Investors are flocking to the tech sector, drawn by the promise of profitable growth in the face of looming recession concerns. Leading tech giants such as Apple Inc. and Microsoft Corp. have emerged as the market's darlings, surging ahead while economically sensitive industries take a back seat.&nbsp;

According to Bloomberg, the latest Markets Live Pulse survey&nbsp;indicates that 41 percent of market participants believe the highest returns this year will come from quality stocks focused on profitability. This has fueled the resurgence of the tech-heavy Nasdaq 100, which has already recovered over half of its losses from the previous year.

The rise of Artificial Intelligence (AI)

One of the driving forces behind the tech rally is the growing buzz around Artificial Intelligence. Investors are captivated by the potential of AI and its impact on various industries. Companies like Nvidia Corp., which specializes in the chips required for complex AI computing tasks, are witnessing significant gains. In fact, Nvidia recently became the first chipmaker to achieve a market valuation of $1 trillion, reflecting the enthusiasm surrounding AI-driven technologies.

Tech stock triumph and its pricey valuations

According to the MLIV Pulse survey, the strategy of buying quality stocks focused on profitability has outperformed momentum, value, and low-risk/volatility/beta stocks. This trend underscores investors' preference for stability and solid financial performance. Citigroup Inc. recently raised its outlook on tech stocks to overweight, anticipating a boost from AI and a potential end to the Federal Reserve's rate hikes.

While the rush to tech stocks continues unabated, it comes at a price. The tech sector now stands as the most expensive among S&amp;P 500 sectors, with valuation multiples reaching levels unseen since early 2022. Bloomberg Intelligence highlights that investors should be cautious, as much of the expected growth may already be factored into current stock prices.

Recession concerns and investor sentiment

The survey reveals that investors view a potential recession as the biggest risk for stocks over the next year, with 42 percent of respondents expressing this concern. Interest rates closely follow as the second-highest risk at 23 percent. While inflation has shown signs of slowing, it remains elevated, and credit conditions have tightened. However, the labor market remains relatively robust, and consumer spending continues to support the economy.

The current market environment is far from normal, anticipating a recession shaping investors' decision-making and limiting visibility. Retail investors and Wall Street professionals appear divided on the future direction of Treasury yields, further highlighting the lack of clarity. In such uncertain times, investors find themselves at a crossroads, cautiously analyzing potential market moves and chasing the direction that promises the least pain.

Investors are flocking to the tech sector, drawn by the promise of profitable growth in the face of looming recession concerns. Leading tech giants such as Apple Inc.

Investors are flocking to the tech sector, drawn by the promise of profitable growth in the face of looming recession concerns. Leading tech giants such as Apple Inc. and Microsoft Corp. have emerged as the market's darlings, surging ahead while economically sensitive industries take a back seat. According to Bloomberg, the latest Markets Live Pulse survey indicates that 41 percent of market participants believe the highest returns this year will come from quality stocks focused on profitability. This has fueled the resurgence of the tech-heavy Nasdaq 100, which has already recovered over half of its losses from the previous year. The rise of Artificial Intelligence (AI) One of the driving forces behind the tech rally is the growing buzz around Artificial Intelligence. Investors are captivated by the potential of AI and its impact on various industries. Companies like Nvidia Corp., which specializes in the chips required for complex AI computing tasks, are witnessing significant gains. In fact, Nvidia recently became the first chipmaker to achieve a market valuation of $1 trillion, reflecting the enthusiasm surrounding AI-driven technologies. Tech stock triumph and its pricey valuations According to the MLIV Pulse survey, the strategy of buying quality stocks focused on profitability has outperformed momentum, value, and low-risk/volatility/beta stocks. This trend underscores investors' preference for stability and solid financial performance. Citigroup Inc. recently raised its outlook on tech stocks to overweight, anticipating a boost from AI and a potential end to the Federal Reserve's rate hikes. While the rush to tech stocks continues unabated, it comes at a price. The tech sector now stands as the most expensive among S&P 500 sectors, with valuation multiples reaching levels unseen since early 2022. Bloomberg Intelligence highlights that investors should be cautious, as much of the expected growth may already be factored into current stock prices. Recession concerns and investor sentiment The survey reveals that investors view a potential recession as the biggest risk for stocks over the next year, with 42 percent of respondents expressing this concern. Interest rates closely follow as the second-highest risk at 23 percent. While inflation has shown signs of slowing, it remains elevated, and credit conditions have tightened. However, the labor market remains relatively robust, and consumer spending continues to support the economy. The current market environment is far from normal, anticipating a recession shaping investors' decision-making and limiting visibility. Retail investors and Wall Street professionals appear divided on the future direction of Treasury yields, further highlighting the lack of clarity. In such uncertain times, investors find themselves at a crossroads, cautiously analyzing potential market moves and chasing the direction that promises the least pain.

Tech takes centrestage: Investors dance to the beat of profitability amid dull market tunes

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.&nbsp;

As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year.

The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors.

The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019.

Goldman Sachs&nbsp;Response And Industry Dynamics

Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million.

These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce.

While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties.

(With inputs from Reuters)

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry. As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year. The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors. The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019. Goldman Sachs Response And Industry Dynamics Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million. These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce. While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties. (With inputs from Reuters)

Goldman Sachs to shed jobs amid economic uncertainties

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession.

A 29-nation survey by polling agency Ipsos has found that the fears about recession are far more widespread than actual recession. In reality, only Germany and Hungary have announced that they have entered recession.&nbsp;

An country is said to be in recession when its economy contracts for two consecutive quarters.

More than half the people surveyed in 26 countries felt their country was in recession, a report in Financial Times said.&nbsp;Only a quarter of the people surveyed in these countries felt their country was safe from a recession, the report added.&nbsp;

About 80% of people surveyed in South Korea were convinced that their country was in recession, even though the country averted recession in the first three months of 2023.

In the United Kingdom, 46% of those surveyed felt their country was in recession. The economy instead grew by 0.1 percent in the first three months of 2023.&nbsp;

Only in The Netherlands, Australia and Singapore, more people felt that their economy was holding up well against the threat of recession.&nbsp;

The Ipsos survey noted that&nbsp;Inflation continues to remain&nbsp;a significant concern, with at&nbsp;least 63 percent&nbsp;across the 29 countries expecting&nbsp;it to rise over the coming year.&nbsp;

"Most expect that inflation won’t return to what they consider to be normal levels for at least a year. Forty-six percent say it will be at least 12 months before inflation returns to normal," the survey noted.&nbsp;

Bleak outlook for global economy

While the global economic outlook remains bleak for 2023, the International Monetary Fund has said that most economies will avert a recession this year,&nbsp;despite economic and geopolitical concerns.

