A World Bank report says Pakistan's economy is the weakest in South Asia. The country's forex reserves are shrinking, the rupee is at an all-time low. Molly Gambhir reports.

Gravitas | World Bank: Pak's economy is weakest in South Asia

Champagne sales in 2022 reached a record high of more than 6.5 billion USD,&nbsp;primarily due to the fading Covid pandemic, as per industry experts.&nbsp;As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.9 billion USD in 2021 was partly a result of its shift upmarket and introduction of more expensive vintage champagnes.

In 2022 "it naturally accompanied consumers throughout the world as they rejoiced at the end of lockdowns and found the taste again for celebrating, going out, travelling," said David Chatillon, co-president of the Comite Champagne who spoke to AFP.&nbsp;

At the height of the pandemic lockdowns in 2020, sales had fallen to 244 million bottles.

Also read |&nbsp;<a href="https://www.wionews.com/trending/two-drinks-per-week-dry-january-canadas-new-recommendation-for-alcohol-consumption-553862/amp">Two drinks per week, dry January: Canada's new recommendation for alcohol consumption</a>

While domestic sales fell 1.7 per cent, exports increased by 4.3 per cent in volume to 187.5 million bottles.

Exports now make up 57 per cent&nbsp;of sales, compared to 45 per cent&nbsp;a decade earlier, as reported by AFP.&nbsp;

Due to the market's annual volume of fewer than two million bottles, the suspension of shipments to Russia had little effect.

(With inputs from agencies)

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Champagne sales in 2022 reached a record high of more than 6.5 billion USD, primarily due to the fading Covid pandemic, as per industry experts. As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.

Champagne sales in 2022 reached a record high of more than 6.5 billion USD, primarily due to the fading Covid pandemic, as per industry experts. As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.9 billion USD in 2021 was partly a result of its shift upmarket and introduction of more expensive vintage champagnes. In 2022 "it naturally accompanied consumers throughout the world as they rejoiced at the end of lockdowns and found the taste again for celebrating, going out, travelling," said David Chatillon, co-president of the Comite Champagne who spoke to AFP. At the height of the pandemic lockdowns in 2020, sales had fallen to 244 million bottles. Also read | Two drinks per week, dry January: Canada's new recommendation for alcohol consumption While domestic sales fell 1.7 per cent, exports increased by 4.3 per cent in volume to 187.5 million bottles. Exports now make up 57 per cent of sales, compared to 45 per cent a decade earlier, as reported by AFP. Due to the market's annual volume of fewer than two million bottles, the suspension of shipments to Russia had little effect. (With inputs from agencies) WATCH WION LIVE HERE:

Champagne sales hit record high in 2022; growth attributed to waning Covid

According to reports, Pakistan is said to be facing an economic collapse, similar to what has happened with Sri Lanka. The country's rupee has fallen more sharply than expected. Watch to know more.

WION Dispatch: Pakistan's Rupee falling faster than expected, economy on the brink of collapse

Notwithstanding the global recession fears; IT giants are optimistic about the future. The Indian IT giants are hopeful about a faster recovery from the economic slowdown that the world faces currently.

Davos 2023: Tech firms cautiously optimistic about future

China's economy slowed sharply in 2022 with GDP growth registering one of its worst performances in nearly half a century, pressuring the policymakers to provide more stimulus this year.

China's economy slows sharply in 2022, hit by covid curbs

The richest 1% of the world's population controls two-thirds of the global wealth. Will the economic gap between the rich and the poor be bridged or will it continue to widen? Molly Gambhir tells you more.

Gravitas: Global wealth continues to travel upwards

Beijing had set itself a growth target of around 5.5 percent for 2022. Although, this was undermined by the government's "zero-Covid" policy. Watch further to know more.

Beijing set growth target of 5.5% for 2022

The United Arab Emirates (UAE) agreed to extend an existing loan of $2 billion and provide an additional loan of $1 billion to help cash-strapped Pakistan tackle its economic woes, including the fast-depleting foreign exchange reserves. Watch this report to know more about Pakistan's precarious situation.

This World: UAE pledges an additional loan of $1 billion to help Pakistan

Pakistan has been reeling under the devastating impact of last year’s unprecedented floods and relentless terror attacks. But its troubles seem to have only just begun. Its economy is in dire straits. An acute energy crisis has gripped the country which is now staring at blackouts. Pakistan is also in the throes of a massive food crisis. There have been reports of food riots and stampedes at ration shops. The prime minister and the army chief are frantically seeking foreign aid. Is Pakistan going the Sri Lanka way?

Inside South Asia | Pakistan's crumbling economy: Is it going the Sri Lanka way?

China's exports in December fell at their fastest pace since 2020, while imports sharply slowed, signalling risks to the recovery of the world’s second-largest economy.

