Tag: economy

Indonesia, Australia come into ‘Comprehensive Economic Partnership Agreement’
28Jul By Michael SmithNo Comments
USA

Indonesia, Australia come into ‘Comprehensive Economic Partnership Agreement’

In order to reduce trade barriers and boost economic growth, Australia and Indonesia came into the “Indonesia-Australia Comprehensive Economic Partnership Agreement” (IA-CEPA) on July 5.The agreement will open up new opportunities for Australian and Indonesian businesses, primary producers, service providers and investors.“The mutual benefits from this Agreement are critical. Australia wants not only a stronger Australia but also a stronger Indonesia. By reducing trade barriers, we can grow both of our economies and by encouraging trade and investment in areas of high potential for Indonesia, we can build greater capacity for its continued successful development,” the Australian government said in a statement.A key component of the IA-CEPA is a sweeping free-trade agreement (FTA) that will...
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Pakistan saw highest inflation in the world during 2020: SBP
20Jul By Mike TrudellNo Comments
Asia

Pakistan saw highest inflation in the world during 2020: SBP

The State Bank of Pakistan (SBP) has said that fiscal year 2020 was the worst year for Pakistani citizens as they witnessed highest inflation in the world forcing policy makers to increase interest rate.“Pakistan witnessed highest inflation not only in comparison with the developed economies but also with emerging economies,” said the Inflation Monitor for April issued by SBP.The Bank pushed up its interest rates to cool down the inflationary pressure during the fiscal year but high rates proved counterproductive as they further increased inflation while the private sector stopped borrowing costly money hampering industrial growth and services.January witnessed 12-year high inflation at 14.6 per cent. In response to the rising prices, the SBP rose the interest rates to 13.25pc.However, wit...
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China’s use of economic sanctions now fail to serve its geopolitical goals
20Jul By Michael SmithNo Comments
USA

China’s use of economic sanctions now fail to serve its geopolitical goals

China's practice of imposing economic sanctions on countries to achieve its own geopolitical goals is nothing new and the regular phenomenon of China bullying others has, in fact, helped other countries to keep several options at bay, said the author of "China's Crony Capitalism", Minxin Pei.Recently, the Chinese Ministry of Culture and Tourism issued an official warning against travel to Australia because of "a significant increase in racist acts and violence against Chinese and Asians in Australia". Two months ago, after Australia had demanded an investigation into the coronavirus outbreak, Beijing imposed an 80 per cent "anti-dumping" tariff on Australian barley, costing Australian 500 million Australian dollars a year.Minxin said Australia is only the latest victim of Chinese bullying....
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China’s ‘Lackey’ Duterte is smarting as Beijing tightens screws
20Jul By Brian ThompsonNo Comments
Market

China’s ‘Lackey’ Duterte is smarting as Beijing tightens screws

Philippines President Roberto Duterte has been ridiculed as a ‘Chinese lackey’ and worse time and again for doing a complete U-turn on his predecessor’s policies regarding Beijing and its expansionist strategies to overtake resource-filled Islands.Under former president Benigno Simeon Aquino III, Philippines had taken China to an international tribunal regarding disputes over Scarborough Shoal and the Spratly Islands.Both these islands are said to have untapped oil and natural gas resources and are of great strategic value to the Philippines and the United States. Fears of a Chinese naval and weapons build-up here and on artificial islands being created in the neighboring areas, are of great concern to the Philippines.And even then, Duterte who is otherwise known as the strongman for his o...
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Indonesia warns unemployment could hit decade-high due to coronavirus pandemic
22Jun By Mike TrudellNo Comments
Asia

Indonesia warns unemployment could hit decade-high due to coronavirus pandemic

Indonesian ministers on Monday warned that the country’s unemployment rate could hit the highest in more than a decade this year due to the coronavirus pandemic, with four million to 5.5 million people losing their jobs this year.Planning Minister Suharso Monoarfa told a parliamentary hearing on Monday that four million to 5.5 million people could lose their jobs this year, pushing the unemployment rate up to 8.1-9.2 per cent, versus 5.28 per cent in 2019.“The unemployment rate may remain between 7.7 per cent and 9.1 per cent in 2021”, he said.The forecast is still more conservative than that of Indonesia's chamber of commerce and industry, whose chairman expects new rounds of layoffs by August on top of an estimated 6.4 million jobs shed so far.“The number of people living below the pover...
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Pakistan Budget 2020-21: CPEC placed in cold storage due to influence from West
17Jun By Michael SmithNo Comments
Asia

