Turkey's Finance Minister Mehmet Simsek has stated that the government plans to seek additional revenues from sources outside the budget, such as privatization, and will implement quantitative tightening measures if necessary.
Indonesia's Finance Minister, Sri Mulyani Indrawati, expressed optimism about the country's economic growth, attributing it to domestic demand and successful fiscal deficit containment.
Billions of dollars in Russian oil sale profits are stuck in Indian banks due to restrictions, causing a setback for President Putin's attempts to move away from the US dollar for trade.
US President Joe Biden believes that China's current economic crisis will prevent them from invading Taiwan, as Chinese President Xi Jinping is preoccupied with handling economic issues and is unlikely to have the capacity for aggression towards Taiwan.
Germany is predicted to experience a prolonged recession this year, making it the only major European economy to contract in 2023, according to the European Commission, with its growth expectations also being cut for 2024; this is attributed to struggles following Russia's invasion of Ukraine and the need to end energy dependency on Moscow.
Long wait times for visa applications and limited flight capacity are preventing people in China from traveling internationally as much as they would like, according to the CEO of travel booking site Trip.com Group.
China's credit demand improved, deflationary pressures eased, and the yuan rallied, indicating signs of stabilization in the economy and financial markets after a sharp downturn.
The World Bank is seeking funding from the private sector to expand its lending capacity and address global challenges such as pandemics, climate change, and food insecurity, according to its president Ajay Banga; U.S. President Joe Biden has called on G20 leaders to support the World Bank in order to increase its ability to assist low and middle-income countries.
Two major cities in eastern China, Jinan and Qingdao, have lifted all curbs on home purchases and selling in an effort to revive the frozen property market, following the lead of other cities that have already dropped similar restrictions.
Inflows into India's equity mutual funds tripled in August, as investors showed a preference for small- and mid-cap funds on hopes of strong returns.
Global food commodity prices experienced a 2.1% decline in August, driven by falling prices of essential food items, excluding rice and sugar, according to the latest report from the FAO Food and Agriculture Organization of the UN.
Two major cities in eastern China, Jinan and Qingdao, have lifted all restrictions on home purchases and selling in an effort to attract buyers and revive the frozen property market.
Jenny Johnson, CEO of Franklin Templeton, believes that investment opportunities in China are being underestimated due to pessimism and sees potential in innovation, energy independence, and food security.
The famous Darjeeling tea industry in India is facing a decline in production and demand as buyers turn to cheaper alternatives from Nepal, leading to concerns about the future of the area and its workers. The industry is attributing the decline to factors such as a labor shortage, climate change, and the free trade agreement between India and Nepal. The tea industry is calling for a revision in the trade agreement and stricter enforcement of geographical indication tags to protect the authenticity of Darjeeling tea.
The cost-of-living crisis in Ireland began in September 2021, with inflation hitting a 10-year high and prices for transport, housing, restaurants, and hotels skyrocketing, leading to financial hardships for households in various aspects of their lives such as mortgages, rent, health insurance, food, energy, fuel, hospitality, and waste collection.
The secessionist group Sikhs for Justice organized a Khalistan referendum in Canada, coinciding with Prime Minister Modi expressing India's concerns about anti-India activities involving extremist factions in Canada to Prime Minister Trudeau.
The global food commodity prices declined in August, driven by falling prices of essential food items, excluding rice and sugar, according to the Food and Agriculture Organization of the UN (FAO). Various factors such as reduced demand, ample supply, and favorable harvest conditions contributed to the decrease in prices of vegetable oils, dairy products, meat, and cereals. However, the sugar price index experienced moderate growth, while the rice price index surged due to disruptions in the rice trade caused by India's ban on exporting Indica white rice.
Malaysia's Prime Minister Anwar Ibrahim has announced that the country is targeting an annual economic growth rate of at least 5% until 2025, lower than the previous target, due to the impact of a global slowdown, with plans to focus on high-value industries and increase private investments.
Focusing on cutting demand for fossil fuels through measures such as carbon taxes and renewable energy subsidies is more effective than solely curbing supply, as it incentivizes investors and banks to stop funding the industry and leads to a reduction in production, according to climate change activists.
Saudi Arabia's Crown Prince Mohammed bin Salman believes that the Middle East, including Saudi Arabia, will surpass Europe economically within the next five years.
The economic uncertainty in China has led middle-class consumers to shop at wholesale markets for cheaper goods, impacting the luxury industry and highlighting the weakness in household demand in the country's struggling economy.
The economic uncertainty in China has caused middle-class Chinese consumers to shift from buying branded fashion to shopping for cheap goods at wholesale markets, reflecting low consumer confidence and spending power in the struggling economy.
Chevron is seeking help from a labor regulator in Australia to resolve its dispute with unions at liquefied natural gas sites, as workers continue with partial strikes that have impacted global LNG prices.
The global food commodity prices decreased by 2.1 percent in August, driven by falling prices of essential food items, except for rice and sugar, according to the latest report from the Food and Agriculture Organization of the UN (FAO). The decrease was seen in the price indices for dairy products, vegetable oils, meat, and cereals, while the sugar price index saw moderate growth. The decline was attributed to factors such as reduced global prices for vegetable oils, surplus of dairy products, increased export availability of meat, and higher seasonal availabilities of wheat and maize. However, the sugar price index increased due to concerns about the impact of the El Niño phenomenon on sugarcane crops. Additionally, the rice price index surged to its highest level in 15 years due to disruptions in the rice trade resulting from India's ban on exporting Indica white rice.
President of Brazil, Luiz Inácio Lula da Silva, expresses his hope for the Russia-Ukraine war to end before the upcoming G20 Summit in Brazil and invites President Putin and Xi Jinping to attend.
