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The Latest Breaking News from GDP

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

The Guardian - UK

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 Conversation

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

The Hindu

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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.

Bangkok Post

'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

Daily Mirror

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 Times of India

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

The Guardian - UK

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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.

Reason

Committee forecasts at least 3% GDP uptick

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has inched up its 2022 GDP forecast, expecting the economy to grow by at least 3%, driven by the gradual recovery of the tourism industry.

Bangkok Post

How China Trapped Itself

The CCP’s economic model has left it with only bad choices.

Foreign Affairs

Truss pledges to ‘stand with Ukrainian friends however long it takes’

The Prime Minister told the Tory party conference that UK defence spending would increase to 3% of GDP by the end of the decade.

The Independent UK

Ukrainian economy will shrink at rate eight times that of Russia, World Bank forecasts

Kyiv economy will contract by 35% in 2022, compared with a 4.5% fall in Russian GDP

The Guardian - UK

Government ‘singularly responsible’ for India’s economic problems: Congress

India’s economic growth is expected to decline to 5.7% this year from 8.2% in 2021, the UNCTAD Trade and Development Report 2022 projected on Monday

The Hindu

FPO: Unnecessary waivers, deductions need scrapping

The Fiscal Policy Office (FPO) is to ask the Finance Ministry to consider winding down unnecessary measures related to tax waivers and tax deductions, in the wake of a decline in net government revenue as a proportion of GDP, says a ministry source who requested anonymity.

Bangkok Post

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Bangkok Post

Gulf kicks off Chon Buri gas-fired plant

SET-listed Gulf Energy Development, Thailand's biggest private power producer by market value, continues to ramp up growth of its energy business by selling electricity from its newly built gas-fired power generation unit in Chon Buri.

Bangkok Post

Central bank tackling rise in unsecured loans

The Bank of Thailand plans to ask both banks and non-banks to cease encouraging unnecessary borrowing of unsecured loans early next year as it wants to see the ratio of household debt to be at a level not exceeding 80% of GDP.

Newsroom.co.nz

Liz Truss' failed bid to become a 21st-Century Margaret Thatcher

In 1981 Thatcher took the drastic but successful step of increasing taxes by 2% of GDP to tackle interest rates and inflation. But Truss has just done a reverse-Thatcher, says Oliver Hartwich

Asharq Al-Awsat

Saudi Arabia Expects Sustainable Surplus Budgets until 2025

The Saudi Ministry of Finance disclosed estimates of its budgets until 2025, showing positive trends and expectations of sustainable financial surpluses during the medium term. The preliminary statement of the state’s general budget for the fiscal year 2023 expected total expenditures to reach about 1.11 billion riyals ($296 billion), and…

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The Guardian - UK

UK is only G7 country with smaller economy than before Covid-19

ONS says GDP grew by 0.2% in three months to June, suggesting Britain is not in recession

Birmingham Post

An independent Wales' fiscal deficit lower than previous estimates says new report

The report has been hailed a "game changer" by Plaid leader Adam Price

Wales Online

New report proves Wales can afford independence says Plaid Cymru

Plaid Cymru commissioned an Irish economist to look into the finances of an independent Wales

Axios

New data helps solves U.S. economic growth puzzle

By one metric, economic growth was weaker than previously thought.

The Independent UK

US economy drops at 0.6% annual rate from April through June

Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate

The Times of India

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.

Insider UK

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

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