China's imports, exports plunge in warning sign for economy

China’s population likely started shrinking last year for the first time in decades, experts say, a significant milestone that will have long-term repercussions for the economy.

Birth rate to decline first time in 60 years in China

One of the key risks weighing on the Australian economy in 2023 would be natural disasters, said Treasurer Jim Chalmers, according to Bloomberg.

Inflation was fueled by flooding, which cost the Australian economy over $ 3.5 billion, or a quarter of a per cent of the gross domestic product (GDP) in the fiscal year 2021–2022.

Before visiting the state of New South Wales to assess the reconstruction efforts in the wake of the disastrous floods in 2022, Chalmers released that government analysis.

He warned that the economy hadn't yet fully recovered from the previous year's floods and that the May budget would include a section on Australia's disaster readiness.

Also Read |&nbsp;<a href="http://www.wionnews.com/world/australias-economy-slows-ahead-of-election-201452" hreflang="en">Australia's economy slows ahead of election</a>

"In Australia, we're always conscious that natural disasters have the ability to throw us off course, and we expect this uncertainty to be one of the key factors weighing on our economy in 2023," Chalmers told Bloomberg.

According to the Treasury analysis, flooding contributed to a more than 16 per cent increase in fruit and vegetable costs in the year to September, and prices were predicted to rise further.

Watch |&nbsp;<a href="http://13.235.153.162/videos/world-business-watch-australias-economy-rebounds-sharply-in-q3-growth-beats-forecast-346832" hreflang="en">World Business Watch: Australia's economy rebounds sharply in Q3, growth beats forecast</a>

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According to data from the National Emergency Agency, 68 per cent of the Australian population resided in a region affected by a natural disaster last year.

A tropical cyclone-induced flood that occurred last week in Western Australia's remote northwest Kimberley Region isolated numerous rural communities and caused damage to homes and infrastructure.

(With inputs from agencies)

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One of the key risks weighing on the Australian economy in 2023 would be natural disasters, said Treasurer Jim Chalmers, according to Bloomberg. Inflation was fueled by flooding, which cost the Australian economy over $ 3.

One of the key risks weighing on the Australian economy in 2023 would be natural disasters, said Treasurer Jim Chalmers, according to Bloomberg. Inflation was fueled by flooding, which cost the Australian economy over $ 3.5 billion, or a quarter of a per cent of the gross domestic product (GDP) in the fiscal year 2021–2022. Before visiting the state of New South Wales to assess the reconstruction efforts in the wake of the disastrous floods in 2022, Chalmers released that government analysis. He warned that the economy hadn't yet fully recovered from the previous year's floods and that the May budget would include a section on Australia's disaster readiness. Also Read | Australia's economy slows ahead of election "In Australia, we're always conscious that natural disasters have the ability to throw us off course, and we expect this uncertainty to be one of the key factors weighing on our economy in 2023," Chalmers told Bloomberg. According to the Treasury analysis, flooding contributed to a more than 16 per cent increase in fruit and vegetable costs in the year to September, and prices were predicted to rise further. Watch | World Business Watch: Australia's economy rebounds sharply in Q3, growth beats forecast According to data from the National Emergency Agency, 68 per cent of the Australian population resided in a region affected by a natural disaster last year. A tropical cyclone-induced flood that occurred last week in Western Australia's remote northwest Kimberley Region isolated numerous rural communities and caused damage to homes and infrastructure. (With inputs from agencies) WATCH WION LIVE HERE:

After a $3.5 billion hit, natural disasters to weigh on Australia's economy

Weekly inflation in Pakistan increased by over 30 percent in comparison to last year amid a rise in the prices of food and a couple of fuel items.

Double digit inflation cripples Pakistan economy

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday.

As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly.

However, the ministry did not immediately react to a request for comment, reported Bloomberg.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-breaks-world-record-for-largest-ever-loss-of-personal-fortune-551123">Elon Musk breaks world record for largest-ever loss of personal fortune</a>

According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit.

In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing.

Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged.

To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/global-central-banks-credibility-at-risk-over-rising-inflation-raghuram-rajan-551094">Global central banks' credibility at risk over rising inflation: Raghuram Rajan</a>

Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures.

According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But,&nbsp;the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December.

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Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report. Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday. As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly. However, the ministry did not immediately react to a request for comment, reported Bloomberg. Also read | Elon Musk breaks world record for largest-ever loss of personal fortune According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit. In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing. Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged. To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations. Also read | Global central banks' credibility at risk over rising inflation: Raghuram Rajan Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures. According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But, the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December. WATCH WION LIVE HERE:

Russia's budget gap surges to record high as Ukraine war weighs on finances

Hit by weakening demand, the Indian economy is expected to grow at a slower 7 per cent rate in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag.&nbsp;The 7 per cent expansion projected in the first official estimate released by the Statistics Ministry compares with 8.7 per cent gross domestic product (GDP) growth in 2021-22.

