consumer confidence rises to hit two-year high mark in January

The Conference Board said on Tuesday that its consumer confidence index rose to 114.8 this month, the highest reading since December 2021

Europe's economic blahs drag on with zero growth at end of last year

Europe's economy failed to expand at the end of 2023, with the stagnation now lasting for more than a year amid higher energy prices, costlier credit and lagging growth in powerhouse Germany. Zero economic growth for the October-to-December period of last year follows a 0.1 per cent contraction in the three months before that, according to figures released on Tuesday by EU statistics agency Eurostat. That extends a miserable run of economic blahs: The 20 countries that use the euro currency have not shown significant growth since the third quarter of 2022, when the economy grew 0.5 per cent. And the start of this year looks no better, with indicators of business activity still flashing red for contraction. Plus, disruptions to shipping in the Red Sea have constricted global trade through the Suez Canal, a major route between Asia and Europe, surging shipping costs and threatening to boost inflation. The eurozone is still struggling to find a bottom, said Holger Schmieding, chief ..

Euro zone yields drop as markets price in ECB interest rate cut in April

Some analysts reckoned that soft economic growth and inflation figures from the euro zone, due from Wednesday, could add to expectations for more ECB monetary easing

TN economy to be worth $2.6 trn by FY48, needs $111 bn investment: Study

State must focus on industries and urbanisation to meet potential, it says