Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders urged further sanctions against Moscow amid allegations of war crimes in Ukraine.

Physical gas flows through the Yamal-Europe pipeline, at Germany’s Mallnow border point see-sawed over the weekend and last stood at zero, data from operator Gascade showed.

Nominations, or requests, for Russian gas deliveries via Slovakia’s Velke Kapusany entry point from Ukraine were steady on Monday at 967,954 MWh/day, as were flows through the Nord Stream 1 pipeline to Germany at 73,379,286 kWh/h.

Russian state-owned energy giant Gazprom said it was continuing to supply natural gas to Europe via Ukraine in line with requests from European consumers.

However, questions remained over future deliveries in light of the Kremlin’s demand that buyers start paying Gazprom in roubles.

Slovakia’s Prime Minister Eduard Heger confirmed over the weekend that his country would act in unison with the EU against such payment demands.

Meanwhile, Germany, which gets around 40 percent of its gas from Russia, is working "every day" toward being able to ban Russian energy, the economy minister said on Monday.

Germany has already activated an emergency plan that could lead to gas rationing if supplies drop too low but German Finance Minister Christian Lindner said an encompassing ban on all Russian energy imports would inflict more economic damage on EU member states than on Russia.

Germany will face a steep recession if there is a stop to imports or delivery of Russian gas and oil, a top German bank lobby warned.

France’s economic analysis council said a hefty EU-wide tariff on Russian energy imports could prove more efficient than an outright ban, although even a full embargo would have a limited impact on most countries.

The Conseil d'Analyse Economique said that a full energy ban could on average cause a loss of gross national income of 0.2-0.3 percent, working out to €100 ($110) per adult.

Italy, which is also heavily reliant on Russian gas, said it will not veto sanctions on Russian gas imports and said it has sufficient reserves to forego Russian gas supply over the next few months.

Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders urged further sanctions against Moscow amid allegations of war crimes in Ukraine.

Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders urged further sanctions against Moscow amid allegations of war crimes in Ukraine. Physical gas flows through the Yamal-Europe pipeline, at Germany’s Mallnow border point see-sawed over the weekend and last stood at zero, data from operator Gascade showed. Nominations, or requests, for Russian gas deliveries via Slovakia’s Velke Kapusany entry point from Ukraine were steady on Monday at 967,954 MWh/day, as were flows through the Nord Stream 1 pipeline to Germany at 73,379,286 kWh/h. Russian state-owned energy giant Gazprom said it was continuing to supply natural gas to Europe via Ukraine in line with requests from European consumers. However, questions remained over future deliveries in light of the Kremlin’s demand that buyers start paying Gazprom in roubles. Slovakia’s Prime Minister Eduard Heger confirmed over the weekend that his country would act in unison with the EU against such payment demands. Meanwhile, Germany, which gets around 40 percent of its gas from Russia, is working "every day" toward being able to ban Russian energy, the economy minister said on Monday. Germany has already activated an emergency plan that could lead to gas rationing if supplies drop too low but German Finance Minister Christian Lindner said an encompassing ban on all Russian energy imports would inflict more economic damage on EU member states than on Russia. Germany will face a steep recession if there is a stop to imports or delivery of Russian gas and oil, a top German bank lobby warned. France’s economic analysis council said a hefty EU-wide tariff on Russian energy imports could prove more efficient than an outright ban, although even a full embargo would have a limited impact on most countries. The Conseil d'Analyse Economique said that a full energy ban could on average cause a loss of gross national income of 0.2-0.3 percent, working out to €100 ($110) per adult. Italy, which is also heavily reliant on Russian gas, said it will not veto sanctions on Russian gas imports and said it has sufficient reserves to forego Russian gas supply over the next few months.

Russia maintains gas deliveries as Europe moots fresh sanctions

Sri Lanka President Gotabaya Rajapaksa invited the opposition to join a Unity Government and formed a temporary cabinet after 26 ministers quit.

Sri Lanka: New cabinet ministers sworn in amid the ongoing unrest over the economic crisis

Turkey's&nbsp;inflation&nbsp;has soared to a new&nbsp;record, official data showed Monday, as analysts see an impact from Russia's invasion of Ukraine and President Recep Tayyip Erdogan's unorthodox interest rate policy.

Exacerbating a cost of living crisis, consumer prices accelerated to 61.14&nbsp;per cent&nbsp;at an annual rate, up from 54.4&nbsp;per cent&nbsp;in February, according to the statistics agency.

The weakening lira and runaway&nbsp;inflation&nbsp;have become major sources of public discontent in Turkey as President Recep Tayyip Erdogan faces an election next year.

Also read |&nbsp;<a href="https://www.wionews.com/world/erdogan-says-turkey-ready-in-principle-to-act-as-ukraines-guarantor-media-467195">Erdogan says Turkey ready in principle to act as Ukraine's guarantor -media</a>

Turkey has recorded double digit&nbsp;inflation&nbsp;since early 2017 but the latest figure is the highest since the ruling Justice and Development Party (AKP) came to power in 2002.

The currency was stable following the latest&nbsp;inflation&nbsp;data, trading at 14.7 lira against the dollar and 16.2 lira against euro.

The war in Turkey's Black Sea neighbourhood has had a major impact on the country as Russia is a key supplier of energy while Ukraine ships wheat.&nbsp;Turkish&nbsp;tourism industry also mainly relies on Russian tourists.&nbsp;

On Friday, S&amp;P global rating agency kept a negative outlook on Turkey and cut its credit rating.&nbsp;

"The fallout of the Russia-Ukraine military conflict, including rising food and energy prices, will further weaken Turkey's already tenuous balance of payments and exacerbate&nbsp;inflation," it said.

The biggest&nbsp;price increases in March were in transportation and food prices, according to the statistics agency.

Watch |&nbsp;West prepares more sanctions on Russia as Bucha killings in Ukraine shock the world

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/west-prepares-more-sanctions-on-russia-as-bucha-killings-in-ukraine-shock-the-world-468239/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

'Be patient'

While countries around the world are facing rising&nbsp;inflation&nbsp;as energy prices have soared while economies emerge Covid restrictions, Turkey's problems have also been affected by Erdogan's unorthodox economic approach.&nbsp;

The&nbsp;Turkish&nbsp;leader rejects the idea that&nbsp;inflation&nbsp;should be fought by hiking the main interest rate, which he believes causes prices to grow even higher -- the exact opposite of conventional economic thinking.

Turkish&nbsp;central bank "policies are just not working in countering&nbsp;inflation," said Timothy Ash, emerging markets strategist at BlueBay Asset Management.&nbsp;

"Indeed, I think the overwhelming consensus is that the unorthodox policy settings of the CBRT (central bank) are a major cause of&nbsp;inflation," he said in a note to clients.

"The war in Ukraine is just making things that much worse."

On Saturday, Erdogan said the increase in food and energy prices triggered by the war in Ukraine "is affecting us too."