The projections are much lower than government’s earlier forecast of 8-8.5 per cent growth but above the Reserve Bank’s projection of 6.8 per cent. If the forecast comes true, India’s GDP growth will be lower than Saudi Arabia’s expected 7.6 per cent expansion.

In fact, India’s GDP growth in the July-September quarter at 6.3 per cent was lower than the 8.7 per cent of Saudi Arabia.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/watch-mesmerising-view-of-train-passing-through-snow-covered-jammu-and-kashmir-550130">Mesmerising view of train passing through snow-covered Jammu and Kashmir</a>

The first advance GDP estimates, which are used to work out allocations and other fiscal projections for the next Budget due on February 1, proved to be more optimistic than the actual growth in three out of the last four years.

The projections suggest that despite the global headwinds and continued geopolitical uncertainty caused by the Russia-Ukraine conflict, the recovery is on track though there are pressure points. Inflation has been sticky despite a 225 basis points increase in interest rates since last May, which is likely to moderate demand.

“We believe that buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period,” said Aditi Nayar, Chief Economist, ICRA Ltd.

“Given the full-year projections released today by the NSO, we expect there to be some revisions in either the H1 or the H2 FY2023 sectoral numbers, in the subsequent data releases.” Sunil Sinha, Senior Director and Principal Economist, India Ratings &amp; Research, said the road ahead is not going to be easy so long as private final consumption expenditure (PFCE) does not recover fully and become broad-based.

“The household sector, which accounts for 44-45 per cent of the GVA, saw their nominal wage growth decline to 5.7 per cent during FY17-FY21 from 8.2 per cent during FY12-FY16. In fact, the real wage growth became nearly flat or even turned negative in some months of FY23 due to high inflation.

“Since much of the growth in consumption demand is driven by the wage growth of the household sector, a recovery in their wage growth is an imperative for a sustainable economic recovery,” he noted.

The first advance estimates for 2022-23 factored in discrepancies of Rs 4,06,943 crore, which is nearly double the amount of Rs 2,16,842 crore as per provisional estimates of GDP growth for 2021-22 released on May 31, 2022. The discrepancies were Rs 2,38,638 crore in 2020-21.

Also watch |&nbsp;India's EAM S. Jaishankar takes on Europe's charges, calls out China

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Discrepancies in the statistical GDP data refer to the difference in national income under production method and expenditure method.

As per the first advance estimates of national income released by the National Statistical Office (NSO) on Friday, the manufacturing sector output is estimated to decelerate to 1.6 per cent in the current fiscal from 9.9 per cent in 2021-22.

Similarly, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22.

“Real GDP or GDP (Gross Domestic Product) at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on 31st May, 2022,” an NSO statement said.

It stated that growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22.

It also said the nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore.

The growth in nominal GDP during 2022-23 is estimated at 15.4 per cent as compared to 19.5 per cent in 2021-22.

The agriculture sector is projected to see a growth of 3.5 per cent in FY2022-23, higher than the 3 per cent expansion recorded in the previous financial year.

Trade, hotel, transport, communication and services related to broadcasting segment is estimated to grow at 13.7 per cent from 11.1 per cent in 2021-22.

Financial, real estate and professional services segment is projected to grow at 6.4 per cent in the current fiscal, up from 4.2 per cent in 202-22.&nbsp;However, construction sector growth is expected to decelerate to 9.1 per cent from 11.5 per cent a year ago.

Similarly, public adminstration, defence and other services growth is estimated to drop to 7.9 per cent this fiscal from 12.6 per cent in FY22.&nbsp;The growth in gross value added (GVA) at basic prices is pegged at 6.7 per cent this fiscal, down from 8.1 per cent in 2021-22.&nbsp;

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Hit by weakening demand, the Indian economy is expected to grow at a slower 7 per cent rate in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag.