"The global economy is recovering from the shocks of the last few years, and particularly of course the pandemic, but also the Russian invasion of Ukraine," IMF chief economist Pierre-Olivier Gourinchas said in a press briefing in April 2023.&nbsp;

It has said that the world economy is expected to grow by 2.8 per cent this year.&nbsp;Around 90 per cent of advanced economies are likely to experience slowing growth this year, the IMF added.&nbsp;

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession.

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession. A 29-nation survey by polling agency Ipsos has found that the fears about recession are far more widespread than actual recession. In reality, only Germany and Hungary have announced that they have entered recession. An country is said to be in recession when its economy contracts for two consecutive quarters. More than half the people surveyed in 26 countries felt their country was in recession, a report in Financial Times said. Only a quarter of the people surveyed in these countries felt their country was safe from a recession, the report added. About 80% of people surveyed in South Korea were convinced that their country was in recession, even though the country averted recession in the first three months of 2023. In the United Kingdom, 46% of those surveyed felt their country was in recession. The economy instead grew by 0.1 percent in the first three months of 2023. Only in The Netherlands, Australia and Singapore, more people felt that their economy was holding up well against the threat of recession. The Ipsos survey noted that Inflation continues to remain a significant concern, with at least 63 percent across the 29 countries expecting it to rise over the coming year. "Most expect that inflation won’t return to what they consider to be normal levels for at least a year. Forty-six percent say it will be at least 12 months before inflation returns to normal," the survey noted. Bleak outlook for global economy While the global economic outlook remains bleak for 2023, the International Monetary Fund has said that most economies will avert a recession this year, despite economic and geopolitical concerns. "The global economy is recovering from the shocks of the last few years, and particularly of course the pandemic, but also the Russian invasion of Ukraine," IMF chief economist Pierre-Olivier Gourinchas said in a press briefing in April 2023. It has said that the world economy is expected to grow by 2.8 per cent this year. Around 90 per cent of advanced economies are likely to experience slowing growth this year, the IMF added.

This global survey shows fear of recession is far more widespread than actual recession

"Carlos," a 36-year-old coca grower in Colombia, is stuck hanging onto kilos of the valuable paste used to make cocaine stashed under his bed.

Normally, the illegal cache would be worth thousands of dollars, but a sudden dearth of buyers has&nbsp;left him high and dry and concerned about the future of his children.

Carlos is not his real name -- the grower wished to remain anonymous for fear of reprisals from armed groups operating near his farm in Llorente in Colombia's southern Narino department, where increasing numbers of small-scale coca producers worry where their next meal will come from.

Their hands covered in scratches, groups of "raspachines" or expert coca pickers, advance at great speed through the sea of green crops in Llorente.

Once harvested, the coca leaves reach Carlos, who cooks them, along with a mixture of chemicals, on a small stove until they yield a white substance.&nbsp;

Cultivating his two hectares had cost him about $660, Carlos told AFP, and normally he would be able to sell the product for about $4,000.

But with a dip in demand and historically low prices, he has so far sold only $154's worth. At the end of the trading chain, the cocaine made with his paste would be worth millions.

"Prices are (very) bad," Carlos told AFP in his small, makeshift lab.&nbsp;

"The only option is to keep it (the paste)," in the hopes that prices, and demand, will pick up.

<h2>Illegal, but crucial&nbsp;</h2>

Experts say the rise of synthetic opioids such as fentanyl, an "overproduction" of coca, changing consumer habits and several recent blows to Colombia's powerful drug cartels could all be contributing to the price drop.

Colombia remains the world's largest producer of cocaine -- of which coca is the main ingredient -- and the United States its biggest buyer.

Coca cultivation is illegal, but a mainstay for many in the South American country of 50 million people.

Some 250,000 Colombian families depend on coca for a living -- about 1.5 per cent of the population, according to official figures.&nbsp;

All along the country's Pacific coast, however, coca growers have seen their incomes plummet since the beginning of the year.

The region, under the yoke of armed and violent dissidents of the FARC guerrilla group that disarmed in 2017, is where about 44 per cent of Colombia's 204,000 hectares of coca was grown in 2021, according to the UN.

"At this time, the coca economy is not yielding a lot to survive on," grower Nilson Solis told AFP among his crops outside the town of Olaya Herrera, also near the Pacific coast.&nbsp;

Residents say the price for a kilogram of coca paste has dropped from about $695 to $440 in just a few months.

<h2>'Not a lot'</h2>

It appears ironic that growers are struggling: Colombia broke its own record of land under coca cultivation two years ago, according to the latest available UN report.

Colombian government official Felipe Tascon said rising conflict between drug cartels and other armed groups fighting over resources and terrain may have made it more difficult to move product.

Julian Quintero, head of an NGO working to reduce risk from psychoactive drug use, said "overproduction" is also likely contributing to the drop in demand.

Coca has ever more "alkalinity and yield," which means less of it is needed to produce cocaine, he said.

And Rival drugs such as ecstasy are gaining ground among younger pleasure seekers, Quintero added.

Colombia's new leftist President Gustavo Petro visited Olaya Herrera this month, where he met community leaders and speculated that lower demand may also have to do "with the fact that Americans have changed their consumption, their tastes."&nbsp;

Synthetic opioids such as fentanyl, more powerful and addictive than cocaine, are proliferating in the United States.&nbsp;

Petro has criticised the US-led "war on drugs" that has criminalised and impoverished rural Colombians, and has mooted an amnesty for drug traffickers willing to give themselves up and abandon the trade.

He has also proposed purchasing arable land to redistribute to small farmers to make a living from legal crops, free from the violent yoke of the drug gangs they rely on to make a living.

Meanwhile, farmers like Solis are looking for alternatives as hunger stares more and more coca growers in the face. He is considering taking up illegal logging.

"When we take stock, we have nothing left," he told AFP.&nbsp;

"Barely enough to buy a pound of rice and a little oil."

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"Carlos," a 36-year-old coca grower in Colombia, is stuck hanging onto kilos of the valuable paste used to make cocaine stashed under his bed. Normally, the illegal cache would be worth thousands of dollars, but a sudden dearth of buyers has left him high and dry and concerned about the future of his children.