"We are fighting against those who are charging unreasonably high prices," he said.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/turkey-says-gas-pipeline-with-israel-not-possible-in-short-term-467193">Turkey says gas pipeline with Israel not possible in short term</a>

"There are problems we need to address ... I ask you to be patient and trust us," in reference to people squeezed by the biting&nbsp;inflation.&nbsp;

In January, Erdogan changed the head of the state statistics agency.

Turkish&nbsp;media reported that he was unhappy with the&nbsp;inflation&nbsp;figures it published while the opposition believes that the official figures grossly underestimate the reality.

Jason Tuvey, senior emerging markets economist at the London-based Capital Economics, said&nbsp;inflation&nbsp;was likely to rise further over the coming months and stay close to the current high rates for much of this year.

"But there is still little sign that the central bank and, crucially, President Erdogan are about to shift tack and hike interest rates," he said.&nbsp;

Turkey's inflation has soared to a new record, official data showed Monday, as analysts see an impact from Russia's invasion of Ukraine and President Recep Tayyip Erdogan's unorthodox interest rate policy.

Turkey's inflation has soared to a new record, official data showed Monday, as analysts see an impact from Russia's invasion of Ukraine and President Recep Tayyip Erdogan's unorthodox interest rate policy. Exacerbating a cost of living crisis, consumer prices accelerated to 61.14 per cent at an annual rate, up from 54.4 per cent in February, according to the statistics agency. The weakening lira and runaway inflation have become major sources of public discontent in Turkey as President Recep Tayyip Erdogan faces an election next year. Also read | Erdogan says Turkey ready in principle to act as Ukraine's guarantor -media Turkey has recorded double digit inflation since early 2017 but the latest figure is the highest since the ruling Justice and Development Party (AKP) came to power in 2002. The currency was stable following the latest inflation data, trading at 14.7 lira against the dollar and 16.2 lira against euro. The war in Turkey's Black Sea neighbourhood has had a major impact on the country as Russia is a key supplier of energy while Ukraine ships wheat. Turkish tourism industry also mainly relies on Russian tourists. On Friday, S&P global rating agency kept a negative outlook on Turkey and cut its credit rating. "The fallout of the Russia-Ukraine military conflict, including rising food and energy prices, will further weaken Turkey's already tenuous balance of payments and exacerbate inflation," it said. The biggest price increases in March were in transportation and food prices, according to the statistics agency. Watch | West prepares more sanctions on Russia as Bucha killings in Ukraine shock the world 'Be patient' While countries around the world are facing rising inflation as energy prices have soared while economies emerge Covid restrictions, Turkey's problems have also been affected by Erdogan's unorthodox economic approach. The Turkish leader rejects the idea that inflation should be fought by hiking the main interest rate, which he believes causes prices to grow even higher -- the exact opposite of conventional economic thinking. Turkish central bank "policies are just not working in countering inflation," said Timothy Ash, emerging markets strategist at BlueBay Asset Management. "Indeed, I think the overwhelming consensus is that the unorthodox policy settings of the CBRT (central bank) are a major cause of inflation," he said in a note to clients. "The war in Ukraine is just making things that much worse." On Saturday, Erdogan said the increase in food and energy prices triggered by the war in Ukraine "is affecting us too." "We are fighting against those who are charging unreasonably high prices," he said. Also read | Turkey says gas pipeline with Israel not possible in short term "There are problems we need to address ... I ask you to be patient and trust us," in reference to people squeezed by the biting inflation. In January, Erdogan changed the head of the state statistics agency. Turkish media reported that he was unhappy with the inflation figures it published while the opposition believes that the official figures grossly underestimate the reality. Jason Tuvey, senior emerging markets economist at the London-based Capital Economics, said inflation was likely to rise further over the coming months and stay close to the current high rates for much of this year. "But there is still little sign that the central bank and, crucially, President Erdogan are about to shift tack and hike interest rates," he said.

Russia-Ukraine crisis causes Turkish inflation to hit fresh record of 61.1 per cent

Amid the ongoing unrest over the economic crisis in Sri Lanka and public outrage, Sri Lankan PM Mahinda Rajapaksa meets with the President.

Sri Lankan PM Mahinda Rajapaksa meets with President amid the ongoing unrest over economic crisis

The government in Sri Lanka after facing outrage has lifted the social media ban amid the ongoing unrest over the economic crisis.

Sri Lankan government lifts social media ban amid the ongoing unrest over the economic crisis

Sri Lanka is facing a severe economic crisis, and the citizens are taking to the streets demanding to oust President Rajapaksa.

Fresh demonstrations are planned on Sunday over the economic crisis in Sri Lanka

Sri Lanka declares public emergency after violent protests over the economic crisis

Sri Lanka is facing a severe economic crisis, and the citizens are taking to the streets demanding to oust President Rajapaksa. Watch this report to know what caused this crisis.

What caused Sri Lanka's economic crisis? Meet the Rajapaksas who rule Sri Lanka

Sri Lanka declares public emergency: Market witnesses worst weekly fall

Anger against Sri Lankan President Gotabaya Rajapaksa's handling of a deepening economic crisis in the island nation of 22 million people spiralled into violence late on Thursday, as hundreds of protesters clashed with police for several hours.

A severe shortage of foreign currency has left Rajapaksa's government unable to pay for essential imports, including fuel, leading to debilitating power cuts lasting up to 13 hours.

Ordinary Sri Lankans are also dealing with shortages and soaring inflation, after the country steeply devalued its currency last month ahead of talks with the International Monetary Fund (IMF) for a loan programme.

HOW DID SRI LANKA GET HERE?

Critics say the roots of the crisis, the worst in several decades, lie in economic mismanagement by successive governments that created and sustained a twin deficit - a budget shortfall alongside a current account deficit.

"Sri Lanka is a classic twin deficits economy," said a 2019 Asian Development Bank working paper. "Twin deficits signal that a country's national expenditure exceeds its national income, and that its production of tradable goods and services is inadequate."

But the current crisis was accelerated by deep tax cuts promised by Rajapaksa during a 2019 election campaign that were enacted months before the COVID-19 pandemic, which wiped out parts of Sri Lanka's economy.

With the country's lucrative tourism industry and foreign workers' remittances sapped by the pandemic, credit ratings agencies moved to downgrade Sri Lanka and effectively locked it out of international capital markets.

In turn, Sri Lanka's debt management programme, which depended on accessing those markets, derailed and foreign exchange reserves plummeted by almost 70% in two years.

The Rajapaksa government's decision to ban all chemical fertilisers in 2021, a move that was later reversed, also hit the country's farm sector and triggered a drop in the critical rice crop.

WHAT HAPPENS WITH SRI LANKA'S FOREIGN DEBT?

As of February, the country was left with only $2.31 billion in its reserves but faces debt repayments of around $4 billion in 2022, including a $1 billion international sovereign bond (ISB) maturing in July.

ISBs make up the largest share of Sri Lanka's foreign debt at $12.55 billion, with the Asian Development Bank, Japan and China among the other major lenders.