Hit by weakening demand, the Indian economy is expected to grow at a slower 7 per cent rate in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag. The 7 per cent expansion projected in the first official estimate released by the Statistics Ministry compares with 8.7 per cent gross domestic product (GDP) growth in 2021-22. The projections are much lower than government’s earlier forecast of 8-8.5 per cent growth but above the Reserve Bank’s projection of 6.8 per cent. If the forecast comes true, India’s GDP growth will be lower than Saudi Arabia’s expected 7.6 per cent expansion. In fact, India’s GDP growth in the July-September quarter at 6.3 per cent was lower than the 8.7 per cent of Saudi Arabia. Also read | Mesmerising view of train passing through snow-covered Jammu and Kashmir The first advance GDP estimates, which are used to work out allocations and other fiscal projections for the next Budget due on February 1, proved to be more optimistic than the actual growth in three out of the last four years. The projections suggest that despite the global headwinds and continued geopolitical uncertainty caused by the Russia-Ukraine conflict, the recovery is on track though there are pressure points. Inflation has been sticky despite a 225 basis points increase in interest rates since last May, which is likely to moderate demand. “We believe that buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period,” said Aditi Nayar, Chief Economist, ICRA Ltd. “Given the full-year projections released today by the NSO, we expect there to be some revisions in either the H1 or the H2 FY2023 sectoral numbers, in the subsequent data releases.” Sunil Sinha, Senior Director and Principal Economist, India Ratings & Research, said the road ahead is not going to be easy so long as private final consumption expenditure (PFCE) does not recover fully and become broad-based. “The household sector, which accounts for 44-45 per cent of the GVA, saw their nominal wage growth decline to 5.7 per cent during FY17-FY21 from 8.2 per cent during FY12-FY16. In fact, the real wage growth became nearly flat or even turned negative in some months of FY23 due to high inflation. “Since much of the growth in consumption demand is driven by the wage growth of the household sector, a recovery in their wage growth is an imperative for a sustainable economic recovery,” he noted. The first advance estimates for 2022-23 factored in discrepancies of Rs 4,06,943 crore, which is nearly double the amount of Rs 2,16,842 crore as per provisional estimates of GDP growth for 2021-22 released on May 31, 2022. The discrepancies were Rs 2,38,638 crore in 2020-21. Also watch | India's EAM S. Jaishankar takes on Europe's charges, calls out China Discrepancies in the statistical GDP data refer to the difference in national income under production method and expenditure method. As per the first advance estimates of national income released by the National Statistical Office (NSO) on Friday, the manufacturing sector output is estimated to decelerate to 1.6 per cent in the current fiscal from 9.9 per cent in 2021-22. Similarly, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22. “Real GDP or GDP (Gross Domestic Product) at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on 31st May, 2022,” an NSO statement said. It stated that growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22. It also said the nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore. The growth in nominal GDP during 2022-23 is estimated at 15.4 per cent as compared to 19.5 per cent in 2021-22. The agriculture sector is projected to see a growth of 3.5 per cent in FY2022-23, higher than the 3 per cent expansion recorded in the previous financial year. Trade, hotel, transport, communication and services related to broadcasting segment is estimated to grow at 13.7 per cent from 11.1 per cent in 2021-22. Financial, real estate and professional services segment is projected to grow at 6.4 per cent in the current fiscal, up from 4.2 per cent in 202-22. However, construction sector growth is expected to decelerate to 9.1 per cent from 11.5 per cent a year ago. Similarly, public adminstration, defence and other services growth is estimated to drop to 7.9 per cent this fiscal from 12.6 per cent in FY22. The growth in gross value added (GVA) at basic prices is pegged at 6.7 per cent this fiscal, down from 8.1 per cent in 2021-22. WATCH WION LIVE HERE:

India to grow at 7% in FY23, lose fastest growing economy tag to Saudi Arabia

The Britons are unhappy, essential services have collapsed, divorce rates are up and house prices have slumped. Is the UK still a great place to live and work? Priyanka Sharma tells you more.

Gravitas: The UK is no more a great place to live

Amazon has said it will lay off 18,000 people. Twitter employees are carrying their own toilet paper to work. Firms are cutting costs across the board to prepare for the economic downturn. Molly Gambhir brings you the details.

WION Fineprint | Big Tech firms to lay off thousands in January

UK Prime Minister Rishi Sunak seems to have come up with these 'five promises' to solve numerous problems faced by the country. Watch this video to know more.

British PM Rishi Sunak vows to tackle pressing concerns in the country

Preliminary data from the Ministry of Trade and Industry showed that Singapore's economy grew 3.8% in 2022. Watch this video to know more.

World Business Watch: Singapore's economy grew 3.8% in 2022

As the usage of hard cash has declined in recent years, Denmark has had its first year without bank robberies, according to the nation's financial workers organisation.

The union claimed in a statement on Monday that as society has become less dependent on cash, institutions have downsized their cash services, providing less potential for robberies.

"It's nothing short of amazing. Because every time it happens, it's an extreme strain on the employees involved," Steen Lund Olsen, vice president of the union, Finansforbundet, said in a statement to AFP.&nbsp;

"It's something you can't even begin to understand the emotional impact of if you haven't experienced it yourself," he added.

