Page 2 - Economic Recovery

Mexico's economy logs 3% growth in 2022 with push from 3 sectors: Report

The Mexican economy expanded by 3 per cent in 2022, thanks to its three major productive sectors, the National Institute of Statistics and Geography said in a preliminary report

Portuguese economy sees highest growth in 35 years with 6.7% rise in 2022

The Portuguese economy grew 6.7 per cent in 2022, its best performance since 1987, according to an estimate released by the country's National Institute of Statistics (INE)

Canada's real GDP grows 3.8% in 2022 on back of post-pandemic revival

Canada's real gross domestic product (GDP) grew 3.8 per cent in 2022, the national statistical agency announced

Assocham asks RBI to moderate rate hikes to avoid impact on recovery

Industry body Assocham on Friday asked the Reserve Bank, which has hiked the key policy rate by 190 basis points since May, to moderate the interest rate hikes so that it does not have adverse impact on nascent economic recovery. Reserve Bank of India (RBI) Governor Shaktikanta Das headed six-member rate setting panel is scheduled to meet for three days from Monday to take a call on the next set of monetary policy. The central bank is scheduled to announce the decision of the Monetary Policy Committee (MPC) on December 7 (Wednesday). "At most the new rate hike should not exceed the 25-35 basis points band," Assocham said in a letter to the RBI Governor, along with highlighting other issues before the industry. One of the key recommendations advanced by the chamber to the RBI is to treat retail loans for purchase of Electric Vehicles as priority sector lending, with a concessional rate of interest. On September 30, the RBI had hiked the key policy rate (repo) by 50 basis points wit

Economy will grow over 6.8% in FY23, says CEA V Anantha Nageswaran

While on the growth outlook of the next financial year FY24, he said he is optimistic on the growth story than many of global agencies forecast

Sonear Industries to set up 2 units in Haryana, UP for about Rs 150 cr

Company that provides interior design solutions entering laminated boards business

Global economic growth to be as weak next year as 2009, forecasts IIF

The world economy will be as weak next year as it was in 2009 after the financial crisis as the conflict in Ukraine risks becoming a "forever war," the Institute of International Finance said

China's tension with West 'very good opportunity' for India: Stellantis CEO

India will stay ahead of the curve amid the global economic slowdown and it offers a lot of potential for growth, according to multinational auto major Stellantis CEO Carlos Tavares. The country is also the best placed "superpower" that can leverage the opportunity arising out of the tension between the Western world (US and Europe) and China, he said here in an interaction. The company, which is gearing up to launch the electric version of its compact car C3 early next year, is also working on the possibility of exporting compact electric vehicles from the country to markets like Europe. "We all see that the global economy is going to slow down in 2023. That's also what all the competent administrations are predicting. They're also saying that India will be somewhere between 6 per cent and 7 per cent GDP growth. That's a lot," Tavares said. He further said, "So, if there was to be a concern, globally, ahead of the curve will be India, (with) 6 to 7 per cent growth." While reports

Polarisation in performance of Indian banks to persist: S&P Global Ratings

Polarisation in the performance of Indian banks will persist as many large public sector banks are still saddled with weak assets, high credit costs, and poor earnings, S&P Global Ratings said on Thursday. It said State Bank of India and leading private sector banks have largely addressed their asset quality challenges, and their profitability is improving more sharply than the banking system. In its Global Banking Outlook-2023 report, S&P said economic recovery is driving credit costs to cyclical low levels and stronger balance sheets and higher demand should boost bank loan growth, but deposit growth will lag. "Polarisation in the performance of banks to persist," S&P said, adding the return on average assets would be 'adequate' at 1 per cent. "Many large public sector banks are still saddled with weak assets, high credit costs, and poor earnings. Similarly, we expect a mixed-bag performance for finance companies (fincos). The asset quality of these fincos is often ...

World Bank advises Pakistan to take internal steps for economic recovery

World Bank Vice President for South Asia, Martin Raiser advised Pakistan to take internal measures along with help from the international community to recover from the cataclysmic floods

Economic recovery strong, but inflation fears persist: Finance ministry

The monthly economic report stated that rupee depreciated by 5.4% against the dollar in the first six months of FY23, less than the depreciation of 8.9% of six major currencies in the DXY Index

Despite economic recovery, real rural wage growth remains flat in FY23

The growth in nominal terms has been steady but the sharp rise in inflation seems to have eaten into the increase

India has set global benchmarks; economic revival on sustained path: FM

Union Finance Minister Nirmala Sitharaman said that India is setting the global benchmarks on the digital front and that it will be able to face geopolitical and economic uncertainties

Indonesia urges G20 parliaments to strengthen ties for economic recovery

Indonesian President Joko Widodo has asked the parliaments of the Group of Twenty countries to strengthen cooperation to overcome the global crisis and promote world economic recovery

EU ministers agree to include energy self-sufficiency in recovery plans

The Ministers of Finance and Economic Affairs of the EU member states, meeting in Luxembourg, agreed to include energy self-sufficiency in their national recovery and resilience plans

Thailand's economic recovery intact despite global slowdown: Central bank

Thailand's central bank Governor has said that the Southeast Asian country's economic recovery would remain intact despite the global economic volatility

Structural reforms keep economic recovery on course, says DEA secy

India today is focusing on infrastructure led capital spending aimed at enhancing productivity and employment while ensuring fiscal prudence with 'targeted' interventions: Ajay Seth

Global recovery is sending flares as manufacturing takes a hit in Asia

All the attention devoted to inflation slaying is muting some disturbing signs on the growth side of the equation

Indian markets can help us grow in post-Covid world, says Australian envoy

Australian High Commissioner to India, Barry O'Farrell on Tuesday lauded India's economic stability and said "India has markets that can help us grow in the post-COVID world"

Private players dominate external debt growth amid economic recovery

External borrowings up 8.2% overall in FY22; private debt accounts for 60%, against 29% a year ago