In a review of the country's economy released last month, the IMF said that public debt had risen to "unsustainable levels" and foreign exchange reserves were insufficient for near-term debt payments.

In a note late last month, Citi Research said that the IMF report's conclusion and the government's recent measures were insufficient to restore debt sustainability, strongly indicating "the need for debt restructuring".

WHO IS HELPING SRI LANKA?

For months, Rajapaksa's administration and the Central Bank of Sri Lanka (CBSL) resisted calls by experts and opposition leaders to seek help from the IMF despite rising risks.

But after oil prices soared in the wake of Russia's invasion of Ukraine in late February, the government eventually drew up a plan to approach the IMF in April.

The IMF will initiate discussions with Sri Lankan authorities on a possible loan program in "coming days", an IMF spokesman said on Thursday.

Before heading to the IMF, Sri Lanka steeply devalued its currency, further stoking inflation and adding to the pain of the public, many of whom are enduring hardship and long queues.

In the interim, Rajapaksa has also sought help from China and India, particularly assistance on fuel from the latter. A diesel shipment under a $500 million credit line signed with India in February is expected to arrive on Saturday.

Sri Lanka and India have signed a $1 billion credit line for importing essentials, including food and medicine, and the Rajapaksa government has sought at least another $1 billion from New Delhi.

After providing the CBSL with a $1.5 billion swap and a $1.3 billion syndicated loan to the government, China is considering offering the island nation a $1.5 billion credit facility and a separate loan of up to $1 billion.

Anger against Sri Lankan President Gotabaya Rajapaksa's handling of a deepening economic crisis in the island nation of 22 million people spiralled into violence late on Thursday, as hundreds of protesters clashed with police for several hours.

Anger against Sri Lankan President Gotabaya Rajapaksa's handling of a deepening economic crisis in the island nation of 22 million people spiralled into violence late on Thursday, as hundreds of protesters clashed with police for several hours. A severe shortage of foreign currency has left Rajapaksa's government unable to pay for essential imports, including fuel, leading to debilitating power cuts lasting up to 13 hours. Ordinary Sri Lankans are also dealing with shortages and soaring inflation, after the country steeply devalued its currency last month ahead of talks with the International Monetary Fund (IMF) for a loan programme. HOW DID SRI LANKA GET HERE? Critics say the roots of the crisis, the worst in several decades, lie in economic mismanagement by successive governments that created and sustained a twin deficit - a budget shortfall alongside a current account deficit. "Sri Lanka is a classic twin deficits economy," said a 2019 Asian Development Bank working paper. "Twin deficits signal that a country's national expenditure exceeds its national income, and that its production of tradable goods and services is inadequate." But the current crisis was accelerated by deep tax cuts promised by Rajapaksa during a 2019 election campaign that were enacted months before the COVID-19 pandemic, which wiped out parts of Sri Lanka's economy. With the country's lucrative tourism industry and foreign workers' remittances sapped by the pandemic, credit ratings agencies moved to downgrade Sri Lanka and effectively locked it out of international capital markets. In turn, Sri Lanka's debt management programme, which depended on accessing those markets, derailed and foreign exchange reserves plummeted by almost 70% in two years. The Rajapaksa government's decision to ban all chemical fertilisers in 2021, a move that was later reversed, also hit the country's farm sector and triggered a drop in the critical rice crop. WHAT HAPPENS WITH SRI LANKA'S FOREIGN DEBT? As of February, the country was left with only $2.31 billion in its reserves but faces debt repayments of around $4 billion in 2022, including a $1 billion international sovereign bond (ISB) maturing in July. ISBs make up the largest share of Sri Lanka's foreign debt at $12.55 billion, with the Asian Development Bank, Japan and China among the other major lenders. In a review of the country's economy released last month, the IMF said that public debt had risen to "unsustainable levels" and foreign exchange reserves were insufficient for near-term debt payments. In a note late last month, Citi Research said that the IMF report's conclusion and the government's recent measures were insufficient to restore debt sustainability, strongly indicating "the need for debt restructuring". WHO IS HELPING SRI LANKA? For months, Rajapaksa's administration and the Central Bank of Sri Lanka (CBSL) resisted calls by experts and opposition leaders to seek help from the IMF despite rising risks. But after oil prices soared in the wake of Russia's invasion of Ukraine in late February, the government eventually drew up a plan to approach the IMF in April. The IMF will initiate discussions with Sri Lankan authorities on a possible loan program in "coming days", an IMF spokesman said on Thursday. Before heading to the IMF, Sri Lanka steeply devalued its currency, further stoking inflation and adding to the pain of the public, many of whom are enduring hardship and long queues. In the interim, Rajapaksa has also sought help from China and India, particularly assistance on fuel from the latter. A diesel shipment under a $500 million credit line signed with India in February is expected to arrive on Saturday. Sri Lanka and India have signed a $1 billion credit line for importing essentials, including food and medicine, and the Rajapaksa government has sought at least another $1 billion from New Delhi. After providing the CBSL with a $1.5 billion swap and a $1.3 billion syndicated loan to the government, China is considering offering the island nation a $1.5 billion credit facility and a separate loan of up to $1 billion.

How Sri Lanka's economy spiralled into crisis

German&nbsp;unemployment stayed at five percent in March, figures published Thursday showed, as the war in Ukraine darkened the outlook for Europe's largest economy.

The number out of work went down by 18,000 in March on a seasonally adjusted basis, although the overall joblessness rate remained unchanged from February, the BA federal labour agency said.

Russia's invasion of its neighbour, which has added to supply chain disruptions and sent prices for energy rocketing, has so far only had an "isolated" impact on the labour market, BA regions director Daniel Terzenbach said.

Also read |<a href="https://www.wionews.com/india-news/in-delhi-german-nsa-hopes-no-back-filing-of-sanctions-will-take-place-467101">&nbsp;In Delhi, German NSA hopes no 'back filing' of sanctions will take place</a>

But the risk that supplies of natural gas and oil from Russia could be cut off if the conflict were to escalate were "weighing on the economic outlook" for Germany, Terzenbach said.

The Ukraine conflict derailed Germany's hopes of growth seeing a surge in economic growth as coronavirus-related health restrictions fell away.

Germany's reliance on imports of Russian gas and the importance to the economy of industry, which has been buffeted by supply bottlenecks, mean the country is particularly exposed to the conflict.&nbsp;

A panel of the government's economic advisers on Wednesday drastically cut their forecast for growth in 2022 to 1.8 percent, down from their previous estimate of 4.6 percent.

Also read |<a href="https://www.wionews.com/world/two-german-states-outlaw-the-display-of-russias-z-war-symbol-465969">&nbsp;Two German states outlaw the display of Russia's 'Z' war symbol</a>

The war was putting "additional strain" on supply chains stretched by the pandemic, while the spike in energy prices was weighing on businesses and consumers, said a member of the expert panel, Achim Truger.

