China's fiscal revenue increased by 11.5% in the first seven months of 2023, but the growth rate was slower than the previous six months, indicating a potential decline in the economy's momentum.
The U.S. economy is forecasted to be growing rapidly, which is causing concern for the Federal Reserve and those hoping for low interest rates.
Malaysia's economic growth in the second quarter of 2023 was the slowest in nearly two years due to sliding exports and a global slowdown, prompting the central bank to warn of lower full-year growth and the possibility of the target being hard to reach.
U.S. economic growth may be accelerating in the second half of 2023, defying earlier recession forecasts and leading to a repricing of long-term inflation and interest rate assumptions.
Asia-Pacific markets rise ahead of central bank rate decisions from South Korea and Indonesia, while South Korea's producer price index grows at a slower pace for the 13th consecutive month.
China's one-year loan prime rate is slashed by 10 basis points, while the five-year rate remains unchanged, leading to mixed performance in Asia-Pacific markets, with Hong Kong's Hang Seng index slipping 1.8%, mainland Chinese markets in negative territory, and other markets on the rise; meanwhile, Thailand's economy expands by 1.8% in Q2, lower than expected.
Thailand's new prime minister, Srettha Thavisin, must deliver on his promises to revive the economy, support small businesses, and address inequality after the country reported slower-than-expected economic growth and faces challenges such as a slowdown in China, high household debt, and rising interest rates.
Thailand's tourism and exports, particularly in the chemical and plastic sectors, are expected to decline due to the economic slowdown in China caused by the real estate crisis, leading to a significant decrease in the number of Chinese tourists visiting Thailand and affecting the country's overall economy.
Nigeria's economy experienced faster growth in the second quarter of 2023, driven by the services sector, although the growth rate was lower than the previous year due to challenging economic conditions.
India's economy is experiencing consistent growth, and is predicted to become the fourth-largest economy within 18 months and the third-largest by 2028, driven by strong fundamentals and infrastructure development, while successfully reducing poverty; however, further reforms in areas such as patents, judicial, administrative, and process reforms are needed to boost economic growth.
Russia's Finance Minister, Anton Siluanov, has stated that the country's economy is expected to grow by 2.5% or more in 2023, with inflation predicted to be around 6%.
Bank of Japan Gov. Kazuo Ueda explains that price growth is slower than the target of 2%, leading officials to continue their current monetary-policy strategy of easing.
The global economy may face slow growth due to record levels of government debt, geopolitical tensions, and weak productivity gains, which could hinder development in some countries even before it begins.
Thailand's employment growth slowed in the second quarter of 2023 as economic growth decelerated, with job growth mainly in the tourism and construction sectors, according to the state planning agency.
Forecasters have decreased their growth expectations for China due to deflation, rising youth unemployment, and a property-market crisis, with GDP predicted to rise by only 5.1% in 2023 and 4.5% in 2024.
The US economy grew at a slower pace in the second quarter, but still showed more strength than expected, with GDP revised down to 2.1% from an initial 2.4%; however, forecasts indicate a robust reading in the third quarter of 2.5% or higher, despite concerns of a potential recession.
China's economy will struggle with low growth under 5% through 2024, leading to a "structural hard landing" due to tight monetary policy, disappointing economic reopening, and challenges in real estate and stock markets, according to TS Lombard strategists.
The U.S. economy expanded at a 2.1% annual pace in the second quarter, downgraded from the initial estimate of 2.4%, but still demonstrating resilience in the face of higher borrowing costs and inflation concerns.
India's economy grew at its fastest pace in a year in the April-June quarter, driven by services and manufacturing, though economists warn of a slowdown ahead due to factors like rising food prices and slowing global growth.
The global economy is expected to slow down due to persistently high inflation, higher interest rates, China's slowing growth, and financial system stresses, according to Moody's Investors Service, although there may be pockets of resilience in markets like India and Indonesia.
Economists at Nomura and Morgan Stanley raise their growth forecast for India's fiscal 2024 after the economy grew at its fastest pace in a year in the April-June quarter, while BofA Global Research cuts their estimates as quarterly growth falls below their forecast.
India's GDP growth reached a four-quarter high of 7.8% in Q1FY24, with private consumption and services picking up pace, but challenges lie ahead with the sustainability of services growth and concerns over the monsoon and agriculture sector.
Forecasts for China's economic growth in 2023 and 2024 have been cut, potentially hindering the country's goal of becoming a "medium-developed country" by 2035 and surpassing the US as the world's No.1 economy.
China's economic growth has slowed but has not collapsed, and while there are concerns about financial risks and a potential property crisis, there are also bright spots such as the growth of the new energy and technology sectors that could boost the economy.
Policymakers expect slower growth in China, potentially below 4%, as the country transitions to a consumption-driven economy, which could have a negative impact on the global economy and alleviate inflationary pressures.
Japan's economy grew less than expected in Q2 and wages fell in July, raising doubts about the country's recovery and the effectiveness of the central bank's projections for domestic demand.
The U.S. economy is expected to expand at a 2.2% annual rate in the current quarter, according to a real-time estimate from the New York Federal Reserve, which is lower than the Atlanta Fed's estimate of 5.6% growth; the strength of the economy will impact the Federal Reserve's decision on interest rates and inflation.
Mexico's finance ministry expects the country's economy to grow between 2.5% and 3.5% next year, with inflation slowing to 3.8%, according to a draft budget document released by the ministry.
China's economy is expected to grow less than previously anticipated due to struggles in the property market, leading economists to predict further downgrades and posing risks to both the domestic and global economy.
Thailand's new government has approved measures to boost the economy, including a cut to the diesel tax, a visa-free entry program for Chinese tourists, and a suspension of debt payments for farmers.
China's factory output and retail sales grew at a faster pace in August, but declining investment in the property sector poses a threat to the country's economic recovery.
Vietnam's economy is experiencing rapid growth, but its stocks are not matching its success.
Thailand will set a new daily minimum wage by the end of the year, but it will not be the previously stated amount of 400 baht ($11.19), and instead will be higher than the inflation rate.
Sri Lanka's economy contracted 3.1% in the second quarter due to high inflation, a depreciating currency, and lower purchasing power, but experts predict a return to growth in the third quarter.
The Asian Development Bank has lowered its growth forecast for developing Asia due to high interest rates and the property crisis in China, posing risks to the region's economies.
