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The Latest Breaking News from GDP

Current account deficit widens to 2.8% of GDP in Q1 of FY23: RBI

MUMBAI: India's current account deficit, a key indicator of the balance of payment position, widened to 2.8 per cent of GDP at $23.9 billion in the first quarter of the current financial year, mainly on account of a higher trade deficit.

The Times of India

Decline in service sector blamed as Scotland’s GDP falls by 0.2% in July

Deputy First Minister confirms plan to outline Scottish Government economic response in an emergency budget review next month

Insider UK

Kwarteng’s tax-slashing bonanza will add less than 0.1% to GDP, study warns

‘Growth plan’ which has triggered market mayhem dismissed as ‘all pain, little gain’

The Independent UK

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China's 'Rapid' Debt Buildup May Portend A Looming Financial Crisis: New York Fed

China’s recent debt buildup following the Covid-19 pandemic has researchers from the Federal Reserve Bank of New York wondering if the country can avoid a financial crisis in the years to come.

Benzinga

Spending cuts made necessary by mini-Budget ‘could spell end of NHS’, top economist warns

Sir Charlie Bean, a former deputy governor of the Bank of England, said deep cuts would be needed to bring spending into line with GDP

Evening Standard

Nature is not an impediment to UK economic growth: it’s vital to it

Our economic system depends on the natural world. Growth that results in the destruction of nature will, in the end, cease, says environmentalist Tony Juniper

The Guardian - UK

Peter Dutton says the Coalition achieved 'record' defence spending after it fell to the lowest level since 1938 under the previous Labor government. Is that correct?

Opposition Leader Peter Dutton says the Coalition achieved "a record" defence spending while under the previous Labor government it fell to its lowest level since 1938. RMIT ABC Fact Check investigates.

ABC News

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$147 billion on the hook with green building delays

Building greener homes and offices could increase GDP over three decades by $147 billion, but advocates worry a programme to do just that is being slow rolled.

Newsroom.co.nz

Is the UK in a recession? How central banks decide and why it's so hard to call it

Last week, UK chancellor Kwasi Kwarteng launched a bid to boost economic growth with the largest tax cutting exercise for half a century. What this so-called mini-budget has since overshadowed, however, was an admission by the Bank of England the previous day that the UK may already be in a…

The Conversation

China growth lags Asia-Pacific for first time in decades as World Bank cuts outlook

East Asia and Pacific annual growth forecasts downgraded from 5% to 3.2% as China’s economy cools, largely due to zero-Covid policy

The Guardian - AU

What’s ‘stopping’ India Inc from investing in India?

Last Tuesday, finance minister Nirmala Sitharaman asked India’s corporate honchos why they were not investing in the Indian economy.

Newslaundry

Mini budget: will Kwasi Kwarteng's plan deliver growth?

The UK economy has been dogged by slow growth for a long time. Combined with even slower growth in productivity, it has meant virtually no increase in living standards for the average family over the past decade.

The Conversation

Energy crisis: why government support for businesses could harm the economy in the long run

The UK government hopes to protect businesses and public sector organisations against spiralling energy costs with a package that parallels the price cap and support payments recently promised to households. But these significant interventions come with a large and imprecise price tag that raise serious doubts about the government’s future…

The Conversation

From stamp duty to defence spending: what will Kwarteng’s mini-budget do?

Tax cuts and more borrowing are likely to feature on Friday as the chancellor gambles on growth

The Guardian - UK

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Axios

U.S. Latino GDP bigger than U.K.’s and India’s

The report showed U.S. Latino buying power grew during a pandemic, which disproportionately impacted Hispanic communities

The National (Scotland)

UK economy likely already in recession as Bank hikes interest rates to 14-year-high

THE UK economy is likely to be in recession after the Bank of England announced it expects GDP to fall over the next quarter and that it would hike…

The Times of India

Explainer: What if US economy goes into recession? How it may impact India

NEW DELHI: The US Federal Reserve is expected to lift interest rates by three-quarters of a percentage point for a third straight time on Wednesday and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation.

Asharq Al-Awsat

World Bank Calls on G5 Sahel Countries to Diversify Economies, Scale Up Reforms

The World Bank on Monday urged five West African countries to diversify their economies to adapt to climate change, warning they are extremely vulnerable to extreme weather patterns. A report said Burkina Faso, Chad, Mali, Mauritania, and Niger -- all in the arid Sahel region -- are among the world’s…

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The Hindu

Asian Development Bank pares 2022-23 GDP growth forecast for India to 7% from 7.5%

India’s inflation, ADB said, has turned out to be more persistent than expected, and led to a sharp tightening in monetary policy, while eroding consumers’ purchasing power

The News Lens

Taiwan’s Economic Slowdown (Part 2): Taiwan’s High Profit Margins Mask Its Slow Economic Growth

Taiwan’s high profits are eating into labor’s share of the economic pie — and hampering growth.

The Independent UK

Russia and Putin must leave Ukraine and pay ‘proper recompense’, says Truss

The Prime Minister also doubled down on her campaign trail commitment to increase defence spending to 3% of UK GDP by the end of the decade.

The Hindu

Indian Government expenditure on early childhood education only 0.1% of GDP

The study calls for raising it to 1.6% to 2.2% of GDP

Bangkok Post

Huawei launches global cloud initiative

Global tech powerhouse Huawei Technologies is sharpening its focus on strengthening its partnership ecosystem for growth by launching a "Go Cloud, Go Global" plan to work with partners across industries to capitalise on its cloud power to push for digital solutions and capacity building.

Asharq Al-Awsat

S&P’s Upgrades Outlook FOR Saudi Economy to Positive

Standard & Poor's (S&P's) Global Rating agency updated its outlook for Saudi Arabia to positive and upgraded its short and long term foreign and local currency sovereign credit ratings to A-/A-2. In a statement on Saturday, S&P said the positive future outlook reflects the strength of the Kingdom’s GDP growth…

The Hindu

Need to reduce logistics cost to boost growth: Nitin Gadkari

Logistics cost in India as a percentage of GDP is 16%, which is very high, he said, adding that it is 10% in China and nearly eight per cent in the U.S. and Europe.

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