Interruptions to deliveries of key components from suppliers in Ukraine has already led to interruptions in production at a number of&nbsp;German&nbsp;auto manufacturers, including Volkswagen and BMW.&nbsp;

Watch |&nbsp;Qatar to help Germany cut reliance on Russian oil amid Ukraine conflict

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/qatar-to-help-germany-cut-reliance-on-russian-oil-amid-ukraine-conflict-464269/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

German unemployment stayed at five percent in March, figures published Thursday showed, as the war in Ukraine darkened the outlook for Europe's largest economy. The number out of work went down by 18,000 in March on a seasonally adjusted basis, although the overall joblessness rate remained unchanged from February, the BA federal labour agency said.

German unemployment stayed at five percent in March, figures published Thursday showed, as the war in Ukraine darkened the outlook for Europe's largest economy. The number out of work went down by 18,000 in March on a seasonally adjusted basis, although the overall joblessness rate remained unchanged from February, the BA federal labour agency said. Russia's invasion of its neighbour, which has added to supply chain disruptions and sent prices for energy rocketing, has so far only had an "isolated" impact on the labour market, BA regions director Daniel Terzenbach said. Also read | In Delhi, German NSA hopes no 'back filing' of sanctions will take place But the risk that supplies of natural gas and oil from Russia could be cut off if the conflict were to escalate were "weighing on the economic outlook" for Germany, Terzenbach said. The Ukraine conflict derailed Germany's hopes of growth seeing a surge in economic growth as coronavirus-related health restrictions fell away. Germany's reliance on imports of Russian gas and the importance to the economy of industry, which has been buffeted by supply bottlenecks, mean the country is particularly exposed to the conflict. A panel of the government's economic advisers on Wednesday drastically cut their forecast for growth in 2022 to 1.8 percent, down from their previous estimate of 4.6 percent. Also read | Two German states outlaw the display of Russia's 'Z' war symbol The war was putting "additional strain" on supply chains stretched by the pandemic, while the spike in energy prices was weighing on businesses and consumers, said a member of the expert panel, Achim Truger. Interruptions to deliveries of key components from suppliers in Ukraine has already led to interruptions in production at a number of German auto manufacturers, including Volkswagen and BMW. Watch | Qatar to help Germany cut reliance on Russian oil amid Ukraine conflict

German unemployment stable in March as war rattles economy

The unemployment rate in&nbsp;South&nbsp;Africa&nbsp;soared to its highest level on record in the final quarter of last year, official data showed Tuesday, as the impact of the pandemic continues to be felt.

The jobless rate rose 0.4 percent points to 35.3 percent in the final three months of 2021, compared to 34.9 percent in the previous quarter.

"This is the highest unemployment rate recorded since the start of the (quarterly labour force survey) in 2008," StatsSA said in a report.

Also read |&nbsp;<a href="https://www.wionews.com/world/south-africa-announces-hunting-permits-for-rhino-leopards-456929">South Africa announces hunting permits for rhino, leopards</a>

It is also the fifth increase in unemployment since the country was placed under a strict Covid lockdown in March 2020.

There are now 7.9 million unemployed people in the continent's most industrialised country, compared to 14.5 million with jobs.&nbsp;

President Cyril Ramaphosa last week rolled back most of the remaining coronavirus restrictions as new infections fell and fewer deaths were reported.

The changes meant nearly all restrictions on social and economic activity were scrapped, he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/omicron-ba2-south-africa-sees-a-rise-in-sub-variant-cases-450463">Omicron BA.2: South Africa sees a rise in sub-variant cases</a>

The hardest Covid-hit African country has diagnosed more than 3.7 million infections, including 99,970 fatalities.

Compared to the same period in 2020, the expanded unemployment rate -- people who are employable but have given up looking for work -- has increased by 3.6 percent&nbsp;points to 46.2 percent.

Young people have been particularly badly hit, with joblessness among those aged 15 to 24 years old, exceeding 66 per cent.

Watch |&nbsp;Gravitas: Ukraine Conflict: South Africa, Israel and Turkey offer mediation

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-ukraine-conflict-south-africa-israel-turkey-offer-mediation-463618/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The unemployment rate in South Africa soared to its highest level on record in the final quarter of last year, official data showed Tuesday, as the impact of the pandemic continues to be felt.

The unemployment rate in South Africa soared to its highest level on record in the final quarter of last year, official data showed Tuesday, as the impact of the pandemic continues to be felt. The jobless rate rose 0.4 percent points to 35.3 percent in the final three months of 2021, compared to 34.9 percent in the previous quarter. "This is the highest unemployment rate recorded since the start of the (quarterly labour force survey) in 2008," StatsSA said in a report. Also read | South Africa announces hunting permits for rhino, leopards It is also the fifth increase in unemployment since the country was placed under a strict Covid lockdown in March 2020. There are now 7.9 million unemployed people in the continent's most industrialised country, compared to 14.5 million with jobs. President Cyril Ramaphosa last week rolled back most of the remaining coronavirus restrictions as new infections fell and fewer deaths were reported. The changes meant nearly all restrictions on social and economic activity were scrapped, he said. Also read | Omicron BA.2: South Africa sees a rise in sub-variant cases The hardest Covid-hit African country has diagnosed more than 3.7 million infections, including 99,970 fatalities. Compared to the same period in 2020, the expanded unemployment rate -- people who are employable but have given up looking for work -- has increased by 3.6 percent points to 46.2 percent. Young people have been particularly badly hit, with joblessness among those aged 15 to 24 years old, exceeding 66 per cent. Watch | Gravitas: Ukraine Conflict: South Africa, Israel and Turkey offer mediation

South Africa's unemployment rate hits new high

New Zealand and Fiji signed a partnership statement on Tuesday that will see the two countries work more closely together in areas such as security, protecting shared interests and economic resilience.

The announcement between the two countries came days after the Solomon Islands government confirmed it was "diversifying" its security relationships beyond Australia, which prompted alarm in Australia, New Zealand and the United States.

Also read |&nbsp;<a href="https://www.wionews.com/world/new-zealands-prime-minister-ardern-says-solomon-islands-china-deal-gravely-concerning-466244">New Zealand Prime Minister Jacinda&nbsp;Ardern&nbsp;says Solomon Islands-China deal 'gravely concerning'</a>

"Aotearoa New Zealand is committed to working alongside Fiji and supporting common goals — both in Fiji and in the Pacific region," New Zealand's Foreign Minister Nanaia Mahuta said in a statement after the agreement was signed.

The partnership statement outlines a broad range of priorities such as pursuing greater understanding and coordination on foreign policy priorities; building economic resilience; supporting capability to uphold sovereign authority, according to a New Zealand Ministry of Foreign Affairs and Trade statement.

Also read |&nbsp;<a href="https://www.wionews.com/world/dramatic-video-shows-rescue-from-new-zealand-boat-sinking-that-killed-four-464641">Dramatic video shows rescue from New Zealand boat sinking that killed four</a>

"This strategic cooperation is timely, as our region paves its way forward to progressive socio-economic recovery," said Fiji Prime Minister Frank Bainimarama.

