New Zealand is set to raise its tourism entry tax, increasing the International Visitor Conservation and Tourism Levy from NZ$35 (£16.52) to NZ$100 (£47.20) from October 1, 2024. This tax is intended to boost economic […]
Germany is poised to witness a significant rise in unemployment, reaching levels not seen since 2015, with an expected peak of nearly 2.8 million jobless individuals this year. Despite the high figures, these numbers remain […]
India is poised to surpass Japan as the world’s third-largest economy by 2025, with a projected nominal GDP of $4.34 trillion compared to Japan’s $4.31 trillion. This forecast by the International Monetary Fund (IMF) comes […]
China’s economy demonstrated a stronger-than-anticipated performance at the beginning of the year, primarily fueled by significant advancements in high-tech manufacturing sectors. The National Bureau of Statistics reported a 5.3% increase in GDP for the first […]
In a significant policy shift, the Bank of Japan (BOJ) has ended its eight-year experiment with negative interest rates, initiating its first rate hike in 17 years. This move adjusts the short-term policy rate from […]
In a decisive move to spur economic growth, UK Chancellor Jeremy Hunt has presented a budget focused on long-term prosperity and reducing the electoral deficit faced by the Conservative government. The centerpiece of Hunt’s announcement […]
India’s economy surged impressively at the end of 2023, marking a significant growth spurt with an 8.4% increase in GDP in the last quarter compared to the same period the previous year. This growth outpaced […]
In a notable effort to rejuvenate its tourism sector, Thailand has announced a reduction in alcohol tax rates. This policy, effective from Friday, is part of a broader strategy to appeal to international visitors and […]
China appears to be rerouting its exports to the United States via Mexico, sidestepping the hefty tariffs established by the US. Recent trade data suggests a significant uptick in Chinese goods shipped to Mexico before […]
China’s economy grew by 5.2% in the fourth quarter of 2023, falling slightly short of the anticipated 5.3% growth and highlighting ongoing challenges in its economic recovery. Despite this, the full-year growth for 2023 reached […]
Major Japanese automotive manufacturers have pledged an investment of 150 billion baht ($4.34 billion) into Thailand over the next five years. This substantial investment is aimed at bolstering Thailand’s transition to electric vehicle (EV) production, […]
Japan’s economy, the world’s third-largest, contracted at an annual pace of 2.1% in the third quarter of 2023. This contraction, marked by weakened consumption and investment, represents a significant downturn from previous quarters. Notably, private […]
The U.S. Treasury Department is set to borrow a hefty $776 billion in the final quarter of 2023, a figure that’s slightly lower than the previous quarter’s record borrowing but still significant. This borrowing is […]
Apple, the tech giant known for its iPhones and MacBooks, is bracing for its fourth consecutive quarterly revenue decline. As the company prepares to report its earnings, Wall Street anticipates a slight dip in sales […]
South Africa is facing a pressing unemployment crisis, with a staggering rate nearing 33%. This alarming figure has prompted the United Nations and other experts to label the situation as a “time bomb” that could […]
Mexico, known for its rich culture and vibrant history, has recently seen a rise in remittances from abroad, making it the second-largest recipient after India. However, the Mexican currency, the peso, has been soaring, reaching […]
China is making a bold move to bolster its economy by allocating an additional 1 trillion yuan ($137 billion) towards infrastructure projects. This strategic decision comes as China aims to counteract the economic pressures it […]
The International Monetary Fund (IMF) has updated its economic forecasts for the year with the U.S. growth projection raised by 0.3 percentage points to 2.1%, compared to its July update, while the euro zone’s forecast […]
China has given the green light to Colombia’s beef exports, marking a significant move in the international meat trade. This decision was communicated to Brazilian meatpacker Minerva, which owns two plants in Colombia. The […]
China is making significant moves to attract foreign investment by easing its capital controls. In a bold step, China has allowed foreigners in its major cities, Shanghai and Beijing, to move their money freely in […]
The Bank of England’s Governor, Andrew Bailey, recently made headlines by suggesting that interest rates are nearing their peak, although they might still rise a bit more. He shared with MPs that the Bank is […]
In July, the U.S. retail sales report showed a surprising increase, despite the inflationary pressures and a series of Federal Reserve interest rate hikes. The Commerce Department reported a seasonally adjusted increase of 0.7% for […]
In a move to bolster its economic recovery, China’s central bank, the People’s Bank of China (PBOC), announced on Friday that it would reduce the reserve requirement ratio (RRR) for all banks, barring those already […]
The inflation rate in the United States receded in May to its lowest annual rate in over two years, as per a report from the Labor Department. The consumer price index (CPI), a key measure […]
