Pakistan's central bank has met its forward book target of $4.2 billion set by the IMF and is positioned well to meet additional targets, while an IMF delegation is set to evaluate the country's performance and potentially approve the next installment of $700 million in financial assistance.
Nobel economist Paul Krugman faced backlash after declaring that inflation is over based on a chart that excluded essential items, despite other measures showing slower price growth.
The IMF expects Ghana to reach a debt restructuring agreement with bilateral creditors in the next six to eight weeks, which would enable the country to receive a second disbursement from the $3 billion IMF loan and support its economic recovery efforts.
Malaysia plans to introduce a capital gains tax, tax high-value goods, and reduce subsidies in order to improve its fiscal position and address economic challenges such as slowing growth and rising living costs.
Inflation has remained high, with the latest figures showing a rate of 3.7%, and more rate hikes may be on the horizon as the Fed aims to bring inflation down to around 2% in the short term.
China's trade slump is gradually easing as September's exports fell less than expected, indicating a potential bottoming-out of global trade; however, uncertainties in the property sector and weak confidence among private firms continue to pose risks to the country's economic recovery.
China's weak economic recovery and the risks associated with its property crisis are likely to impact Asia's economic prospects, according to the International Monetary Fund (IMF), leading to a cloudier outlook for the region and potential spillover effects on commodity-exporting countries with close trade links to China. The IMF revised its growth estimate for Asia down to 4.2% for 2024, and emphasized the need for central banks in the region to exercise caution in cutting interest rates due to sticky core inflation and other global factors such as the Middle East conflict. Additionally, the IMF warned that Japan's normalization of monetary policy could have significant global implications.
Chancellor Jeremy Hunt is preparing "for the worst" in his autumn statement as economic forecasts are expected to be worse than previously predicted due to global instability, with potential spending cuts or tax rises on the horizon.
The G20 finance leaders welcome progress on debt treatment for Zambia and Ghana, and call for swift conclusion of debt talks for Ethiopia and Sri Lanka.
Inflation is at 3.7% despite efforts to lower it to 2.0%, and retailers are using tricks like percentage discounts to hide the true value of discounts from consumers.
India has decided to roll back its plan to impose restrictions on laptop imports after facing criticism from industry and Washington, instead opting to keep importers under close observation.
Argentina's central bank has raised the benchmark interest rate to 133% as inflation data shows a higher-than-expected increase, exacerbating the country's economic crisis ahead of the upcoming presidential elections.
Sri Lanka has reached a deal with China to restructure $4.2bn of debt, a key milestone in its efforts to recover from its worst financial crisis in decades and unlock the next tranche of a bailout.
The Biden economy is causing problems for Americans who have been fleeing liberal states like New York and California for lower home prices and taxes, as business experts warn of potential financial issues on the horizon.
China's consumer prices remained unchanged in September, signaling persistent deflationary pressures in the economy, while factory-gate prices fell slightly faster than expected, highlighting ongoing challenges facing the world's second-largest economy.
India's largest manufacturer of solar modules, Waaree Energies, is urging the government to reinstate trade barriers to protect domestic manufacturers from cheap imports from China and Vietnam.
The high cost of leisure activities, property values, and living expenses is creating financial struggles for many middle-class Americans, including professionals with college degrees, and leaving younger generations with limited financial independence and opportunities.
China's exports and imports declined at a slower pace in September, indicating a gradual stabilization in the economy, although challenges remain in the face of deflationary pressure, a property crisis, global slowdown, and geopolitical tensions.
India's recent economic gains are unlikely to surpass China as the world economy's main growth engine, according to HSBC Holdings Plc, as India currently has too few economic drivers and China's importance cannot be easily replaced; however, HSBC does expect India to make significant contributions to global demand for commodities, consumption, and capital goods.
The Monetary Authority of Singapore (MAS) has decided to keep its exchange rate-based monetary policy unchanged, maintaining the prevailing rate of appreciation of the Singapore dollar, due to an uncertain global economic outlook and projections of declining core inflation. MAS also expects Singapore's economic growth to improve gradually over 2024, although it forecasts growth to be at the lower end of the 0.5 to 1.5 percent range. MAS will now announce its monetary policy on a quarterly basis starting from 2024.
The Reserve Bank of India is defending the rupee by tapping into its foreign-reserve stockpile, in an effort to keep imported inflation in check and stabilize the currency amidst rising US rates and volatility in emerging markets.
Pakistan's external financing needs are significant and its foreign exchange reserves coverage is precarious, warns the IMF, who also highlights the growing risk to Pakistani banks from a large exposure to government debt.
German Chancellor Olaf Scholz is facing demands to address the property crisis in Germany's economy, as the nation's building industry proposes measures to mitigate the worst property crisis in a generation, including preventing mass layoffs and stimulating building activity.
The Bank of Canada faces a tough decision on whether to hike rates again in October, as the September inflation report is expected to be just as concerning as the recent U.S. data, and rising oil prices could further drive up inflation expectations.
Argentina's central bank raised the country's benchmark interest rate to 133% from 118% due to worse-than-expected inflation data, exacerbating the economic crisis ahead of the upcoming presidential elections.
