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Economy Growth
/ -- India became the fifth largest economy of the world, overtaking the UK and is set to become the third largest by 2029. According to the IMF (International Monetary Fund), India is expected to leap further ahead of the UK up to 2027 - making it the fourth largest economy by that time. The recent geo-political re-alignments coupled with global supply chain issues provide an opportunity for the country to become a global manufacturing hub. Organizations are focusing on de-risking their supply chain dependencies and are exploring newer markets to bolster their manufacturing capabilities. This shift creates a conducive environment for India, which is the most suited candidate to establish itself as the next best destination owing to its strategic geographical location, infrastructure and skilled workforce. Sharing his views, Alexander Reisch, Managing Director, IPM India,opined, "India is poised to become the preferred destination for manufacturing and is paving its way to becoming a
Sri Lanka's earnings from tourist arrivals stood at well over USD 1,129 million in the first eleven months of this year, the cash-strapped country's central bank has said, an impressive surge buoyed by the resumption in international flights and easing of curbs related to the coronavirus. The tourism sector is the main source of foreign exchange earnings in the country. However, the onset of the pandemic in 2020 severely crippled this sector, and one of the major reasons for Sri Lanka's economic travails. Sri Lanka welcomed 59,759 tourists to the country in November, an impressive 42 per cent rise compared to the previous month, the Central Bank of Sri Lanka said in a statement on Sunday. Consequently, the island nation's earnings from international tourist arrivals for November touched USD 107.5 billion, with the cumulative tally in the first ten months of the year notching up to a whopping USD 1129.4 million, it said. In October this year, the country had earned USD 75.6 million
The German economy grew in the third quarter, an unexpectedly positive performance powered largely by private spending, official figures showed Friday. But the immediate outlook for Europe's biggest economy remained gloomy, with inflation rising again in October. Gross domestic product expanded by 0.3% in the July-September period compared with the previous quarter, the Federal Statistical Office said. That followed a slight increase of 0.1% in the second quarter. The German economy managed to hold its ground despite difficult framework conditions of the global economy, with the continuing COVID-19 pandemic, supply chain interruptions, rising prices and the war in Ukraine, the statistics office said. The government said earlier this month that GDP was believed to have shrunk in the third quarter and was expected to decline again in the last three months of the year as well as the first three months of 2023 before beginning to recover. Two consecutive quarters of negative growth i