Page 40 - Global Economy
OECD raises prospects for global economy, scales them down for India
Finds scope of further monetary and fiscal stimulus limited in the country
 "OECD raises prospects for global economy, scales them down for India")
New Zealand economy in deepest recession as second-quarter GDP shrinks
The Reserve Bank of New Zealand had forecast a quarterly and annual GDP decline of 14% in its August statement
 "New Zealand economy in deepest recession as second-quarter GDP shrinks")
Net carbon zero economy possible by 2050 at low cost, says ETC report
The report said the impact of achieving a zero-carbon-emission economy on human welfare in 2050 will be hugely positive
 "Net carbon zero economy possible by 2050 at low cost, says ETC report")
Japan exports fall 15% in August as coronavirus pandemic pummels trade
Japan's trade surplus widened in August as the pandemic pummeled a wide array of industries and sapped consumer demand
 "Japan exports fall 15% in August as coronavirus pandemic pummels trade")
Argentina unveils post-crisis budget with 5.5% economic rebound in 2021
Argentina's economy is in recession for the third year in a row, with a central bank poll predicting a 12% contraction in 2020
 "Argentina unveils post-crisis budget with 5.5% economic rebound in 2021")
China's August industrial output accelerates as recovery gathers pace
An annual decline in fixed-asset investment over January-August also moderated due to government stimulus efforts
 "China's August industrial output accelerates as recovery gathers pace")
Asian economy to shrink, first time since 1960s, thanks to Covid-19: ADB
In India, where lockdowns have stalled private spending, GDP will shrink by 9% this year, sharply down from June's forecast of -4%
 "Asian economy to shrink, first time since 1960s, thanks to Covid-19: ADB")
UK economy extends recovery from Covid-19 crash, grows by 6.6% in July
Britain's economy grew for a third month in a row as the country tried to recover from its coronavirus lockdown crash, official data showed on Friday
 "UK economy extends recovery from Covid-19 crash, grows by 6.6% in July")
Pandemic prods Japanese firms to plan biggest capex cuts in decade
The dismal reading highlights the challenge facing Japan's next prime minister, to be chosen in a ruling party leadership race next week
 "Pandemic prods Japanese firms to plan biggest capex cuts in decade")
Japan firms want Yoshihide Suga to be next PM, tackle fiscal reform: Poll
Many companies said they seek no change in economic policy and called for more stimulus as a majority saw no end to the pandemic
 "Japan firms want Yoshihide Suga to be next PM, tackle fiscal reform: Poll")
Japan's rebounding July machinery orders tempered by fragile biz outlook
Corporate Japan is facing strains from steep declines in earnings, discouraging business investment as the economy grapples with its worst postwar slump
Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch
Fitch Ratings projected global GDP to contract 4.4 per cent in the current year but revised upwards China's growth estimate to 2.7 per cent for 2020
 "Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch")
Global economy seeing V-shaped recovery, inflation may rise: Morgan Stanley
The global economy is likely to recover to pre-pandemic levels by early next quarter, about three months earlier than previously expected, economists at Morgan Stanley said
 "Global economy seeing V-shaped recovery, inflation may rise: Morgan Stanley")
Japan's economy shrinks 28% in second quarter, worse than 1st estimate
Japan's economy shrank at a record, even worse rate in the April-June quarter than initially estimated
 "Japan's economy shrinks 28% in second quarter, worse than 1st estimate")
World Coronavirus Dispatch: First vaccine results likely by mid-September
New app to link testing centres across Africa, two in China jailed for not quarantining themselves, Softbank unmasked as 'Nasdaq whale' and other pandemic-related news across the globe
 "World Coronavirus Dispatch: First vaccine results likely by mid-September")
Rates to stay low for 'however long it takes': US Fed Chair Jerome Powell
Jerome Powell said the US jobs report for August was "a good one," but noted that with gains likely to slow, the central bank is planning to keep its foot on the monetary policy gas pedal for years
 "Rates to stay low for 'however long it takes': US Fed Chair Jerome Powell")
World Coronavirus Dispatch: Why the death rate in Africa is so low
German manufacturing continues to recover, France could extend emergency furlough, Thailand to close national parks every year, and other pandemic-related news across the globe
 "World Coronavirus Dispatch: Why the death rate in Africa is so low")
Greece suffers huge economic output loss but sticks to 2020 forecast
Tourism-dependent Greece suffered a huge drop in economic output in Q2 of the year, plummeting 15.2% on an annual basis, but the govt insisted that figures did not worsen the country's annual outlook
 "Greece suffers huge economic output loss but sticks to 2020 forecast")
World Coronavirus Dispatch: Despair forces Asian girls into child marriage
US orders halt on home evictions, older patients drive South Korean surge in critical cases, Hong Kong to reopen gyms, massage parlours and other pandemic-related news across the globe
Gold ticks up on weaker dollar; solid US manufacturing data caps gains
Gold prices edged higher on Wednesday as the dollar weakened, although upbeat US manufacturing data lifted hopes about global economic recovery and curbed demand for the safe-haven metal
 "Gold ticks up on weaker dollar; solid US manufacturing data caps gains")
