Asia

The IMF has said that the world economy is projected to grow at less than 3% in 2023 and China and India would account for half of the global economic growth this year. India and China are expected to account for half of the global economic growth this year, International Monetary Fund (IMF) managing director Kristalina Georgieva said on Thursday. The IMF chief said the world economy would continue to see a sharp slowdown against the backdrop of the Covid-19 pandemic and the aftermath of the Russia-Ukraine war, adding that it is expected to grow at less than 3% in 2023.

Both Afghanistan and Myanmar are mired in humanitarian crises brought on by the military forces in control's appalling judgments, yet UN relief appeals in both countries are woefully underfunded. While major nations and a sizable portion of the globe seem to be preoccupied with the conflict in Ukraine and global warming, two serious crises are unfolding in separate regions of Asia. Traumatic humanitarian crises have been brought on in both Afghanistan and Myanmar as a result of appalling choices made by the militaries in charge—the Taliban in Kabul and the Tatmadaw (or Burmese military) in Naypyidaw. UN personnel are working to lessen the severe suffering that exists in both nations, but international aid requests have received very little funding. With 28.3 million people in ...

It comes amid concerns that certain nations, including Ghana and Zambia, are having difficulty paying back their loans to Beijing…Asian Lite News reports According to a media source, World Bank President David Malpass expressed alarm about some of the loans China has been providing to poor nations in Africa. The terms and conditions need to be "more transparent," according to David Malpass. According to the BBC, there are concerns that certain nations, including Ghana and Zambia, are having difficulty paying back their loans to Beijing. According to China, all such financing complies with international laws. Developing nations often take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education,...

While India continues to experience excellent news, the most recent good news is that the rupee, our nation's currency, is steadily gaining acceptance and influence among other nations. The globe is stepping up to conduct financial transactions with India in rupees as a result of India's expanding importance in global commerce. The dollar's hegemony over other currencies is eroding over time. 18 nations have agreed to do business using both rupees and their own currencies. Special Rupee Vostro accounts have already been created in these 18 nations. It implies that we are not required to pay in dollars for the goods we import from these nations. However, that nation will also do its accounting in its own currency. The primary benefit of this arrangement would be the reduction of the dollar...

Pakistan which was struggling hard for the post Covid-19 economic recovery is now witnessing additional challenges such as unprecedented depletion of foreign exchange reserves, a galloping inflation, a steep depreciation in the value of PKR, drying foreign investment and twin deficits leading to deep macro economic instability. The prospects of Pak economy has worsened further due to Russia-Ukraine war and expected ripple effects of failed US Banks, Silicon Valley Bank (SVB) and Credit Suisse. As Pak debt dependent economic growth model has been discredited much by now, there is increasing clamor in the country for a growth model based on domestic capital formation and investment. But Pakistan has crippled its domestic capital formation and investment capability to a disappointingly lo...

The World Bank has issued a warning that the coronavirus pandemic, along with Russia's conflict in Ukraine, has led to a drop in the global economy's potential for long-term growth. The situation could result in a "lost decade", which would leave fewer resources for addressing climate change and an increase in poverty. This is occurring alongside banking crises that pose a threat to global economic growth. The World Bank's latest report predicts that potential global output will reach a 30-year low of 2.2 percent per year between 2023 and 2030, with developing economies expected to experience an even greater decline, falling from an average annual rate of 6 percent to 4 percent. World Bank officials have cautioned that the "golden era" of development appears to be coming to an...

The recent financial troubles following the emergency takeover of Credit Suisse and the collapse of three US lenders have led to concerns over the potential risks to Japan's banks from the fallout. Shares in Japan's banks have been among the hardest hit in Asia since the crisis emerged this month. But, Japanese financial regulators and industry heads have said the nation's financial system is sound, and analysts have been working to reassure worried bank investors. Here are four reasons why fears of a banking crisis in Japan are, for the most part, overblown. Firstly, Japanese banks have strong balance sheets, and although they are sitting on large paper losses on foreign bonds, including Treasuries, they tend to carry foreign bonds as available for sale, rather than held to maturity, whi...

This weekly round-up brings you the latest stories from the world of economics and finance. Top economy stories: IMF ups its global economic growth forecasts; US, ECB and UK raise interest rates; Global factory activity contracts again; India plans major boost to capital spending. 1. IMF raises growth forecasts for 2023 The International Monetary Fund (IMF) has made a slight increase to its global growth outlook for 2023, due to "surprisingly resilient" demand in the United States and Europe, easing energy costs and the reopening of China's economy after Beijing abandoned its strict COVID-19 restrictions. It still sees the pace of global growth falling this year compared with 2022, but by a smaller margin than it predicted in October. The IMF is now forecasting 2.9% gro...

Tokyo Electron, a leading semiconductor equipment manufacturer, has announced a better-than-expected outlook for the fiscal year ending March 2023, despite the ongoing impact of China's chip sanctions. The company reported a net profit of 102.5 billion yen ($928 million) in the nine months to December, up from 51.5 billion yen a year earlier. Sales increased 34% to 823.5 billion yen, boosted by strong demand for equipment used in the production of semiconductors, flat-panel displays and solar cells. Despite the positive results, the company noted the ongoing impact of China's chip sanctions, which have affected the industry as a whole. The sanctions, which were imposed last year, restrict Chinese companies from buying high-end chip-making equipment from Japan and other countries, in...