Page 20 - Global Economy

Pakistan hikes policy rate to 22% to secure IMF deal in a last-ditch effort

"The MPC views this action as necessary to keep real interest rate firmly in positive territory on a forward-looking basis," the central bank said in a statement

Pakistan's parliament approves revised 2023-24 budget to clinch IMF deal

The IMF in mid-June expressed dissatisfaction with the country's initial budget, saying it was a missed opportunity to broaden the tax base in a more progressive way

India to remove retaliatory customs duties on eight US-origin products

The duties on these eight US-origin products would revert to the current applied most-favoured-nation (MFN) rate after India notifies the rescinding of additional duties

Bank of England hikes rates to 5% to tackle inflation, highest since 2008

MPC members Silvana Tenreyro and Swati Dhingra opposed the rate rise - as they have all others this year - saying that much of the impact of past tightening had yet to be felt

Export growth still depends on demand in Europe, North America

The government is pinning its hopes on increased investment that its Production Linked Incentives (PLI) scheme may attract

Markets are pricing in some risks to growth: Julius Baer India's Kulkarni

India has emerged as a favourite destination for investors amid global developments, and the growth prospects here are catching the attention of many, says Unmesh Kulkarni, MD, Julius Baer India

Bank of Japan keeps low rates and dovish guidance, markets not so sure

Central bank reiterated its view that inflation will slow later this year and pledge to "patiently" sustain stimulus

China snips key lending rate as economy tumbles; retail sales jump

The People's Bank of China lowered the rate on its one-year loans

UK economy recovers slightly in April but strikes to keep lid on growth

The British economy bounced back in April amid strong sales at bars and pubs as well as a rebound in car purchases, according to official figures. The Office for National Statistics said on Wednesday that the economy grew by 0.2 per cent during the month. The increase was in line with expectations but failed to fully recoup the 0.3 er cent contraction in March. However, on a longer-term horizon, the British economy is barely growing, hobbled by higher interest rates as well as strike action across an array of sectors, including in health, education and transportation. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said he expects second-quarter growth to be unchanged from the first as the strikes rumble on. He also predicted that the extra public holiday in May for King Charles III's coronation to weigh on economic activity. Further out, he expects lower energy prices for households to boost growth in the second half of the year. A slow but steady recovery should eme

South Korea's unemployment claims rise by 2.1% YoY to 86,000 in May

South Korea's unemployment claims rose last month amid growing worries about an economic slump, Labour Ministry data showed on Monday

Productivity growth critical for recovery of emerging economies: Patra

Michael Patra, in a speech delivered at the Sixth Asia KLEMS Conference on Sunday, said it is widely believed that structural slowdown has been spreading across the global economy after growth peaked

Persistent inflation, rising rates will weigh on global economy: OECD

The global economy must steer through a precarious recovery this year and next as inflation keeps dragging on household spending and higher interest rates weigh on growth, banks and markets. That was the takeaway Wednesday from the latest economic outlook by the Paris-based Organization for Economic Cooperation and Development. The group, made up of 38 member countries, raised its growth forecast this year to 2.7 per cent from an estimated 2.2 per cent in November and foresaw only a tiny acceleration to 2.9 per cent next year. The rebound from the COVID-19 pandemic and energy price spike tied to Russia's invasion of Ukraine is likely to be weak by past standards, with average growth of 3.4 per cent recorded in the pre-pandemic years 2013-2019. The path ahead is fraught with risks, from escalation of Russia's war in Ukraine -- with a dam collapse on Tuesday that the sides blamed on each other -- to debt troubles in developing countries and rapid interest rate hikes having unforeseen

World Bank offers dim outlook for global economy on higher interest rates

That's the latest outlook of the World Bank, a 189-country anti-poverty agency, which estimates that the international economy will expand just 2.1% in 2023 after growing 3.1% in 2022

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Cause and effect: Are corporate profits fueling inflation globally

As the Federal Reserve continues with hikes, the linkage between corporate profit margins and inflation is blamed for consumer burden

G20 Presidency remains focused on economic development issues: Kant

India's G20 Presidency will remain focused on economic development issues and endeavour to bring all the member countries, including Russia and China, on board amid the ongoing geo-political uncertainties, G20 Sherpa Amitabh Kant said on Thursday. Addressing 'Times Network India Economic Conclave', Kant further said that during the G20 Summit here in September, there is a need to remain focused on objectives of economic development, and leave politics to the United Nations (UN) and United Nations Security Council (UNSC). "We are living in the world of politics, but we should be clear of our objectives... We remain focused on economic development and economic growth that is India's priority," he said while responding to a question on forging consensus at the G20 Summit. India assumed the presidency of G20 for one year from December 1, 2022, to November 31, 2023. The G20 Summit will be held in New Delhi on September 9-10. "So, we will bring everyone around...We are very hopeful. Our

US manufacturing dips for seventh straight month in May; employment rises

The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April

Inflation rate in India lesser than US, UK, Germany: Union minister Kishan

Asserting that the NDA has provided a corruption-free government to the nation in the last nine years, Union minister G Kishan Reddy on Monday claimed that the inflation rate in India was lesser than many other countries including the United States, United Kingdom and Germany. Reddy, who visited Bhubaneswar on the occasion of the BJP-led National Democratic Alliance (NDA) government completing nine years in power at the Centre, told reporters, "The inflation rate in India is lesser than many developed countries including the US, UK, Germany and Japan. Even the fuel price in the country is lesser than many nations." On a query about unemployment, the Union Minister for Culture, Tourism And Development Of North Eastern Region (DoNER) claimed that the Centre is filling up "80,000 posts every month" and many youths are getting jobs in different sectors due to overall growth. He said India is manufacturing everything from toys to trains and defence equipment and youths will be benefited

Nigeria's Bola Tinubu to be sworn in as president amid hopes and scepticism

Nigeria's Bola Tinubu will on Monday take over as president of Africa's most populous country at a period of unprecedented challenges, leaving some citizens hopeful for a better life and others sceptical that his government would perform better than the outgoing one. A former governor of Lagos, Nigeria's economic hub, Tinubu, 71, will succeed President Muhammadu Buhari to lead a country that by 2050 is forecast to become the third most populous nation in the world, tied with the United States after India and China. He has promised to build on Buhari's efforts to deliver democratic dividends to citizens in a country where deadly security crises, widespread poverty and hunger have left many frustrated and angry. And with his election still being contested in court by opposition parties and among many young Nigerians, Tinubu has also pledged to reunite the country. His manifesto of renewed hope prioritises the creation of sufficient jobs and ramping up of local production of goods, ..

Japan unveils policy blueprint featuring childcare, no mention of funding

The outline, which will serve as a backbone for the government's economic policy set to be finalised in June, made no mention of how to fund such spending