Result Page 5 for Latest Economy News & Archive

Weak consumer demand has caused a drop in prices in China for the first time in more than two years, adding to worries about the economy

European Stocks Rebound, Asia Mixed After Weak China Data

European stock markets rebounded on Wednesday as bank shares recovered and after a mixed showing by Asia.

China Slips Into Deflation As Post-Covid Recovery Falters

Deflation refers to falling prices of goods and services and is caused by a number of factors, including waning consumption

China slipped into deflation as consumer prices contracted last month for the first time in more than two years, official data showed Wednesday, as slowing domestic spending weighs on the country's post-Covid economic recovery.

Turkish Central Bank Doubles Inflation Forecast

Turkey's new central bank chief Hafize Gaye Erkan, a former Wall Street executive, is unwinding President Recep Tayyip Erdogan's interest-rate policy

Turkey's central bank more than doubled its year-end inflation forecast to 58 percent on Thursday as its new Wall Street-trained governor vowed to keep raising interest rates after years of controversial policies.

Last year's surge in world prices saw Kuwaiti oil revenues soar to $87 billion, helping it to a budget surplus of $21 billion, its first in nine years

Kuwait Records First Fiscal Surplus In Nearly A Decade: Ministry

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said on Wednesday, crediting last year's surge in oil prices.

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Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohamed bin Rashid Al Maktoum attend lunch reception hosted by Sheikh Nasser bin Hamad Al Khalifa in Dubai

Prime Minister Sheikh Mohammed Reveals UAE Received $23 Billion FDI In 2022

"The UAE has achieved the highest foreign direct investment (FDI) inflows in its history in 2022, reaching AED84 billion ($23 billion) despite a 12% decline in global FDI movement, according to the UNCTAD's annual World Investment Report 2023," Prime Minister Sheikh Mohammed said. According to UNCTAD report, UAE ranks first regionally in attracting FDI inflows and the country has become the fourth largest recipient of greenfield investment projects in the world with a total of 997 projects, after the United States, the United Kingdom, and India.

The UAE, one of the world's biggest crude producers, argues that oil remains indispensable to the global economy and is pushing the merits of carbon capture -- removing carbon dioxide, the main greenhouse gas, when fuel is burned or from the air

UAE's Non-Oil Sector Expected To Grow Faster In 2023

"The PMI [S&P Global Purchasing Managers' Index] has averaged 55.5 in the first five months of the year, higher than the average over the same period last year, despite weakness in external order growth. Business activity has been supported by domestic demand so far in 2023," Khatija Haque, head of research and chief economist, Emirates NBD Research said. The tourism sector is expected to become the largest contributor to the local economy in 2023.

UAE flag flies over a boat at Dubai Marina

UAE Records 7.9% GDP Growth In 2022

This innovative economic model will serve UAE in its "future vision by adopting flexible economic policies that rely on speed and accuracy in responding to global changes, adopting stimulating economic strategies, and forward-looking economic plans based on economic diversification, and improving economic procedures and legislation," Minister of Economy of the United Arab Emirates said.

China's youth unemployment rose to a record 20.8 percent in May

China Central Bank Cuts Key Interest Rate To Boost Economy

China's central bank cut a key interest rate and injected $33 billion into financial markets Thursday, as data showed the world's second-largest economy was flagging.

UAE Rolls Out 9% Corporate Tax To Boost Non-Oil Revenue

The tax implementation is in line with global efforts to fight tax avoidance and address challenges caused by the digitalization of the global economy.

Senate Minority Leader Mitch McConnell and Senate Majority Leader Chuck Schumer were hammering out an agreement on how to manage the debt vote through the upper chamber of Congress

US Debt Drama Nears End As Senate Tackles Default Threat

The Treasury has warned it could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which suspends the debt limit through 2024 while trimming federal spending.

A tea seller waits for customers at his market shop in Rawalpindi. Year-on-year inflation hit 37.97 percent in May, according to latest data

Pakistan Inflation Rockets To Record 37.97 Percent

Non-perishable foods and transport costs climbed more than 50 percent over May 2022, while average inflation for the past 12 months was 29.16 percent, the latest Pakistan Bureau of Statistics data showed.

Turkish President Tayyip Erdogan greets his supporters as he arrives for a meeting in Istanbul

UAE Ratifies $40 Billion Comprehensive Economic Partnership Agreement With Turkey

The agreement was ratified three days after Recep Tayyip Erdogan was re-elected as President of Turkey.

Union activists march during a May day protest in Lahore. Runaway inflation has send prices soaring for Pakistanis -- especially the poor and marginalised

Pakistan Inflation Hits Record-high 36.42 Percent

Government data released Tuesday showed month-on-month inflation was 2.41 percent, while average inflation for the past 12 months stood at 28.23 percent.

Israel readily describes itself as a 'start-up nation', but glaring inequalities have left many behind

At 75, Israel's Economy Offers Success Or Inequality

The country readily describes itself as a "start-up nation", and its per capita GDP is higher than that of Germany, France or Britain.

People sit on a ledge looking toward the city centre skyline and Opera House in Sydney

Australia To Reveal Huge Budget Rebound, Pledge Restraint In Response

Treasurer Jim Chalmers has spent weeks using "restraint" and "responsible" to describe his second budget since coming to power in May last year.