Pakistan Budget 2020-21: CPEC placed in cold storage due to influence from West

Economist Dr Kasier Bengali has said that Pakistan’s economic policies are being made in Washington and the International Monetary Fund (IMF) has sent its people to sit in major institutions, which is why there is no mention of the China-Pakistan Economic Corridor (CPEC) in the budget 2020-21.Speaking during a webinar organised by the Pakistan Institute of Labour Education and Research (Piler) on Sunday, he said due to the influence from the West the government had placed CPEC in cold storage.“Pakistan’s economy is mainly relying on foreign loans, so the economic managers are trying to appease the IMF and other international lenders by not mentioning the CPEC,” Dr Bengali said.Pakistan’s Public Sector Development Programme (PSDP) for the year 2020-21 has allocated Pakistani Rs 21 billion f...
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Defence Budget: Pakistan’s misplaced priorities
17Jun By Joe RodriguezNo Comments
Asia

Defence Budget: Pakistan’s misplaced priorities

For a country suffering through a pandemic and whose economy is crashing, putting more money for defence seems illogical. But this is exactly what the Imran Khan government has proposed in a grim reminder of how much Islamabad’s priorities are misplaced.The Pakistan Tehreek-e-Insaf government has proposed 11.9 per cent increase in the country’s defence budget.The budget document shows that the defence outlay for 2020-21 would be Pakistani Rs 1,289 billion as compared to Pakistani Rs 1,152 billion earmarked for the ongoing fiscal year.A closer look at the budget details revealed that Rs 1,289 billion figure does not include Pakistani Rs 369 billion allocated for pensions of retired military personnel and Pakistani Rs 324 billion for the armed forces development programme.“The defence budget...
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Ministerial Committee set up to guide digital adoption, create jobs in digital economy
17Jun By Michael SmithNo Comments
Asia

Ministerial Committee set up to guide digital adoption, create jobs in digital economy

To accelerate Singapore's adoption of digital technology in the times of Coronavirus, the country has set up a high-level committee to create jobs for its people, help small businesses go online and ensure no citizen is left behind by technology.The Ministerial Committee for Digital Transformation’s key focus is to work with companies and the labour movement to create jobs in the info-communications and technology (ICT) sector and to place Singaporeans in these jobs, Communications and Information Minister S. Iswaran said in an interview.With small and medium enterprises employing some 65 per cent of the workforce in Singapore, one of the committee's prime aims is to help them survive and thrive through the use of technology.The badly hit retail and food and beverage sectors will get speci...
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PoK activist blames army as Pakistan registers first ever negative economic growth
17Jun By Joe RodriguezNo Comments
Asia

PoK activist blames army as Pakistan registers first ever negative economic growth

Exiled rights activist from PoK, Dr Amjad Ayub Mirza, has blamed Pakistan's deep state of the army for the negative growth the country has registered for the first time ever in its history. Mirza asked how a country could flourish or register a positive growth if its annual budget couldn't be unveiled without the blessings of the army. "This budget has Rs 650 Billion allocated for the development purpose, while the military has been allocated a sum of Rs 1.3 Trillion. This simply means that the budget has been presented after the approval of the army," said Mirza. He also said that there was a prevailing sense of fear amongst the legislators of Pakistan and they were forced to respect the army. "Hammad Azhar, the minister who presented the budget expressed his government's gratitude to the...
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IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist
13Jun By Michael SmithNo Comments
Asia

IMF may further cut global growth outlook in June as Covid-19 crisis drags on, says chief economist

The International Monetary Fund (IMF) on Friday said that it may again downgrade its already pessimistic outlook for the global economy in June given the possibility of a further decline in consumption, more job losses and the risk of a fresh wave of bankruptcies.The IMF in April predicted a 3% contraction of the world economy this year. It also warned at the time of the possibility of a deeper crisis which could result in a 6% decline in 2020 and 0% growth in 2021."We are putting out new numbers on June 24 and they will likely be worse than what we had in April," said IMF chief economist Gita Gopinath in a virtual address to the Seventh Asian Monetary Policy Forum on Friday.Gopinath noted that there is still profound uncertainty about how long the Covid-19 pandemic will persist and what w...
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