"Carlos," a 36-year-old coca grower in Colombia, is stuck hanging onto kilos of the valuable paste used to make cocaine stashed under his bed. Normally, the illegal cache would be worth thousands of dollars, but a sudden dearth of buyers has left him high and dry and concerned about the future of his children. Carlos is not his real name -- the grower wished to remain anonymous for fear of reprisals from armed groups operating near his farm in Llorente in Colombia's southern Narino department, where increasing numbers of small-scale coca producers worry where their next meal will come from. Their hands covered in scratches, groups of "raspachines" or expert coca pickers, advance at great speed through the sea of green crops in Llorente. Once harvested, the coca leaves reach Carlos, who cooks them, along with a mixture of chemicals, on a small stove until they yield a white substance. Cultivating his two hectares had cost him about $660, Carlos told AFP, and normally he would be able to sell the product for about $4,000. But with a dip in demand and historically low prices, he has so far sold only $154's worth. At the end of the trading chain, the cocaine made with his paste would be worth millions. "Prices are (very) bad," Carlos told AFP in his small, makeshift lab. "The only option is to keep it (the paste)," in the hopes that prices, and demand, will pick up. Illegal, but crucial Experts say the rise of synthetic opioids such as fentanyl, an "overproduction" of coca, changing consumer habits and several recent blows to Colombia's powerful drug cartels could all be contributing to the price drop. Colombia remains the world's largest producer of cocaine -- of which coca is the main ingredient -- and the United States its biggest buyer. Coca cultivation is illegal, but a mainstay for many in the South American country of 50 million people. Some 250,000 Colombian families depend on coca for a living -- about 1.5 per cent of the population, according to official figures. All along the country's Pacific coast, however, coca growers have seen their incomes plummet since the beginning of the year. The region, under the yoke of armed and violent dissidents of the FARC guerrilla group that disarmed in 2017, is where about 44 per cent of Colombia's 204,000 hectares of coca was grown in 2021, according to the UN. "At this time, the coca economy is not yielding a lot to survive on," grower Nilson Solis told AFP among his crops outside the town of Olaya Herrera, also near the Pacific coast. Residents say the price for a kilogram of coca paste has dropped from about $695 to $440 in just a few months. 'Not a lot' It appears ironic that growers are struggling: Colombia broke its own record of land under coca cultivation two years ago, according to the latest available UN report. Colombian government official Felipe Tascon said rising conflict between drug cartels and other armed groups fighting over resources and terrain may have made it more difficult to move product. Julian Quintero, head of an NGO working to reduce risk from psychoactive drug use, said "overproduction" is also likely contributing to the drop in demand. Coca has ever more "alkalinity and yield," which means less of it is needed to produce cocaine, he said. And Rival drugs such as ecstasy are gaining ground among younger pleasure seekers, Quintero added. Colombia's new leftist President Gustavo Petro visited Olaya Herrera this month, where he met community leaders and speculated that lower demand may also have to do "with the fact that Americans have changed their consumption, their tastes." Synthetic opioids such as fentanyl, more powerful and addictive than cocaine, are proliferating in the United States. Petro has criticised the US-led "war on drugs" that has criminalised and impoverished rural Colombians, and has mooted an amnesty for drug traffickers willing to give themselves up and abandon the trade. He has also proposed purchasing arable land to redistribute to small farmers to make a living from legal crops, free from the violent yoke of the drug gangs they rely on to make a living. Meanwhile, farmers like Solis are looking for alternatives as hunger stares more and more coca growers in the face. He is considering taking up illegal logging. "When we take stock, we have nothing left," he told AFP. "Barely enough to buy a pound of rice and a little oil." WATCH WION LIVE HERE:

Cocaine price crash a blow for Colombian coca growers

US credit rating agency Moody's on Tuesday gave a thumbs up to India's growth story, estimating that India's Gross Domestic Product already crossed the $3.5 trillion-mark in 2022.

Moody's added&nbsp;that India will be the fastest-growing G-20 economy for the next few years, largely because of a young workforce, increasing urbanisation, and rising government spending on infrastructure.&nbsp;

Interestingly, India holds the presidency of the G20 group of nations this year.&nbsp;

But Moody's also highlighted several red flags for India's economy. The ratings agency said bureaucracy could slow approval processes to set up businesses, which would hamper economic growth.

Moody's said that a slacking bureaucracy may drive away foreign investors to other Asian destinations like Indonesia and Vietnam. "India's higher bureaucracy in decision-making will reduce its attractiveness as a destination for foreign direct investment, especially when competing with other developing economies in the region," Moody's Investors Service said.

The credit rating agency added that limited liberalisation in business regulations could harm India's growth prospects too. "Lack of certainty around the amount of time needed for land acquisition approvals, regulatory clearances, obtaining licenses and setting up businesses can materially prolong project gestation," the credit rating agency said.&nbsp;

However, Moody's also took note of the Indian government's efforts to reform the economy.

The US credit rating agency said that recent reforms like making labour laws flexible, raising the agricultural sector's efficiency, expanding investment in infrastructure, incentivising investment in manufacturing, and strengthening the financial sector will help India's economy. But Moody's added that effective implementation of the reforms will be key.&nbsp;

The Moody's projection came just a day after India's Reserve Bank of India said that the country's growth trajectory was steadfast, supported by a robust banking sector and a steadfast commitment to financial stability.

In its latest assessment cited by Reuters, the Reserve Bank of India revealed that India's economy has sustained the growth momentum witnessed in the previous fiscal quarter of 2022-23.

Over a week ago, the UN had projected&nbsp;that the Indian economy would&nbsp;grow by 6.7 per cent in 2024, emerging as one of the few bright spots.&nbsp;

US credit rating agency Moody's on Tuesday gave a thumbs up to India's growth story, estimating that India's Gross Domestic Product already crossed the $3.5 trillion-mark in 2022.

US credit rating agency Moody's on Tuesday gave a thumbs up to India's growth story, estimating that India's Gross Domestic Product already crossed the $3.5 trillion-mark in 2022. Moody's added that India will be the fastest-growing G-20 economy for the next few years, largely because of a young workforce, increasing urbanisation, and rising government spending on infrastructure. Interestingly, India holds the presidency of the G20 group of nations this year. But Moody's also highlighted several red flags for India's economy. The ratings agency said bureaucracy could slow approval processes to set up businesses, which would hamper economic growth. Moody's said that a slacking bureaucracy may drive away foreign investors to other Asian destinations like Indonesia and Vietnam. "India's higher bureaucracy in decision-making will reduce its attractiveness as a destination for foreign direct investment, especially when competing with other developing economies in the region," Moody's Investors Service said. The credit rating agency added that limited liberalisation in business regulations could harm India's growth prospects too. "Lack of certainty around the amount of time needed for land acquisition approvals, regulatory clearances, obtaining licenses and setting up businesses can materially prolong project gestation," the credit rating agency said. However, Moody's also took note of the Indian government's efforts to reform the economy. The US credit rating agency said that recent reforms like making labour laws flexible, raising the agricultural sector's efficiency, expanding investment in infrastructure, incentivising investment in manufacturing, and strengthening the financial sector will help India's economy. But Moody's added that effective implementation of the reforms will be key. The Moody's projection came just a day after India's Reserve Bank of India said that the country's growth trajectory was steadfast, supported by a robust banking sector and a steadfast commitment to financial stability. In its latest assessment cited by Reuters, the Reserve Bank of India revealed that India's economy has sustained the growth momentum witnessed in the previous fiscal quarter of 2022-23. Over a week ago, the UN had projected that the Indian economy would grow by 6.7 per cent in 2024, emerging as one of the few bright spots.

