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The Latest Breaking News from Economic Growth

Jim Chalmers to cut economic growth estimates amid inflation ‘headwinds’

Treasurer will use state of the economy speech to trim 2021-22 growth to 3.75% and provide new inflation, wage and unemployment forecasts

The Guardian - AU

Treasurer reveals inflation to hit 7.75pct

Inflation is expected to peak at 7.75 per cent at the end of this year, before moderating into 2023, Federal Treasurer Jim Chalmers says.

Crikey

Chalmers' economic statement to say inflation and global slowdown will slash Australia's growth

Headwinds buffeting the economy – notably high inflation and a global slowdown – have led to a significant downgrade of Australia’s economic growth forecasts, compared with the pre-election estimates.

The Conversation

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IMF Raises Saudi Economic Growth Forecasts

The International Monetary Fund (IMF) has raised its 2023 growth forecasts for Saudi Arabia’s economy by 0.1% from April to 3.7%. It maintained its projections for the Kingdom’s economic growth during 2022 at 7.6% compared to 4.4% in January. This was revealed Tuesday in its World Economic Outlook report for…

Asharq Al-Awsat

India tells United Nations it will make significant contributions to economic growth in Middle East and South Asia through I2U2

“We are confident that with I2U2, we will make significant contributions to energy security, food security and economic growth in the Middle East and South Asia,” Chargé d'affaires in India’s Permanent Mission to the UN Ambassador R. Ravindra said.

The Hindu

FPO maintains 2022 growth forecast at 3.5%

The Fiscal Policy Office (FPO) has kept its forecast for economic growth this year at an average of 3.5%, underpinned by a recovery in both the tourism sector and domestic consumption, according to the office's director-general Pornchai Thiraveja.

Bangkok Post

Spain raises inflation forecast for 2022, lowers GDP growth target for 2023

Spain raised its inflation forecasts for 2022 and 2023 and lowered its economic growth target for 2023, Economy Minister Nadia Calvino said on Tuesday, citing the war in Ukraine for its continued negative impact on European economies.

Reuters

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UK growth forecast downgraded AGAIN as IMF makes gloomy prediction

THE UK’s economic growth is slowing even more due to rampant inflation and it is set to be the weakest economy among the G7 nations next year, the…

The National (Scotland)

Finance Ministry keeps 2022 growth outlook at 3.5%, sees 4% in 2023

The Finance Ministry on Tuesday said it sees economic growth of 4% next year, and maintained its 2022 growth forecast at 3.5%, underpinned by increased domestic consumption, tourism and exports, despite higher inflation.

Bangkok Post

Alibaba Surges 3.6% On Primary Hong Kong Listing Plan, Hang Seng Sees Trend-Reversal

Hong Kong’s benchmark Hang Seng Index opened in the green on Tuesday, flipping the trend from Monday, as better-than-expected economic growth data from South Korea offset mixed cues from Wall Street ov

Benzinga

IT firm wins number of contracts to develop network of 'smart towns' in Wales

Telemat IT Support will roll-out smart town technologies to boost economic growth post-pandemic

Birmingham Post

Starmer ‘pragmatic’ about nationalisation amid confusion over Labour’s policy

Shadow chancellor Rachel Reeves earlier indicated the party would not take rail, energy or water companies back into public ownership.

The Independent UK

Keir Starmer: Labour will campaign on economic growth in the next general election

Labour’s Sir Keir Starmer promised he would lead a government focused on economic growth as he took aim at the two rivals competing for the Tory leadership.In a speech in Liverpool he said: “Our economy is weaker than our competitors, less resilient, brittle and ultimately we are all poorer for…

Evening Standard

Starmer in challenge to Labour left with vow to prioritise economic growth

Labour leader promises to ‘reboot the economy’ with ‘strong, secure, fair’ growth

The Independent UK

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Reuters

UK Labour leader Starmer sets out plan for economic growth

British opposition Labour leader Keir Starmer will set out his plan to foster economic growth on Monday, adding his voice to a debate that has dominated the Conservative Party's race to become the country's next prime minister.

The Guardian - UK

Keir Starmer: Labour will fight next election on economic growth

Opposition leader to say ‘making the country and its people better off’ is main priority for party

Bangkok Post

BoT says growth might exceed 3% in second quarter

The Bank of Thailand believes Thai economic growth might increase past 3% in the second quarter, mainly thanks to a rebound in domestic consumption under the central bank's commitment to maintain flexible inflation targeting.

Evening Standard

Rishi Sunak to set out plans to tackle NHS backlogs in first major leadership speech

It comes as Liz Truss promised a ‘bonfire’ of ‘EU red tape’ to drive economic growth

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The News Lens

China Pushes to Quell Protests Over Billion-dollar Banking Scandal

The scandal has drawn national attention as Beijing is struggling to maintain economic growth in the face of President Xi Jinping's commitment to a zero-Covid policy that has prompted widespread lockdowns and a resulting economic slowdown.

ABC News

China's economy faces multiple challenges but what might those pressures mean for Australia?

From a banking crisis to property market slumps, China's economy is under stress and the country also recently recorded its lowest quarterly growth rate figure since 1990. What might those challenges mean for Australians?

Tribune News Service

Tyler Cowen: The strong dollar is a vote of confidence in America

U.S. price inflation is at 9.1% and a there is a fiercely strong dollar, a pair of statistics that was certainly unexpected a year ago and even now seems odd. On closer inspection, however, these numbers reflect a world in which the U.S. is still seen as a leader —…

The Conversation

How record-setting heat waves in cities across UK, US and mainland Europe could punish economies already reeling from inflation

Hundreds of millions of people struggled to keep cool amid a sweltering summer heat wave as cities across the U.S. and mainland Europe experienced record-high temperatures. In the U.K., thermometers topped 104 Fahrenheit (40 degrees Celsius) on July 19, 2022, the highest ever recorded.

Reuters

Singapore growth to moderate further next year, global inflation expected to ease

Singapore's economic growth is expected to moderate further next year, tracking a slowdown in its major trading partners, while global inflation is expected to ease in 2023, the head of the city-state's central bank said on Tuesday.

The News Lens

Taiwan’s Lost Growth (Part 3): Taiwan’s Economy and Profits Have Stagnated Because Wages Have Not Recovered from the 1997 Crisis

The 1997 Asian financial crisis is a distant memory to most countries. But Taiwan hasn’t fully recovered from it because wages have been kept low.

The Independent UK

Tory leadership – live: Truss, Mordaunt and Badenoch fight for second place at today’s vote

Ex-chancellor remains on top but fails to reach 120 votes needed to guarantee spot in final two

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