GDP
China's economy contracts sharply as coronavirus lockdowns hit businesses and consumers
Gross domestic product (GDP) fell by 2.6 per cent in the three months to the end of June from the previous quarter, BBC reported. Major cities across China, including the major financial and manufacturing centre Shanghai, were put into full or partial lockdowns during this period. This comes as the country continues to pursue its "zero-Covid" policy, BBC reported.
Trade deficit, capital outflows Indian rupee: USD to be at Rs.78.50-80: Kotak Securities
In a research report, Kotak Securities said with risks of global slowdown and correction in global commodity prices, exports could soften further while imports hold on implying risks of a wider trade deficit. According to the report, exports in June increased by 16.8 per cent to $37.9 billion (May: $38.9 billion) while declining by 2.6 per cent month-on-month.
Dramatic slowdown ahead for Sweden's economy: Report
According to the government agency's latest prognosis on Tuesday, economic growth is projected to slow to 1.9 per cent this year and 1.2 per cent in 2023. This is considerably below the 3.3 per cent and 2.1 per cent gross domestic product growth figures the same agency forecast this March. Back then, the agency still expected an economic boom, albeit moderate, to start towards the end of the year, Xinhua news agency reported.
Companies to spend $158 bn on environmental, social sustainability
Organisations face mounting pressures to improve and document their ESG performance. Because the initial steps to a sustainable transformation can be daunting to firms that have not attempted anything similar in the past, sustainability-linked consulting spending has become a high priority, according to the IDC forecast. "In 2022, all enterprises are being pushed to transform and fundamentally change the way they do business to become sustainable enterprises,".
Global server market revenues to reach $112 bn in 2022
From an enterprise perspective, transformation to hybrid cloud and upgrades of existing infrastructure to handle increased workloads will provide growth impetus after a pause during the COVID-19 pandemic, says Counterpoint Research's 'Global Server Sales Tracker'. 5G, automotive, cloud gaming and high-performance computing will remain the key drivers for cloud service providers in data centre expansion.
German central bank lowers 2022 GDP growth forecast to 1.9%
Economic recovery is likely to continue but at a "considerably more subdued pace" than previously projected, the bank said in a statement on Friday. Uncertainty about future economic developments was "exceptionally high" due to the Russia-Ukraine war, reports Xinhua news agency. In the first quarter of 2022, Germany's economy barely grew by 0.2 per cent quarter-on-quarter, according to the Federal Statistical Office (Destatis).
UK economy to shrink in 2023, warns Bank of England
The latest forecasts imply that UK's GDP could fall by nearly 1 per cent in the final quarter of this year, when the energy price cap is lifted again, taking inflation to 10 per cent this autumn. The next year looks alarmingly weak too. The Bank of England (BoE) has cut its growth forecast for 2023 to show a contraction of 0.25 per cent from a previous estimate of 1.25 per cent growth, The Guardian reported.
$7.2 trillion of China's GDP under lockdown
Together, they represent 40 per cent, or $7.2 trillion, of annual gross domestic product for the world's second-largest economy, according to data from Nomura Holdings, CNN reported. Analysts are ringing warning bells, but say investors aren't properly assessing how serious the global economic fallout might be from these prolonged isolation orders.
Italy slashes GDP growth estimates for 2022, 2023
The country's economy is expected to grow 3.1 per cent in 2022, compared to 4.7 per cent based on previous estimate, according to a press briefing from Italian Prime Minister Mario Draghi, and Economy and Finance Minister Daniele Franco. For 2023, the government expects a growth rate of 2.4 per cent, down from a previous target of 2.8 per cent, Xinhua news agency reported.
Germany's GDP growth forecast halved due to Ukraine crisis
The annual inflation rate in Germany is expected to rise to 5.8% in 2022, the highest since the country's reunification more than 30 years ago, according to the institute's "Spring Forecast". The Ukraine crisis "delays the return to pre-Covid-19 levels into the second half of the year" and is "putting a noticeable strain on the German economy and increases the already strong inflationary pressure", Xinhua news agency quoted IfW Kiel.
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