Economic reports
China, Turkey shoulder G-20 as Q2 growth tops pre-pandemic level
The economic growth of G-20 member nations in the April-June period has exceeded the pre-pandemic level, said the Organisation for Economic Co-operation and Development (OECD) but warned that large differences exist across countries. The gross domestic product (GDP) growth of the G-20 area in the
China, Turkey shoulder G-20 as Q2 growth tops pre-pandemic level
The economic growth of G-20 member nations in the April-June period has exceeded the pre-pandemic level, said the Organisation for Economic Co-operation and Development (OECD) but warned that large differences exist across countries. The gross domestic product (GDP) growth of the G-20 area in the
UK inflation hits 9-year high on rebound from pandemic discounts
Britain’s inflation rate posted a record jump in August to hit its highest level in almost a decade, more than economists had forecast, although much of the boost reflected restaurant prices artificially pushed down a year ago by government subsidies. Consumer prices in August rose by 3.2%
Turkish exporters lock on $211 billion year-end sales target
Turkish exporters have locked onto the country’s new export target of $211 billion for 2021, as announced earlier this month in the nation’s three-year economic program. Ismail Gülle, the head of the Turkish Exporters’ Assembly (TIM), said Tuesday the country is on track to
Spread of delta variant knocks wind out of UK economy
Britain's economy unexpectedly slowed to a crawl in July as the delta variant of COVID-19 spread rapidly after lockdown restrictions were eased and as a "pingdemic" kept many workers at home self-isolating. Economic output rose just 0.1% in July, the Office for National Statistics (ONS) said on F
Turkey’s jobless rate hits 12% in July as pandemic support ends
Turkey’s unemployment rate rose to 12% in July from 10.6% a month earlier as pandemic-related labor supports expired, according to data on Friday that also showed an uptick in the underutilization of workers. A ban on layoffs imposed during the coronavirus outbreak and a government wage sup
Jobs, money, trade: Afghans worry about future under Taliban
The Taliban have recently announced an acting government for Afghanistan, yet what lies ahead for Afghans remains unknown, as they fear for their future with a lack of jobs, money and economic stability. As a nurse at one of Kabul's main hospitals, Latifa Alizada was the breadwinner for her famil
China accuses foreign brands of misleading shoppers
Foreign brands in China are being accused by Chinese state media and ruling party members of misleading customers in the country after authorities fined the Chinese unit of clothing company Canada Goose for false advertising. The dressing down comes as tension between China and Western
Expiring jobless benefits leave millions of American few options
Millions of jobless Americans lost their unemployment benefits on Monday, leaving only a handful of economic support programs for those who are still being hit financially by the 18-month-old coronavirus pandemic. Two critical programs expired on Monday. One provided jobless aid to self-employed
Sovereign wealth funds keen on China despite regulatory headwinds
China’s regulatory crackdowns, planning standalone investment strategies and piling into venture capital and real estate apparently were not enough to keep sovereign wealth funds away from the country as they remain keen on plans, according to data and analysts. Investors in China have been
‘Don't let us die’: Gig workers anxious as US jobless benefits end
United States federal pandemic unemployment benefits that were introduced in March last year for self-employed workers, business owners and gig workers who did not qualify for regular benefits end on Sept. 6, possibly affecting more than 7 million workers, according to estimations. Ride-sharing d
Pandemic-related supply disruptions threaten global factory activity
Global factory activity lost momentum in August as the ongoing coronavirus pandemic-disrupted supply chains, raising concerns faltering manufacturing would add to economic woes caused by slumping consumption, surveys showed Wednesday. Many firms reported logistical troubles, product shortages and
Turkish economy rebounds with record 21.7% growth in Q2
Turkey’s economy rebounded powerfully in the second quarter to grow at a record pace after a sharp slowdown a year earlier caused by COVID-19 restrictions, official data showed Wednesday. The gross domestic product (GDP) grew a massive 21.7% year-on-year in the April-June period, the Turkis
Oil markets bearish ahead of OPEC+ meeting as alliance may stick to same output plan
Crude prices slipped in trading on ahead of Wednesday's OPEC+ meeting where the group is forecast to stick to its planned increase of 400,000 barrels per day, ignoring pleas from Washington to turn on the taps more than the alliance planned earlier. OPEC+, which includes Russia, meets on Wednesda
China pledges to crackdown on mismanaged funds in $9.3T industry
China’s top securities regulator pledged on Monday to crack down on mismanaged private funds and weed out fake ones, as the government becomes more assertive in dealing with an industry worth 60 trillion yuan ($9.28 trillion). China has been seeking to channel more household savings into th
US jobless claims rise by 4,000 to 353,000
The number of Americans applying for unemployment benefits rose for the first time in five weeks even though the economy and job market have been recovering briskly from the coronavirus pandemic. Jobless claims edged up by 4,000 to 353,000 from a pandemic low 349,000 a week earlier, the Labor Dep
German business morale falls on rising COVID-19 cases in August
German business morale fell for the second month running in August, as supply bottlenecks and rising COVID-19 cases drove companies to take a dimmer view of the coming months in Europe’s largest economy, a survey showed on Wednesday.The Ifo institute said its business climate index came in a
Mastercard: Digital Payments Increase Growth of SMEs in Middle East, Africa
Small and Medium Enterprise (SME) confidence across most sectors is on the rise, even though different sectors were exposed to and impacted in diverging ways to the extensive changes of the COVID-19 pandemic, according to the latest Mastercard research. The inaugural Mastercard Middle East and Af
