India's digital payments giant, Paytm, is riding the wave of a 50-fold surge in Lakshadweep travel searches, introducing an exclusive 10% discount on flight tickets to the mesmerizing archipelago. The UPI focussed app promises travellers a flat discount as the nation witnesses an unprecedented interest in this tropical haven.

Lakshadweep on Indian beachgoers' wishlist

Maldives' prominent tourism body “Maldives Association of Tour and Travel Operators” (MATATO), amid a diplomatic row over tourism between India and the Maldives, appealed to India-based travel aggregator EaseMyTrip to restart flight bookings for the island nation on its platform. 
 
The tension between the two countries escalated after three ministers posted hate&nbsp;comments over Indian Prime Minister Narendra Modi's visit to Lakshadweep. 
 
The MATATO on Tuesday (Jan 9) appealed EaseMyTrip to disregard the "regrettable" comments, and stated that they "did not reflect sentiments of Maldivians in general". 
&nbsp;

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Maldives Association of Travel Agents and Tour Operators writes to EaseMyTrip CEO Nishant Pitti to re-open flight bookings to Maldives <a href="https://t.co/ojCxpPar7b">pic.twitter.com/ojCxpPar7b</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1744722098902458812?ref_src=twsrc%5Etfw">January 9, 2024</a></blockquote>
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The statement by the body, which was addressed to EaseMyTrip CEO Nishant Pitti, emphasised the importance of Indian tourists, who have been the highest in numbers to have visited the country post-Covid, giving a major boost to the Maldivian economy.

Also read:&nbsp;<a href="https://www.wionews.com/world/heres-how-pm-modis-lakshadweep-visit-sparked-diplomatic-tensions-between-india-and-maldives-678432">Explained | Why was Maldives triggered by Indian PM Modi snorkelling in Lakshadweep?</a>

"In expressing our heartfelt gratitude for the enduring friendship and partnership that defines the relationship between the Maldives and India, we want you to know the bonds connecting our nations transcend politics. We consider our Indian counterparts... as cherished brothers and sisters,” said MATATO, in a statement. 
 
"Tourism stands as the lifeblood of the Maldives, contributing over two-thirds of our GDP and providing livelihoods to approximately 44,000 Maldivians who work in the sector. The potential adverse impact on tourism holds the power to unleash severe repercussions on our economy,” it added. 
 
MATATO said that the Indian tourists are "an indispensable force in the success of the Maldivian tourism sector, providing vital support to guest houses and small to medium-sized enterprises..."

<h2 lang="en-US">More than two lakh Indians holidayed in Maldives last year: ministry</h2>

As per the data collected by the Maldives Tourism Ministry, more than two lakh Indians went to Maldives last year, and more than 4.5 lakh travelled to the islands in the last two years. The Maldives also emerged as one of the few countries which remained open for tourists even at the time of the pandemic and almost 63,000 Indians visited the place even&nbsp;at that time.

Watch:&nbsp;India-Maldives comment row: Maldives faces heat over anti-India comments&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-maldives-comment-row-maldives-faces-heat-over-anti-india-comments-world-news-wion-678079/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

MATATO also appealed to everyone to "refrain from contributing to divisiveness through hateful comments". The statement by MATATO came after the Maldives Association of Tourism Industry (MATI) slammed the "derogatory comments" made against PM Modi. 
 
Reacting to the remarks, EaseMyTrip had earlier taken a significant step and decided to suspend all Maldives flight bookings. Indian online travel company EaseMyTrip's co-founder and chief executive officer (CEO) Nishant Pitti, standing in support of India, took to social media platform X and said, “In solidarity with our nation, @EaseMyTrip has suspended all Maldives flight bookings.”

(With inputs from agencies)

Maldives' prominent tourism body “Maldives Association of Tour and Travel Operators” (MATATO), amid a diplomatic row over tourism between India and the Maldives, appealed to India-based travel aggregator EaseMyTrip to restart flight bookings for the island nation on its platform.

