The Pakistan Business Council has urged the International Monetary Fund (IMF) to provide a five-year funding program instead of three years to address economic challenges, with the condition that tranches are released based on progress in energy sector reforms and the privatization or closure of loss-making state enterprises. The Council also highlighted the need for the IMF to reassess the design of its assistance package to tackle long-standing flaws in the economy.
The premium for two months of forward selling of the US dollar in Pakistan has reached Rs8 per dollar, causing exchange companies to halt sales of dollars except for travel purposes, raising fears of currency devaluation.
Hyderabad's chief minister is focusing on boosting the city's night economy with plans for round-the-clock commercial establishments and eateries, while also considering night bazaars and late-night transportation to stimulate tourism and employment, although concerns about alcohol-fuelled violence and crime have been raised.
The yield on China's 10-year government bonds has reached a record low, indicating a heightened risk of long-term economic stagnation, similar to what Japan has experienced.
China's economic activity rebounded in 2023, supported by domestic demand and macroeconomic policies, with GDP estimated to have grown around 5 percent, according to the IMF.
The move towards electric vehicles in Southern California's Imperial Valley could transform the region into "Lithium Valley," with potential economic benefits.
India's tech sector is experiencing a hiring slump, with fewer new jobs, lower attrition rates, and a freeze on campus hiring from major companies, leading to a significant decline in white-collar hiring and job opportunities in the sector.
Federal Reserve Chair Jerome Powell is expected to emphasize that there is no rush to cut interest rates, despite persistent price pressures, as he delivers his semiannual monetary policy testimony to Congress this week.
Bank of America has raised its recommendation for Pakistan dollar bonds to overweight due to decreased political uncertainty after the elections, suggesting it is a good time to invest in Pakistani bonds and allocating a larger portion of investment portfolios to them.
Presidential candidate Peter Obi believes that in order to achieve a New Nigeria, the country must maintain a friendly business environment that supports the success of both large and small international businesses, as the loss of multinational companies like Nestle is attributed to operational changes in the Nigerian foreign exchange market.
Canada is concerned about market manipulation and dumping of key metals used in electric vehicle batteries and is exploring alternative pricing models to break China's monopoly, as the country aims to be a global leader in critical minerals. The issue will be discussed at the upcoming Prospectors and Developers Association of Canada conference, and the US Department of Defense plans to develop a program to boost market transparency. However, Canadian miners are facing challenges due to falling prices and a decrease in capital formation, leading to decreased attractiveness for investors.
The U.S. housing market has gained $2.4 trillion in value over the last year, reaching a total value of $47.5 trillion, but buyers still face limited supply and rising prices, particularly in urban areas and the suburbs. Mortgage rates may drop this year, potentially starting as early as May.
The US is experiencing a seismic shift of wealth as baby boomers transfer $90 trillion in assets to millennials over the next 20 years, leading to millennials becoming the richest generation ever recorded, according to Knight Frank's 2024 Wealth Report.
Morgan Stanley predicts a "hard landing recession" for the US within the next 18 months due to the Federal Reserve's fight against inflation and the impact of the BRICS alliance's de-dollarization campaign.
The Philippines is expected to become an upper middle-income economy by 2031, surpassing the government's target, according to ANZ Research, although achieving faster growth and higher per capita incomes remains a question; the ASEAN-4 economies may experience slower growth due to weakening demographics, but there is potential to increase the labor force participation rate and mitigate the impact by enhancing digital skills and infrastructure.
Chicago and Houston have the highest rates of financial distress among large cities in the United States, with factors such as bankruptcy filings, credit scores, and internet searches for "debt" or "loans" contributing to their rankings, according to a report by WalletHub.
China's Communist Party newspaper, People's Daily, expressed confidence in the country's economy despite rising international challenges, stating that China's high-quality development and resilience are evident in record box office and increased holiday spending.
The high frequency weekly indicators are showing some mixed results, with long leading indicators improving and short leading indicators becoming more positive, while coincident indicators remain mixed.
A special committee will be established by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) to address issues raised during the Bumiputra Economic Congress 2024, with the aim of providing detailed suggestions and feedback to the government on a more inclusive and holistic approach to address economic problems in the country.
Aliko Dangote, Africa's wealthiest man, has called for Nigeria to transition from a resource-based economy to a knowledge-based one, emphasizing the benefits that a knowledge economy can offer in terms of poverty reduction and economic growth.
Canada is concerned about market manipulation and dumping of key metals used in electric vehicle batteries, and is exploring an alternative pricing model to break China's monopoly on these metals.
The Q3 GDP growth in India appears robust, but it masks the contraction in domestic consumption demand, indicating a reliance on government capex and raising concerns about the sustainability of overall growth.
The middle class may be priced out of affording certain brands within the next decade, including luxury car manufacturers like Mercedes-Benz and BMW, Tesla, Dyson, Saks Fifth Avenue, Thermador, Samsung, Apple, and high-end and luxury clubs.
Two years into the Bank of Canada's tightening cycle, the economy has cooled significantly, inflation has slowed, and the housing market has experienced fluctuations, leading economists to reflect on the impact of the interest rate hikes and speculate on future rate cuts.
Despite the US economy remaining strong and stock markets hitting record highs, Wall Street heavyweights such as Jamie Dimon, David Solomon, and Jeffrey Gundlach are still concerned about a potential US recession due to cash-strapped consumers, a softening job market, and lingering effects from fiscal policy.
