Ghana's GDP expanded by 6.9% in the second quarter of 2024, its strongest increase since Q2 2019. According to official statistician Kobina Annim, this outperformed analysts' predictions, owing in significant part to the extractive sector's rapid rise. The industrial sector expanded by 9.3%, up from 6.8% in the previous quarter, while agriculture and services rose by 5.4% and 5.8%, respectively. Despite issues in the cocoa subsector, which contracted by 26.2% for the fourth consecutive quarter, agriculture as a whole performed well, employing approximately 40% of the workforce. Ghana, t
On Wednesday, Prime Minister Narendra Modi spoke at the SEMICON 2024 conference near the capital, emphasising the significance of supply chain resilience and advocating for more semiconductor production in India. He emphasised the importance of semiconductors in everything from smartphones to electric vehicles and artificial intelligence, saying, "Resilience of the supply chain is critical." The pandemic highlighted global supply chain vulnerabilities, particularly in businesses relying on Chinese imports, such as semiconductor manufacturing. PM Modi cited India's reforming administration,
Prime Minister Narendra Modi stated India's intention to increase its electronics sector to $500 billion by 2030, emphasising the country's developing semiconductor prowess. Modi spoke at a chip conference near New Delhi, emphasising India's advantages, which include a $155 billion electronics sector. India is actively pursuing chipmakers, similar to the incentives that prompted Apple to assemble $14 billion worth of iPhones nationwide. The government has already approved more than $15 billion in semiconductor projects. Major initiatives include the Tata Group's proposal to build India's f
Taiwan's exports reached a new high of $43.64 billion in August, mainly due to increased demand for chips in the expanding Artificial Intelligence (AI) industry. The 16.8% year-on-year increase beat predictions of 7.35% and marked the tenth straight month of export growth. According to the finance ministry, increased demand for AI and high-performance computers, as well as worldwide businesses stockpiling new items, helped boost exports. The ministry predicts consistent growth in the second half of the year, particularly during the holiday season in Western countries like the United States
India and the UAE signed four major energy deals on Monday, bolstering strategic relations. Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan discussed nuclear energy, vital minerals, and green hydrogen. One significant agreement is for Abu Dhabi National Oil Company (ADNOC) to supply Indian Oil Corporation Ltd. with one million metric tonnes of liquefied natural gas (LNG) every year. ADNOC also agreed with India Strategic Petroleum Reserve Ltd (ISPRL) to investigate additional opportunities for crude oil storage in India. Another a
According to a survey by HSBC and S&P Global, India's services sector expanded at a five-month high in August. The Services Purchasing Managers' Index (PMI) increased to 60.9 from 60.3, the largest increase since March and far beyond the 50-point barrier that indicates growth. HSBC's Chief India Economist, Pranjul Bhandari, attributed the improvement mostly to higher domestic orders. The new business subindex rose to a four-month high, highlighting the importance of domestic demand in driving development. Although overseas demand remained strong, growth has fallen to a six-month low.
The World Bank has boosted its India growth forecast to 7% for the current fiscal year, up from 6.6% previously. This modification reflects a robust agricultural rebound and rising rural demand, according to the most recent India Development Update, which was released on September 3, 2024. Ran Li, a senior economist at the World Bank, said that favourable monsoon conditions and increased private spending had led to the upward adjustment of India's GDP prediction. Despite a challenging global climate, India's growth is resilient, and the services sector is anticipated to maintain its robust
Thailand's Prime Minister Paetongtarn Shinawatra has revealed a big change to the government's 450 billion baht (US$13.1 billion) "digital wallet" handout, indicating that some of the funds will now be distributed in cash. This is a deviation from the original idea, which was to send 10,000 baht in digital credits to 50 million residents for use in their communities. The plan, a cornerstone of the ruling Pheu Thai Party's election campaign, is now being finalised, with further information expected in a future parliamentary policy declaration. The specific amount of the budget to be conv
Egypt's non-oil private sector has finally resumed growth after three difficult years of decline. The S&P Global Purchasing Managers' Index (PMI) for Egypt rose to 50.4 in August from 49.7 in July, indicating growth. This favourable shift is linked to higher demand, stronger economic conditions, and a major boost from increasing export activity. Egypt's recent $8 billion financial assistance agreement with the International Monetary Fund (IMF) has played a critical role in its recovery. The IMF accord included major economic reforms like market-determined currency exchange rates and
In August, India collected 1.75 trillion rupees ($20.87 billion) in goods and services tax (GST), up 10% over the same month the previous year when the collection was 1.59 trillion rupees. Since being implemented on July 1, 2017, GST has altered India's tax environment, replacing a variety of indirect taxes such as excise duty, VAT, and service tax. GST has decreased the overall tax burden, simplified compliance, and increased transparency and economic growth, all of which accord with India's vision of 'Ek Bharat Sreshtha Bharat.' As of August 23, India's foreign exchange reserves were