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Ahsan Iqbal Commits to Strengthening Pakistan’s Economy

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Ahsan Iqbal Commits to Strengthening Pakistan’s Economy

Planning Minister Ahsan Iqbal reaffirmed his commitment to strengthening the country’s economy during an event in Narowal on Sunday. Speaking at the event, Iqbal highlighted the country’s progress, stating, “We have experienced peace following the end of terrorism. We demonstrated to the world how to eliminate terrorism in just four years.” Iqbal also pointed to … Read more

Economy showing signs of recovery: Finance Minister

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Finance Minister

Finance Minister Dr Shamshad Akhtar said the economy was showing signs of recovery. She said the government was expecting $2 bn in assistance on a fast-track basis. She said Rs80 billion has been allocated to improve remittances. ISLAMABAD: Caretaker Federal Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar said that the country’s economy … Read more

Pakistan needs to tighten monetary policy to control inflation: IMF

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IMF Pakistan

IMF issued a report on economic reforms programme after approving Standby Agreement. It said Pakistan needs to tighten monetary policy to reduce inflation. The inflation rate in Pakistan is expected to remain at 25.9%. ISLAMABAD: The International Monetary Fund (IMF) has issued a report on the economic reforms programme after approving the $3 billion standby … Read more

IMF package will improve Pakistan’s economy: Bilawal Bhutto

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FM Bilawal Hungary
  • He said economy is going through a difficult period.
  • FM said the flood destroyed agriculture in Sindh and Punjab.
  • He said United Nation supported the country in this difficult time.

KARACHI: Foreign Minister Bilawal Bhutto Zardari has said that the successful negotiations with the International Monetary Fund (IMF) will improve the situation of Pakistan’s economy.

Federal Minister Bilawal Bhutto while addressing the conference said that the economy is going through a difficult period, and there is a severe economic and political crisis in the country.

The foreign minister said that the finance minister is currently holding meetings with IMF and it is hoped that the negotiations will be successful. He said the success of the negotiations will improve the situation of the Pakistani economy, and the economic needs of the country will be met.

He said major parts of Pakistan were badly affected due to the monsoon rains and flood last year. He said the flood destroyed agriculture in Sindh and Punjab. He said United Nation supported the country in this difficult time.

The federal minister said that after the successful Geneva conference and government has decided today to build houses, hospitals, and schools in these areas.

The Foreign Minister said that “I am very grateful to the UN Secretary-General who took his time and came to Pakistan to help the people.”

Bilawal Bhutto said that now other organizations are also coming forward for People’s Housing and the provincial government needs 1.5 billion dollars to build houses.

He said that the Prime Minister has assured the chief minister of Sindh that the federal government will provide the share and will also give ownership rights to the flood-affected people.

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Sri Lanka’s proposed budget aims to restore its failing economy

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budget
  • Sri Lanka unveils a budget attempting to put the South Asian government’s finances in order.
  • More than 70% of families are asking the government for support.
  • The 22 million-person country entered a crisis this year.

On Monday, Sri Lanka unveils a budget attempting to put the South Asian government’s finances in order, with reforms to advance a $2.9 global billion bailout from the island’s worst financial crisis since its independence in 1948.

Analysts predict that the first full-year budget presented to parliament by President Ranil Wickremesinghe will include initiatives to assist Sri Lanka in restructuring its debt, increasing income, and cutting spending as it negotiates a bailout with the International Monetary Fund.

“This is a budget that is being presented at a time Sri Lanka is facing an unprecedented crisis,” said State Minister for Finance Ranjith Siyambalapitiya.

“More than 70% of families are asking the government for support and the economy is estimated to shrink 8.3% this year,” he added.

“This budget will present a political and economic way forward for the country.”

According to the World Bank, Sri Lanka’s economy will decrease by 9.2% this year and 4.3% in 2023.

The 22 million-person country entered a crisis this year as a result of chronic dollar shortages brought on by tax cutbacks, years of poor economic management, and a loss of tourism earnings brought on by the Covid-19 outbreak.

Sri Lanka struggled to purchase necessities like fuel because it was unable to pay for crucial imports.