India to remain fastest growing G20 economy for the next few years: Moody's

Tencent is back in action after a while roller coaster ride the company has bounced back from the covid-19 disruptions and Regulatory Crackdown with an epic 11 rise in Revenue the company's numbers have defied all analyst expectations while it witnessed an 11 rise in revenue and net profit its Global Gaming revenue jumped by 25 percent and online ad Revenue Rose 17 percent the Resurgence can be attributed to the resumption of gaming license approvals in China

Tencent's revenue growth exceeds analysts prediction

The United States is facing the prospect of defaulting on trillions of dollars. The nation is facing an unprecedented economic & financial storm. Without raising the debt limit, the US government will default on its bills.

What is the US debt ceiling & what happens if it isn’t raised?

The Sri Lankan economy is expected to contract by three percent in 2023 before registering a modest growth of 1.5 percent in 2024, said Krishna Srinivasan, Director of Asia and Pacific Department, IMF.

Sri Lanka: Why is the country in an economic crisis?

Leaders of the Group of Seven (G7) countries are set to discuss concern about China's use of "economic coercion" in its dealings abroad as part of their larger joint statement next week, according to a U.S. official familiar with the discussions.

The statement, a likely component of the overall communique that will be released by leaders during the May 19-21 summit in Hiroshima, Japan, is expected to be paired with a broader written proposal on how the seven advanced economies will work together to counter "economic coercion" from any country.

The main G7 statement is set to include "a section specific to China" with a list of concerns that include "economic coercion and other behavior that we have seen specifically from the [People's Republic of China]," the official said on Friday.

Also Read | <a href="https://www.wionews.com/india-news/exclusive-jaishankar-flags-need-for-adherence-respect-for-constitution-of-the-oceans-unclos-591885">EXCLUSIVE: Jaishankar flags need for adherence, respect for 'constitution of the oceans' UNCLOS</a>

A separate "economic security statement will speak more to tools" used to counter coercive efforts from any countries responsible, including planning and coordination, the person said. In each case, the statements are to expected go further than prior statements by the G7.

U.S. President Joe Biden has made China a focus of his foreign policy, working to keep the tense and competitive relationship from veering into one of open conflict, including over self-ruled Taiwan.

The G7, which also includes Canada, France, Germany, Italy and the United Kingdom, is closely tied economically to China, the world's biggest exporter and a key market for many of the seven countries' companies.

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Last month, China called a statement by the G7 foreign ministers that touched on similar topics "full of arrogance, prejudice against China," and lodged complaints with this year's G7 host, Japan.

Under Biden's predecessor, President Donald Trump, G7 statements often offered only a cursory mention of issues involving China. The Biden administration has pushed for more direct statements.

The joint statement issued by all the G7 leaders every year is intended to signal that the powerful countries are aligned on a range of political and economic issues.

G7 members will also hold out the prospect of further cooperation with China on areas like climate.

"We're not for decoupling the U.S. and Chinese economy, we are for de-risking, we are for diversifying," said the U.S. official. "That principle is very unifying."

Negotiations over the precise language of the leaders' joint declarations are still subject to diplomacy and adjustment before they are released during summit.

China tests G7 alliance&nbsp;

The G7 meeting will be a test of how much the members, all rich democracies, can agree on a common approach to China, the world's second-largest economy.

The China terms have been a major subject of the talks currently underway by G7 finance leaders in Niigata, Japan, where they have focused on reducing "over-reliance" of their countries' supply chains on Chinese manufacturing, including by partnering with low- and middle-income countries.

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"The U.S. wants to get something hard on paper down in terms of agreement and the other countries are interested, but they're not as interested in putting specifics down on paper on these various instruments and economic statecraft tools," said Josh Lipsky, senior director of the Atlantic Council's GeoEconomics Center.

In particular, some G7 members are skeptical about signing on to controls on outbound investment in China.

The policies are being drafted partly to help deny China's military access to tools it could use to gain technological superiority, and many in the Biden administration see them as complementary to export controls restricting access to some semiconductors that have the same goal.

"Of course, each member of the G7 is to some extent going to carve their own path on China and yet there are also a set of kind of principles that unite the G7 in a common approach to China," said the U.S. official.

Traveling for the G7 finance meeting in Japan, U.S. Treasury Secretary Janet Yellen said on Thursday that China had clearly used economic coercion with Australia and Lithuania.

Hanging over the meeting was a lack of progress in resolving the U.S. debt ceiling stalemate. A scheduled meeting on Friday between Biden and top lawmakers was postponed until early next week as Biden's Democrats and Republicans seek a compromise to avoid a catastrophic default.

U.S. officials, nonetheless, expect the president to attend the two-day summit as planned, followed by trips to Papua New Guinea and Australia also aimed at shoring up Washington's approach to the China-dominated Asia-Pacific region.

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Leaders of the Group of Seven (G7) countries are set to discuss concern about China's use of "economic coercion" in its dealings abroad as part of their larger joint statement next week, according to a U.

Leaders of the Group of Seven (G7) countries are set to discuss concern about China's use of "economic coercion" in its dealings abroad as part of their larger joint statement next week, according to a U.S. official familiar with the discussions. The statement, a likely component of the overall communique that will be released by leaders during the May 19-21 summit in Hiroshima, Japan, is expected to be paired with a broader written proposal on how the seven advanced economies will work together to counter "economic coercion" from any country. The main G7 statement is set to include "a section specific to China" with a list of concerns that include "economic coercion and other behavior that we have seen specifically from the [People's Republic of China]," the official said on Friday. Also Read | EXCLUSIVE: Jaishankar flags need for adherence, respect for 'constitution of the oceans' UNCLOS A separate "economic security statement will speak more to tools" used to counter coercive efforts from any countries responsible, including planning and coordination, the person said. In each case, the statements are to expected go further than prior statements by the G7. U.S. President Joe Biden has made China a focus of his foreign policy, working to keep the tense and competitive relationship from veering into one of open conflict, including over self-ruled Taiwan. The G7, which also includes Canada, France, Germany, Italy and the United Kingdom, is closely tied economically to China, the world's biggest exporter and a key market for many of the seven countries' companies. Also Read | Portuguese parliament legalises euthanasia for people over 18 Last month, China called a statement by the G7 foreign ministers that touched on similar topics "full of arrogance, prejudice against China," and lodged complaints with this year's G7 host, Japan. Under Biden's predecessor, President Donald Trump, G7 statements often offered only a cursory mention of issues involving China. The Biden administration has pushed for more direct statements. The joint statement issued by all the G7 leaders every year is intended to signal that the powerful countries are aligned on a range of political and economic issues. G7 members will also hold out the prospect of further cooperation with China on areas like climate. "We're not for decoupling the U.S. and Chinese economy, we are for de-risking, we are for diversifying," said the U.S. official. "That principle is very unifying." Negotiations over the precise language of the leaders' joint declarations are still subject to diplomacy and adjustment before they are released during summit. China tests G7 alliance The G7 meeting will be a test of how much the members, all rich democracies, can agree on a common approach to China, the world's second-largest economy. The China terms have been a major subject of the talks currently underway by G7 finance leaders in Niigata, Japan, where they have focused on reducing "over-reliance" of their countries' supply chains on Chinese manufacturing, including by partnering with low- and middle-income countries. Watch | Exclusive: Talking Tennis with Stefanos Tsitsipas | Sports News × "The U.S. wants to get something hard on paper down in terms of agreement and the other countries are interested, but they're not as interested in putting specifics down on paper on these various instruments and economic statecraft tools," said Josh Lipsky, senior director of the Atlantic Council's GeoEconomics Center. In particular, some G7 members are skeptical about signing on to controls on outbound investment in China. The policies are being drafted partly to help deny China's military access to tools it could use to gain technological superiority, and many in the Biden administration see them as complementary to export controls restricting access to some semiconductors that have the same goal. "Of course, each member of the G7 is to some extent going to carve their own path on China and yet there are also a set of kind of principles that unite the G7 in a common approach to China," said the U.S. official. Traveling for the G7 finance meeting in Japan, U.S. Treasury Secretary Janet Yellen said on Thursday that China had clearly used economic coercion with Australia and Lithuania. Hanging over the meeting was a lack of progress in resolving the U.S. debt ceiling stalemate. A scheduled meeting on Friday between Biden and top lawmakers was postponed until early next week as Biden's Democrats and Republicans seek a compromise to avoid a catastrophic default. U.S. officials, nonetheless, expect the president to attend the two-day summit as planned, followed by trips to Papua New Guinea and Australia also aimed at shoring up Washington's approach to the China-dominated Asia-Pacific region. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