Watch |&nbsp;New Zealand borders to reopen; Visa-Waiver countries tourists can travel from May 1

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/new-zealand-borders-to-reopen-visa-waiver-countries-tourists-can-travel-from-may-1-462777/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

New Zealand and Fiji signed a partnership statement on Tuesday that will see the two countries work more closely together in areas such as security, protecting shared interests and economic resilience.

New Zealand and Fiji signed a partnership statement on Tuesday that will see the two countries work more closely together in areas such as security, protecting shared interests and economic resilience. The announcement between the two countries came days after the Solomon Islands government confirmed it was "diversifying" its security relationships beyond Australia, which prompted alarm in Australia, New Zealand and the United States. Also read | New Zealand Prime Minister Jacinda Ardern says Solomon Islands-China deal 'gravely concerning' "Aotearoa New Zealand is committed to working alongside Fiji and supporting common goals — both in Fiji and in the Pacific region," New Zealand's Foreign Minister Nanaia Mahuta said in a statement after the agreement was signed. The partnership statement outlines a broad range of priorities such as pursuing greater understanding and coordination on foreign policy priorities; building economic resilience; supporting capability to uphold sovereign authority, according to a New Zealand Ministry of Foreign Affairs and Trade statement. Also read | Dramatic video shows rescue from New Zealand boat sinking that killed four "This strategic cooperation is timely, as our region paves its way forward to progressive socio-economic recovery," said Fiji Prime Minister Frank Bainimarama. Watch | New Zealand borders to reopen; Visa-Waiver countries tourists can travel from May 1

New Zealand, Fiji agree to work together on security, economy, other areas

The ongoing economic crisis in Sri Lanka is worsening day by day. Lanka's forex reserves have hit rock bottom. 2 Lankan dailies were forced to suspend editions due to paper shortage.

Sri Lanka's economic crisis deepens with forex reserves hitting rock bottom

Amid the ongoing Dollar crunch and economic crisis, Sri Lanka is planning to close several of its missions and embassies in various nations.

Sri Lanka mulls closure of embassies as it faces dollar crunch

Amid the ongoing Dollar crunch and economic crisis, Sri Lanka is planning to close several of its missions and embassies in various nations. It has also deployed army at fuel stations

Sri Lanka deploys army at fuel stations amid the ongoing Dollar crunch

Amid the ongoing economic crisis, Sri Lanka has now run out of printing paper and has been forced to cancel school exams.

Sri Lanka cancels school exams as it runs out of printing paper amid economic crisis

Japan's central&nbsp;bank&nbsp;chief said on Friday the country will likely reach its key two-percent&nbsp;inflation&nbsp;target as&nbsp;oil&nbsp;rates surge, but the&nbsp;bank&nbsp;will continue monetary easing policies because the price rises are caused by external factors.

The&nbsp;Bank&nbsp;of&nbsp;Japan&nbsp;has struggled to lift&nbsp;inflation&nbsp;for nearly a decade with the world's third-largest economy swinging between periods of sluggish&nbsp;inflation and deflation, both considered bad for growth.

"Unlike in the US and Europe,&nbsp;inflation&nbsp;is currently at around 0.6 percent, and is likely to rise to about two percent after April," BoJ governor Haruhiko Kuroda told reporters following a two-day policy meeting.

Also read |&nbsp;<a href="https://www.wionews.com/world/japanese-emperors-daughter-says-being-an-adult-royal-still-rather-tense-marriage-far-off-463173">Japanese emperor's daughter says being an adult royal still 'rather tense', marriage far off</a>

"Most of the rise in prices will be caused by increases in international commodity supplies, energy, and food import prices, so naturally it is not necessary&nbsp;or appropriate to tighten monetary policy."

The United States Federal Reserve raised its benchmark interest rate on Wednesday for the first time since 2018 in a bid to tackle soaring&nbsp;inflation.

Kuroda said consumption in&nbsp;Japan&nbsp;is expected to further recover from a pandemic dip as the government lifts restrictions -- which mainly require restaurants and bars to limit opening hours -- in Tokyo and elsewhere on Monday.

Japan's core consumer prices, which exclude volatile fresh food, rose 0.6 per cent in February from a year earlier, government data showed Friday.

Also read |<a href="https://www.wionews.com/world/japan-imposes-new-sanctions-on-russian-billionaire-and-16-others-462386">&nbsp;Japan imposes new sanctions on Russian billionaire, and 16 others</a>

The internal affairs ministry said the rise was driven by food prices and utility bills due to a surge in energy costs linked to the Ukraine crisis.

It met market expectations as the sixth straight monthly gain, and the sharpest rise since February 2020.

The BoJ's target of sustained two-percent&nbsp;inflation&nbsp;is seen as key to spurring healthy economic growth in&nbsp;Japan.

But analysts say that even if the target is hit in the coming months, it is unlikely to last.

"Once the energy-price shock and deterioration in terms of trade is gone, prices will decline again," Shigeto Nagai of Oxford Economics told AFP ahead of the BoJ meeting.

Excluding energy prices as well as fresh food,&nbsp;Japan's consumer prices were down 1.0 percent in February, the 11th straight monthly fall, the ministry said.

Watch |&nbsp;Gravitas: 7.4 Magnitude Earthquake hits Japan

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-74-magnitude-earthquake-hits-japan-463275/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Japan's central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors.

Japan's central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors. The Bank of Japan has struggled to lift inflation for nearly a decade with the world's third-largest economy swinging between periods of sluggish inflation and deflation, both considered bad for growth. "Unlike in the US and Europe, inflation is currently at around 0.6 percent, and is likely to rise to about two percent after April," BoJ governor Haruhiko Kuroda told reporters following a two-day policy meeting. Also read | Japanese emperor's daughter says being an adult royal still 'rather tense', marriage far off "Most of the rise in prices will be caused by increases in international commodity supplies, energy, and food import prices, so naturally it is not necessary or appropriate to tighten monetary policy." The United States Federal Reserve raised its benchmark interest rate on Wednesday for the first time since 2018 in a bid to tackle soaring inflation. Kuroda said consumption in Japan is expected to further recover from a pandemic dip as the government lifts restrictions -- which mainly require restaurants and bars to limit opening hours -- in Tokyo and elsewhere on Monday. Japan's core consumer prices, which exclude volatile fresh food, rose 0.6 per cent in February from a year earlier, government data showed Friday. Also read | Japan imposes new sanctions on Russian billionaire, and 16 others The internal affairs ministry said the rise was driven by food prices and utility bills due to a surge in energy costs linked to the Ukraine crisis. It met market expectations as the sixth straight monthly gain, and the sharpest rise since February 2020. The BoJ's target of sustained two-percent inflation is seen as key to spurring healthy economic growth in Japan. But analysts say that even if the target is hit in the coming months, it is unlikely to last. "Once the energy-price shock and deterioration in terms of trade is gone, prices will decline again," Shigeto Nagai of Oxford Economics told AFP ahead of the BoJ meeting. Excluding energy prices as well as fresh food, Japan's consumer prices were down 1.0 percent in February, the 11th straight monthly fall, the ministry said. Watch | Gravitas: 7.4 Magnitude Earthquake hits Japan

Bank of Japan says no tightening as oil stirs inflation

The invasion of Ukraine has placed Russia on the verge of bankruptcy. Interest rates have doubled, the stock market has closed, and the rouble has fallen to its lowest level ever. Russians are now not allowed to convert money they have into foreign currency.