Maldives' prominent tourism body “Maldives Association of Tour and Travel Operators” (MATATO), amid a diplomatic row over tourism between India and the Maldives, appealed to India-based travel aggregator EaseMyTrip to restart flight bookings for the island nation on its platform. The tension between the two countries escalated after three ministers posted hate comments over Indian Prime Minister Narendra Modi's visit to Lakshadweep. The MATATO on Tuesday (Jan 9) appealed EaseMyTrip to disregard the "regrettable" comments, and stated that they "did not reflect sentiments of Maldivians in general". Maldives Association of Travel Agents and Tour Operators writes to EaseMyTrip CEO Nishant Pitti to re-open flight bookings to Maldives pic.twitter.com/ojCxpPar7b — ANI (@ANI) January 9, 2024 × The statement by the body, which was addressed to EaseMyTrip CEO Nishant Pitti, emphasised the importance of Indian tourists, who have been the highest in numbers to have visited the country post-Covid, giving a major boost to the Maldivian economy. Also read: Explained | Why was Maldives triggered by Indian PM Modi snorkelling in Lakshadweep? "In expressing our heartfelt gratitude for the enduring friendship and partnership that defines the relationship between the Maldives and India, we want you to know the bonds connecting our nations transcend politics. We consider our Indian counterparts... as cherished brothers and sisters,” said MATATO, in a statement. "Tourism stands as the lifeblood of the Maldives, contributing over two-thirds of our GDP and providing livelihoods to approximately 44,000 Maldivians who work in the sector. The potential adverse impact on tourism holds the power to unleash severe repercussions on our economy,” it added. MATATO said that the Indian tourists are "an indispensable force in the success of the Maldivian tourism sector, providing vital support to guest houses and small to medium-sized enterprises..." More than two lakh Indians holidayed in Maldives last year: ministry As per the data collected by the Maldives Tourism Ministry, more than two lakh Indians went to Maldives last year, and more than 4.5 lakh travelled to the islands in the last two years. The Maldives also emerged as one of the few countries which remained open for tourists even at the time of the pandemic and almost 63,000 Indians visited the place even at that time. Watch: India-Maldives comment row: Maldives faces heat over anti-India comments MATATO also appealed to everyone to "refrain from contributing to divisiveness through hateful comments". The statement by MATATO came after the Maldives Association of Tourism Industry (MATI) slammed the "derogatory comments" made against PM Modi. Reacting to the remarks, EaseMyTrip had earlier taken a significant step and decided to suspend all Maldives flight bookings. Indian online travel company EaseMyTrip's co-founder and chief executive officer (CEO) Nishant Pitti, standing in support of India, took to social media platform X and said, “In solidarity with our nation, @EaseMyTrip has suspended all Maldives flight bookings.” (With inputs from agencies)

Maldives tourism body says Indian tourists boost their economy, wants them to visit

After the banking crisis that shook global markets and lenders last year, 2024 is poised for banks to shrug off those blues. This week, JP-Morgan chase will release its quarterly profits, which should show revenue growth seven times faster than that of its competitors. This puts the bank in a strong position to maintain its dominance on wall street.

JP Morgan set to report strong earnings

In a real estate blitz near India's capital new Delhi, India's largest developer, DLF ltd has pulled off a blockbuster sale, offloading all one thousand and one hundred luxury apartments in its latest project for a whopping $865 million. Astonishingly, this feat was accomplished even before construction commenced, with the high-end residences snapped up in just three days.

India's Gurugram emerges as the new hotspot for luxury homes | World Business Watch

Junta step to boost foreign currency inflow. Myanmar announced new rules for its overseas nationals. Watch to know more about Myanmar Junta's new Income Tax Rules.

Myanmar announces New 'Tax Rules' for its nationals living abroad

Myanmar has taken fresh steps to strengthen its economy, the Asian nation has imposed a new income tax rule. Those Myanmar nationals who are working abroad are now subjected to a 2% income tax.

Myanmar: New income tax rules announced for nationals living abroad

Germany's economy will take a while to recover from one of its worst annual performances in a generation, even if it does start growing again in 2024.

2023: Germany's weakest performance in a generation

A united nations report is predicting a marked slowdown in growth for 2024. After a surprisingly strong 2023, the international outlook is shifting, with headwinds from rising debt, slowing trade, and geopolitical tensions posing significant challenges.