Also read |&nbsp;<a href="https://www.wionews.com/science/zombie-flies-discovered-by-scientists-in-denmark-350075">'Zombie flies' discovered by scientists in Denmark</a>

The union reported 221 bank robberies in 2000, which have gradually reduced to fewer than 10 each year since 2017.

The usage of cash has almost decreased from 23 per cent of payments in 2017 to 12 per cent in 2021, according to a study from Denmark's central bank in March of last year.

While robberies have decreased in frequency, the finance workers' organisation observed that "many bank employees who have been robbed continue to suffer with the consequences." The symptoms include&nbsp;anxiety, sadness, irritability, restlessness, and insomnia.

(With inputs from agencies)

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As the usage of hard cash has declined in recent years, Denmark has had its first year without bank robberies, according to the nation's financial workers organisation.

As the usage of hard cash has declined in recent years, Denmark has had its first year without bank robberies, according to the nation's financial workers organisation. The union claimed in a statement on Monday that as society has become less dependent on cash, institutions have downsized their cash services, providing less potential for robberies. "It's nothing short of amazing. Because every time it happens, it's an extreme strain on the employees involved," Steen Lund Olsen, vice president of the union, Finansforbundet, said in a statement to AFP. "It's something you can't even begin to understand the emotional impact of if you haven't experienced it yourself," he added. Also read | 'Zombie flies' discovered by scientists in Denmark The union reported 221 bank robberies in 2000, which have gradually reduced to fewer than 10 each year since 2017. The usage of cash has almost decreased from 23 per cent of payments in 2017 to 12 per cent in 2021, according to a study from Denmark's central bank in March of last year. While robberies have decreased in frequency, the finance workers' organisation observed that "many bank employees who have been robbed continue to suffer with the consequences." The symptoms include anxiety, sadness, irritability, restlessness, and insomnia. (With inputs from agencies) WATCH WION LIVE HERE:

Denmark marks first year with no bank robberies amid declining usage of hard cash in recent years

Pakistan&nbsp;Railways (PR)&nbsp;are in trouble with passenger and freight trains being run with only three-day oil inventory, claims a report.&nbsp;

As the economic crisis deepens in the South Asian country, as per the report&nbsp;a few days back the oil stock had fallen to a low of only a day, forcing the railways to limit their services.&nbsp;

A senior official told Dawn, "A couple of days ago, the railways was left with only one-day oil stock across the country. This forced the authorities to reduce the freight train operations, especially from Karachi and Lahore. It has never happened in the history of the PR. I think the railways will default if the government continues ignoring the department."

<a href="https://www.wionews.com/south-asia/general-bajwa-called-me-a-playboy-during-our-last-meeting-imran-khan-548887">Also read |&nbsp;General Bajwa called me a 'playboy' during our last meeting: Imran Khan</a>

The official who spoke to the publication on condition of anonymity claimed that the condition of&nbsp;the railway department has gotten to the point of collapsing. The department reportedly even lacks funds to&nbsp;clear a $25 billion liability 'gratuity' for several officers and officials who retired recently within&nbsp;a year or so.&nbsp;

The report also claimed that railway workers and officials were getting their salaries around&nbsp;&nbsp;15-20 days late. Due to&nbsp;this, train drivers across the country decided to hold strikes or protests across the country as they didn't receive their salaries even on Dec 20.

The official said, "You can now imagine the PR’s situation well."

<a href="https://www.wionews.com/south-asia/taliban-deputy-pm-mocks-pakistan-by-sharing-picture-of-1971-war-surrender-to-india-548806">Also read |&nbsp;Taliban official mocks Pakistan by sharing picture of 1971 war surrender to India</a>

He said that the department's financial situation was better in the 2017-2018 fiscal year and before as its annual revenue figure reached Rs 20,000 million&nbsp;($ 241.2 million) per annum.&nbsp;

In the case of passenger trains, the official said that the annual figure ranged between Rs 20,000 and&nbsp;25,000 million ($ 240- 300 million) per annum, but is declining despite the arrival of coaches from China. He added that the recent floods also affected the operations, bringing the overall revenue down.&nbsp;

Earlier&nbsp;the railways' assets stayed underutilised due to the inefficiency and alleged negligence&nbsp;of&nbsp;the senior officials, and in the current situation, political instability and unrest triggered by the political parties in the county are adding to the departments' troubles.&nbsp;

(With inputs from agencies)

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&nbsp;

Pakistan Railways (PR) are in trouble with passenger and freight trains being run with only three-day oil inventory, claims a report. As the economic crisis deepens in the South Asian country, as per the report a few days back the oil stock had fallen to a low of only a day, forcing the railways to limit their services.