Despite objections from businesses and parties, the government has suggested raising the personal and corporate income tax rate from 24% to 30% and possibly modifying tax bands to increase revenue.

Spending cuts will likely to be tricky, given Sri Lanka’s large public workforce and high debt.

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PTI to issue white paper on country’s economy

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PTI white paper

PTI to issue white paper on economy Fawad Chaudhry said government is imposing terrorism He said the rulers have become a threat to Pakistan Pakistan Tehreek-e-Insaf (PTI) white paper on the country’s economy will be released today. In this regard, PTI leader Fawad Chaudhry shared a tweet on his Twitter account. Chaudhry said that after … Read more

Economic situation cannot improve without political stability: Imran Khan

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Imran

KARACHI: PTI Chairman Imran Khan has said that the economy cannot recover without political stability and the only solution is through conducting elections. Addressing a seminar on investment via video link, the former prime minister said the economic situation was still at its worst when they came to power in 2018. He said the biggest … Read more

Economy of South Korea likely to halt in Q3 2022

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south korea economy

The economy of South Korea is expected to slowly crawl in the third quarter. Faltering exports and rising interest rates knocked the wind out of what had been a strong run. The median projection of 22 economists polled between October 20-24 was 2.8% annual growth. The economy of South Korea is expected to slowly crawl … Read more

Hong Kong economy tips into technical recession

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Hong Kong economy
  • Hong Kong has tipped back into a technical recession, new government figures show.
  • Decline follows a year-on-year decrease of 3.9 percent in the first quarter of 2022.
  • China is yet to have a clear timetable under Beijing’s strict adherence to its zero Covid policy.

Hong Kong has tipped back into a technical recession, new government figures showed Monday, weighed down by mounting interest rates, weakened global trade and the city’s continued adherence to strict coronavirus controls.

Following a year-on-year decrease of 3.9 percent in the first quarter of 2022, the city’s GDP again reported decline in the second quarter on Monday — but with a narrower margin of 1.4 percent — according to advance estimates released by the Census and Statistics Department.

The downturn is reversing last year’s recovery when the economy enjoyed a 6.3 percent annual growth after the slowdown in 2019 and 2020, when the city was first upended by months of huge, sometimes violent pro-democracy protests, and then the pandemic.

The Hong Kong government said the economic improvement was smaller than expected due to weak performance in external trade.

Official statistics released last month showed the value of total exports of goods in the second quarter decreased by 4.2 percent compared with the preceding quarter.

For the first half of 2022, a visible trade deficit of $206.1 billion, equivalent to 8.2 percent of the value of imports of goods, was recorded.

“Weakened global demand and continued disruptions to cross-boundary land cargo flows between the mainland and Hong Kong weighed heavily on Hong Kong’s exports,” the government said Monday.

Monetary policy tightening by major central banks around the world is expected to dampen global economic growth significantly while quarantine-free travel between Hong Kong and mainland China is yet to have a clear timetable under Beijing’s strict adherence to its zero covid policy.

The financial hub’s new leader John Lee said his government would soon announce further shortening of mandatory hotel quarantine for overseas arrivals, according to an interview with the Hong Kong Economic Journal published on Monday.

“Connecting with the world and with the mainland, we shall do both and they are not contradictory,” Lee told the newspaper.

“I understand that one of Hong Kong’s competitiveness lies in its international connections.”

In following China’s zero covid policy, Hong Kong has been largely cut off from the rest of the world for more than two years.

It still has some of the world’s strictest restrictions, including week-long quarantine for arrivals and a ban on group gatherings with more than four people.

Local media recently reported that the government was mulling resuming quarantine-free travel for overseas arrivals in November, when the city is hoping to resuscitate its international image with a finance summit and the Hong Kong Rugby Sevens.

 

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China signals it could miss economic growth target

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  • China may miss its annual economic growth target.
  • Politburo, the ruling Communist Party’s top policy-making body, says it aims to keep growth within “a reasonable range” China is still pursuing a zero-Covid policy, which has resulted in full or partial lockdowns of major cities.

As Covid restrictions weigh on the world’s second largest economy, China has indicated that it may miss its annual economic growth target.