UN Report: Trade, debt, geopolitics cast shadow on outlook

The euro zone may have entered recession in the final months of 2023. That's what the latest economic data from the region indicates. The euro zone economy remained weak in december. The composite index, a gauge of economic health, stood at 47.6. Any number below 50 indicates economic contraction.The services sector index stood at a five-month high of 48.8. But it still remained in the contraction zone.

Euro zone economy weakens in December, set to enter recession

India emerges as a global investment hotspot, with a notable influx of foreign direct investment in late 2023. The country is poised to extend its momentum into 2024. Despite global uncertainties, deputy managing director & joint CEO of SBI Mutual Fund, DP Singh, shares insights on India's positive investment outlook for the year ahead.

India's economic stability boosts global capital inflows

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024.&nbsp;

The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity. Later, the Ukraine war disrupted global supply chains and impacted commodity prices.

The twin blows contributed to a slowdown in 2023, with the world economy expected to grow by just three per cent.

Global economic projections for 2024, too, are not rosy. Global growth is expected to slow to 2.9 per cent, as per the International Monetary Fund.

"The global economy continues to recover from the pandemic, Ukraine war and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Even so, growth remains slow and uneven, with widening divergences," writes academician Pierre-Olivier Gourinchas in an IMF blog.

A lot would depend on these five factors since they could make-or-break the world economy.

1) Rate cuts by the Fed &amp; other central banks

Everyone expects the US Fed to start cutting rates from April this year. The economy continues to grow, albeit at a slower pace, and inflation is closer to the Federal Reserve's 2 per cent target.

The US grew at 5.2 per cent in the July-September quarter - the fastest pace of expansion since the last three months of 2021. The annual inflation rate stood at 3.1 per cent at the end of November.

Many expect at least three rate cuts this year, with the monetary cycle likely to continue up to 2025-end. It is estimated that the Fed may go for at least a 2.5 per cent reduction in interest rates over the next 18-24 months.

The rate cuts are likely certain help the global economy, as spending and consumption will get a boost due to the easing monetary policy. This will also give thumbs up to other central banks to follow suit.

Apart from the US Fed, all eyes will be the actions taken by the European Central Bank, Bank of England, Bank of Japan and the Reserve Bank of India.

However, if inflation makes a comeback or tensions heighten in West Asia and East Asia, the US central bank may be forced to keep the rates steady or even raise them.&nbsp;&nbsp;&nbsp;

2) Geopolitical tensions

The Ukraine war, tensions in West Asia, and the growing rivalry between the US and China have had a significant impact on the global economy in recent years.

These geopolitical events have disrupted economic activities, threatening to fragment global trade into smaller blocks, hamper supply chains, and increase prices of essential commodities.

These tensions will spill over to 2024 too.

"The current conflicts (in Ukraine and West Asia) appear to be long term. At best, they could cause volatility in oil markets. At worst, they could fragment the economy and trade system further," a recent Deutsche Bank analysis reads.

The rivalry between the US and China will be closely watched. Already locked in a trade war since 2018, any further escalation between the two biggest economies could drag global growth and make the world a less integrated place — ‘de-globalised’ in other words.

Any drastic action across the Taiwan straits will have global ramifications, with a particular impact on the semiconductor industry and the ongoing artificial intelligence boom.

More so, a 'black swan' event like the Ukraine war will add to the uncertainties.

3) Recession in advanced countries

Slower economic growth raises the fear of a prolonged recession in 2024.

However, the US – the world’s largest economy – likely to skip recession this year, after defying the odds in 2023.

Though that’s the general consensus, but some outliers believe that unemployment may rise in 2024. This, they argue, will have a ripple effect on consumer spending, leading to a recession.

But the Euro Zone, struggling for a while now, is unlikely to get lucky. Factory output has been declining for over 18 months now. The 20-member currency union will not only enter 2024 in technical recession but there is also a high possibility of long-term trouble for the economy.