Argentina's central bank has raised its key rate for the sixth time this year to 133% in an attempt to control inflation, which has surged above 100% ahead of the presidential election; however, economists believe the rate hike will have little impact as it is coupled with money printing and falls below inflation in real terms.
Hot dog prices experienced their largest monthly increase since 2002, rising by 6.8% between August and September, reflecting a worrisome trend of rising food costs amid overall inflation concerns.
Consumer prices in the US grew at the same pace in September as in August, indicating that progress in controlling inflation may be stalling, prompting Federal Reserve officials to remain cautious with interest rate decisions.
Laos is facing economic distress and struggling to repay its debt to China, which funded and built infrastructure projects in the country; however, the debt has led to inflation, depreciation of the Laotian currency, and negative impacts on farmers, education, and healthcare.
Best Buy's CEO, Corie Barry, describes the current consumer spending trend as "funflation," where people prioritize spending on fun experiences like concerts and vacations over big-ticket electronic items, resulting in a slowdown in Best Buy's sales. This trend, also known as the "YOLO economy" or "revenge spending," is driven by higher demand for enjoyable experiences and has affected other sectors as well. However, retailers like Best Buy will need to innovate and leverage technology to attract customers in the future.
Stocks slipped as rising yields in the bond market and new inflation news put pressure on Wall Street, with the S&P 500, Dow, and Nasdaq all experiencing losses.
Economist Paul Krugman declares the war on inflation over, but other economists disagree, citing data that shows inflation still a concern and risks of it rising again.
The majority of American consumers are cutting back on both essential and non-essential items in response to inflation, with 92% reducing their spending, particularly on clothing, restaurants and bars, and entertainment outings; however, despite this, household spending in the US has actually increased by 5.5% compared to last year.
The Canadian dollar weakened against the US dollar as US bond yields rose after higher-than-expected US inflation data, making the US dollar more attractive to foreign investors and putting pressure on the loonie.
Artificial intelligence (AI) is causing concerns about job loss, but historical examples of technological innovation, such as spreadsheets and ATMs, show that new jobs were created, leading to reasons for optimism about the impact of AI on the labor market.
BMO Senior Economist Jennifer Lee discusses the factors that could lead the Federal Reserve to raise interest rates, including upward pressure on prices, a resilient U.S. consumer, energy prices, and inflation expectations.
Inflation is slowing nationwide, and the Minneapolis-St. Paul region is experiencing lower price increases than the rest of the country, though it may take some time for consumers to feel the benefits.
Despite concerns about a weakening consumer and dwindling excess savings, American consumers are still spending, with total card spending likely up 4.5% year-over-year over the past three months, according to Bank of America.
The average long-term U.S. mortgage rate has reached its highest level in over two decades, as borrowing costs continue to rise, impacting homebuyers' purchasing power and adding to the affordability crisis in the housing market.
Many borrowers with subprime credit are facing higher borrowing costs, with rates on new auto loans ranging from 17% to 22%, as the Federal Reserve's inflation fight takes a toll on lower-income households, but investors in subprime auto bonds remain confident despite the risks.
Social Security beneficiaries will only receive a 3.2% cost-of-living-adjustment to their monthly checks starting in January 2024, which will likely be eclipsed by the rising prices of goods and services that they will have to pay, further exacerbating the challenges faced by seniors due to inflation.
Higher mortgage rates are adding strain to prospective homebuyers as elevated home prices and a lack of inventory make it difficult to find affordable housing, with the 30-year fixed-rate mortgage now at its highest level since December 2000.
The International Monetary Fund (IMF) has stated that Middle East economies are gradually recovering, but the war between Israel and Hamas could impact the outlook, especially in the oil markets; the IMF expects economic growth in the region to slow to 2% this year but improve to 3.4% in 2024.
Wall Street bonuses are expected to decrease by 16% this year due to the potential impact of higher and sustained interest rates on financial companies, although the decline would be less severe than last year's 26% drop; meanwhile, securities firms in New York City are projected to add jobs in 2023 but the retention of staff remains uncertain as profits normalize following the pandemic-era boom.
The Consumer Price Index (CPI) report for September 2023 shows that while core goods experienced deflation, core services, particularly housing, continued to rise, indicating mixed results for the U.S. economy and leaving the Federal Reserve cautious about any policy changes.
The number of mortgage defaults is increasing at the fastest pace since 2009 due to high interest rates and restricted supply of mortgage deals, leading to a decline in buyer demand and losses for banks.
Labor strikes are increasing as union contracts are expiring, with the main point of contention being higher wages.
The Federal Reserve's efforts to cool inflation will result in a smaller increase in Social Security benefits for 2024 compared to the previous year's spike, with a 3.2% COLA increase.
The article discusses the subject of this week's cartoon, including Hamas's atrocities, Israel's retaliation, and the potential long-term impacts on both sides.
Scott Moe, the premier of Saskatchewan, has used Canada's "notwithstanding clause" to impose a policy requiring parental consent for students to choose their preferred name or pronoun at school.