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The Latest Breaking News from GDP

Is the UK in a recession? How central banks decide and why it's so hard to call it

Last week, UK chancellor Kwasi Kwarteng launched a bid to boost economic growth with the largest tax cutting exercise for half a century. What this so-called mini-budget has since overshadowed, however, was an admission by the Bank of England the previous day that the UK may already be in a…

The Conversation

China growth lags Asia-Pacific for first time in decades as World Bank cuts outlook

East Asia and Pacific annual growth forecasts downgraded from 5% to 3.2% as China’s economy cools, largely due to zero-Covid policy

The Guardian - AU

What’s ‘stopping’ India Inc from investing in India?

Last Tuesday, finance minister Nirmala Sitharaman asked India’s corporate honchos why they were not investing in the Indian economy.

Newslaundry

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Mini budget: will Kwasi Kwarteng's plan deliver growth?

The UK economy has been dogged by slow growth for a long time. Combined with even slower growth in productivity, it has meant virtually no increase in living standards for the average family over the past decade.

The Conversation

Energy crisis: why government support for businesses could harm the economy in the long run

The UK government hopes to protect businesses and public sector organisations against spiralling energy costs with a package that parallels the price cap and support payments recently promised to households. But these significant interventions come with a large and imprecise price tag that raise serious doubts about the government’s future…

The Conversation

From stamp duty to defence spending: what will Kwarteng’s mini-budget do?

Tax cuts and more borrowing are likely to feature on Friday as the chancellor gambles on growth

The Guardian - UK

U.S. Latino GDP bigger than U.K.’s and India’s

The report showed U.S. Latino buying power grew during a pandemic, which disproportionately impacted Hispanic communities

Axios

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UK economy likely already in recession as Bank hikes interest rates to 14-year-high

THE UK economy is likely to be in recession after the Bank of England announced it expects GDP to fall over the next quarter and that it would hike…

The National (Scotland)

World Bank Calls on G5 Sahel Countries to Diversify Economies, Scale Up Reforms

The World Bank on Monday urged five West African countries to diversify their economies to adapt to climate change, warning they are extremely vulnerable to extreme weather patterns. A report said Burkina Faso, Chad, Mali, Mauritania, and Niger -- all in the arid Sahel region -- are among the world’s…

Asharq Al-Awsat

Asian Development Bank pares 2022-23 GDP growth forecast for India to 7% from 7.5%

India’s inflation, ADB said, has turned out to be more persistent than expected, and led to a sharp tightening in monetary policy, while eroding consumers’ purchasing power

The Hindu

Taiwan’s Economic Slowdown (Part 2): Taiwan’s High Profit Margins Mask Its Slow Economic Growth

Taiwan’s high profits are eating into labor’s share of the economic pie — and hampering growth.

The News Lens

Russia and Putin must leave Ukraine and pay ‘proper recompense’, says Truss

The Prime Minister also doubled down on her campaign trail commitment to increase defence spending to 3% of UK GDP by the end of the decade.

The Independent UK

Indian Government expenditure on early childhood education only 0.1% of GDP

The study calls for raising it to 1.6% to 2.2% of GDP

The Hindu

Huawei launches global cloud initiative

Global tech powerhouse Huawei Technologies is sharpening its focus on strengthening its partnership ecosystem for growth by launching a "Go Cloud, Go Global" plan to work with partners across industries to capitalise on its cloud power to push for digital solutions and capacity building.

Bangkok Post

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Asharq Al-Awsat

S&P’s Upgrades Outlook FOR Saudi Economy to Positive

Standard & Poor's (S&P's) Global Rating agency updated its outlook for Saudi Arabia to positive and upgraded its short and long term foreign and local currency sovereign credit ratings to A-/A-2. In a statement on Saturday, S&P said the positive future outlook reflects the strength of the Kingdom’s GDP growth…

The Hindu

Need to reduce logistics cost to boost growth: Nitin Gadkari

Logistics cost in India as a percentage of GDP is 16%, which is very high, he said, adding that it is 10% in China and nearly eight per cent in the U.S. and Europe.

Asharq Al-Awsat

Saudi Arabia Inaugurates Stage of Transition to Digital World Economies

After Crown Prince Mohammed bin Salman announced the National Gaming and Esports Strategy on Thursday, Saudi Arabia is set to launch a serious transformation phase towards the economies of the gaming industry. The Strategy aims to contribute to the Kingdom’s GDP by about SAR 50 billion ($13.3 billion) directly and…

The National (Scotland)

Soaring North Sea oil prices to 'boost' independence cause, economists say

SOARING oil and gas revenues from the North Sea could give arguments for Scottish independence a “boost”, experts have said.

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The Guardian - AU

New Zealand avoids recession as eased Covid measures help spur 1.7% GDP growth

After a decline in the previous quarter, the economy rebounded on the back of spending on travel and recreation

The Conversation

Why it's not anti-environmental to be in favour of economic growth

In the midst of today’s cost of living crisis, many people who are critical of the idea of economic growth see an opportunity. In their recent book The Future is Degrowth, for example, prominent advocates Matthias Schmelzer, Aaron Vansintjan and Andrea Vetter argue that the post-Covid inflation has predominantly been…

Asharq Al-Awsat

Digital Bank Wio Launches in UAE

State-backed digital bank Wio announced Tuesday its official launch in the United Arab Emirates, becoming the first platform bank in the region. This step aims to transform banking operating models towards a more digital future. It comes in line with the UAE’s Digital Economy Strategy that aims to double the…

The Independent UK

Kwarteng plan to boost growth ‘could take decade to achieve target’

Expected ‘sugar rush’ of tax cuts could knock growth off track by forcing up inflation and interest rates, economists warn

Asharq Al-Awsat

Jordan’s Public Debt Increases to $41 Bln

Jordan’s public debt rose 1.6 percent to 29.16 billion dinars ($41 billion) in the first half of 2022 from 28.7 billion dinars at the end of 2021. Its domestic debt reached 13.89 billion dinars at the end of H1, while its foreign debt reached 15.26 billion dinars, according to statistics…

Reuters

Germany must meet NATO's 2% spending target over long term - defence minister

Germany must meet NATO's 2% of GDP military spending target over the long term even after a 100 billion euro ($101 billion) special fund is used up, and accept a military leadership it earlier shied away from, its defence minister said.

Insider UK

UK economy records ‘feeble’ rebound in July

Latest GDP growth figures come in lower than the 0.3% expected by most economists

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