Germany’s economy will contract by 0.5% in 2024 because of uncertainty caused by a budget crisis, the German economic institute IW said on Wednesday. A constitutional court ruling last month upset the government’s financing plans, leading to weeks of negotiations over how the 2024 budget should look and causing much uncertainty, said researchers at the […]
India’s stock market value has overtaken Hong Kong’s to become the seventh largest in the world as optimism about the country’s economic prospects grows. As of the end of November, the total market capitalization of the National Stock Exchange of India was $3.989 trillion versus Hong Kong’s $3.984 trillion, according to data from the World […]
The United Nations said Monday that it needed $46.4 billion next year to bring life-saving help to around 180 million people in desperate circumstances around the world. The UN said the global humanitarian outlook for 2024 was “bleak”, with conflicts, climate emergencies and collapsing economies “wreaking havoc” on the most vulnerable. While global attention focuses […]
The estimated total economic impact of the Saudi Arabia’s mega event – Riyadh Expo 2030 – measured by gross value added is projected to be a whopping SAR355 billion ($94.5 billion). This represents a 19% addition to the estimated non-oil GDP for 2023, with an annualized impact of 0.75% over the next 25 years, according […]
Indian equities scaled record highs on Friday after the central bank stayed pat on rates, while investors parsed Hungarian economic data that signalled easing domestic inflation ahead of a key U.S. jobs report. India’s NSE Nifty 50 index .NSEI climbed 0.1% after the Reserve Bank of India left key rates at 6.5% and raised the […]
Saudi Arabia has delayed some of the projects launched as part of its economic transformation plan past 2030, Bloomberg reported, citing a top government official. This is the first time that the Kingdom has acknowledged a shift in the timeline for meeting the goals of Vision 2030, the report said. The government, which is forecasting […]
President of the African Development Bank Group, Akinwumi Adesina, has warned that the proposed EU carbon border tax could result in an annual loss of $25 billion for Africa, seriously impeding the continent’s trade and impeding industrialization progress In October, the EU launched the first phase of the world’s first system to impose CO2 emissions […]
Abu Dhabi Islamic Bank (ADIB), has become an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). The Principles are the leading framework for ensuring that banks’ strategies and […]
The South African economy recorded a minor contraction in the third quarter of this year as output fell in the agriculture, mining and construction industries, statistics agency data showed on Tuesday. The 0.2% contraction in quarter-on-quarter seasonally adjusted terms ZAGDPN=ECI was slightly larger than the 0.1% predicted by analysts polled by Reuters and followed two consecutive quarters […]
The World Bank’s projection of Somalia’s economic growth in 2023 has been cut down from 3.6% to a revised 2.8%. This is due to several reasons. However, the World Bank placed a huge emphasis on Somalia’s water system. This information was relayed via the bank’s latest edition of Somalia Economic Update, as seen in the […]