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The Ministry of Economy and Finance of South Korea has worsened the forecast for economic growth in the country for 2019. The agency expects the rise to be between 2.4% and 2.5%. Previous growth estimates ranged from 2.6% to 2.7%. Thus, the new forecast assumes the minimum rates of economic growth for the last 7 years. At the same time, economists believe that the growth for the year will be even lower - at 1.4%. The Korean economy, in which exports account for almost half, is under pressure due to the effects of the US-Chinese trade war. The ministry expects a 4% reduction in business investment this year. Growth in consumer spending will be at 2.4%. The inflation forecast is lowered to 0.9% from 1.6%. It is expected that the likely recovery of the global economy in 2020 will accelerate South Korea’s GDP growth to 2.6%.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
KYC Policy