Russian economy to pay the price of Ukraine invasion

Japan's household spending was up in January but the business mood is sinking in the first quarter. Because of rising raw material costs, it has squeezed corporate margins.

Japan's business mood sinks: Slowdown eclipses household spending boost

IMF managing director Kristalina Georgieva on Friday said that the sanctions Western countries have imposed on Moscow will lead to a "sharp contraction" of the Russian economy.&nbsp;

She further highlighted that Russia is "moving into a deep recession" with the depreciation of the ruble. She said that a debt default is no longer "an improbable event."

This comes in as the IMF is expected to cut its global growth estimate due to the economic crisis caused by Russia's invasion of Ukraine.&nbsp;

"We got through a crisis like no other with the pandemic. We are now in an even more shocking territory. The unthinkable happened: We have a war in Europe," Kristalina said.&nbsp;

<a href="https://www.wionews.com/world/biden-to-announce-that-us-will-move-to-revoke-most-favoured-nation-trade-status-for-russia-report-461263">Also read |&nbsp;Biden to announce that US will move to revoke 'most favoured nation' trade status for Russia: Report</a>

Meanwhile, as per US media, President Joe Biden is poised to announce the revocation of Russia’s “most favoured nation” trade status, which would allow higher tariffs to be imposed on some Russian imports.&nbsp;

He will announce the plans "to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine" at the White House at 10:15 a.m. EST (1515 GMT), as per CNN.

Stripping Russia of its favoured nation status paves the way for the US and its allies to impose tariffs on a wide range of Russian goods, which would further ratchet up pressure on an economy that is already heading into a "deep recession."

Completely unaffected by the sanctions, Russia kept up its bombardment of besieged Mariupol while Kyiv braced for an onslaught, its mayor boasting that the capital had become practically a fortress protected by armed civilians.

(With inputs from agencies)

IMF managing director Kristalina Georgieva on Friday said that the sanctions Western countries have imposed on Moscow will lead to a "sharp contraction" of the Russian economy.

IMF managing director Kristalina Georgieva on Friday said that the sanctions Western countries have imposed on Moscow will lead to a "sharp contraction" of the Russian economy. She further highlighted that Russia is "moving into a deep recession" with the depreciation of the ruble. She said that a debt default is no longer "an improbable event." This comes in as the IMF is expected to cut its global growth estimate due to the economic crisis caused by Russia's invasion of Ukraine. "We got through a crisis like no other with the pandemic. We are now in an even more shocking territory. The unthinkable happened: We have a war in Europe," Kristalina said. Also read | Biden to announce that US will move to revoke 'most favoured nation' trade status for Russia: Report Meanwhile, as per US media, President Joe Biden is poised to announce the revocation of Russia’s “most favoured nation” trade status, which would allow higher tariffs to be imposed on some Russian imports. He will announce the plans "to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine" at the White House at 10:15 a.m. EST (1515 GMT), as per CNN. Stripping Russia of its favoured nation status paves the way for the US and its allies to impose tariffs on a wide range of Russian goods, which would further ratchet up pressure on an economy that is already heading into a "deep recession." Completely unaffected by the sanctions, Russia kept up its bombardment of besieged Mariupol while Kyiv braced for an onslaught, its mayor boasting that the capital had become practically a fortress protected by armed civilians. (With inputs from agencies)

Sanctions will lead to a 'sharp contraction' of the Russian economy: IMF

Dealing a crippling blow to Russia's economy the United States announced a ban on all imports of Russian oil as Russia's invasion of Ukraine continues with civilian death toll mounting and refugees fleeing the war-torn country.

United States announces ban on imports of oil, big blow to Russian economy

Elvira Nabiullina, chief of the Central Bank of Russia, is facing one of the most tumultuous phases in her career.<a name="_Hlk97459200"></a>

The technocrat-turned-economist may have steered Russia’s economy through a series of economic shocks over the past few years, but the latest sanctions announced by the West in the wake of the invasion of Ukraine are stretching her ability to keep the economy on track.

With inflation rising and the ruble plunging by more than a quarter, Nabiullina last Monday announced that the central bank’s key interest rate would more than double to a record 20 percent to curb price rises.

She admitted that the Russian economy was "dealing with a completely non-standard situation" under "conditions that have fundamentally changed".

More than her grim analysis of the economy, it was the way she spoke and her choice of clothing that caught the attention of many.

Nabiullina is well-known not only for her hawkish economic policies, but also for her symbolic attire, which hints at her policy thinking.

In May 2020, when the government urged people to stay at home, she wore a house-shaped brooch. A month later, after cutting rates, she chose a pigeon – in Russian, the word also means "dove".

But on Monday, she wore a funeral black dress to her conference, which many perceived to be a symbol of the death of the Russian economy.

Sergei Guriev, a professor of economics at Sciences Po in Paris and a leading authority on Russia, said that Monday’s coded message was to demonstrate the severity of the blow being dealt by western sanctions.

"This time she was in black and had no brooch. It should not be read as she disagreed with Putin’s policy, but as a sign that it is time to bury normal monetary policy," Guriev told the Guardian.

Analysts expect Russia’s economy could be set for a&nbsp;deeper recession this year than the one caused by COVID-19.

Sanctions freezing the central bank’s assets have severely limited Nabiullina’s room for manoeuvre. Out of $630 billion (£475 billion) in foreign currency reserves built up by the central bank – which could have been used to protect the rouble – experts say much of the sum has been rendered useless.

Many Russian economists have expressed doubts about whether she will complete her five-year term, which expires in June.

Although they say her priority could be to help protect ordinary Russians from the consequences of Putin’s actions by staying in post.

(With inputs from agencies)

Elvira Nabiullina, chief of the Central Bank of Russia, is facing one of the most tumultuous phases in her career. The technocrat-turned-economist may have steered Russia’s economy through a series of economic shocks over the past few years, but the latest sanctions announced by the West in the wake of the invasion of Ukraine are stretching her ability to keep the economy on track.

