The World Bank has downgraded its growth forecast for developing economies in East Asia and Pacific, citing slow growth in China and weak global demand amid high interest rates and slow trade. It now expects these economies to grow by 5% this year, slightly less than the 5.1% it had forecasted in April. For 2024, the bank expects growth in the region to be 4.5%, down from the earlier forecast of 4.8%. The Washington-based multilateral bank has left its 2023 economic growth forecast for China unchanged at 5.1%, but reduced its 2024 estimate to 4.4% from 4.8%. It pointed at longer-term struc
The ongoing 2023 ICC Men’s Cricket World Cup may boost the host country India’s economy by as much as ₹22,000 crore ($2.6 billion), according to an estimate from the Bank of Baroda. The quadrennial tournament, which began on October 5 and will continue until November 19, is expected to attract a large number of fans from India and abroad. With matches being played across 10 cities, the championship is likely to benefit other sectors such as tourism and hospitality, said the economists working with the bank on October 4. The ICC Cricket World Cup, hosted in India for the first time
The United Arab Emirates (UAE) and India will cooperate more closely in sustainable industrial development following a memorandum of understanding (MoU) signed on October 5 in Abu Dhabi. The MoU was signed by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Piyush Goyal, India’s Minister of Commerce and Industry, in the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council. Focusing on facilitating industrial investments, technology transfer and enabling the deployment of key technologies in industr
On October 4, the Reserve Bank of India (RBI) took action in the foreign exchange market by selling dollars to prevent the Indian rupee from plummeting to an all-time low. The rupee, facing challenges from increased US Treasury yields and a strengthened US dollar, concluded the day at 83.24 against the dollar, slightly weaker compared to the previous closing rate of 83.21. During the day, the domestic unit depreciated to 83.27 per dollar, just shy of the record intraday low of 83.29. Dealers estimate that state-run banks, acting on behalf of the RBI, sold approximately $500 million to s
The people in one of the wealthiest nations in the world, Luxembourg are crossing borders to live in neighbouring countries such as Germany, Belgium or France to seek affordable rent. Luxembourg faces a dire housing crisis. With sky-high prices for homes and rentals, even people with good incomes find it difficult to secure affordable housing. Residents are moving to neighbouring countries due to more reasonable property costs. Despite Luxembourg’s strong economy, the housing market has created significant challenges. There are people who have waited five years for social housing, und
Singapore’s digital economy contributed 17.3% to its gross domestic product (GDP) in 2022, marking a significant increase from the 13% contribution in 2017, according to a report released on October 6. This represents nearly a doubling of its value added or economic contribution, rising from S$58 billion to S$106 billion over the five-year period, as reported by the Infocomm Media Development Authority (IMDA). Between 2017 and 2022, the digital economy’s contribution rose by $48 billion. Among sectors, Information and Communications (I&C) played the most substantial role in Singapo
A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 4,966.80 crore in Reliance Retail Ventures Limited (RRVL), announced the Reliance Industries Limited on October 6. ADIA’s investment will translate into a 0.59% equity stake in RRVL on a fully-diluted basis. In a statement, Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said that the investment aligns with the company’s strategy of supporting its portfolio companies that are transforming their respective end-markets. The investment places RRVL's pre-mo
Northeastern states of India have benefitted from the implementation of Goods and Services Tax (GST) by way of a big jump in their revenue collections after the tax reform in 2017, said Union Finance Minister Nirmala Sitharaman at an event in New Delhi on September 23. The states in the region have benefitted from the emphasis given by the government on infrastructure creation and connectivity improvement. The region has also benefited from the higher tax transfers to the states and by way of funds given to them for asset creation, the union finance minister added. GST is a destination-
The Government of India is looking to auction its lithium reserves in the Union Territory of Jammu & Kashmir in the coming few weeks, says a media report quoting government sources. The auction will happen soon and some overseas miners have shown interest, the report adds. India has been exploring ways to secure lithium supplies with the first lithium deposits of 5.9 million tonnes found in Jammu and Kashmir’s Reasi district in February 2023 during exploration by the Geological Survey of India (GSI). The report also noted that Khanij Bidesh India Ltd (KABIL), a state-owned joint v
The Government of India is reportedly taking significant steps to promote the local sourcing of components for laptops and servers to around $20 billion over the next four years – a considerable increase compared to the current $1 billion procurement – to reduce reliance on imports and boost domestic manufacturing in the technology sector. The move to promote local component sourcing aligns with broader efforts to boost India’s manufacturing sector and make a self-reliant and resilient domestic manufacturing ecosystem, say media reports. The Centre has taken several initiatives to