In 2022, coal remained the dominant source of electricity generation, accounting for 35.4% of global power, followed by natural gas and hydroelectricity, while renewables experienced significant growth with wind, solar, and geothermal representing 14.4% of total electricity generation, and nuclear energy faced a decline due to various disruptions.
Several international financial institutions have lowered their growth forecasts for China's economy below the government's target due to weak exports and a property crisis, posing a challenge despite Beijing's optimistic rhetoric.
British Columbia is a leading global mining hub with a green approach, accounting for 7% of the province's GDP while using only 0.04% of its land, and it is well-positioned to support the transition to a low-carbon future.
Stock prices in Asia were mostly higher as investors awaited updates on U.S. inflation and China's economic data, while concerns about rising oil prices and possible higher interest rates weighed on markets.
China's consumer prices returned to positive territory in August, increasing by 0.1% from a year earlier, while producer prices fell for the 11th consecutive month; analysts expect consumer prices to recover and services inflation to pick up as energy prices stabilize and the output gap narrows.
Congress leader Shashi Tharoor praised the New Delhi Declaration of the G20 members as a diplomatic triumph for India, while also criticizing the ruling party for trying to instrumentalize the event for their own benefit.
Embattled developer Country Garden faces a new round of voting by creditors to extend several debt maturities, as it continues to navigate the crisis-hit Chinese property sector and avoid default.
Global shares rise as risk appetite increases, the yen jumps against the dollar, and signs of stabilization in the Chinese economy push up copper and oil prices.
China's economy has consistently outperformed other major economies in the past four years, but the US is spreading false narratives and propaganda to hide this reality, according to John Ross, former director of economic and business policy for the mayor of London. The US has two motives: discouraging foreign investment in China and influencing China's political and economic policies.
The yen strengthened and government bonds slumped as traders reacted to potentially hawkish comments from Bank of Japan Governor Kazuo Ueda on the negative interest rate policy, causing Japanese bank shares to jump and the benchmark bond yield to rise.
China miscalculated India's emergence at the world stage, leading to a not-so-happy situation for China at the G20 summit, according to economist Arvind Panagariya.
China's middle class, which has grown significantly in the 21st century, is facing challenges as social mobility stalls and the gap between the wealthy and the rest of society widens, leading many to question if China's economic rise is coming to an end.
Insufficient domestic demand is labeled as a major challenge facing China's economy, and to address this issue, income distribution needs to be adjusted to increase purchasing power and consumption or stimulate investment.
US President Joe Biden had a non-confrontational conversation with Chinese Premier Li Qiang at the G20 summit, discussing stability and issues in the Southern Hemisphere, while Biden also highlighted China's economic challenges, including a sluggish real estate sector and high youth unemployment.
The phenomenon of brain drain, the outmigration of skilled individuals from one country to another, is a significant issue in Pakistan due to better opportunities, higher wages, and improved living standards abroad, exacerbated by economic meltdown, security concerns, and a lack of merit in the home country's system. However, by leveraging remittances and mobilizing the diaspora, Pakistan has the potential to transform brain drain into brain gain and reshape it as an opportunity for growth, prosperity, and national pride.
The US consumer is predicted to experience a decline in personal consumption in early 2024, which could lead to a potential recession and downside for stocks, as high borrowing costs and dwindling Covid-era savings impact household budgets.
The G20 Summit hosted by India was regarded as a success for the Modi government, and US President Joe Biden emphasized the importance of human rights and the role of civil society and a free press in his discussions with Prime Minister Narendra Modi. Biden also expressed the desire for a stable relationship with China and praised Modi's leadership and hospitality.
The G20 leaders have made a commitment to accelerate reforms of multilateral development banks (MDBs) in order to address global challenges and maximize developmental impact, with a focus on the needs of low- and middle-income countries. India, as the outgoing G20 President, has emphasized the need for MDBs to be more sensitive to the changing developmental needs of the 21st century, particularly in relation to climate change. A panel of experts has been set up to craft these reforms, which include tripling sustainable lending levels by 2030 and creating new funding mechanisms. The G20 has also called for ambitious implementation of a roadmap on the capital adequacy framework of MDBs, which could unlock $200 billion worth of extra funding potential.
Canada's Housing Minister Sean Fraser is exploring various options, including tax incentives for builders and low-cost financing arrangements, in an effort to alleviate the housing crisis in the country. Fraser is also considering removing the Goods and Services Tax (GST) on affordable housing projects and allocating federal lands for rental housing. The main goals are to utilize allocated funds more effectively, support the construction workforce, and boost industries like factory-built homes. Canada's housing affordability crisis is attributed to increased migration and international student population, along with rising costs and slower construction.
Canadian Housing Minister Sean Fraser is considering a range of options, including tax incentives and low-cost financing, to address the country's housing crisis, which is worsened by increased demand and rising costs.
Asian markets are expected to have a nervous open on Monday as concerns grow about the equity selloff, tightening financial conditions, and upcoming economic data from China, while tensions between the U.S. and China could also impact trading.
Asian markets are expected to have a nervous open as concerns grow over last week's equity selloff, tightening financial conditions, and a wave of economic data from China.
The Indian G20 Sherpa Amitabh Kant achieved a historic moment at the G20 Summit by securing 100% consensus on all issues, demonstrating India's ability to bridge between emerging markets and developed countries and bringing multilateralism back to center stage.
The year 2023 is likely to become the warmest on record, as global temperatures in July and August reached the Paris Agreement target of 1.5 degrees Celsius above pre-industrial levels for the first time, and data shows that the year-to-date global temperature is just 0.01C behind the current record holder, 2016.
The New Delhi Leaders’ Declaration highlights the commitment of the G20 countries to achieve global net zero emissions and triple renewable energy capacity by 2030, while also recognizing the principles of common but differentiated responsibilities and different national circumstances.