Pakistan Railways (PR) are in trouble with passenger and freight trains being run with only three-day oil inventory, claims a report. As the economic crisis deepens in the South Asian country, as per the report a few days back the oil stock had fallen to a low of only a day, forcing the railways to limit their services. A senior official told Dawn, "A couple of days ago, the railways was left with only one-day oil stock across the country. This forced the authorities to reduce the freight train operations, especially from Karachi and Lahore. It has never happened in the history of the PR. I think the railways will default if the government continues ignoring the department." Also read | General Bajwa called me a 'playboy' during our last meeting: Imran Khan The official who spoke to the publication on condition of anonymity claimed that the condition of the railway department has gotten to the point of collapsing. The department reportedly even lacks funds to clear a $25 billion liability 'gratuity' for several officers and officials who retired recently within a year or so. The report also claimed that railway workers and officials were getting their salaries around 15-20 days late. Due to this, train drivers across the country decided to hold strikes or protests across the country as they didn't receive their salaries even on Dec 20. The official said, "You can now imagine the PR’s situation well." Also read | Taliban official mocks Pakistan by sharing picture of 1971 war surrender to India He said that the department's financial situation was better in the 2017-2018 fiscal year and before as its annual revenue figure reached Rs 20,000 million ($ 241.2 million) per annum. In the case of passenger trains, the official said that the annual figure ranged between Rs 20,000 and 25,000 million ($ 240- 300 million) per annum, but is declining despite the arrival of coaches from China. He added that the recent floods also affected the operations, bringing the overall revenue down. Earlier the railways' assets stayed underutilised due to the inefficiency and alleged negligence of the senior officials, and in the current situation, political instability and unrest triggered by the political parties in the county are adding to the departments' troubles. (With inputs from agencies) WATCH WION LIVE HERE

Pakistan Railways running trains with just three-day oil inventory, claims report

International Monetary Fund chief Kristalina Georgieva has said that 2023 is going to be a tough year for the global economy as the United States, China and Europe are experiencing a slowdown.

Third of world in recession this year, warns IMF head

For much of the global economy, the new year 2023 will be more difficult compared to the previous years, said the International Monetary Fund (IMF) on Sunday. The weakening of financial activities in the leading nations, the United States, Europe, and China, has hurt the global economy.&nbsp;

Kristalina Georgieva, IMF's Managing Director, said that 2023 is more challenging than the year we leave behind, Reuters news agency reported. She stated the reason for the global economy's downturn and said, "Because the three big economies, the US, EU, and China, all are slowing down simultaneously."

IMF's stance on global economic growth in 2023, released in October 2022, highlights the influence of the ongoing Russia-Ukraine war and the surge in inflation and interest rates. Central banks like the US Federal Reserve monitor such rates to impact the prices. 
 
Also Read|&nbsp;<a href="www.wionews.com/business-economy/five-signs-why-global-economy-is-headed-for-recession-522569">Five signs why global economy is headed for recession</a>

The rejuvenation of China's economy marked its upliftment of the zero-Covid policy. Amid the surge in coronavirus cases, Chinese President Xi Jinping urged the citizens to put more effort as China enters a 'new phase.' However, Georgieva said, "For the first time in 40 years, China's growth will be equal to or below the global growth."

Georgieva warned that the rapid spread of COVID-19 infections would drag down the regional and global economy. The recent wave might get worse once people start travelling, she added.

Watch|&nbsp;World Business Watch: China's manufacturing contracts at sharpest pace in three years

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IMF will disclose the updated predictions during the World Economic Forum in Davos, Switzerland.&nbsp;

Talking about the US economy, the IMF said the US might be able to avoid the direct torment of recession, unlike a third of the world's economies. As the US labour market is strong, it may be able to dodge the global recession, she added.&nbsp;

However, it may hinder the high-interest rates imposed by the Federal Reserve Board to push down inflation. Fed officials will make the US job market their prime focus.&nbsp;

Official data shows that the US economy created 200,000 jobs in December 2022. Moreover, the occupation front remains stable as the employment rate stayed at 3.7 per cent, one of the lowest since the 1960s. 
 
(With inputs from agencies)

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For much of the global economy, the new year 2023 will be more difficult compared to the previous years, said the International Monetary Fund (IMF) on Sunday. The weakening of financial activities in the leading nations, the United States, Europe, and China, has hurt the global economy.