Elvira Nabiullina, chief of the Central Bank of Russia, is facing one of the most tumultuous phases in her career. The technocrat-turned-economist may have steered Russia’s economy through a series of economic shocks over the past few years, but the latest sanctions announced by the West in the wake of the invasion of Ukraine are stretching her ability to keep the economy on track. With inflation rising and the ruble plunging by more than a quarter, Nabiullina last Monday announced that the central bank’s key interest rate would more than double to a record 20 percent to curb price rises. She admitted that the Russian economy was "dealing with a completely non-standard situation" under "conditions that have fundamentally changed". More than her grim analysis of the economy, it was the way she spoke and her choice of clothing that caught the attention of many. Nabiullina is well-known not only for her hawkish economic policies, but also for her symbolic attire, which hints at her policy thinking. In May 2020, when the government urged people to stay at home, she wore a house-shaped brooch. A month later, after cutting rates, she chose a pigeon – in Russian, the word also means "dove". But on Monday, she wore a funeral black dress to her conference, which many perceived to be a symbol of the death of the Russian economy. Sergei Guriev, a professor of economics at Sciences Po in Paris and a leading authority on Russia, said that Monday’s coded message was to demonstrate the severity of the blow being dealt by western sanctions. "This time she was in black and had no brooch. It should not be read as she disagreed with Putin’s policy, but as a sign that it is time to bury normal monetary policy," Guriev told the Guardian. Analysts expect Russia’s economy could be set for a deeper recession this year than the one caused by COVID-19. Sanctions freezing the central bank’s assets have severely limited Nabiullina’s room for manoeuvre. Out of $630 billion (£475 billion) in foreign currency reserves built up by the central bank – which could have been used to protect the rouble – experts say much of the sum has been rendered useless. Many Russian economists have expressed doubts about whether she will complete her five-year term, which expires in June. Although they say her priority could be to help protect ordinary Russians from the consequences of Putin’s actions by staying in post. (With inputs from agencies)

Russian Central Bank chief noted for coded dress wears funeral black to signal death of economy

The Washington state Senate on Friday passed a bill granting gig drivers certain benefits and protections while preventing them from being classified as employees — a long-standing priority of ride-hailing companies such as Uber and Lyft.

Although the vote appears to pave the way for ultimate passage after a similar measure passed the state House of Representatives last week, the two bills would still have to be reconciled before being sent to the governor for approval. Gov. Jay Inslee has not said whether he intends to sign the legislation.

Mike Faulk, a spokesperson for Inslee, said Friday that the governor’s office usually did not “speculate on bill action,” adding, “Once legislators send it to our office, we’ll evaluate it.”

The Senate legislation — the result of a compromise between the companies and at least one prominent local union, the Teamsters — was approved 40-8.

In a statement, John Scearcy, secretary-treasurer of Teamsters Local 117, said the union was “proud to stand in solidarity with Uber and Lyft drivers in winning their demands for pay raises” and other benefits.

Uber and Lyft have noted in regulatory filings that being required to classify drivers as employees would force changes to their business model and could leave them exposed financially. They have sought similar compromises in states including California and New York, but those efforts collapsed amid resistance from other unions and worker advocates, who argued that gig drivers should not have to settle for second-class status. Many of those advocates criticized the Washington bill as well.

“While the bill provides some benefits to drivers, it would permanently lock the door on drivers accessing their rights as employees,” said Brian Chen of the National Employment Law Project, an advocacy group. “That is a misstep with serious ramifications, which is concerning given how fast this bill is moving through the legislature.”

Under the compromise, drivers would receive benefits such as paid sick leave and a minimum pay rate. The bill would also create a process for drivers to appeal so-called deactivations, which prevent them from finding work through the companies’ apps.

While the minimum pay rates apply only to the time that drivers spend with a passenger in the car, supporters of the bill say the rates have been set high enough to compensate drivers fairly for all of their work time after expenses. The rates will be adjusted over time to account for cost of living increases.

As with other contractors, drivers must cover all payroll taxes and cannot unionize under federal law.

The bill is largely silent on unemployment benefits, something that employees are entitled to, but Washington state has frequently found that gig drivers should receive those benefits already. The bill will create a task force to study what the gig companies’ contributions to an unemployment insurance trust fund should be, an issue that has been contentious in other states.

One especially controversial feature of the bill is that it would block local jurisdictions from regulating drivers’ rights. A similar feature helped ignite opposition that killed the prospects for such a bill in New York state last year.

In 2020, Seattle enacted a robust minimum wage law for gig drivers, which was intended to provide drivers with hourly pay of about $30 before expenses and was sharply criticized by gig companies. The statewide bill approved Friday preserved the current rates in Seattle, which will continue to be higher than the rest of the state, but would preempt similar legislation in the future.

Looming in the background of the legislative action in Washington state was the possibility of a ballot measure that could have locked in contractor status with weaker benefits for drivers. After California passed a law in 2019 that effectively classified gig workers as employees, Uber, Lyft and other gig companies spent roughly $200 million on a ballot measure, Proposition 22, that rolled back those protections. The legislation is still being litigated after a state judge deemed it unconstitutional.

Rep. Liz Berry, who introduced the Washington state bill, said the differences between it and Proposition 22 “couldn’t be more stark.”

“My focus has been: What do the workers want? What are the drivers asking for? And we deliver on every single thing they asked for,” Berry said in an interview, adding that in contrast to California’s law, “our bill has real benefits that employees in the state of Washington enjoy.”

Jen Hensley, Lyft’s head of government relations, said in a statement that the bill was “a solution that Washington state’s drivers overwhelmingly support. Not only does it deliver meaningful new benefits, it also expands important protections for them.” An Uber statement echoed those comments.

But some Washington legislators had doubts.

Ahead of the vote on Friday, Sen. Mike Padden, who opposed the bill, worried about the speed of the approval process. “I do have some concerns about the bill itself, but I also have some concerns about not really being able to check it out properly,” he said.

Rep. Debra Entenman, the only Democrat to vote against the bill in Washington’s House of Representatives, said in a statement after its Senate passage that “this bill requires too much from the state, delivers too little for drivers, and increases transportation costs for my constituents who often rely on rideshare companies because of inadequate public transportation options.”

Worker advocates worried that other states would try to replicate the legislation. “I hope Gov. Inslee seeks additional analysis of its potential impact,” said Terri Gerstein, a workers rights lawyer at Harvard Law School’s Labor and Worklife Program. “I would urge other states not to use this bill or cursory public process as a model.”

The Washington state Senate on Friday passed a bill granting gig drivers certain benefits and protections while preventing them from being classified as employees — a long-standing priority of ride-hailing companies such as Uber and Lyft.

