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The Latest Breaking News from GDP

Liz Truss forced to insist defence pledge stays after minister threatens to quit

Armed Forces Minister James Heappey warned he would resign unless the Prime Minister stuck to a promise to raise defence spending to 3% of GDP by 2030

Daily Mirror

Ben Wallace prepared to quit if PM drops pledge on defence spending

Defence secretary would hold Truss to pledges, says source, as he flies off for security talks in Washington

The Guardian - UK

OECD Expects Saudi Arabia to Top G20 Economies for 2 Years

The real GDP growth projections of the Saudi economy are expected to reach 9.9 percent this year, and six percent in 2023, recording the highest growth rate among the G20 countries, according to a report by the Organization for Economic Cooperation and Development (OECD). The report "OECD Economic Outlook Interim…

Asharq Al-Awsat

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Tourism, consumption lead GDP growth

The economy is on course for continuous recovery driven by increasing tourism activities and active private consumption, with the growth rate expected to return to pre-Covid level by the end of this year or beginning of 2023, according to Anucha Burapachaisri, the government spokesman.

Bangkok Post

India needs dedicated wing to release Green GDP estimates, says RBI article

MUMBAI: India needs to set up a dedicated wing in the environment ministry to release estimates of Green GDP periodically on a regular basis and create a user-friendly data dissemination platform, said an RBI article.

The Times of India

Rail projects sped up to reduce costs

The government is accelerating the construction of the second phase of the Thai-Chinese high-speed rail linking Nakhon Ratchasima to Nong Khai and the double-track rail route linking Khon Kaen to Nong Khai worth a combined 330 billion baht as it aims to reduce logistics costs to 11% of GDP by…

Bangkok Post

Even neoclassical ideologues have to admit stage-three tax cuts aren’t the answer

While Stage 3 tax cuts are good for the top four percent of income earners, they literally give nothing for those earning below $45,000.

The New Daily

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Post-Covid headwinds hit the region

As the five economies in mainland Southeast Asia re-emerge from the Covid-19 pandemic, their prospects for recovery and return to growth and development appear challenged, characterised by deteriorating balance of payments, fiscal weaknesses, currency depreciations, and rising inflation amidst global monetary tightening and recession risks.

Bangkok Post

Debt poised to decline to 60% of GDP

The public debt-to-GDP ratio in fiscal 2023 is expected to edge down to 60.4% from an anticipated 60.6% in fiscal 2022 thanks to the economic recovery, says Public Debt Management Office (PDMO) director-general Patricia Mongkhonvanit.

Bangkok Post

India's debt ratio projected to be 84% of its GDP: IMF

According to official data released last month, the Central Government's fiscal deficit touched 32.6% of the annual target in the current financial year till August as against 31.1% recorded a year ago

The Hindu

Liz Truss is ‘deadly serious’ about investing more in defence, says Ben Wallace

The PM has written to the Defence Secretary confirming her commitment to spend three per cent of GDP on the military by 2030

Evening Standard

Shock fall in monthly growth leads to new fears of recession

Markets’ jitters over Kwasi Kwarteng’s plan continue

Evening Standard

Risk of recession rises as UK economy shrinks in August

THE risk of a recession has risen after the UK’s economy shrank in August as factories and consumer services firms struggled, according to…

The National (Scotland)

‘Significant’ rate rise needed in November, warns Bank of England chief economist – as it happened

UK government bond selloff continues, pushing 20-year gilt yield to 20-year high, as BOE reiterates bond-buying programme will end on Friday; UK economy on brink of recession

The Guardian - UK

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The Guardian - UK

I’m part of the ‘anti-growth coalition’ Liz Truss loves to hate – and I’m proud of it

The PM’s vision of growth is part of the class war that is transferring power from Britain’s poorest people to its richest, says Guardian columnist George Monbiot

The Hindu

Solutions by the people, for the people

Policy-making at all levels has to become more inclusive and less dominated by the powerful and the wealthy, while a paradigm shift is needed in problem solving at global and national levels

The Guardian - AU

Australia predicted to avoid worst of downturn as IMF warns of global recession

Revenue boost will aid budget repair as ‘storm clouds’ loom over economy, Deloitte predicts

The Guardian - UK

Liz Truss dreams of growth – but even if she pulls it off, it won’t help Britain

Incomes have stalled while the rich get richer. It’s clear the obsession with GDP has to change, says the University of Sheffield’s Michael Jacobs

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The Conversation

Ghana and the IMF: debt restructuring must go hand-in-hand with managing finances better

Ghana is struggling with managing its debt, 20-year high inflation, a weak currency, and rising inequality. For example, inflation rose to 33.9% in August 2022 from 9.7% a year earlier, while the cedi has depreciated by 41% year-to-date against the US dollar. These vulnerabilities have been worsened by the aftershocks…

The Hindu

With investment promotion plans, Ashok Gehlot invites industrialists to Rajasthan

Rajasthan’s GDP has increased by ₹3 lakh crore in the past three years despite challenges, says CM at Rajasthan Summit-2022

Bangkok Post

Asian shares fall as rate fears return

RECAP: Asian markets fell yesterday as optimism that had fuelled earlier buying gave way to nervousness ahead of a US jobs report that could determine Federal Reserve rate hike plans.

Daily Mirror

'Liz Truss fails to understand what growth really is and will not deliver much of it'

Chartered accountant and campaigner, Professor Richard Murphy, says Prime Minister Liz Truss often mentions growth but never explains what she means, leaving us to work out what she's talking about

The Times of India

Fiscal hara-kiri: SBI report urges SC to cap freebie spending at 1% of state GDP

NEW DELHI: With freebies becoming a go-to option for states, a report by State Bank of India (SBI) economists, urged a Supreme Court-led panel to cap such expenses at 1% of the state's GDP.

The Guardian - UK

UK economy predicted to be weak till 2024 despite Truss growth agenda

Business confidence sinks to lowest level since depth of Covid pandemic as rising costs hit households and companies

Reason

The Political Class Has Consistently Ignored Warnings of Fiscal Doom. Now Americans Are Paying the Price.

Warnings of inflation and rising interest rates have long been tied to high and rising debt levels.

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People

Patricia Mongkhonvanit

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