The IMF's anticipates a slight recovery in 2024. But a lot would depend on the fine balancing act of curbing inflation – still way above the central bank’s target – and fueling growth.

Any rise in inflation – largely energy-driven – will keep prices elevated and growth in the negative territory.

The worst hit will be the United Kingdom, whose economy is on the cusp of a recession after shrinking in 2023. In fact, the Bank of England has warned of recession around the time of elections, likely to be held in mid-2024. The country is likely to see zero growth this year, irrespective of recession.

4) Growing debt burden

The debt burden is likely to remain a big concern, especially in the developing world.

Debt servicing costs will rise by 39 per cent for the 24 poorest countries this year, as per The World Bank.

The poorest countries face a huge $3.5 trillion debt burden. In the absence of any resolution mechanism, they could default.

As per reports, these countries, often dubbed 'frontier markets', will have to repay about $200 billion of debt in 2024.

This, in the words of Indermit Gill, the World Bank Group’s Chief Economist, will force developing countries to choice between servicing their public debts and investing in public health, education, and infrastructure.

The focus will be on the World Bank, the International Monetary Fund &amp; China – the biggest lenders. Any resolution to the debt crisis in 2024 will depend on these key players.

5) Elections around the world

Over half of humanity will go to polls, covering at least 40 countries. They represent half of the world’s Gross Domestic Product, raising the stakes for businesses.

India, the United States and the United Kingdom are among the major countries set to go to polls this year.

India is on track to be the third-biggest economy in the world and the markets are betting on Prime Minister Narendra Modi's third consecutive&nbsp;term.

In the US, a possible re-election of Donald Trump could push global trade – especially with China – into a tailspin.

Across the Atlantic, all eyes will be on the Labour party, which is tipped to win the UK elections amid the economic crisis.

Any expected or unexpected political changes will have economic implications for the world.

<o:p></o:p>

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024. The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity.