The Politburo, the ruling Communist Party’s top policy-making body, stated on Thursday that it aims to keep growth within “a reasonable range.”

It made no mention of the previously set official growth target of 5.5 percent.

China is still pursuing a zero-Covid policy, which has resulted in full or partial lockdowns of major cities.

The 25-member Politburo, chaired by President Xi Jinping, said in a statement following its quarterly economic meeting that leaders would “strive to achieve the best results possible.”

It also urged stronger provinces to work harder to meet their growth targets.

 

“The 5.5 percent growth target is no longer a must for China,” ING Bank’s chief China economist Iris Pang told the Wall Street Journal.

They also stated that China was urging larger provinces to compensate for those hardest hit by the lockdown.

“Beijing requested that relatively well-positioned provinces strive to meet economic and social targets this year,” Nomura analysts Ting Lu, Jing Wang, and Harrington Zhang wrote in a note.

“We believe Beijing is implying that GDP growth targets for provinces with less favourable conditions, particularly those hardest hit by the Omicron variant and lockdowns, may be more flexible.”

China announced earlier this month that its economy contracted sharply in the second quarter of this year.

During this time, large Chinese cities, including the major financial and manufacturing hub of Shanghai, were placed under full or partial lockdown.

China’s once-booming property market is also in a deep slump, with home sales falling for 11 months in a row.

Because of cash flow concerns, several Chinese developers have halted the construction of homes that have already been sold.

Some home buyers have threatened to stop paying their mortgages until the work is resumed in recent weeks.

In light of the pandemic, China made the unusual decision in 2020 to abandon its GDP targets.

GDP is a measure of an economy’s size. Economists and central banks closely monitor its expansion and contraction as one of the most important indicators of how well or poorly an economy is performing.

It also assists businesses in determining when to expand and hire more workers, as opposed to investing less and reducing workforces.

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IPRI holds roundtable on Web 3.0

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ISLAMABAD: The Islamabad Policy Research Institute on Tuesday held a roundtable conference on “Web 3.0: The Economic Possibilities and Regulatory Framework Challenges”, which was attended by an alumni of experts from the public sector, banking, entrepreneurs and information technology, a statement said. The transformation of the web-world and the dynamics of artificial intelligence were brought … Read more

Ukraine seeks debt payment freeze as war ravages economy

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Ukraine

Ukraine has asked its international creditors to freeze its debt payments for two years. It wants to focus its dwindling financial resources on repelling Russia. The delay would come just in time to put off around $1.2 billion of debt payments due at the start of September. Western countries including the U.S., Canada, France, Germany, … Read more

U.S. retail sales exceeded projections, but manufacturing output declined

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U.S.

U.S. retail sales rebounded strongly in June. As Americans spent more on gasoline. Annual consumer prices surged last month.  Manufacturing production slumped for a second straight month in June.  The economy also continued to create jobs at a brisk clip in June. U.S. retail deals bounced back emphatically in June as Americans spent more on … Read more

China’s economy suffers due to the zero-Covid policy

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economy

China’s economy contracted by 2.6% in the three months. The world’s second-largest economy expanded by 0.4%.  Major cities across China were put into full or partial lockdowns during this period. Many analysts do not expect a quick economic recovery for China. As the government continues with its strict zero-Covid approach to slowing the spread of … Read more

UK economy grows but fears remain over rising prices

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UK

The Office for National Statistics said that the economy expanded by 0.5 percent in May. Every sector of the economy saw growth, including manufacturing, transport, and construction. There is still a real risk that the UK could enter recession, according to chief economist Paul Dales. According to official data, the UK economy expanded in May … Read more

Biden is up against a deadline In the American railroad labour dispute

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Biden

 Joe Biden faces a deadline to intervene in U.S. railroad labor.  Covering 115,000 workers. Failure could open the door to a potential strike. It could threaten an already fragile economy. .The PEB has 30 days to make nonbinding settlement recommendations.  The union represents 23,000 affected. The negotiations voted to authorize a strike. Joe Biden, U.S. … Read more