G7 summit statement to target China's 'economic coercion'

China's central bank on Friday pegged the country's economic growth at five per cent, which is in line with the government's target for 2023.

The central bank's economic projection comes just days after the International Monetary Fund dubbed China a "bright spot" in the global economy along with India.

People's Bank of China Governor Yi Gang added that the economy is stabilising while inflation remains low.

Analysts believe that the five per cent growth target is moderate and considers the uncertain&nbsp;domestic and global economic outlook for 2023.&nbsp;

"I'm afraid that reaching our growth target of around five per cent will be no easy task, and will require that we redouble our efforts," said China's newly appointed premier Li Qiang on March 13, while sounding&nbsp;a note of caution.&nbsp;

Under China's collective leadership led by President Xi Jinping, the premier (equal to a prime minister) is in charge of the country's economic affairs.

The new premier's worry&nbsp;is not unfounded.&nbsp;

China, the world's second largest economy, grew by a meagre three per cent in 2022. It missed its official target of 5.5 per cent by a huge margin.&nbsp;There was&nbsp;only one reason for China's shocking economic performance last year – the stringent zero-Covid policy, which majorly impacted the manufacturing and services sector.&nbsp;

Chinese media reports show retail sales –&nbsp;a major indicator of consumer demand –&nbsp;fell by 0.2 per cent last year. Consumption contributed just&nbsp;32.8 percent to the GDP growth, falling from&nbsp;65.4 percent in 2021.

Real estate, another driver of China's growth, tumbled 10 percent last year after one of the biggest real estate developers collapsed in late 2021.

China reported a record trade surplus in 2022, thanks to robust trade with sanctions-hit Russia, a weak Chinese Yuan and rising prices of goods. However, the impact of the global economic slowdown began to show in the final three months of 2022, when China's exports declined for the first time since the pandemic began in early 2020.

The conservative growth target does not mean China has not rebounded from the zero-Covid policy&nbsp;lifted last year. One can already see the positive signs.&nbsp;

In the first two months of 2023, retail sales rose 3.5 percent compared to the same period in 2022.&nbsp;

The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011.

In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy.

“China has rebounded – it's coming along strongly again," an IMF official told a&nbsp;Singaporean news channel&nbsp;this week.

However, he noted that China needed more reforms to manage its growth target for 2023. "But even for a country like China, the longer-term prospects have to be addressed through policy reforms,” he added.

China's central bank on Friday pegged the country's economic growth at five per cent, which is in line with the government's target for 2023. The central bank's economic projection comes just days after the International Monetary Fund dubbed China a "bright spot" in the global economy along with India.

China's central bank on Friday pegged the country's economic growth at five per cent, which is in line with the government's target for 2023. The central bank's economic projection comes just days after the International Monetary Fund dubbed China a "bright spot" in the global economy along with India. People's Bank of China Governor Yi Gang added that the economy is stabilising while inflation remains low. Analysts believe that the five per cent growth target is moderate and considers the uncertain domestic and global economic outlook for 2023. "I'm afraid that reaching our growth target of around five per cent will be no easy task, and will require that we redouble our efforts," said China's newly appointed premier Li Qiang on March 13, while sounding a note of caution. Under China's collective leadership led by President Xi Jinping, the premier (equal to a prime minister) is in charge of the country's economic affairs. The new premier's worry is not unfounded. China, the world's second largest economy, grew by a meagre three per cent in 2022. It missed its official target of 5.5 per cent by a huge margin. There was only one reason for China's shocking economic performance last year – the stringent zero-Covid policy, which majorly impacted the manufacturing and services sector. Chinese media reports show retail sales – a major indicator of consumer demand – fell by 0.2 per cent last year. Consumption contributed just 32.8 percent to the GDP growth, falling from 65.4 percent in 2021. Real estate, another driver of China's growth, tumbled 10 percent last year after one of the biggest real estate developers collapsed in late 2021. China reported a record trade surplus in 2022, thanks to robust trade with sanctions-hit Russia, a weak Chinese Yuan and rising prices of goods. However, the impact of the global economic slowdown began to show in the final three months of 2022, when China's exports declined for the first time since the pandemic began in early 2020. The conservative growth target does not mean China has not rebounded from the zero-Covid policy lifted last year. One can already see the positive signs. In the first two months of 2023, retail sales rose 3.5 percent compared to the same period in 2022. The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011. In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy. “China has rebounded – it's coming along strongly again," an IMF official told a Singaporean news channel this week. However, he noted that China needed more reforms to manage its growth target for 2023. "But even for a country like China, the longer-term prospects have to be addressed through policy reforms,” he added.

China’s central bank pegs growth at 5% for 2023, in line with government’s target

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter.

According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent.&nbsp;

However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year.&nbsp;In the same period, oil activities grew only by 1.3 percent.&nbsp;

Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities.

As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030.&nbsp;Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy.&nbsp;

The increased push towards&nbsp;the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown.

Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects.&nbsp;

However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices.&nbsp;

This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years.

