Page 21 - Global Economy

How Singapore leaped ahead of competitors after the Covid-19 pandemic

The other cities in the study according to rank are New York in fourth, followed by London, Tokyo, Sydney, Johannesburg, Paris and San Francisco

Strong growth outlook to offset foreign mkt slowdown for India Inc: Fitch

India's resilient growth outlook will offset a slowdown in overseas markets for the country's corporates and easing input cost pressure will help widen their profit margins, Fitch Ratings said on Friday. Earlier this month, Fitch had raised India's economic growth forecast to 6.3 per cent for the current fiscal year 2023-24 from the 6 per cent it had predicted previously. The sustained economic growth will drive cement and petroleum product demand, with high-frequency data trending above pre-pandemic levels so far this year. India's rising infrastructure spending will also boost steel demand, Fitch added. "India's resilient growth outlook will offset a slowdown in overseas markets for the country's corporates and easing input cost pressure will widen profit margins by around 220bp in the financial year ending March 2024," Fitch said in a statement. Slowing demand in the US and the eurozone will moderate sales growth for the IT service sector. However, a corresponding easing of wage

US weekly jobless claims decline, first-quarter GDP revised higher

Initial claims for state unemployment benefits dropped 26,000 to a seasonally adjusted 239,000 for the week ended June 25, the Labor Department said

Programmers using AI tools to boost global GDP by over $1.5 trn: Study

Artificial intelligence will help global economy and create demand for software developers, says GitHub

Need to raise MSMEs contribution for India to be 3rd largest economy: Rane

There is a need to increase the contribution of India's micro, small and medium enterprises to become the third largest economy in the world by 2030, Union Minister Narayan Rane on Tuesday said. The MSME minister also said that a survey should be conducted to ascertain the number of micro-enterprises that have been shut in the country. According to the Udyam Registration Portal, 97 per cent of the MSMEs registered are micro units. "Even if we make efforts to increase the productivity of micro-enterprises we can become the third largest economy in the world by 2030," Rane said. The minister said at present, Japan (USD 4.3 trillion) and Germany (USD 4.03 trillion) are third and fourth largest economies, while India has a GDP of USD 3.46 trillion. He asked officials to make more efforts for entrepreneurs' transition to small from the micro category. Rane also said the latest technology needs to be adopted and related information must be disseminated among entrepreneurs. Various ...

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

LIVE: Mamata Banerjee questions death figures in Balasore train crash

Catch live updates from across the globe here

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