For much of the global economy, the new year 2023 will be more difficult compared to the previous years, said the International Monetary Fund (IMF) on Sunday. The weakening of financial activities in the leading nations, the United States, Europe, and China, has hurt the global economy. Kristalina Georgieva, IMF's Managing Director, said that 2023 is more challenging than the year we leave behind, Reuters news agency reported. She stated the reason for the global economy's downturn and said, "Because the three big economies, the US, EU, and China, all are slowing down simultaneously." IMF's stance on global economic growth in 2023, released in October 2022, highlights the influence of the ongoing Russia-Ukraine war and the surge in inflation and interest rates. Central banks like the US Federal Reserve monitor such rates to impact the prices. Also Read| Five signs why global economy is headed for recession The rejuvenation of China's economy marked its upliftment of the zero-Covid policy. Amid the surge in coronavirus cases, Chinese President Xi Jinping urged the citizens to put more effort as China enters a 'new phase.' However, Georgieva said, "For the first time in 40 years, China's growth will be equal to or below the global growth." Georgieva warned that the rapid spread of COVID-19 infections would drag down the regional and global economy. The recent wave might get worse once people start travelling, she added. Watch| World Business Watch: China's manufacturing contracts at sharpest pace in three years IMF will disclose the updated predictions during the World Economic Forum in Davos, Switzerland. Talking about the US economy, the IMF said the US might be able to avoid the direct torment of recession, unlike a third of the world's economies. As the US labour market is strong, it may be able to dodge the global recession, she added. However, it may hinder the high-interest rates imposed by the Federal Reserve Board to push down inflation. Fed officials will make the US job market their prime focus. Official data shows that the US economy created 200,000 jobs in December 2022. Moreover, the occupation front remains stable as the employment rate stayed at 3.7 per cent, one of the lowest since the 1960s. (With inputs from agencies) WATCH WION LIVE HERE

Third of global economy to face recession in 2023, warns IMF head

As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast&nbsp;that inflation in the South Asian nation will remain between 21 to 23 per cent.&nbsp;"For FY23, economic growth is likely to remain below the budgeted target due to the devastation caused by the floods. This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers," Pakistan's Ministry of Finance said on Friday in its Monthly Economic Update and Outlook report, reported the Dawn.

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/with-uncertain-saudi-help-and-imf-loan-pakistans-economic-woes-hit-new-low-543222">With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low</a>

Pakistan’s MoF’s Economic Adviser’s Wing (EAW) prepared a report which stated that from July-October 2022, the government’s fiscal deficit stood at 1.5 per cent of the GDP (Rs 1.266 trillion) compared to 0.9 per cent of the GDP (Rs 587bn) in 2021.&nbsp;Amid such financial woes, the Pakistani government faces the challenge of providing relief to people in flood-hit areas.

"The EAW report said the average Consumer Price Index (CPI) in the first five months (July-November) of FY23 remained at 25.1 per cent compared to 9.3 per cent in the same period last year. It is expected that CPI inflation will remain in the range of 21-23 per cent,” said the Dawn report.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-pakistan-gdp-growth-to-slip-from-5-to-3-amid-floods-515286">WION Business News: Pakistan GDP growth to slip from 5% to 3% amid floods</a>

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"The current account posted a deficit of $3.1bn for July-November FY23 against a deficit of $7.2bn last year, mainly due to an improvement in the trade balance," it added.

The current account deficit shrank to $276 million in November from $569m in October.

Will Pakistan default on loan payments?

Despite such a downcast economic description of the country at present, Pakistan’s Finance Minister Ishaq Dar on Friday said that “there is no way Pakistan is going to default," referring to a number of loans that the country has committed in past to pay back to the multilateral financial institutions and countries.&nbsp;

"We are in a tight position. We don’t have USD 24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault," Darr told investors at a ceremony to mark the listing of Pakistan’s first developmental real estate investment trust scheme on the stock exchange.

A recent Dawn report&nbsp;quoted the State Bank of Pakistan saying that the incumbent Pakistan government avoided focusing on growth for the fiscal year FY23, resulting in a drop in growth.

Despite sacrificing growth, Pakistan’s government has not been able to achieve price stability and financial stability, the bank said in its annual statement.

(With inputs from agencies)

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As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast that inflation in the South Asian nation will remain between 21 to 23 per cent.

