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The Latest Breaking News from GDP

Australia floods to dent Dec-qtr GDP, spur inflation - Treasurer

Widespread floods that have inundated large parts of Australia's southeast will dent the country's economic growth and increase inflation, Treasurer Jim Chalmers said on Friday, ahead of next week's federal budget.

Reuters

Sex work and drug dealing boost GDP – not volunteering – says ex-Whitehall boss

Gus O’Donnell said maximising the economic measure is ‘really, really stupid’ and ‘not something any grown up wants to do’.

The Independent UK

TAT prepares new phase of subsidies

The new phase of the domestic tourism subsidy programme is being drafted with an additional 3-4 million hotel rooms, double the number in the fourth phase, which is scheduled to end this month, as the government aims to push GDP growth to 3.3% this year.

Bangkok Post

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An Asean country might be near a crisis

I am talking about an imaginary country which is a member of Asean. This country may or may not exist. To avoid unnecessary negative repercussions, this country shall remain nameless and be referred to as country "N" with its currency "D". This country is the star of Asean with a…

Bangkok Post

Saudi Crown Prince Launches National Industrial Strategy

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz launched the National Strategy for Industry, which aims to promote industry and attract investment, leading to economic diversification and growth of non-oil exports and GDP. The Crown Prince, also Prime Minister and Chairman of the Council of Economic Affairs and Development, said…

Asharq Al-Awsat

Liz Truss gives MPs 'unequivocal commitment' on defence spending after minister threatens to quit

The Prime Minister's comments to the European Research Group came after a minister threatened to resign if she reneged on a commitment to increase defence spending to 3% of GDP by 2030

Daily Mirror

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

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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

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

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

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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.

The Hindu

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

Evening Standard

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

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The National (Scotland)

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 Guardian - UK

‘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

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

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…

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