The US federal debt has skyrocketed to a jaw-dropping $31.4 trillion, dangerously close to the legal borrowing limit known as the “debt ceiling.” As divisions within the Republican party deepen, a solution to raise the […]
In March, UK inflation persisted at over 10%, mainly due to skyrocketing bread prices. Consumer prices increased by 10.1%, with food prices climbing by 19.2%—the highest increase in 45 years. Bread and cereals experienced a […]
Africa could be facing a significant economic decline, and climate change is playing a crucial role. Severe weather conditions like cyclones, floods, and droughts are devastating African countries, forcing them to spend between 2% and […]
The rate of corporation tax is going up in the UK! That’s right, starting next month, companies with over £250,000 in profits will have to pay 25% in corporation tax instead of the current 19%. […]
President Biden is expected to announce a plan this week to increase tax for those earning over $400,000 a year. The revenue raised from the tax will be spent on extending Medicare, a federal insurance […]
Annual food prices in the UK went up by 14.7% in October, representing the largest increase since records began in 2008. Driven largely by the knock-on effects of Russia’s war in Ukraine, food inflation is […]
Food prices in Japan are rising fast as producers struggle to cope with a depreciating Yen and the increasing costs of commodities. Data collected from supermarkets and other food retailers show food inflation is currently […]
The UK economy has been plunged into economic turmoil since the announcement of the mini-budget last week. Since the new chancellor, Kwasi Kwarteng, announced the largest tax cuts in 50 years the economy seems to […]
The UK government has announced the largest tax cuts in 50 years as part of their mini budget to deal with the cost of living crisis and boost the wavering British economy. The UK economy […]
The UK inflation rate is rising at its fastest rate in 40 years. This is predominantly a result of soaring fuel and energy prices, as well as recent pressure on food costs. Year-on-year inflation for […]
The People’s Bank of China, China’s central bank, announced this week that they would reduce the current reserve requirement ratio (RRR) to just over 8.4%. A reduction in RRR will allow banks to hold less […]
The economy of Pakistan has released figures showing there was a current account deficit of $3.4 billion in Q3. This is up by just under $1 billion from their Q2 figure. Although such a large […]
2020 is a year to forget, but we won’t… and despite the economic woes from all over the world, the Chinese economy still managed to finish the year slightly bigger than it was 365 days […]
After months of intense negotiations, the American government looks finally set to inject billions of dollars into the US economy. The so-called “Covid-19 relief bill” should do exactly what it says on the tin: providing […]
A deal has been agreed between the governments of Japan and Myanmar to sign off on ¥42.78 billion (US$414 million) worth of low-interest loans. Over half of the money will be directed towards a huge […]
The unemployment rate in the UK has risen to its highest level in two years, with an official figure of 4.1% released by the office for national statistics. Given the devastating impact of Covid-19 on […]
According to the latest research on the economic impact of Covid-19, the OECD has announced that the South Korean economy is likely to “only” shrink by -0.8% this year. Whilst all negative GDP growth is […]
The results are out for the economic impact that Covid-19 has had on the world’s major economies in the first six months of the year… and unsurprisingly, they are showing unprecedented levels of global economic […]
As Covid-19 shows no sign of abating, the damage it has caused to the global economy continues to grow. As a result, the IMF is now predicting a global economic contraction of almost 5% this […]
Government spending is a complicated business. In a mixed economy, the role of the government is undoubtedly vital in providing much needed public goods such as roads, schools, hospitals, and of course every economics teacher’s […]
Josh Frydenberg, the Australian Treasurer, announced on Wednesday that the economy is likely to have shrunk by as much as 9% from April to June. This further decline in size, following a 0.3% contraction in […]
The economic impact of Covid-19 has been devastating and wide-reaching. One country which is suffering significantly is South Africa, where going into lockdown has stifled almost all economic activity. As South Africa, the second largest […]
Whilst India was initially praised for their response to the Covid-19 crisis by organising a mass lockdown that effectively took 1.3 billion people off the streets, the subsequent effect on their economy will be severe. […]
The inflation rate in Canada entered negative territory in April, as year-on-year inflation was measured at -0.2%. This essentially means that the average price level in Canada was 0.2% less in April this year, than […]
The latest in a long list of ‘historic lows’ since Covid-19 wiped out the global economy is the total collapse of the American retail sector. Data released by the US Census Bureau has shown that […]
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