As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast that inflation in the South Asian nation will remain between 21 to 23 per cent. "For FY23, economic growth is likely to remain below the budgeted target due to the devastation caused by the floods. This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers," Pakistan's Ministry of Finance said on Friday in its Monthly Economic Update and Outlook report, reported the Dawn. ALSO READ | With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low Pakistan’s MoF’s Economic Adviser’s Wing (EAW) prepared a report which stated that from July-October 2022, the government’s fiscal deficit stood at 1.5 per cent of the GDP (Rs 1.266 trillion) compared to 0.9 per cent of the GDP (Rs 587bn) in 2021. Amid such financial woes, the Pakistani government faces the challenge of providing relief to people in flood-hit areas. "The EAW report said the average Consumer Price Index (CPI) in the first five months (July-November) of FY23 remained at 25.1 per cent compared to 9.3 per cent in the same period last year. It is expected that CPI inflation will remain in the range of 21-23 per cent,” said the Dawn report. WATCH | WION Business News: Pakistan GDP growth to slip from 5% to 3% amid floods × "The current account posted a deficit of $3.1bn for July-November FY23 against a deficit of $7.2bn last year, mainly due to an improvement in the trade balance," it added. The current account deficit shrank to $276 million in November from $569m in October. Will Pakistan default on loan payments? Despite such a downcast economic description of the country at present, Pakistan’s Finance Minister Ishaq Dar on Friday said that “there is no way Pakistan is going to default," referring to a number of loans that the country has committed in past to pay back to the multilateral financial institutions and countries. "We are in a tight position. We don’t have USD 24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault," Darr told investors at a ceremony to mark the listing of Pakistan’s first developmental real estate investment trust scheme on the stock exchange. A recent Dawn report quoted the State Bank of Pakistan saying that the incumbent Pakistan government avoided focusing on growth for the fiscal year FY23, resulting in a drop in growth. Despite sacrificing growth, Pakistan’s government has not been able to achieve price stability and financial stability, the bank said in its annual statement. (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.

Pakistan faces grim economic forecast amid loan pay back deadlines

Peru's economy minister said on Thursday (December 29) that the country will launch an economic reactivation plan worth 5.9 billion soles ($1.55 billion). The decision has come weeks after protests following the ouster of former president Pedro Castillo.&nbsp;The minister said that the plan will help bring Peru's economic growth to three per cent in the first quarter of 2023. The plan will be financed with additional tax income and funds left from the 2022 budget.

The push comes as protests and roadblocks have crippled trade and commerce in Peru, causing the country to lose around 100 million soles ($26.30 million) a day, Contreras said. Peru has yet to tally the cost of infrastructure damage, he added.

The total losses come to 1 billion soles or 1% of Peru's December GDP, a ministry presentation showed.

The funds target the regions most impacted by the protests and are estimated to bring 130,000 jobs to the country over the next 12 months, said Economy and Finance Minister Alex Contreras.

The planned measures include the expansion of social measures like pensions, soup kitchens and access to natural gas in homes. The plan will also expand public works on federal, state and local levels and invest in industries like mining and agriculture, Contreras said.

(With inputs from agencies)

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Peru's economy minister said on Thursday (December 29) that the country will launch an economic reactivation plan worth 5.9 billion soles ($1.55 billion). The decision has come weeks after protests following the ouster of former president Pedro Castillo.

Peru's economy minister said on Thursday (December 29) that the country will launch an economic reactivation plan worth 5.9 billion soles ($1.55 billion). The decision has come weeks after protests following the ouster of former president Pedro Castillo. The minister said that the plan will help bring Peru's economic growth to three per cent in the first quarter of 2023. The plan will be financed with additional tax income and funds left from the 2022 budget. The push comes as protests and roadblocks have crippled trade and commerce in Peru, causing the country to lose around 100 million soles ($26.30 million) a day, Contreras said. Peru has yet to tally the cost of infrastructure damage, he added. The total losses come to 1 billion soles or 1% of Peru's December GDP, a ministry presentation showed. The funds target the regions most impacted by the protests and are estimated to bring 130,000 jobs to the country over the next 12 months, said Economy and Finance Minister Alex Contreras. The planned measures include the expansion of social measures like pensions, soup kitchens and access to natural gas in homes. The plan will also expand public works on federal, state and local levels and invest in industries like mining and agriculture, Contreras said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Peru: Finance minister launches $1.6 billion economic reactivation plan

India seems "unstoppable" in its momentum to become the third economic superpower and touch the $10-trillion mark by 2035, according to the Centre for Economics and Business Research (CEBR).

India to become $ 10 trillion economy by 2035, forecasts CEBR

Chinese people flocked to travel sites on Tuesday ahead of borders reopening, even as rising Covid infections strained the health system and roiled the economy.

WION Pulse: Chinese citizens looking forward to travel as Covid rules ease further

This holiday season, US retail sales are anticipated to grow by 7.4 per cent. Consumers are expected to spend online at even higher rates than last year. Watch further to know more.

World Business Watch: UK inflation reels under two-digit inflation, plunging in boxing day sales

World Business Watch: U.S. retail sales grow by 7.4%, steep discounts lures customer

The findings are more pessimistic than the latest forecast from the International Monetary Fund. That institution warned in October that more than a third of the world economy will contract and there is a 25 per cent chance of global GDP growing by less than 2 per cent in 2023, which it defines as a global recession.

World Business Watch: World economy headed for a recession, says report

The world is headed for a recession in 2023, according to the Centre for Economics and Business Research (CEBR). Fresh borrowing costs aimed at tackling inflation cause a number of economies to contract.

Reports: World economy is headed for a recession in 2023

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