Driving on the right or left side of the road is determined by historical factors, such as the influence of Napoleon in Europe and the Conestoga wagons in the United States, as well as class distinctions and cultural traditions.
Despite rising prices in other fruit categories, bananas have remained affordable due to their relatively low cost per pound, making them a popular staple in the American diet.
Turkey's exports to Russia in February 2023 dropped by 33% compared to the previous year, while imports from Russia fell by 36.65%, partly due to the US threat of imposing sanctions on financial firms doing business with Russia.
Inflation remains elevated in the US and euro-zone, suggesting that it is too early for central banks to start cutting interest rates.
First-class stamp prices in the UK are set to increase by 8% from April 2, prompting Money Saving Expert Martin Lewis to advise people to stock up on the current price of £1.35 before the hike. Second-class stamp prices will also rise by 13%, but stamps purchased before the increase will still be valid.
India has officially eliminated extreme poverty due to high consumption and a significant decline in inequality, according to a report by the US-based think tank Brookings, which highlights the need for the country to adopt a higher poverty line.
Cedi Plummets Against Major Currencies Despite Central Bank Interventions, Raising Economic Concerns
Persistent corporate demand for foreign currency and inflation concerns have led to a sharp depreciation of the Ghanaian cedi against major trading currencies, despite efforts by the central bank to stabilize it. The injection of funds by the Bank of Ghana and other sources was expected to strengthen the currency, but the cedi continues to face challenges due to high FX demand and inflationary pressures.
Former Finance Minister, Seth Terkper, argues that the NPP government cannot blame COVID-19 for Ghana's economic challenges since it has increased expenditure and received $6 billion in revenue during the pandemic. Terkper suggests using the fiscal balance, which includes interest payments on public debt, to assess the economy's performance.
Economy Minister Rafizi Ramli believes that Malaysia should move beyond the 30 percent bumiputera equity ownership target set by the NEP in 1971 and focus on broader development.
The United Arab Emirates has invested $35 billion directly into the Egyptian economy, the largest such investment in Egypt's history, which is expected to improve Egypt's financial position, help fulfill conditions set by the International Monetary Fund, and stabilize the economy. However, there are concerns about the government's past mismanagement and the impact on residents and the environment.
The UK Conservative Party's performance in managing the economy over the past 14 years has been characterized by rising national debt, soaring NHS waiting lists, weak economic growth, underinvestment, underperforming global trade, record increases in taxation, stagnant wage growth, increased food bank usage, low unemployment with high economic inactivity, and a surge in net immigration despite promises to reduce it.
The International Monetary Fund (IMF) has proposed doubling the tax burden for salaried and non-salaried classes in Pakistan, potentially impacting middle and upper middle-income groups and generating additional revenues of 0.5% of GDP annually if fully implemented, according to sources.
Argentina's libertarian President Javier Milei vows to push forward with radical economic reforms, with or without the support of parliament, in an effort to revive the country's struggling economy and address long-standing issues of debt, poverty, and inflation.
Consumer price inflation in Pakistan eased in February to its lowest level since June 2022, driven by a drop in food prices, providing some relief to the central bank.
Medicare and Social Security are facing a severe underfunding crisis of $175 trillion, with projections suggesting that these programs may not be able to meet full benefit obligations in the next decade unless significant changes are made, including potential reductions in payments and an increase in taxes.
Inflation in Pakistan decelerated to 23.06% in February, the lowest reading in 20 months, due to a slight decrease in food prices.
Pakistan's merchandise exports have grown by 17.54% in February, marking the sixth consecutive month of export-led industrial growth and indicating a recovery in the sector; meanwhile, the trade deficit decreased by 30.18% in the first eight months of the fiscal year.
Delhi is projected to experience a 9.2% economic growth in 2023-24, along with a 22% increase in per capita income, despite obstacles posed by the central government, lieutenant governor, and bureaucracy, according to Delhi's Finance Minister Atishi. She also highlighted the government's success in managing inflation and unemployment, making Delhi the only revenue surplus state in India.
Wendy's pricing board communication mishap, Tyler Perry's film studio expansion plans halted due to AI, and a decline in a key inflation measure are highlighted in this week's economic indicators.
Brazil's economy grew by 2.9% in 2023, surpassing expectations and becoming the ninth largest economy in the world, with agriculture contributing significantly to the growth.
China's deputy consul general in New York, Qian Jin, stated that China's economy is on the path of recovery and high-quality development, dismissing American critics who advocate for hardline policies against the country, and emphasizing the importance of stable China-US relations. Qian highlighted China's achievements in meeting growth targets, projecting confidence in the economy despite challenges such as a struggling property market and mounting debt levels.
Sales of new cars and trucks in the U.S. rebounded in February, rising 5.4% from January and providing evidence of the strength of the economy.
Market indices (^DJI, ^IXIC, ^GSPC) steadily rise on the first trading day of March, with tech leading gains, and Apollo Global's Chief Economist predicts no rate cuts in 2024 due to persistent inflation pressures.
The decline of birth rates in the U.S. poses significant concerns for the economy, as it relies on a strong working-age population, but proper policy actions and investment in productivity improvements could help mitigate the negative effects, according to experts.
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