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024. The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity. Later, the Ukraine war disrupted global supply chains and impacted commodity prices. The twin blows contributed to a slowdown in 2023, with the world economy expected to grow by just three per cent. Global economic projections for 2024, too, are not rosy. Global growth is expected to slow to 2.9 per cent, as per the International Monetary Fund. "The global economy continues to recover from the pandemic, Ukraine war and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Even so, growth remains slow and uneven, with widening divergences," writes academician Pierre-Olivier Gourinchas in an IMF blog. A lot would depend on these five factors since they could make-or-break the world economy. 1) Rate cuts by the Fed & other central banks Everyone expects the US Fed to start cutting rates from April this year. The economy continues to grow, albeit at a slower pace, and inflation is closer to the Federal Reserve's 2 per cent target. The US grew at 5.2 per cent in the July-September quarter - the fastest pace of expansion since the last three months of 2021. The annual inflation rate stood at 3.1 per cent at the end of November. Many expect at least three rate cuts this year, with the monetary cycle likely to continue up to 2025-end. It is estimated that the Fed may go for at least a 2.5 per cent reduction in interest rates over the next 18-24 months. The rate cuts are likely certain help the global economy, as spending and consumption will get a boost due to the easing monetary policy. This will also give thumbs up to other central banks to follow suit. Apart from the US Fed, all eyes will be the actions taken by the European Central Bank, Bank of England, Bank of Japan and the Reserve Bank of India. However, if inflation makes a comeback or tensions heighten in West Asia and East Asia, the US central bank may be forced to keep the rates steady or even raise them. 2) Geopolitical tensions The Ukraine war, tensions in West Asia, and the growing rivalry between the US and China have had a significant impact on the global economy in recent years. These geopolitical events have disrupted economic activities, threatening to fragment global trade into smaller blocks, hamper supply chains, and increase prices of essential commodities. These tensions will spill over to 2024 too. "The current conflicts (in Ukraine and West Asia) appear to be long term. At best, they could cause volatility in oil markets. At worst, they could fragment the economy and trade system further," a recent Deutsche Bank analysis reads. The rivalry between the US and China will be closely watched. Already locked in a trade war since 2018, any further escalation between the two biggest economies could drag global growth and make the world a less integrated place — ‘de-globalised’ in other words. Any drastic action across the Taiwan straits will have global ramifications, with a particular impact on the semiconductor industry and the ongoing artificial intelligence boom. More so, a 'black swan' event like the Ukraine war will add to the uncertainties. 3) Recession in advanced countries Slower economic growth raises the fear of a prolonged recession in 2024. However, the US – the world’s largest economy – likely to skip recession this year, after defying the odds in 2023. Though that’s the general consensus, but some outliers believe that unemployment may rise in 2024. This, they argue, will have a ripple effect on consumer spending, leading to a recession. But the Euro Zone, struggling for a while now, is unlikely to get lucky. Factory output has been declining for over 18 months now. The 20-member currency union will not only enter 2024 in technical recession but there is also a high possibility of long-term trouble for the economy. The IMF's anticipates a slight recovery in 2024. But a lot would depend on the fine balancing act of curbing inflation – still way above the central bank’s target – and fueling growth. Any rise in inflation – largely energy-driven – will keep prices elevated and growth in the negative territory. The worst hit will be the United Kingdom, whose economy is on the cusp of a recession after shrinking in 2023. In fact, the Bank of England has warned of recession around the time of elections, likely to be held in mid-2024. The country is likely to see zero growth this year, irrespective of recession. 4) Growing debt burden The debt burden is likely to remain a big concern, especially in the developing world. Debt servicing costs will rise by 39 per cent for the 24 poorest countries this year, as per The World Bank. The poorest countries face a huge $3.5 trillion debt burden. In the absence of any resolution mechanism, they could default. As per reports, these countries, often dubbed 'frontier markets', will have to repay about $200 billion of debt in 2024. This, in the words of Indermit Gill, the World Bank Group’s Chief Economist, will force developing countries to choice between servicing their public debts and investing in public health, education, and infrastructure. The focus will be on the World Bank, the International Monetary Fund & China – the biggest lenders. Any resolution to the debt crisis in 2024 will depend on these key players. 5) Elections around the world Over half of humanity will go to polls, covering at least 40 countries. They represent half of the world’s Gross Domestic Product, raising the stakes for businesses. India, the United States and the United Kingdom are among the major countries set to go to polls this year. India is on track to be the third-biggest economy in the world and the markets are betting on Prime Minister Narendra Modi's third consecutive term. In the US, a possible re-election of Donald Trump could push global trade – especially with China – into a tailspin. Across the Atlantic, all eyes will be on the Labour party, which is tipped to win the UK elections amid the economic crisis. Any expected or unexpected political changes will have economic implications for the world.

2024 Economic Outlook: 5 key things to watch out this year

India's economy is expected to maintain its growth momentum amid a fall in inflation. The government is optimistic after the economy beat expectations in July-September. This has also raised expectations that Asia's third-largest economy will outperform its estimates for the full year.

Government optimistic about economy's momentum as inflation falls

The U.S. dollar, once the undisputed currency reserve leader, faces a waning dominance. The latest IMF data reveals a decline in the dollar's share to its lowest in the September quarter since last year, marking a significant turning point in global currency reserves.

Dollar reserves fall to lowest since 4th quarter of 2022

China is taking bold steps to boost its economy with a massive 1 trillion yuan investment plan. The national development and reform commission (NDRC) has identified 9,600 public projects, including flood control and disaster relief programs, totaling over 560 billion yuan. this initiative, responding to economic challenges post-covid-19, marks a significant move to address issues like weak exports and a real estate crisis.

China's fiscal push with 9,600 projects to revitalise economy

Businesses struggle as Gaza conflict casts shadows over the economy. The Israel-Hamas war had a toll on Gaza as it shatters West Bank Economy. The industries continue to slump as the Israel-Hamas war continues to disrupt the daily life of the people in Gaza.

Israel-Hamas war: Gaza conflict shatters West Bank economy

The year 2023 has been one of the most tumultuous for Pakistan. In decades a massive surge in Terror attacks an unprecedented economic crisis an equally unprecedented challenge to the military and finally a devastating crackdown on the main opposition party.

