Not for the first time, China once again dominated the news this week.The release of new economic data provided a temperature check of the world’s second-largest economy, while dubious COVID-19 death rates focused attention on Beijing’s reputation for secrecy and narrative control at all costs.
When Chinese Premier Li Keqiang called for a “sense of urgency” about growing economic risks during a meeting with provincial officials earlier this week, it was his third such warning in days.“We need to be highly vigilant for unexpected changes in the international and domestic situations, and downward economic pressure has further mounted,” China’s No 2 official told a symposium in Jiangxi province on Monday, according to a report in South China Morning Post, less than a week after drawing
Vietnam's economy expanded more than five percent in the first three months of the year, the government said Tuesday thanks to a pick-up in exports as the country emerges from the worst of the global pandemic, though officials warned of headwinds.The ASEAN member state has long been a success story among Asian economies, posting growth of seven percent in 2019.But growth came in at just 2.9 percent in 2020 as the pandemic shut most of the world down, while last year saw just 2.6 percent
Japan’s sovereign credit rating could fall one to three notches in the coming decade if the government does not implement a credible fiscal consolidation plan.
The world economy's fragile recovery from the COVID-induced crisis is now threatened by Russia's war in Ukraine and soaring commodity prices.Here are four questions regarding the risks to global gross domestic product (GDP):Will Growth Stall? "The war happened right at a time when Europe and the United States (US) had a recovery that was going really well. Projections in Europe were among the highest ...
China set its lowest annual gross domestic product (GDP) target in decades Saturday, as Premier Li Keqiang warned of a "grave and uncertain" outlook against the backdrop of the coronavirus, a property slump and uncertainty over the war in Ukraine.Li announced the unusually modest target of around 5.5 percent growth for 2022 – the lowest since 1991 – in his speech opening the annual session of China's rubber-stamp parliament.Addressing about 3,000 members of the National People&
In early 2021, the consensus forecast for Chinese gross domestic product (GDP) growth this year among 25 major global banks and other professional forecasters was 8.3 percent. In contrast, the Chinese government’s own growth target was around six percent, lower than the best guesses of 24 out of the 25 institutional forecasters. Did the government know something that outsiders had missed?
In the second quarter of 2021, China’s gross domestic product (GDP) grew by 7.9 percent year on year. That was a relatively strong performance, especially given the enduring effects of the COVID-19 pandemic on the global economy. But, for China, it represents a disappointment: a Caixin survey of economists showed the median estimate for the second quarter was 8.2 percent growth. Chinese economists broadly agree that China’s potential growth rate is six percent.
Thailand downgraded its economic growth forecast for 2021 on Monday as it battles its worst COVID-19 wave, which has brought record numbers of new infections and deaths. The kingdom last year suffered its worst full-year performance since the Asian financial crisis of 1997 with a 6.1 percent economic contraction.The Office of the National Economic and Social Development Council (NESDC) had initially given a cool forecast for recovery during the first quarter, estimating growth of 1.5
The Philippine economy grew in the second quarter at its fastest pace in more than three decades, but an official warned Tuesday of "speed bumps" as coronavirus restrictions were tightened to combat surging infections.Gross domestic product (GDP) expanded 11.8 percent on-year, the statistics agency said, after five straight quarters of contraction. The increase – the best since the last three months of 1988 – was driven by a rebound in construction activity and consumer spe
The Philippine economy shrank by more than expected in the first quarter of 2021, supporting views that the central bank will keep interest rates at a record-low at a policy meeting on Wednesday.Gross domestic product (GDP) fell 4.2 percent in the March quarter from a year earlier, the statistics agency said on Tuesday, marking the fifth straight quarter of declines amid pandemic-induced lockdowns. Economists had expected the GDP to contract three percent after slumping 8.3 percent y
This November will mark the 20th anniversary of the BRIC acronym that I coined to capture the economic potential of Brazil, Russia, India, and China.