The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.&nbsp;

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.9 percent in the first three months of 2023. In the preceding quarter (October-December 2022), the economy grew at 5.5 percent. However, the Saudi government's plan to diversify its predominantly oil-based economy has got a further boost. Non-oil activities grew by 5.8 percent in the first quarter of 2023 compared to last year. In the same period, oil activities grew only by 1.3 percent. Saudi Arabia has been aiming to diversify its economy by reducing its focus on oil-related activities. As part of Saudi Vision 2030, the country aims to diversify non-oil exports and increase its share in the non-oil GDP from 16 percent to 50 percent in 2030. Finance, insurance, other business services, transport and communication, non-oil manufacturing and agriculture are the key components of Saudi Arabia's push for a non-oil economy. The increased push towards the non-oil sector is largely influenced by the volatile nature of oil as a commodity. Oil prices are prone to global economic and political volatility, as seen during the ongoing Ukraine war and global economic slowdown. Meanwhile, Saudi Arabia also reported a deficit of $770 million in the first three months of 2023, as the government increased spending by nearly 30 percent, largely due to the expenditure on salaries and economic diversification projects. However, higher non-oil revenues drove Saudi Arabia's income in 2023. Non-oil revenues rose by 9 percent while oil revenues fell by 3 percent in the first three months of 2023 due to lower crude prices. This is in contrast to last year, when surging oil prices boosted revenue for Saudi Arabia This also led to the its first budget surplus in almost 10 years. The budget deficit is also reflective of the International Monetary Fund's projection that the Saudi Arabian economy will grow at just 3.1 percent this year, down from 8.7 percent last year, as global crude oil prices remain below the $80 per barrel.

Saudi Arabia's economy grew slower in 2023 but non-oil sector got a boost

On May 14, Turkiye will hold presidential elections. A crippling economy and deadly earthquakes- Will Erdogan’s 2-decade-old reign over Turkiye come to an end? Watch WION Wideangle

Turkiye Elections: Erdogan, Economy, Earthquakes | WION Wideangle

The debt limit timebomb is ticking for the Biden administration. The question looming now is: Will President Joe Biden & Republican lawmakers be able to break the deadlock? They are scheduled to meet on Tuesday, led by Speaker Kevin McCarthy.

Will the US debt limit crisis end soon?

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. Government data shows that the Saudi economy grew 3.9% compared to the same period last year.

Saudi Arabia's economy slows down in 2023

The United States is on the edge of a fiscal cliff. Time is running out for the government to raise its debt limit just ahead of the key meeting on US investment. President Joe Biden criticised Republicans for their refusal to vote on a higher federal debt ceiling.

US house divided over raising debt ceiling

Pakistan's economy appears to be worsening with every passing day. The country has now overtaken Sri Lanka, which too is suffering severe economic crisis and is gradually showing signs of recovery.

Pakistan overtakes Sri Lanka with weakest currency

A dearth of workers and poor economic growth have increased the number of one-day releases. Prisoners The goal is to encourage people to pursue vocational training and for more criminals to be released on licence so they can enrol in apprenticeships in fields like construction as part of the UK government's attempt to get offenders back to work.

UK: Thousands of prisoners could be released on license to help boost the economy

A fight between Republicans and Democrats over the debt limit ceiling could send the US economy into a recession even if the standoff doesn't actually trigger a debt default, analysts say.

Analysts: US debt limit standoff could lead to recession

The US national debt has hit a new high of 28 trillion dollars caused by years of government spending exceeding the revenue. Watch this report to understand the impact of this on the world's largest economy. Will this crisis push the us economy further into recession and what do experts suggest on the matter?

Is US economy really rich? Or is it a facade?

Data from China's statistic bureau shows that, in April, the nation's factory activity witnessed a decline. This as&nbsp;per news agency AP, signals the challenges policymakers face in their efforts to sustain the country's economic recovery.

The official survey undertaken by the government's statistic bureau and an official industry group was published on Sunday. It showed that China's monthly purchasing managers' index declined to 49.2 from 51.9 in March. On the 100-point scale, numbers below 50 indicate that activity is contracting.

In addition, as per the National Bureau of Statistics and the China Federation of Logistics &amp; Purchasing, measures of production, new orders and even employment dropped in April.

However, the index for production remained above 50, which, as per the authorities, signals that there was still an expansion.

According to China's National Bureau of Statistics, the country's manufacturing purchasing managers' index (PMI) fell to 51.1 in April from 51.9 in March.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/commodity-prices-set-to-plunge-in-2023-but-relief-for-consumers-remains-elusive-world-bank-report-587034">Commodity prices set to plunge in 2023, but relief for consumers remains elusive: World Bank report</a>

Zhao Qinghe, China's National Bureau of Statistics' senior statistician, said that this decline in the manufacturing purchasing managers' index was due to inadequate market demand and a relatively high base figure recorded in the first quarter when recovery was fast. This suggests that the economic recovery in China may be slowing down.

In the first quarter, after the Chinese government's abrupt end to coronavirus control regulations, the nation's economic growth accelerated. In spite of that, authorities had warned that in the coming months, amid an uncertain global economic outlook, China will face import and export pressures. They also cautioned that the nation may face inadequate domestic market demands.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/intel-posts-biggest-quarterly-loss-amid-us-china-semiconductor-wars-586816">Intel posts biggest quarterly loss as PC sales drop, chip wars intensify</a>

Data shows that the non-manufacturing&nbsp;commercial activity index decreased to 56.4 from 58.2 in March, while the composite PMI dropped to 54.4 from 57.0.&nbsp;

These figures suggest a slowing down of China's economic recovery.&nbsp;

Earlier this year, the Chinese government set a conservative economic growth target of "around 5 per cent" for this year. This target will only be met if GDP grows faster in the months ahead. To achieve this, the government plans to implement various policies to stabilise growth, stimulate domestic demand, and support the development of emerging industries.

(With inputs from agencies) 
&nbsp;

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Data from China's statistic bureau shows that, in April, the nation's factory activity witnessed a decline. This as per news agency AP, signals the challenges policymakers face in their efforts to sustain the country's economic recovery.

Data from China's statistic bureau shows that, in April, the nation's factory activity witnessed a decline. This as per news agency AP, signals the challenges policymakers face in their efforts to sustain the country's economic recovery. The official survey undertaken by the government's statistic bureau and an official industry group was published on Sunday. It showed that China's monthly purchasing managers' index declined to 49.2 from 51.9 in March. On the 100-point scale, numbers below 50 indicate that activity is contracting. In addition, as per the National Bureau of Statistics and the China Federation of Logistics & Purchasing, measures of production, new orders and even employment dropped in April. However, the index for production remained above 50, which, as per the authorities, signals that there was still an expansion. According to China's National Bureau of Statistics, the country's manufacturing purchasing managers' index (PMI) fell to 51.1 in April from 51.9 in March. Also read | Commodity prices set to plunge in 2023, but relief for consumers remains elusive: World Bank report Zhao Qinghe, China's National Bureau of Statistics' senior statistician, said that this decline in the manufacturing purchasing managers' index was due to inadequate market demand and a relatively high base figure recorded in the first quarter when recovery was fast. This suggests that the economic recovery in China may be slowing down. In the first quarter, after the Chinese government's abrupt end to coronavirus control regulations, the nation's economic growth accelerated. In spite of that, authorities had warned that in the coming months, amid an uncertain global economic outlook, China will face import and export pressures. They also cautioned that the nation may face inadequate domestic market demands. Also read | Intel posts biggest quarterly loss as PC sales drop, chip wars intensify Data shows that the non-manufacturing commercial activity index decreased to 56.4 from 58.2 in March, while the composite PMI dropped to 54.4 from 57.0. These figures suggest a slowing down of China's economic recovery. Earlier this year, the Chinese government set a conservative economic growth target of "around 5 per cent" for this year. This target will only be met if GDP grows faster in the months ahead. To achieve this, the government plans to implement various policies to stabilise growth, stimulate domestic demand, and support the development of emerging industries. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China manufacturing dips in April, latest figures suggest a slowing down of economic recovery

US economic growth slowed sharply in the first quarter of 2023 despite strong consumer spending, as the Federal Reserve ploughed ahead with its historic monetary tightening campaign.

