Tue, June 18, 2024

Economy

Canada

Canada’s Unemployment Rate Rises to 6.2% in May

Quick Look: Canada’s unemployment rate increased to 6.2%, with 27,000 new jobs added in May. Higher rates contributed to a lower transition from unemployment to employment. Involuntary part-time work rose to 18.2%; youth employment rates declined. Canada’s unemployment rate in May increased slightly to 6.2%, marking a 0.1% increase from the previous month. This minor …

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Taiwan and its central bank, AI

AI Demand Drives 10.6% Rise in Taiwan’s Exports

Quick Look: Taiwan’s exports grew by 10.6% in early 2024, driven by AI-optimised consumer electronics. The trade show highlighted AI’s influence on Taiwan’s tech sector, with significant industry participation. Despite positive trade data, Taiwan’s stock market slightly declined, reflecting cautious optimism. Companies like TSMC and AcBel Polytech are innovating to capitalise on the AI boom …

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The Russian Central Bank Dropped Interest Rate To 17%

Russian Economy Grows by 3.2% Despite Sanctions in 2024

Quick Look: Russia’s GDP is set to grow by 3.2% in 2024, with inflation rates exceeding 7%. Despite sanctions, Russia has diversified its economic partnerships, focusing on the East and the Global South. Russia has redirected oil exports to China and India, bypassing Western price caps. Gazprom faces significant financial setbacks, with a loss of …

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Global stock markets

ECB Plans First Rate Cut in 5 Years to Address Economic Issues

Quick Look: ECB Rate Cut: First reduction since 2019, moving away from a pandemic-era hike strategy. Impact on Borrowing: Expected to lower borrowing costs by 0.25%, aiming to stimulate growth. Economic Indicators: May inflation at 2.6%, core inflation at 2.9%, Q1 growth at 0.3%. Market Effects: Likely euro depreciation, a potential boost to stocks, and …

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Bank of Israel Indicates More Interest Rate Hikes Ahead

Israel’s Economy Faces 2.8% Contraction Amid Rising Inflation

Quick Look: Geopolitical instability has depreciated the shekel and strained key industries like construction and air travel. Due to high government spending, inflation has reached the upper limit of the Bank of Israel’s 1%-3% target. With ongoing fiscal challenges, wartime expenditures have driven the budget deficit to 7% of GDP. The economy is moving toward …

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Economy and tensions - iran

Iran’s Budget Deficit Doubles Under Raisi’s Leadership

Quick Look: Under President Raisi, Iran’s government budget deficit has significantly worsened, with debts to the banking system doubling. Iran’s inflation has reached historic highs. The annual inflation rate for 2024 peaking at 52.3%, severely affecting the cost of living. Essential goods and services have seen drastic price increases, with a 291% rise in gold …

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oil prices concept crude oil spilling out of a contianer, qatar

Qatar’s 2024 Economic Outlook: GDP to Rise by 1.75%

Quick Look: Qatar projected at 1.3% for 2023, rising to 1.75% for 2024 and 2025, with medium-term growth expected at 4.5%. Key drivers include non-hydrocarbon sector growth and public investments, especially in tourism and LNG projects. Launching in January 2024, aims to diversify the economy, boost productivity, and enhance climate sustainability. Qatar’s economic landscape is …

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China Less Inclined To Support The US in Ukraine War

China’s April Economic Update: Mixed Sector Growth

Quick Look: Retail sales grew by 2.3% in April, below the forecast of 3.8%. The holiday period saw a 6.8% increase, driven by home appliances and automobiles. Surged by 6.7% year-on-year, surpassing the expected 5.5%, showing manufacturing sector resilience. Retail sales in China grew by 2.3% year-on-year in April, falling short of the forecasted 3.8% …

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Turkey leads gold purchases of Q2 by 85%

Turkey Halts $7 Billion Trade with Israel Amid Gaza Crisis

Quick Look: Turkey suspends all trade with Israel, pressuring for aid flow into Gaza.  Israel seeks alternative trade routes and criticises Turkey’s leadership, affecting bilateral relations and global commerce. The dire humanitarian situation in Gaza, with 1.1 million people facing catastrophic hunger, international efforts to improve aid delivery. The sharp increase in hostile rhetoric between …

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German bank and digital currency, germany

Germany’s GDP Shrinks by 0.2%, Slowest G7 Growth Projected

Quick Look: Germany, Europe’s economic powerhouse, faced unique challenges last year, including a loss of Russian gas and spiked energy costs. Despite challenges, certain sectors, like auto production, showed resilience with significant growth. The labour market reflects gender disparity; reforms aim for full-time work and digital infrastructure to boost productivity. Germany is often seen as …

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Wibest – Indonesian: the central bank of the Republic of Indonesia

Indonesia’s Q1 GDP Growth at 5.11%, Exceeding Forecasts

Quick Look: Indonesia’s Q1 GDP grew 5.11% year-on-year, surpassing forecasts. Key drivers are government spending (20%), household spending (4.91%), and investment (3.79%). Experts predict varied growth rates, from 4.5% to 5.2%. Public spending grew 20%, and household consumption accounted for 54.93% of GDP. Challenges include high interest rates, lower commodity prices, and global growth. Indonesia’s …

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Wibest – UK Currency: The UK and EU flags in front of the UK parliament.

UK Inflation Hits 13-Month Low at 2.4%, Unexpectedly Drops

Quick Look: UK inflation hits a 13-month low at 2.4%, unexpectedly driven down by lower airfares. Bank of England may delay rate hikes, with shifting odds now favouring a rise by August. Economic signs mixed, with factory costs up but pound strength and job market stability noted. In a surprising turn of events, British inflation …

UK Inflation Hits 13-Month Low at 2.4%, Unexpectedly Drops Read More »

Regional tensions and stocks, South Korea

South Korea’s Economic Turmoil in a Shifting Global Landscape

Quick Look: South Korea’s shadow banking has grown to S$85.8 trillion, with a high delinquency rate of 6.55%. Soaring debts in real estate, highlighted by Taeyoung’s restructuring and a US$66 billion government intervention. Significant funds enrich the tech sector with major semiconductor projects led by SK Hynix and Samsung. The global economy grapples with fluctuating …

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