Two Egyptian women shopping in a supermarket in Cairo

Egypt's Economy Seen Growing 4% This Fiscal Year As Currency Weakens- Reuters Poll

The country's already vulnerable economy was shaken further by Russia's invasion of Ukraine last year, which rocked tourism, raised commodity prices and prompted foreign investors to pull about $20 billion out of its financial markets.

The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County

Oil Prices Slide On Uncertainty Over Global Economic Outlook, Rate Hikes

Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.

Labourers load vegetables on a bicycle at a fruit and vegetable wholesale market in Mumbai

India Economic Growth Seen Stuck In Low Gear: Reuters Poll

While the expected expansion would be faster than other major economies, it will be below the long-term average.

IMF Urges Asia To Keep Monetary Policy Tighter For Longer

Some central banks in the region, such as Australia, have begun pausing interest rate hikes as they saw their economies and job growth moderate from the impact of global headwinds and past monetary tightening.

IMF Says Public Debt Is Growing Faster Than Pre-COVID Projections

The IMF's report warned that risks were high, and reducing debt vulnerabilities should be an "overriding priority," especially in low-income developing countries where 39 countries were already in or near debt distress.

A ship docks at Keppel terminal in Singapore

Singapore's Q1 GDP Likely Slowed, Complicating Central Bank's Task: Reuters Poll

The city-state's economy expanded 2.1% year-on-year in the fourth quarter of 2022.

India Central Bank Set To Raise Rates 25 Bps On Elevated Inflation, Keep Hawkish Stance

India's central bank is widely expected to raise its benchmark rate on Thursday for the seventh consecutive meeting and leave the door open for more increases to bring inflation back within its target range, economists said.

Pakistan Central Bank Raises Key Rate 100bps To Record 21%

Pakistan's central bank raised its key interest rate by 100 basis points to its highest-ever level on Tuesday, as the cash-strapped country steped up its fight against soaring consumer prices.

An employee counts Egyptian pounds at a foreign exchange office in central Cairo

Analysis-Pressure Builds On Egypt To Devalue Currency Further

Egypt has sharply devalued the currency three times since Russia's invasion of Ukraine in February 2022 exposed vulnerabilities in the country's finances.

A general view of the Central Bank of Malaysia (Bank Negara Malaysia) in Kuala Lumpur

Malaysia Central Bank Maintains 2023 Growth Forecast Amid Global Slowdown

The Southeast Asian country's economy has bounced back strongly from a pandemic slump, expanding at a 22-year high of 8.7% in 2022, but its outlook for this year has been clouded by cooling global demand.

Vendors wait for customers at their respective shops at a retail market in Kolkata

India To Continue On Expected Rate Hike Path, Despite Global Cenbank Rethink - Analysts

India's monetary policy committee is likely to deliver the expected 25-basis point (bps) rate hike in April, even as global markets lowered rate hike bets from the U.S.

A labourer welds an iron pillar at a building material factory in an industrial area in Dasna

India's Industrial Output Grows 5.2% Year/year In January

India's industrial output rose a bigger than expected 5.2% in January compared with the same month last year as strong domestic urban demand boosted electricity generation and manufacturing, despite weakening exports.

UAE's GDP Grew 7.6% In 2022, Econ Minister Says

The UAE aims to double the size of its economy by 2031 and diversify away from hydrocarbons.

Pakistan Central Bank May Hike Rates Another 200 Bps To Unlock IMF Funds

Pakistan's central bank is widely expected to raise its key policy rate by 200 basis points in an off-cycle meeting on Thursday as it struggles to unlock critical funding from the IMF, a Reuters poll showed.

Pakistan's economy has been wrecked by years of financial mismanagement and political instability

Crumbling Pakistan Economy Puts Children's Futures On Hold

The South Asian country is deeply in debt, and needs to introduce tough tax and utility price increases to unlock another tranche of a $6.5 billion International Monetary Fund bailout and avoid defaulting.

Workers sit on a cart at a wholesale market in the old quarters of Delhi

India's Economic Growth Likely Slowed Further To 4.6% In Oct-Dec - Reuters Poll

India's economic growth likely slowed further in the October-December quarter amid weakening demand and is set to lose more momentum as a series of interest rate hikes weigh on activity, according to a Reuters poll of economists.

Men reach out to buy subsidised flour sacks from a truck in Karachi

Pakistan Finance Secretary Sees IMF Staff Level Talks Wrapping Up This Week

"The consultations with the IMF are in the final stages. We expect to conclude the consultations soon, even within the week," Hamed Yaqoob Sheikh, the top official in the finance ministry, told Reuters.

Nikhil Kumar Mondal buys vegetables from a vendor at a market on the outskirts of Kolkata

Sticky Inflation To Nudge Reserve Bank Of India To Hike Rates Once More - Reuters Poll

The Reserve Bank of India will increase its main interest rate by 25 basis points to 6.75% in April and then pause until the end of 2023, according to a Reuters poll of economists who also said risks were for the terminal rate to go even higher.

Pakistan Current Account Deficit Falls To $0.2 Billion In Jan - Cenbank

During the first seven months of the current fiscal year, the country's current account deficit decreased by 67% to $3.8 billion, compared with a deficit of $11.6 billion during the same period last year.

ECONOMY

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