Tag: growth

Storm clouds loom large over China’s economy

By Sébastien RICCI Agence France-Presse BEIJING, China (AFP) — China’s lower-than-expected growth in the second quarter comes as the world’s second largest economy is hit by sluggish consumption, a real estate sector in crisis and worries over deflation. Here is a look at the main storm clouds over China’s economy: – Sluggish consumption – For almost three years Beijing’s strict zero-Covid policies meant repeated lockdowns, the fear of being arbitrarily quarantined and other draconian health […]

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Crippled exports slow Vietnam’s growth

HANOI, June 29, 2023 (AFP) – Vietnam’s economic growth slowed in the first half of the year as exports were hit by a slump in demand, authorities said Thursday. The Southeast Asian country, a global manufacturing hub for clothing, shoes and electronics, saw expansion of 3.72 percent in January-June, down from 6.42 percent in the same period of 2022. “The economic growth was not high… in the context of difficulties and challenges from inside and […]

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Singapore ‘should avoid economic contraction’: PM

Singapore is expected to post slower economic growth this year but it “should avoid an outright contraction”, Prime Minister Lee Hsien Loong said Sunday. The Southeast Asian city-state’s economic performance is often seen as a barometer of the global environment because of its reliance on trade with the rest of the world. The financial centre also has one of the busiest ports in the world which serves as a key link between Asia and the […]

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China’s economy rebounds after zero-Covid scrapped

by Sébastien RICCI Agence France-Presse BEIJING, China (AFP) — China’s economy grew much better than expected in the first three months of the year as the country reopened after the end of zero-Covid measures, official data showed Tuesday. The figures were the first snapshot since 2019 of the world’s second-largest economy unencumbered by the strict health controls that helped keep the coronavirus in check but battered businesses and supply chains. After years of travel restrictions […]

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Eurozone dodges recession with weak fourth-quarter growth

  The eurozone economy will avoid a recession this winter after recording weak-but-positive growth of 0.1 percent in the fourth quarter of 2022, official data showed Tuesday. The figure is lower than the 0.3 percent growth recorded in the third quarter of 2022, but better than forecasts of a contraction by economists. The data will be welcome after fears of a deep recession following Russia’s war in Ukraine, which unleashed sky-high energy prices and stoked […]

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South Korean economy shrinks for first time since early 2020

Seoul, South Korea | AFP | Thursday 1/26/2023 South Korea’s economy shrank in October-December for the first time since the second quarter of 2020, as exports tumbled while consumer spending dipped in reaction to rising interest rates, the country’s central bank said Thursday. Gross domestic product in the final period of last year contracted 0.4 percent from the previous quarter, the Bank of Korea said. The reading comes after the BoK hiked borrowing costs for […]

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Philippines economy grows 7.6% despite inflation threat

MANILA, Philippines (AFP) — The Philippines’ economic growth beat expectations last year, fuelled by strong consumer spending despite rising consumer prices, officials said Thursday. Gross domestic product expanded 7.6 percent in 2022, the state statistics agency said in a briefing, faster than the pandemic-blighted 5.7 percent output in 2021. The reading topped the government’s target of 6.5-7.5 percent growth. “There was so much pent-up demand… and that significantly improved economic activities,” Socioeconomic Planning Secretary Arsenio […]

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Singapore economy grows more than expected in 2022

SINGAPORE, Singapore (AFP) — Singapore’s economy grew more than expected last year but much slower than in 2021, official data showed Tuesday, as analysts warned of weaker growth ahead owing to an expected recession in key markets. While the 3.8 percent on-year expansion was welcome, it was weighed by a 3.0 percent contraction in the key manufacturing sector in the final three months. Growth in the fourth quarter came in at 2.2 percent, sharply down […]

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Humanity hits the eight billion mark

UNITED NATIONS, United States (AFP) — A baby born somewhere on Tuesday will be the world’s eight billionth person, according to a projection by the United Nations. “The milestone is an occasion to celebrate diversity and advancements while considering humanity’s shared responsibility for the planet,” UN Secretary-General Antonio Guterres said in a statement. The UN attributes the growth to human development, with people living longer thanks to improvements in public health, nutrition, personal hygiene and […]

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UK economy closes in on recession

London, United Kingdom | AFP | by Ben PERRY Britain’s economy shrank in the second quarter, official data showed Friday, as the country heads towards recession under a new prime minister. UK gross domestic product dropped 0.1 percent in the April-June period after a rise of 0.8 percent in the first quarter, the Office for National Statistics said in a statement. The Bank of England (BoE) expects the economy to enter a year-long recession by […]

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Diokno says economy still on steady path to recovery despite lower growth figures in 2nd quarter

Main growth contributors were transportation and construction; services sector posted highest positive growth   (Eagle News) – The Philippine economy grew by 7.4 percent in the second quarter of 2022, mostly due to growth in the construction sector and transportation and storage, according to figures from the Philippine Statistics Authority. The figure, however, was lower than the first quarter growth figure of 8.3 percent, and also lower than the fourth quarter of 2021 growth rate […]

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US GDP data due with all eyes on possible recession

The United States is set to release key data on economic growth Thursday and global investors are watching closely as the world’s largest economy flirts with recession — while President Joe Biden walks a political tightrope. Though Biden says he is confident the US economy is not suffering a downturn, a report showing a second consecutive quarter of negative growth — meeting one of the common definitions of a recession — would increase fears of […]

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