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 Russia’s finance ministry has updated its 2024 budget deficit projection to 2.12 trillion roubles ($23.76 billion), equating to 1.1% of GDP. This adjustment, part of budget amendments submitted to the State Duma, represents an increase from the previous estimate of 1.595 trillion roubles or 0.9% of GDP. Increased Defense Spending This revision is primarily driven […]

The Institute of International Finance (IIF) forecasts that capital flows to emerging markets will increase to $903 billion in 2024, a 32% rise from the previous year. This growth is expected to be driven primarily by a recovery in foreign direct investment (FDI) and increased equity portfolio inflows. Strong Recovery in Investment The IIF’s report […]

The latest data from the US Commerce Department reveals a slower-than-expected economic growth rate of 1.3% for the first quarter of the year, marking the weakest quarterly expansion since spring 2022. This downward revision from the initial 1.6% projection is primarily attributed to a surge in imports and a reduction in business inventories, both factors […]

The International Labour Organization (ILO) has updated its forecast for global unemployment, predicting a slight decrease from 5.0% in 2023 to 4.9% in 2024. This revision contrasts with the organization’s earlier January estimate, which anticipated an increase to 5.2%, driven by expected economic slowdowns in advanced economies. Economic Resilience in Key Markets The adjusted forecast […]

In a significant development for bilateral relations, South Korea and the United Arab Emirates (UAE) signed a comprehensive trade agreement on May 29, 2024, aimed at substantially reducing import duties. The agreement was finalized during a summit held in Seoul, attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and South Korean President Yoon […]

Fitch Ratings has downgraded Bangladesh’s Long-Term Foreign-Currency Issuer Default Rating from ‘BB-‘ to ‘B+’, while maintaining a stable outlook. This adjustment reflects ongoing economic challenges and areas of potential stability within the country’s financial landscape. Key Reasons for the Downgrade The downgrade to ‘B+’ is driven by a continued weakening of Bangladesh’s external buffers, which […]

 The G7 Finance Ministers and Central Bank Governors’ Meeting began on May 24, 2024, in Stresa, Italy, addressing critical issues such as financial support for Ukraine and responses to China’s industrial policies. Key attendees include Bank of Italy Governor Fabio Panetta, Canada’s Finance Minister Chrystia Freeland, and Italy’s Minister of Economy and Finance Giancarlo Giorgetti. […]

France received a sobering recommendation from the International Monetary Fund (IMF) regarding its fiscal management. The IMF emphasized the need for France to take proactive measures to alleviate its burgeoning debt burden, particularly in light of a projected increase in the budget deficit. According to the IMF’s assessment, France’s budget deficit is anticipated to reach […]

In a bold move aimed at rejuvenating Japan’s economy, Prime Minister Fumio Kishida unveiled plans for sweeping capital market reforms during a conference in Tokyo, where he addressed a diverse gathering of global investors. His proposals, centered on fostering a more welcoming environment for foreign investment, mark a significant departure from Japan’s traditional stance. Acknowledging […]

This week, Seoul is hosting a pivotal summit focused on establishing new regulatory frameworks for artificial intelligence (AI). Co-hosted by South Korea and the United Kingdom, the event builds on discussions initiated at a similar conference held six months ago in the UK. The November summit in the UK saw notable figures like Tesla’s Elon […]