WION Rewind 2023: May 9 riots and the fate of Imran Khan

Let's look at the latest developments in the global economy. From Asia to Europe to the Americas, hopes have jumped for interest rate cuts from major central banks next year. Questions, though, remain on the timing and the depth of the rate cuts in 2024.

Latest developments in the global economy

2023 was a memorable year for India a year after enduring severe disruptions caused by the COVID-19 pandemic and the war between Russia and Ukraine the global economy finally started showing signs of recovery in 2023. In the next report, we take a look at India world's fifth-largest economy how it remained buoyant in the year 2023.

WION Rewind India's moments of glory: Indian economy remain buoyant after COVID-19

The Suez Canal is the shortest sea route between Asia and Europe. The alternate route around Africa adds 9 days and 5149km to the journey. The Suez Canal opened in 1869 as a life-saver for the shipping industry. The canal soon found itself trapped in wars and political conflicts. On Gravitas Plus we bring you the story of the Suez Canal.

Gravitas Plus | Suez Canal: Critical oil route caught in Gaza crossfire

Data revision puts the UK at risk of a technical recession. The GDP data revision indicates the UK is already in a recession. Economic data pressures the BOE to pivot to rate cuts sooner.

UK Economy shrinks in September quarter

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the center of WION's headquarters, a joint initiative with DMA.asia. "The reason why consumers are there is because Social Media is innovating faster than other media channels," says Lalatendu Das CEO Performics India to Jasper Reid.

Lalatendu Das CEO Performics India speaks to WION

China's economic struggles post-pandemic are causing a global stir, as it faces a unique challenge of intensified deflation risks. Lockdowns and supply chain disruptions during heightened global demand led to excess supply when China reopened in 2023, pushing domestic and export prices into deflation. the impact? Plunging export prices, affecting major trading partners and potentially reshaping the world's economic dynamics.

Excess global supply pushes China into deflation

The U.S. inflation outlook seemed to improve, but during the recent federal reserve meeting, reports revealed that inflation had already hit the central bank's 2% target. This unexpected news led some fed officials to revise their estimates, and now there's a growing consensus that the next six months may not be as inflation-free as initially thought. In simple terms, the U.S. is facing an inflation surprise, and economic forecasts are adjusting accordingly.

US inflation to show FED's battle is now all but complete | World Business Watch | WION

From controlling oil prices to hosting the big climate summit - West Asia achieved major feats this year, despite domestic troubles. Our next report will show you the big developments that further cemented West Asian nations' role as strategic and economic decision-makers.

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Nigeria is bracing for a pretty harsh winter amid High inflation in the country. President Bola Tinubu has responded to the situation with several economic measures including the slashing of public transport prizes on several routes by half as well as free train rides for the Nigerians.

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Russia pours investments into domestic aircraft industry amid sanctions imposed by western countries due to its invasion of Ukraine. The aviation gameplan includes a $12 billion investment to keep its aviation sector intact. Watch to know more!

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No accusations, no protests, not even a non-cooperation movement has been able to stop Sheikh Hasina. The Bangladeshi Prime Minister has launched her election campaign.

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As promised, Argentina's new president, Javier Milei, delivered the first set of his "shock therapy" plans for the economy. in a televised address, Milei listed 30 initial points in sweeping reforms to rescue the nation from a severe economic crisis. Milei said these were only the first steps and part of a broader package of over 300 measures.

Argentina faces protests as President implements Austerity measures

The economic crisis in China deepens, with retail investors abandoning mutual funds in favour of hoarding cash. Investors are disillusioned with the performance of China's mutual funds this year. Previously, mutual funds were the favoured investment vehicle for investors.

China's mutual funds flows drop

The landscape of luxury retail is undergoing a transformation. Once a haven for wealthy Chinese shoppers seeking high-end brands, Hong Kong's allure is shifting, reshaping the city's visitor economy.

Despite closures, Hong Kong leads in luxury spending

The northern Indian city of Ayodhya was once marred by communal tensions. It is now gearing up for the opening of a grand Hindu temple that is igniting an economic boom. Watch this video for all details.

Ram Mandir inauguration: How Ram Mandir is boosting Ayodhya's economy

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