Page 19 - Global Economy

Weak global activity data sends US dollar to 6-month high, Aussie skids

The dollar climbed 0.63% against the yen to 147.42, its highest since November, and the dollar index, which tracks the greenback against six main peers, rose 0.56% to 104.75, its highest since March

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Was premature to tighten monetary policy as inflation driven by import: BOJ

Tightening monetary policy before rising prices are accompanied by higher wages would hurt domestic demand and corporate profits, Nakamura said

Pakistan stares at another crisis as sugar prices rise to Rs 185 per kg

The rising wholesale rates have been providing an opportunity for various online mart and retail shop operators to make a windfall on the already piled-up stocks

Brics+6 to control 30% of global GDP, 46% population: Research paper

The addition of six new members to the BRICS grouping will see it controlling 46 per cent of the world's population and 30 per cent of its economic output, according to a research paper. At the latest BRICS summit in Johannesburg last week, the present members -- Brazil, Russia, India, China and South Africa -- decided to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members of the grouping. The new members will become part of BRICS effective January 1, 2024. The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member. Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP. But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent, Soumya Kanti Ghosh, the Chief Economic Adviser to State Bank of

Experts blame grey market, IMF as Pakistani rupee goes into free fall

Tresmark CEO Faisal Mamsa said, "The interim government trying to overstep its perceived capacity, which is sending a conflicting message to markets

Decoupling from GVCs would lead to 10% loss in global GDP: WEF President

Brende emphasised that future prosperity and poverty eradication will rely on open trade and strong GVCs that must be inclusive and adjusted for climate change

Fed's Powell says higher rates may be needed, will move 'carefully'

"It is the Fed's job to bring inflation down to our 2% goal, and we will do so," Powell said in a keynote address to the Jackson Hole Economic Policy Symposium

Pak rupee marks record closing low for 4th straight day on rising outflows

The rupee touched a record low for a fourth consecutive day and has depreciated 3.2% since Aug. 15, after a caretaker government took over

Sustainable trade plays key role in economic development: France Minister

He added that we also observe that more and more companies are integrating value chains' security into their strategic planning

Brics calls for nations to work together on post pandemic economic recovery

BRICS leaders on Thursday urged the international community to support countries working towards post pandemic economic recovery and address the high debt levels in some nations. At the end of the BRICS Summit in South African capital, the grouping released the Johannesburg II Declaration that stressed on G20 -- a larger grouping of world's biggest economies -- playing the role of the premier multilateral forum to seek solutions to global challenges. The leaders stressed on the importance of encouraging the use of local currencies in international trade and financial transactions, and sought strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies. They tasked finance ministers and central bank governors to consider the issue of local currencies, payment instruments and platforms. "We recognise the important role of BRICS countries working together to deal with risks and challenges to the world economy in achievin

India to clock highest growth among top 5 global economies: Finance secy

Finance secretary T V Somanathan on Thursday said India will continue to clock the highest growth rate among the top five economies in the world in the foreseeable future and asked Indian diaspora to act as a catalyst and supplement government efforts in making India the biggest opportunity. India is currently the fifth largest economy in the world. The top four are US, China, Japan and Germany. An S&P Global report had earlier this month projected India's economy to double to USD 6.7 trillion by 2031, from USD 3.4 trillion currently. "India is already the world's fifth largest economy and it is the largest country by population. India's rate of growth by any measurement is much faster than the top four. Today we can safely say that all four are likely to have lower growth rates than India in the foreseeable future. "... in terms of the size of opportunity, India is arguably the biggest development opportunity of the future because we are large and we are growing faster than the ..

US payrolls likely 306,000 lower through march than previously estimated

The number of workers on payrolls will likely be revised down by 306,000 for March of this year, according to the Bureau of Labor Statistics' preliminary benchmark revision projection

Does Brics exist only because a good acronym cannot be allowed to die?

India says it wants clear criteria established for new Brics memberships. But do even the existing members qualify under any meaningful criteria, asks T N Ninan

Dark clouds over global economy

India's exports are uncompetitive due to high infrastructure cost, poor productivity, friction in doing business, vexatious laws, poor governance, and a slow and expensive justice system

Religious leaders can take lead in resolving global issues: Jain leader

Leaders from major world religions and faiths can play a significant role in resolving the major challenges like the Ukraine war currently being faced by humanity and bringing in lasting peace, an eminent Jain religious leader has said and advocated dialogue and diplomacy for resolving disputes. This is the message I am taking to Chicago, Acharya Lokesh Muni told PTI in an interview ahead of the 2023 Parliament of the World's Religions in Chicago from August 14 to 18. The event is being attended by about 10,000 religious leaders from 80 countries. He is one of the few world leaders who have been invited to speak during the plenary session. Time has come for the world leaders to prepare a roadmap for a peaceful and prosperous society and world, he said. Leaders from major world religions and faiths can play a significant role in resolving the major challenges currently being faced by humanity and bringing in lasting peace at a time of war in Ukraine, he said. Asserting that war, ..

IMF seeks explanation from Pakistan for not imposing tax on big shops

Pakistan's Federal Board of Revenue (FBR) chairman confirmed that the IMF sought an explanation for not imposing a tax on big shops

Warning sign for global economy, China's CPI tips into deflation in July

CPI falls in annual terms for first time in 2 years; country becomes first G20 economy to report deflation since Japan in 2021

Pakistan's inflation touches 29.8% amid rise in food, energy prices

Out of these commodities, the price of milk, sugar, and firewood went up; wheat flour and vegetable ghee decreased; whereas prices of long cloth, and electricity remained unchanged

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