US growth slowed sharply in first quarter as Fed pushed rates higher

If you are planning to move abroad for a job, there is some good news for you.&nbsp;

The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad.

According to the report, Indian workers see a 120 percent&nbsp;rise in their incomes outside India, while internal migration within India will only add about 40 percent&nbsp;to personal incomes.&nbsp;

"Migration leads to large wage increases for most people whose skills and attributes are a strong match with the needs of the destination society. These gains often exceed what could be achieved in the country of origin, even from internal migration to relatively better-off locations," says the report.&nbsp;

Moving abroad is even more rewarding for low-skilled workers from less developed and developing countries such as India.&nbsp;

A low-skilled Indian worker is likely to see a whopping 500 percent rise in income in the United States. The United Arab Emirates is the next favourite destination for low-skilled workers, who can earn 300 percent more than in India. &nbsp;

"The gains are so large that at current rates of economic growth it would take decades for the average low-skilled person working in some countries of origin to earn the income they achieve by migrating to a high-income country," notes the report.&nbsp;

According to the International Labour Organisation, low-skilled work consisting of “simple and routine tasks which require the use of hand-held tools and often some physical effort”.&nbsp;

Tech brain drain a boon in disguise?&nbsp;

Migration of talented Indians to the developed world has often been dubbed "brain drain" in the media. While there may well be some truth in it, the World Bank report argues that "brain drain" may have played a role in India's Information Technology revolution.&nbsp;

Many techies from India have not only prospered in the Silicon Valley but also become an integral part of the Indian diaspora -- the largest in the world. Sundar Pichai, Satya Nadella and Arvind Krishna are some of the best examples of Indian migrants making it big in the US. &nbsp;

These illustrious names, the report argues, have helped develop industries in India by transferring knowledge and fostering innovation.

"Indian migrants in California’s Silicon Valley have launched large Information Technology–related firms in India. In 2006, firms established by returnees accounted for some 90 percent of firms in software technology parks in Bangalore," notes the report.&nbsp;

Economic migration - a major source of remittances&nbsp;

In many cases, migration to developed countries can economically help the country of origin.&nbsp;

"Remittances are a stable source of income for migrants’ families, supporting investments in children’s education, health care, housing, and entrepreneurial activities," observes the report.&nbsp;

India is the biggest beneficiary of remittances in the world, having crossed the $100 billion-mark in 2022.

A large part of the remittances to India come from migrants living in the Gulf. According to the report, low-skilled Indian migrants in Gulf countries send, on average, nearly 70 percent of their earnings to their families.

According to India's Ministry of External Affairs, nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries of&nbsp;Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.&nbsp;

If you are planning to move abroad for a job, there is some good news for you. The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad.

If you are planning to move abroad for a job, there is some good news for you. The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad. According to the report, Indian workers see a 120 percent rise in their incomes outside India, while internal migration within India will only add about 40 percent to personal incomes. "Migration leads to large wage increases for most people whose skills and attributes are a strong match with the needs of the destination society. These gains often exceed what could be achieved in the country of origin, even from internal migration to relatively better-off locations," says the report. Moving abroad is even more rewarding for low-skilled workers from less developed and developing countries such as India. A low-skilled Indian worker is likely to see a whopping 500 percent rise in income in the United States. The United Arab Emirates is the next favourite destination for low-skilled workers, who can earn 300 percent more than in India. "The gains are so large that at current rates of economic growth it would take decades for the average low-skilled person working in some countries of origin to earn the income they achieve by migrating to a high-income country," notes the report. According to the International Labour Organisation, low-skilled work consisting of “simple and routine tasks which require the use of hand-held tools and often some physical effort”. Tech brain drain a boon in disguise? Migration of talented Indians to the developed world has often been dubbed "brain drain" in the media. While there may well be some truth in it, the World Bank report argues that "brain drain" may have played a role in India's Information Technology revolution. Many techies from India have not only prospered in the Silicon Valley but also become an integral part of the Indian diaspora -- the largest in the world. Sundar Pichai, Satya Nadella and Arvind Krishna are some of the best examples of Indian migrants making it big in the US. These illustrious names, the report argues, have helped develop industries in India by transferring knowledge and fostering innovation. "Indian migrants in California’s Silicon Valley have launched large Information Technology–related firms in India. In 2006, firms established by returnees accounted for some 90 percent of firms in software technology parks in Bangalore," notes the report. Economic migration - a major source of remittances In many cases, migration to developed countries can economically help the country of origin. "Remittances are a stable source of income for migrants’ families, supporting investments in children’s education, health care, housing, and entrepreneurial activities," observes the report. India is the biggest beneficiary of remittances in the world, having crossed the $100 billion-mark in 2022. A large part of the remittances to India come from migrants living in the Gulf. According to the report, low-skilled Indian migrants in Gulf countries send, on average, nearly 70 percent of their earnings to their families. According to India's Ministry of External Affairs, nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Indian workers earn 120% more abroad: World Bank report

UK's poor record on health is costing the economy £43 billion a year and cutting the annual incomes of individuals affected by long-term sickness by up to £2,200 a year on average, a report says. With official figures showing more days lost to sickness than at any time since 2004, the Institute for Public Policy Research said improving the country’s health was vital both for the economy and to boost the incomes of disadvantaged groups.

UK's poor record on health costs economy £43 bn a year, says report

A Pakistani court recently imposed a $2.48 million fine on China National Petroleum Corporation. The case relating to the violation of contract norms has again brought forth increasing economic mistrust between the two countries. Remember, many projects under the so-called China-Pakistan economic corridor have been stalled, turning into financial liabilities. There have been unresolved differences between the Pakistani and Chinese governments. China has slowed investments in large infrastructure projects. Beijing reportedly sees key projects in Pakistan as vulnerable to local politics, and the returns on investments have been delayed. The differences between the two governments, though not new, have been kept behind closed doors. Terror attacks aimed at Chinese projects have also impacted economic cooperation between Beijing and Islamabad. Pakistan’s financial woes have further decreased its capacity to fulfil financial obligations in various projects.

