World

As Bangladesh faces regime change, an expert warned that one of the tasks before the new government will be "to stop the free fall of the economy." It is now feared that the damage from mass violence, unemployment, persisting inflation, and "slowed real GDP [Gross Domestic Product] growth" may impact Bangladesh's economy. Saad Hammadi, a fellow at the Balsillie School of International Affairs, told Al Jazeera on Monday, “The job of the interim and subsequent government will be extremely challenging to stop the free fall of the economy and recover the state at a time when even the global economic and political orders are extremely chaotic.”Thousands of protesters stormed and looted prime minister's residence. Several police stations, buildings and public assets were vandalised and set o...

Bangladesh’s economy, which has been in recovery mode since the Covid-19 pandemic’s outbreak, has faced persistently high inflation that hit close to 10% in recent months. The resignation of Sheikh Hasina as the Prime Minister of Bangladesh and the subsequent takeover by the military could lead to further troubles for the economy that is also facing problems of liquidity and forex reserves. Even before the current political crisis, international agencies have called for structural reforms to help it take forward growth and maintain economic stability. However, the country has been one of the fastest growing economies in the world with high GDP per capita. As per its Budget, which was passed on June 30, the country is targeting an inflation rate of 6% and GDP growth rate of 6.75%. Th...

The government is not looking at a review of the cautious policy regarding foreign direct investment (FDI) from China though the Economic Survey had backed a a more open approach to capital inflows from the neighbour to meet the manufacturing ambitions of the country. “There is no rethinking at present to support Chinese investments in the country,” commerce and industry minister Piyush Goyal said here on Tuesday, in the first categorical statement on this from a senior government functionary. He said the Economic Survey was a report that always flags new ideas, though it is “not at all binding on the government.” The survey last week had suggested that welcoming FDI from China will help India better meet its ambition of having a greater share in the global va...

The discussion on India's economy took a toilet break. Among the numerous mentions in the Economic Survey 2023-2024 of tax, trade deficit, fiscal prudence -- terms that some might find difficult to metabolise -- there was a very unusual mention of toilet paper. It tries to send a green message to the West, which might not be a smooth wipe. The Economic Survey 2023-24 presented by Nirmala Sitharamanmentioned toilet paper to underscore its rampant use in Western countries and its significant environmental implications. In the chapter dealing with climate change, the annual document also highlighted how substitute hygiene practices followed in Asian countries have been ignored by the West and how they can provide valuable insights into more sustainable use of resources. The que...