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The Latest Breaking News from Economy

These are the 10 new Covid rules China will follow on path to reopening

BEIJING: China announced 10 new measures for dealing with Covid-19 on Wednesday, accelerating its shift away from the zero-tolerance stance that has kept the country isolated from the rest of the world and devastated the economy over the last three years.

The Times of India

Economy firmly on recovery path, Arkhom tells Bangkok Post forum

The economy remains firmly on the path to recovery despite global uncertainty, and further interest rate hikes will be gradual to ensure that recovery continues, the finance minister said on Wednesday.

Bangkok Post

China may reopen soon—but 'millions' of new COVID cases will disrupt its economic recovery

Analysts are warning of a "bumpy," "zigzagging" recovery since China's COVID cases and deaths will likely spike.

Fortune

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World Economy Faces More Pain in 2023 after a Gloomy Year

This was supposed to be the comeback year for the world economy following the Covid pandemic. Instead, 2022 was marked by a new war, record inflation and climate-linked disasters.

Asharq Al-Awsat

Reaction to China loosening COVID restrictions

China said on Wednesday it would allow COVID patients with mild symptoms to isolate at home as part of a set of new measures that marked a major shift in a tough anti-virus policy that has battered its economy and sparked historic protests.

Reuters

S. Korea sees easing disruption as truckers' strike extends

Officials say South Korea’s economy is recovering from the initial shock of a nationwide walkout staged by thousands of cargo truckers, even as their strike reached its 14th day on Wednesday amid a stalemate with the government over freight fare issues

The Independent UK

Indonesia has handed over the reins of the G20, but it will still play an influential role. Here's why

Indonesia has handed the G20 presidency over to India, following a successful summit in Bali last month.

The Conversation

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China November trade sinks under virus pressure, rate hikes

China’s imports and exports shrank in November as global demand weakened and anti-virus controls weighed on the second-largest economy

The Independent UK

The RBA has raised interest rates again. What does this mean for the economy in 2023?

Economists respond to the decision by the Reserve Bank to raise interest rates by 25 basis points to the highest level since the end of 2012

The Guardian - AU

China's Xi visiting Saudi Arabia amid bid to boost economy

Chinese leader Xi Jinping is attending a pair of regional summits in Saudi Arabia amid efforts to kick-start economic growth weighed down by strict anti-COVID-19 measures

The Independent UK

Australia’s GDP grew 0.6% in September quarter and 5.9% annually as economy recovered from Covid lockdowns

GDP figures show rapid economic growth across the year as Covid lockdowns were lifted, but quarterly increase came in slightly below expectations

The Guardian - AU

Alaska continues to lose ground on wages compared with other states, though pay is still high

The "legendary" wages that once coaxed people to Alaska have continued to shrink compared to the rest of the U.S., due partly to a statewide recession before the pandemic and a slow recovery after it, according to a new report from the Alaska Department of Labor and Workforce Development.

Tribune News Service

Fed to Weigh Higher Rates in 2023 While Slowing Rises This Month

Federal Reserve officials have signaled plans to raise their benchmark interest rate by 0.5 percentage point at their meeting next week, but elevated wage pressures could lead them to continue lifting it to higher levels than investors currently expect.

Bangkok Post

Turning art into cash

People travel to Bangkok for many reasons such as shopping, nightlife, street food and restaurants, and cultural attractions. With a goal to add more charm to the capital, the Bangkok Metropolitan Administration (BMA) launched the campaign "Colorful Bangkok" in which art is used as a medium to attract tourists.

Bangkok Post

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Fortune

Jamie Dimon says Americans are spending all their money because of inflation—and that could tip the U.S. into a recession next year

The U.S. economy has been resilient this year despite the Federal Reserve’s aggressive interest rate hikes and high inflation, but JPMorgan Chase CEO Jamie Dimon warns “storm clouds” are still on the horizon.

The New Daily

Michael Pascoe: RBA on the precipice of its second big mistake

The RBA needs to chill to find out what it has actually done, Michael Pascoe writes.

StockNews.com

2 Penny Stocks to Buy Before December Ends

The U.S. economy expanded in the third quarter of fiscal 2022 despite the Fed's aggressive rate hikes. Moreover, November's robust job data indicates the economy's resiliency. As uncertainties remain, investors should consider buying quality penny stocks ARC Document Solutions (ARC) and Good Times Restaurants (GTIM) instead of the pricey names…

The Conversation

Chinese economic growth may never recover from COVID – here's why

Many countries have had to navigate the balancing act of keeping the economy alive versus protecting citizens from COVID in recent years. In China, patience with its zero-COVID policy – one of the world’s toughest strategies for dealing with the pandemic – are wearing thin among workers and students. Sporadic…

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The National (Scotland)

Tory economic mismanagement cost the taxpayer £40bn in six months, MSPs told

A HOLYROOD committee has been told that Tory mismanagement of the economy has cost the taxpayer £40 billion in just six months.

StockNews.com

Coca-Cola and 3 Other High-Quality Stocks to Buy This December

Recent positive economic data indicate that the U.S. economy is not cooling despite the Fed’s aggressive monetary policy since March. This could prompt the Fed to continue its supersized rate hikes in the near term. Amid uncertainties, investors could consider buying rock-solid stocks Microsoft (MSFT), Coca-Cola (KO), Kroger (KR), and…

The Conversation

Skills shortages are plaguing South Africa's economy - policy and social conditions must support their development

Many South Africans argue that the country has a skills crisis. An equal number question why it can’t sort this out by “adopting the German or Swiss approach”.

The Times of India

Explained: Why World Bank upgraded India's economic forecast for FY23

NEW DELHI: The World Bank on Tuesday revised upwards its GDP growth forecast from 6.5% for India to 6.9% for 2022-23, saying the country was showing higher resilience to global shocks.

Reuters

Russia, mired in war, faces economic pain and attempts to isolate it

Russia's invasion of Ukraine plunged Europe into its biggest land war since World War Two, igniting a conflict that has killed thousands, displaced millions, pulverised Ukrainian cities and damaged the global economy.

WEKU

Why sanctions against Russia aren't working — yet

When sanctions were enacted against Russia in February of this year, many forecasts were of an imminent collapse in the Russian economy. A new report looks at why that hasn't happened.

Chicago Tribune

Editorial: Holiday sales show consumers feeling stressed, losing confidence

On the surface, the holiday retail season is off to a great start. Almost 200 million U.S. shoppers turned out in person and online from Thanksgiving Day to Cyber Monday, and holiday retail sales are expected to rise between 6% and 8% from last year to nearly a trillion dollars.…

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