Asia

Pakistan is facing a critical moment where it must decide whether to continue with policies thathave led to high poverty rates and economic hardships, or make necessary changes for a brighterfuture, according to the World Bank. The country is dealing with issues such as inflation, risingelectricity prices, climate shocks, and insufficient resources for development. Pakistan's humandevelopment outcomes are also poor, with a high number of children out of school and stuntedgrowth. The World Bank is urging the upcoming government to make policy shifts to addressthese challenges. Pakistan is in its tipping point crisis where it should decide to remain a laggardwith 40 per cent population living below the poverty line under elite captureand policy decisions driven by strong vested interests...

The economy is mired in a range of internal and externally-induced traps. Brokering trade and peace with India may help The warning has been sounded before but this time it seems Pakistan’s economy is headed for the rocks. Even the smartest economists can’t see a way forward. One suggestion almost impossible to implement came from IMF chief Kristalina Georgieva. “Please collect more taxes from the wealthy and please protect the poor people of Pakistan,” she implored, and there was no mistaking the desperation in her voice. Some 40 per cent of Pakistanis — 95 million — now are estimated to be below the poverty line. Pakistan won itself a brief respite with a conditional new $3-billion IMF loan in July. But that’s only a temporary fix and the country is no closer to resolving its deep...

India’s growth prospects are bright, with its potential role in developing infrastructure, manufacturing, and services in expanded G-20. In brief The expanded G-20, including the African Union, represents nearly 90% of global GDP and close to 80% of the world's population. While many G-20 countries face slowdown and high inflation, India’s economic growth prospects appear bright with better inflation management, and lower government debt. As per the IMF, India is poised to lead global growth, contributing 15% to it in 2023. Key features of expanded G-20 group: share in GDP and population The expanded G-20 group of countries with the addition of the African Union (AU) constitutes a large complex group of countries and country groups that accounted for 88.6% of global GD...

Any country’s economic growth is not just about GDP but more so about the factors that build that GDP and per capita GDP. One of the most important factors that influence GDP growth is demographic distribution. As per various estimates by 2047, India will have a 1.1 billion population in the age group of 15-64 years which is going to be 1.6 times the entire population of Europe. It is expected that less than 15% of the population will be engaged in agricultural employment from the current 43% levels. Thus, more jobs will be required in the space of manufacturing and services. To achieve a minimum of USD 32 trillion economy by 2047, the per capita income will increase to about USD 18,800 by 2047 from USD 2,450 estimated in 2022. When we look at the past three decades, India’s growth ...

The United States Space Force has discussed setting up a hotline with China to prevent crises in space, US commander General Chance Saltzman revealed on Monday. The chief of space operations said a direct line of communication between the Space Force and its Chinese counterpart would be valuable in de-escalating tensions but that the US had not yet suggested the idea to China. “What we have talked about on the US side at least is opening up a line of communication to make sure that if there is a crisis, we know who we can contact,” Saltzman said, adding that it would be up to President Joe Biden and the State Department to take the lead on such discussions. The comments come as the US Space Force looks into establishing a branch in Japan, as China’s military ambitions in the Indo...

India is the fastest-growing major economy this year. While others in the region look to be struggling, there are few clouds on the horizon for India. Inflation is high, but falling, and the rupee is one of the strongest currencies in the region, which will be further helped as Indian government bonds are set to be included in global indices next year Economic growth - firming, not stalling In the second quarter, India recorded a growth rate of 7.8% YoY, which was a marked increase over the 6.1% rate of growth recorded for the first quarter. This makes India the fastest-growing major economy in the world and leaves growth on track to achieve 7% for the full year. India’s growth momentum is in stark contrast to the rest of the Asia Pacific region, where economic growth is gene...

The phrase “factory Asia” describes one of history’s most impressive economic achievements. Over the past half-century Japan, South Korea, Taiwan and, more recently, China became bustling hubs for manufacturing goods, which they then exported to the rest of the world, especially the well-off West. Millions of Asians escaped poverty by making stuff; many grew prosperous. Now the region’s economic model is shifting again, with consequences for Asia and for the world. Asia’s long manufacturing boom fostered a wave of trade integration. In 1990, 46% of Asian trade took place within the region. By 2021 that figure had risen to 58%, making it the most integrated continent after Europe. As Asia has become richer and its firms more muscular, investment flows are becoming more regional, too. ...