Asia

India’s economy is forecast to grow 6.5 per cent in the current and next financial years, despite headwinds from slowing private consumption and investment, an EY report said. Government capital formation has contracted sharply in the first half of the fiscal and needs to ramped up to meet 6.5 per cent growth, the report warned. Real GDP growth eased to a seven-quarter low of 5.4 per cent in July-September — the second quarter of the current 2024-25 fiscal year, against 6.7 per cent in the preceding quarter. This was primarily because two domestic demand components — private final consumption expenditure and gross fixed capital formation — together accounted for a fall of 1.5 percentage points. “One outstanding feature of demand is the slowdown in investment, as reflected in t...

Appointed as the 26th Governor of the Reserve Bank of India (RBI) on December 11 after serving as Revenue Secretary from December 2022 to 2024, where he played a pivotal role in key financial reforms and securing favourable Financial Action Task Force (FATF) evaluations for the country.Spearheaded financial infrastructure advancements as Secretary of Financial Services (February-November 2022) and contributed significantly to the energy sector as the Chairman and Managing Director (MD) of the Rural Electrification Corporation.In a career spanning over three decades, Malhotra has held critical roles in finance, taxation, and public policy, showcasing his leadership in driving financial inclusion and revenue enhancement.Did you know?Malhotra is an alumnus of Indian Institute of Technology (...

Singapore, 24 September 2024 – The commercial aircraft services market in the Asia-Pacific region will more than double in value to US$129 billion from US$52 billion today, by 2043 according to Airbus’ latest Global Services Forecast (GSF). This is driven by a demand for some 19,500 new aircraft for the region, supported by a compound annual growth rate (CAGR) of 4.81% in passenger air traffic in the region. Driven by the rise in annual air traffic, fleet growth and the requirement for more digitally-enabled and connected aircraft, the growth in demand for services will be reflected in solutions implemented across all phases of the aircraft from delivery to end-of-life, including fleet maintenance, aircraft modernisation and training. Among the various segments of the services bu...

DHAKA, Dec 23, 2024 (BSS) - Libya has expressed Libya's interest inrecruiting more Bangladeshi professionals and skilled workers to support itsdevelopment. The interest was conveyed when Libyan Ambassador to Bangladesh Abdulmutalib SM Suliman paid a courtesy call on Foreign Secretary Md Jashim Uddin atforeign ministry here on Sunday, said a ministry's press releases here. The envoy also conveyed Libya's intention to increase imports of Ready-MadeGarments and jute products from Bangladesh. During the meeting, both sides reaffirmed their commitment to strengtheningthe longstanding cooperation between Bangladesh and Libya, with a focus ondeepening economic ties as the two nations prepare to celebrate 50 years ofbilateral relations next year. The Foreign Secretary emphasized foste...

From economic growth and technological strides to diplomatic successes and social welfare reforms, India has made significant progress in 2024. As the year draws to a close, here is a look back at the country’s journey this year which has been nothing short of transformative, with achievements that solidify its standing as a global powerhouse. Remain the fifth-largest economyIndia’s economy continued its robust recovery in 2024, with the country recording a 7 per cent gross domestic product (GDP) growth, making it the world’s fastest-growing major economy. The country continues to be the fifth-largest economy in the world, quickly catching up to Germany which enjoys the fourth position on the list. FDI crosses $1 trillion (2000-2024)India’s strong performance was driven by a surge i...

Southeast Asia economies continued to deliver credible economic performance, although growth momentum was mixed across the region. Vietnam’s GDP growth of 7.4 percent in the third quarter was its third-highest attained in the past five years, while Singapore saw its strongest quarterly GDP growth since 2022 at 5.4 percent. Thailand, too, saw accelerated growth. Growth momentum, meanwhile, abated in Indonesia, Malaysia, and the Philippines (Exhibit 1). Core growth drivers remained broadly solid, with the combination of strong exports, higher investments, output expansion, and stable consumption prevalent across most markets.1 The resilient labor markets and lower inflation conditions, coupled with sustained demand from key global markets, such as China and the United States, should prov...