Rivian will discuss layoffs at a meeting as Tesla will eliminate 229 workers

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Rivian

 Rivian Automotive will brief employees on potential layoffs. Plans to suspend some programs.  Tesla will permanently shut its office in San Mateo, California. It will lay off 229 employees. Rivian Automotive (RIVN.O) will brief representatives on Friday on expected cutbacks and plans to suspend a few projects as a component of a more extensive rebuilding, … Read more

Bostic: Recent inflation statistics were not as positive as expected

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Recent inflation

Recent inflation data is “not as encouraging as I would have liked,” Atlanta Fed President Raphael Bostic says. He expects another 0.75 percentage point increase in the federal funds rate. Inflation data to be released on Wednesday is expected to show consumer prices rising. Recent inflation data “has not been as encouraging as I would … Read more

Zambia intends to halt nearly $2 billion in projects in order to reduce debt

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Zambia

Zambia is cancelling more than $2 billion worth of projects financed by commercial loans. In 2020, Zambia became the first nation to default in the COVID-19 era. At the end of 2021, its external debt stood at $17.27 billion. Zambia is dropping more than $2 billion worth of tasks funded by business advances to lessen … Read more

Economic fallout from abortion bans will hit the poor hardest

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abortion

Backlash to the US Supreme Court’s decision to overturn Roe vs Wade has gone fast through US. Nearly 30mn women between 15 and 44 live in states that have prohibited or will ban abortion. Economists warn that abortion prohibitions will hurt economically vulnerable women. Economists and reproductive policy experts warn that abortion prohibitions will hurt … Read more

From Meta to Peloton, companies slow hiring as economy sputters

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Meta

Alibaba may lay off 15,000 employees as a result of a broad regulatory crackdown in China. Autoliv Inc, announced a reduction in headcount to reduce costs. Swedish company Klarna is cutting 10% of its 7,000-person workforce. Numerous businesses throughout the world have been forced to think about laying off employees or putting a block on … Read more

Sri Lanka crisis: Daily heartbreak of life in a country gone bankrupt

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Sri Lanka

As rupee’s value dropped, the cost of food, cooking gas, clothes, travel, and energy skyrocketed. Middle- and upper-class people donated lunch packets and soft drinks to those in line. Lower-middle and working-class Americans are hardest hit by the recession. Before you wake up in Sri Lanka, you’re losing. Power cuts late into the scorching nights … Read more

Abenomics: How Shinzo Abe aimed to revitalise Japan’s economy

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Abenomics

Shinzo Abe was the longest-serving prime minister of Japan. He is credited for making the nation more resilient to economic shocks. Abenomics failed to increase the voice of women in the workforce, combat nepotism. Shinzo Abe, the slain former prime minister of Japan, wanted to change the economy. Prior to his resignation in the late … Read more

US economy adds more jobs than expected

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US

The US economy added 372,000 jobs in June, exceeding expectations for employment growth. Jobless rate remained at 3.6 percent, which is close to historic lows. Job sector lags behind other economic indicators that indicate sluggish development. According to official statistics, the US economy added 372,000 jobs in June, greatly exceeding expectations for employment growth. According … Read more

Fed’s Waller leans on a September rate increase of 50 basis points

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Waller

Federal Reserve’s Waller should deliver a 75-basis-point interest rate increase later this month, the governor says. Governor Christopher Waller calls fears of a U.S. recession overblown. Fed last month raised its benchmark overnight interest rate by three-quarters of a percentage point. The Federal Reserve’s Waller ought to convey a 75-premise point loan fee increment not … Read more

UK Business groups call for stability as Johnson resigns

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UK

UK businesses have asked for stability after Boris Johnson’s resignation as PM. The CBI said the “political vacuum” must be quickly filled to protect peoples’ living standards. Former Prime Minister John Major called the PM’s plans imprudent and might not be sustainable. Following Prime Minister Boris Johnson’s resignation as Conservative leader and the start of … Read more

Minutes suggest ‘more restrictive’ Fed policy if inflation doesn’t fall.

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Fed policy

Federal Reserve officials highlighted the need to fight inflation even if it meant slowing economy. Members predicted that another 50- or 75-basis point move would likely occur at the July meeting. One tenth of a percentage point is referred to as a basis point. According to meeting minutes disclosed on Wednesday, Federal Reserve officials highlighted … Read more

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