Economy

In an interview with Turkey-based news outlet TRT World, Maldives' Economic Minister Mohamed Saeed addressed the possibility of maintaining friendly relations with both China and India. He asserted that the Maldives cherishes its friendships with all nations, highlighting the country's openness as a tourist destination appreciated by both Chinese and Indian visitors. Minister Saeed reiterated the Maldives' friendship with India, clarifying that the rejection pertains to the presence of foreign soldiers rather than the nations themselves.

In its bi-annual report titled 'Pakistan Development Outlook,' the World Bank paints a bleak picture of the country's economy, indicating that it is likely to fall short of achieving its key macroeconomic targets. The report also underscores that Pakistan is on track to miss its primary budget target, resulting in continued deficits for the next three years.

Following the footsteps of the Power Construction Corporation of China (PCCC), which ceased civil works at the Tarbela 5th Extension Hydropower Project in KP province, subsequently laying off over 2,000 workers, these companies have now paused their activities on the Dasu hydropower project. Situated approximately 300 kilometers north of Islamabad, the Dasu project, boasting a capacity of 4,320 MW, is being undertaken by China Gezhouba, financed by the World Bank.

Referencing his familial ties to a pharmacy in Southampton, where he spent his formative years and lent a hand during his school days, Sunak underscored his intimate understanding of small business dynamics. In a tacit message aimed at dissidents within his party, he emphasized the necessity of adhering to the proven economic strategy, especially after enduring challenging times.

While the outlook for South Asia and East Asia-Pacific remained positive, China emerged as an exception with a smaller majority (69%) expecting only moderate growth. Globally, a strong majority predicted labor markets (77%) and financial conditions (70%) would loosen over the coming year.

In its forecast,  the OP Financial Group (OP), one of the largest financial companies in Finland, said Scandinavian country's economy is expected to contract by 0.3 per cent in 2023 and remain stagnant in 2024, reports Xinhua news agency.

"Up to 1 million people may face drinking water problems," Oleksii Kushch, an economist at "United Ukraine" think-tank, told Xinhua in an interview. The breaching of the dam and the subsequent destruction of a hydro-electric power plant in the Russian-controlled Nova Kakhovka region in the early hours of Tuesday.

Minister of Immigration, Refugees and Citizenship, Sean Fraser, announced on Wednesday the first-ever launch of category-based selection for Canada's flagship economic immigration management system, Express Entry. This year, category-based selection invitations will focus on candidates who have a strong French language.

In the last year, a drive to insulate China's economy from dollar-based sanctions has emerged as possibly the most important incentive for decoupling from the dollar, as China looks to prepare for the possibility of conflict with Taiwan. After Russia's invasion of Ukraine, one of the most powerful tools for inflicting economic harm.