Spotlight on China-Pak economic 'mistrust' | Terror attacks, financial woes dent Cooperation

This week on Inside South Asia with @dasuni athauda Four years since Sri Lanka's Easter Sunday bombings Can Japan block china's growth in South Asia? Pakistan: Ramadan nights and cricket fever Nepal wildfires uncontrolled Bhutan secretly invests millions in crypto #insidesouthasia #asia #srilanka

4 years since Sri Lanka's easter bombings | Bangladesh's Matarbari Port | Inside South Asia

According to South Africa's national statistics agency, the country's inflation rate in March increased to an all-time high of 7.1% from 7.0% in February, marking the highest level in ten years.

South Africa: March inflation marks the second consecutive acceleration

China's gross domestic product (GDP) expanded 4.5 percent in the first quarter of the year 2023, boosted by increased consumption and retail sales.

China's GDP jumps 4.5% in Q1 as consumption, retail sales grow

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal&nbsp;which ended in March 2023.&nbsp;

Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23.&nbsp;

India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal.&nbsp;

The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves.&nbsp;

Trade deficit widens with China&nbsp;

While China has been one of the top trading partners, India's deficit has widened over the years.&nbsp;

Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal.&nbsp;

Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal.&nbsp;

A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.&nbsp;

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal which ended in March 2023. Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23. India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal. The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves. Trade deficit widens with China While China has been one of the top trading partners, India's deficit has widened over the years. Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal. Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal. A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.

US pips China to become India's top trade partner

Here we bring you a quick round-up of all latest news, top headlines and international breakings from all across the globe, stay tuned with Gravitas for more!

Gravitas Global Headlines: Ukraine's economy shrank a whopping 29.1% in 2022

United States President Joe Biden landed in Northern Ireland for his four-day visit, where he will show his support for the country's peace and will also attend events which will celebrate his Irish roots. The International Monetary Fund (IMF) on Tuesday slightly decreased its global growth projection for 2023-24 from 6.1 per cent to 5.9 per cent, however, it praised the Indian economy. Meanwhile, Twitter's Elon Musk announced the final date for removing legacy Blue checks from verified Twitter accounts.

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<a href="https://www.wionews.com/world/joe-biden-lands-in-northern-ireland-to-mark-25-years-of-good-friday-agreement-581514">Joe Biden lands in Northern Ireland, to mark 25 years of Good Friday Agreement&nbsp;</a>

<img alt="Biden" data-entity-type="file" data-entity-uuid="d8158e1a-5fa9-4884-8484-02ba0f5a9be5" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202023-04-12T082933.027.png" />

United States President Joe Biden has reached Northern Ireland, starting his four-day visit to the island, where he will extend his support for the country's peace and will celebrate his Irish roots.

<a href="https://www.wionews.com/business-economy/imf-says-india-very-strong-economy-and-bright-spot-in-the-global-economy-581526">IMF says India 'very strong economy' and one of bright spots globally</a>

 
<img alt="IMF" data-entity-type="file" data-entity-uuid="bf294893-fb78-4bae-91ca-1e14cd88c6ee" src="//cdn.wionews.com/sites/default/files/inline-images/344767-india-2.jpg" />

The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy.&nbsp;

<a href="https://www.wionews.com/south-asia/myanmar-military-targets-school-children-performing-dances-in-saigaing-up-to-100-feared-dead-581524">Myanmar military targets 'school children performing dances' in Sagaing; up to 100 feared dead</a>

 
<img alt="Myanmar" data-entity-type="file" data-entity-uuid="026fcafa-cc83-4e18-beeb-f14e2abbb414" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202023-04-12T102345.800.png" />&nbsp;&nbsp;

Many dozens of people, including children, are reported to be dead in central Myanmar following the military's airstrikes on Tuesday. The number of dead cited by a local pro-democracy group and media go as high as 100. Myanmar's military has reportedly confirmed the airstrikes without commenting on the number of people killed in its offensive against its own people.&nbsp;&nbsp;

<a href="https://www.wionews.com/technology/420-elon-musk-sets-final-date-for-removing-twitter-legacy-blue-checks-581500">'4/20': Elon Musk sets final date for removing Twitter legacy Blue checks</a>

 
<img alt="Musk" data-entity-type="file" data-entity-uuid="c0e96b51-ec85-401c-921d-f14aa59ab9e0" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202023-04-12T102357.380.png" />

Twitter owner Elon Musk early Wednesday (April 12) set a final date for removing legacy Blue checks from Twitter accounts verified under the social media giant's previous regime. "Final date for removing legacy Blue checks is 4/20," Musk tweeted.

Pentagon leaks: Will turn every rock to find source of leak, says US Defense Secretary Lloyd Austin 
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<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pentagon-leaks-will-turn-every-rock-to-find-source-of-leak-says-us-defense-secretary-lloyd-austin-581534/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

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United States President Joe Biden landed in Northern Ireland for his four-day visit, where he will show his support for the country's peace and will also attend events which will celebrate his Irish roots.

United States President Joe Biden landed in Northern Ireland for his four-day visit, where he will show his support for the country's peace and will also attend events which will celebrate his Irish roots. The International Monetary Fund (IMF) on Tuesday slightly decreased its global growth projection for 2023-24 from 6.1 per cent to 5.9 per cent, however, it praised the Indian economy. Meanwhile, Twitter's Elon Musk announced the final date for removing legacy Blue checks from verified Twitter accounts. Click on the headline to read more: Joe Biden lands in Northern Ireland, to mark 25 years of Good Friday Agreement United States President Joe Biden has reached Northern Ireland, starting his four-day visit to the island, where he will extend his support for the country's peace and will celebrate his Irish roots. IMF says India 'very strong economy' and one of bright spots globally The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. Myanmar military targets 'school children performing dances' in Sagaing; up to 100 feared dead Many dozens of people, including children, are reported to be dead in central Myanmar following the military's airstrikes on Tuesday. The number of dead cited by a local pro-democracy group and media go as high as 100. Myanmar's military has reportedly confirmed the airstrikes without commenting on the number of people killed in its offensive against its own people. '4/20': Elon Musk sets final date for removing Twitter legacy Blue checks Twitter owner Elon Musk early Wednesday (April 12) set a final date for removing legacy Blue checks from Twitter accounts verified under the social media giant's previous regime. "Final date for removing legacy Blue checks is 4/20," Musk tweeted. Pentagon leaks: Will turn every rock to find source of leak, says US Defense Secretary Lloyd Austin

Morning Brief: Joe Biden reaches Northern Ireland, IMF says India's economy 'very strong', & more

Sri Lanka's election body on Tuesday said the local body polls scheduled to be held on April 25 have now been postponed indefinitely due to an acute shortage of funds.

Sri Lanka's local body elections delayed due to lack of funds: Poll Body

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