Page 10 - Global Economy

India to remain fastest-growing major economy, demand uneven: Poll

Gross domestic product (GDP) growth is forecast to have slowed to 6.8% in the July-September quarter from 7.8% in the previous quarter

The China story

Growth has slowed, but dominance remains

Global South calls for ramped up global efforts to improve supply chains

The Global South leaders further highlighted the role of South-South cooperation in this regard and discussed ways to promote mutual cooperation and investments amongst the Global South countries

Global economy: Inflation eases in US, UK; India's trade gap widens in Oct

China's consumption rebound slowed and private business confidence lost momentum in October, according to independent surveys and alternative data that suggested the economic recovery remains bumpy

IPEF members conclude negotiations on fair, clean economy agreement

The IPEF member countries, including India and the US, have concluded negotiations on the clean and fair economy agreement to strengthen the implementation of effective anti-corruption and tax measures and promote sustainable trade, an official statement said on Friday. It was announced after the third Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting held in San Francisco, California, on November 14. Commerce and Industry Minister Piyush Goyal participated in the meeting. Enhancing information sharing among partner countries, facilitating asset recovery and strengthening cross-border investigations and prosecutions are the key benefits, which would emerge from the agreement. "Under the Fair Economy, IPEF partners aim to strengthen implementation of effective anti-corruption and tax measures to boost commerce, trade, and investment among IPEF economies," the statement said. Goyal said this will strengthen the joint resolve to fight against corruption, money

Economy still fragile, support from IMF to continue: Pakistan's FM

Pakistan's caretaker Finance Minister Shamshad Akhtar has said Pakistan's economy continues to remain fragile despite improvements and the cash-strapped nation would have to go for more IMF loans for some time, a media report said on Friday. Akhtar also emphasised that Pakistan needs strong financial reforms to strengthen its economy, the Dawn newspaper quoted her as saying. "The next International Monetary Fund (IMF) programme is very necessary for some time as the economy has returned to stability that was still very fragile. Until we are able to increase exports and domestic resources, we will need another programme," Akhtar said. Her remarks came a day after the Pakistan government and the IMF concluded a review of the ongoing USD 3 billion stand-by agreement with a staff-level agreement, opening the way for Pakistan to get USD 700 million in the second tranche. She said there was no more refuge from undertaking long-standing reforms. The country will not survive without this.

Financial propriety of G20 to benefit global economy: President Murmu

The President said that India's leading position in the world community is also visible in the field of audit

India watching outcome of Biden-XI summit very closely: USISPF CEO Aghi

The summit between US President Joe Biden and his Chinese counterpart Xi Jinping here is an important one and key global players like India will be watching its outcome very closely, the head of a top India-centric business and strategic group has said. Mukesh Aghi, CEO of the US-India Strategic and Partnership Forum (USISPF) told PTI that it is important that communication starts between the US and China, the two largest global economies. The much-anticipated summit between Biden and Xi will take place on Wednesday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, which the US is hosting in San Francisco from November 11 to 17. I think the summit is important both from President Biden's perspective and also President Xi's perspective. China is struggling with its economy. There are issues in the growth story, unemployment. And the US is going into an election, and it already has two wars going on, one in the Middle East and one in Ukraine. So, it needs a Chin

Japan's economy sinks into contraction as spending, investment decline

Japan's economy slipped into a contraction in the third quarter, decreasing at an annual pace of 2.1% as consumption and investments shrank, the government reported Wednesday. Real gross domestic product, which measures the total value of a nation's products and services, fell 0.5% in the July-September period for the world's third largest economy, the Cabinet Office said. That would produce a 2.1% drop if the quarter's performance continued for a full 12 months. The downturn came after the economy grew a revised 3.7% in the first quarter and a revised 4.5% in the second quarter on an annualized basis, according to the government figures. The third quarter's performance was far worse than what had been expected, according to the financial services company ING, which had forecast an annual contraction of 0.5%. Most of the miss in the consensus forecast came from weaker-than-expected domestic demand items, such as consumer spending, business investment and inventory accumulation, Rob

China's support for certain industries poses global 'risk', says Yellen

Yellen added that she discussed China's growth slowdown with APEC, who agreed that it presented 'downside risk to the economic outlook' particularly for APEC nations with strong trade ties to Beijing

India asks Opec to ensure oil market stability for global economy's benefit

India, the world's third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy. Oil Minister Hardeep Singh Puri said this at the 6th India-OPEC Energy Dialogue that took place on November 9 in Vienna, an official press statement said on Monday. The meeting was co-chaired by OPEC secretary general Haitham Al Ghais and Puri. "The open and candid discussions at the meeting focused on key issues related to oil and energy markets with a specific emphasis on ensuring availability, affordability and sustainability, which are necessary in ensuring the stability of energy markets. The two sides discussed the short, medium and long-term outlooks for the industry and recognized the important role of India in global economic growth and energy demand," the statement said. At the meeting, Puri highlighted that as the third-largest energy consumer, crude oil importer and the fourth-largest globa

Global economy at stake as US, China seek to cool tensions at APEC summit

The United States and China are the two global economic heavyweights. Combined, they produce more than 40 per cent of the world's goods and services. So when Washington and Beijing do economic battle, as they have for five years running, the rest of the world suffers, too. And when they hold a rare high-level summit, as Presidents Joe Biden and Xi Jinping will this week, it can have global consequences. The world's economy could surely benefit from a US-China detente. Since 2020, it has suffered one crisis after another the COVID-19 pandemic, soaring inflation, surging interest rates, violent conflicts in Ukraine and now Gaza. The global economy is expected to grow a lackluster 3 per cent this year and 2.9 per cent in 2024, according to the International Monetary Fund. Having the world's two largest economies at loggerheads at such a fraught moment," said Eswar Prasad, senior professor of trade policy at Cornell University, exacerbates the negative impact of various geopolitical ..

India's G20 presidency gave clear policy direction: FM Nirmala Sitharaman

The Finance Minister said that the current pace of global growth remains quite weak, well below the 3.8 per cent average in the two decades before the pandemic

Fitch upgrades India's medium-term GDP growth projection to 6.2%

The ten emerging economies include Brazil, China, India, Indonesia, Korea, Mexico, Poland, Russia, South Africa, and Turkey

Pakistan's October consumer inflation declines to 26.9%: Statistics Bureau

This brings the average inflation rate for the fiscal year (July-Oct) to 28.48%, against the target of 21% for the current fiscal year. Inflation has been in double digits since November 2021

Commodity outlook would darken if West Asia conflict escalates: World Bank

Report provides a preliminary assessment of the potential near-term implications of the conflict for commodity markets. It finds that the effects should be limited if the conflict doesn't widen

India govt bond yields edge lower as crude oil prices, US peers drop

The 10-year benchmark bond yield closed at 7.3408% after ending at 7.3769% in the previous session

Israel's central bank cuts growth estimate as war impacts economy

The monetary committee kept its benchmark at 4.75% for a third consecutive meeting on Monday, in line with the forecasts of almost all economists surveyed by Bloomberg

India's fiscal position 'solid' amid global headwinds: Finance ministry

'West Asia situation, oil prices new challenges'

Benchmark 10-year US Treasury yield hits 5%, its highest-level since 2007

The combination of those higher yields and risk of a wider conflict in the Middle East soured sentiment at the start of a week full of mega-cap earnings and key data