Economy news

IMF Managing Director Kristalina Georgieva has said that 2023 is going to be a tough year as the main engines of global growth – the US, Europe and China – are all going through weakening activity at the same time.Speaking ...

China will stop sending incoming travelers to quarantine starting from January 8 in an important move toward reducing curbs on its borders, which have been closed since 2020. The country has moved its classification of COVID-19 to the less-severe Category ...

Electric vehicles (EV) are making important market share inroads in the US, with EVs accounting for 5.6% of all new cars sold in 2022. While still a relatively small figure, it represents major growth, as EVs made up just 1.4% ...

Mask-wearing commuters in Beijing and Shanghai, China’s two largest cities, are crowding roads and public transport as workers return to factories and offices after tough “Zero-COVID” measures were dropped.Following years of harsh anti-Coronavirus curbs, President Xi Jinping scrapped the country’s ...

The Bank of Japan (BOJ)shocked investors with a surprising change to a key pillar of its monetary policy, causing waves in the currency, bond and equities markets.The Japanese central bank announced that it would loosen the tight limits it had ...

The World Bank has cut its growth outlook for China’s economy, in large part because of the destructive effects of the country’s three-year Zero-COVID curbs. China’s real estate slump is also pulling down the prospects of the world’s second largest ...

European bond investors are coming to terms with the fact that this year’s deep losses may run into 2023. After suffering a torrid year, European bonds are enduring a ruthless sell-off, the worst in months, after the eurozone’s central bankers ...

The US Federal Reserve hiked interest rates by half a percentage point on Wednesday and projected another three quarters of a percentage point increase by the end of 2023.The central bank’s projection of the key interest rate rising to 5.1% ...

China has initiated a suit at the World Trade Organization (WTO) against the US over what it views as punitive chip export control measures.Saying it was simply defending its legitimate interests, China’s commerce ministry accused the US of threatening global ...

November wholesale prices in the US fell to 7.4% from a year earlier, a fifth successive easing and another early signal that inflationary pressures are easing. The latest yearly figure was lower than October’s 8% level and down from an ...

The Bank of Canada on Wednesday lifted its benchmark interest rate by 50 basis points, the highest level in almost 15 years. The central bank has raised rates at a record pace of 400 basis points in nine months to ...

The Reserve Bank of Australia (RBA) on Tuesday raised its benchmark rate by 25 basis points to 3.1%. RBA Governor Philip Lowe cited persistently high inflation of 6.9% as the main reason for the hike. The central bank’s target inflation ...

US consumer spending rose strongly in October while inflation settled, giving the economy a lift at the start of the fourth quarter as it squares up to headwinds from the Federal Reserve’s decisive monetary policy tightening. Meanwhile, the labor market ...

India has posted annual economic growth of 6.3% in its July-September quarter, less than half the 13.5% growth in the previous three months, as the economy takes its post-pandemic shape.GDP growth for the full fiscal year, which ends on March ...

China’s factory activity slid in November for a second consecutive month, underlining the economic toll of the country’s punitive “Zero COVID” policies that have sparked mass protests in the country.China’s Purchasing Managers’ Index (PMI) dropped to 48 compared with 49.2 ...