The Washington state Senate on Friday passed a bill granting gig drivers certain benefits and protections while preventing them from being classified as employees — a long-standing priority of ride-hailing companies such as Uber and Lyft. Although the vote appears to pave the way for ultimate passage after a similar measure passed the state House of Representatives last week, the two bills would still have to be reconciled before being sent to the governor for approval. Gov. Jay Inslee has not said whether he intends to sign the legislation. Mike Faulk, a spokesperson for Inslee, said Friday that the governor’s office usually did not “speculate on bill action,” adding, “Once legislators send it to our office, we’ll evaluate it.” The Senate legislation — the result of a compromise between the companies and at least one prominent local union, the Teamsters — was approved 40-8. In a statement, John Scearcy, secretary-treasurer of Teamsters Local 117, said the union was “proud to stand in solidarity with Uber and Lyft drivers in winning their demands for pay raises” and other benefits. Uber and Lyft have noted in regulatory filings that being required to classify drivers as employees would force changes to their business model and could leave them exposed financially. They have sought similar compromises in states including California and New York, but those efforts collapsed amid resistance from other unions and worker advocates, who argued that gig drivers should not have to settle for second-class status. Many of those advocates criticized the Washington bill as well. “While the bill provides some benefits to drivers, it would permanently lock the door on drivers accessing their rights as employees,” said Brian Chen of the National Employment Law Project, an advocacy group. “That is a misstep with serious ramifications, which is concerning given how fast this bill is moving through the legislature.” Under the compromise, drivers would receive benefits such as paid sick leave and a minimum pay rate. The bill would also create a process for drivers to appeal so-called deactivations, which prevent them from finding work through the companies’ apps. While the minimum pay rates apply only to the time that drivers spend with a passenger in the car, supporters of the bill say the rates have been set high enough to compensate drivers fairly for all of their work time after expenses. The rates will be adjusted over time to account for cost of living increases. As with other contractors, drivers must cover all payroll taxes and cannot unionize under federal law. The bill is largely silent on unemployment benefits, something that employees are entitled to, but Washington state has frequently found that gig drivers should receive those benefits already. The bill will create a task force to study what the gig companies’ contributions to an unemployment insurance trust fund should be, an issue that has been contentious in other states. One especially controversial feature of the bill is that it would block local jurisdictions from regulating drivers’ rights. A similar feature helped ignite opposition that killed the prospects for such a bill in New York state last year. In 2020, Seattle enacted a robust minimum wage law for gig drivers, which was intended to provide drivers with hourly pay of about $30 before expenses and was sharply criticized by gig companies. The statewide bill approved Friday preserved the current rates in Seattle, which will continue to be higher than the rest of the state, but would preempt similar legislation in the future. Looming in the background of the legislative action in Washington state was the possibility of a ballot measure that could have locked in contractor status with weaker benefits for drivers. After California passed a law in 2019 that effectively classified gig workers as employees, Uber, Lyft and other gig companies spent roughly $200 million on a ballot measure, Proposition 22, that rolled back those protections. The legislation is still being litigated after a state judge deemed it unconstitutional. Rep. Liz Berry, who introduced the Washington state bill, said the differences between it and Proposition 22 “couldn’t be more stark.” “My focus has been: What do the workers want? What are the drivers asking for? And we deliver on every single thing they asked for,” Berry said in an interview, adding that in contrast to California’s law, “our bill has real benefits that employees in the state of Washington enjoy.” Jen Hensley, Lyft’s head of government relations, said in a statement that the bill was “a solution that Washington state’s drivers overwhelmingly support. Not only does it deliver meaningful new benefits, it also expands important protections for them.” An Uber statement echoed those comments. But some Washington legislators had doubts. Ahead of the vote on Friday, Sen. Mike Padden, who opposed the bill, worried about the speed of the approval process. “I do have some concerns about the bill itself, but I also have some concerns about not really being able to check it out properly,” he said. Rep. Debra Entenman, the only Democrat to vote against the bill in Washington’s House of Representatives, said in a statement after its Senate passage that “this bill requires too much from the state, delivers too little for drivers, and increases transportation costs for my constituents who often rely on rideshare companies because of inadequate public transportation options.” Worker advocates worried that other states would try to replicate the legislation. “I hope Gov. Inslee seeks additional analysis of its potential impact,” said Terri Gerstein, a workers rights lawyer at Harvard Law School’s Labor and Worklife Program. “I would urge other states not to use this bill or cursory public process as a model.”

Washington State advances landmark deal on gig drivers’ job status

The Russian rouble has collapsed almost 50% since the military build-up in November last year. Year-end inflation is projected to touch 17%. Palki Sharma tells you how Western sanctions have crippled Russia's economy.

Gravitas: Russian economy crippled by Western sanctions

A property downturn, slowing economy and war in Ukraine loom large over this week's annual convening of China's legislature, with policymakers expected to focus on shoring up faltering growth.

The rubber-stamp parliament starting Saturday in Beijing gathers some 3,000 members of the National People's Congress (NPC) for highly choreographed meetings over bills, budgets and personnel changes.

The ruling Communist Party uses the opportunity to tout its achievements while also setting the country's economic blueprint and GDP target for the year ahead.

Also read |&nbsp;<a href="https://www.wionews.com/photos/a-day-in-the-life-of-uighurs-251734">A day in the life of China’s persecuted Uighur community</a>

Much of the NPC's agenda is unknown until during -- or even after -- the multi-day meeting, with many sessions taking place behind closed doors.

But this year, concerns are bound to centre on the country's sluggish economic growth, partly down to a crunch in the crucial property sector -- which makes up as much as a quarter of national output.

Stringent "zero-Covid" measures including harsh lockdowns and closed borders have also been a major blow to manufacturing hubs, tourist centres and port cities.

Meanwhile, the Russian invasion of Ukraine has raised the prospect of spiking food and oil prices, with fears over supplies of crucial commodities from the region being affected.

Commerce Minister Wang Wentao admitted to journalists this week that China's economy faces "huge" pressure this year.

Also read |&nbsp;<a href="https://www.wionews.com/world/how-will-the-russia-ukraine-conflict-impact-chinas-economic-interests-in-ukraine-458283">How will the Russia-Ukraine conflict impact China's economic interests in Ukraine?</a>

GDP and stability

Beijing traditionally announces its new economic growth target at Premier Li Keqiang's annual "state of the nation" speech at the NPC, followed by his rare -- but heavily stage-managed -- press conference.

China's GDP growth slowed sharply in the final months of 2021 despite an earlier pandemic bounceback, as it grappled with tepid domestic demand and a property downturn.

The country's communist leaders have long based their legitimacy on the argument that their model of government represents economic growth and continuity for China's massive population.

But as much of the rest of the world now reopens, China is increasingly out of step, as continued COVID-19 restrictions weigh on consumer confidence.

Maintaining stability will be crucial as the Communist Party gears up for a pivotal meeting this fall -- the 20th party congress -- that is expected to easily secure President Xi Jinping a third term.

In 2020, there was no GDP target set at all, and last year Li announced a modest goal of "above six percent".

Also read |&nbsp;<a href="https://www.wionews.com/world/china-suggests-this-is-the-most-important-thing-that-can-end-conflict-between-russia-and-ukraine-458166">China suggests this is the 'most important thing' that can end conflict between Russia and Ukraine</a>

Amid the unpredictability, analysts expect Beijing to announce a similarly open and attainable target this year.

"We expect the growth target to be set at 'above five percent'," UOB economist Ho Woei Chen said in a recent report, adding that pace would match the past two years' average of 5.1 per cent.

Iris Pang, ING's chief economist for Greater China, expected the range could be higher after the country easily exceeded last year's target.

Watch |&nbsp;Report: China asked Russia to delay the attack on Ukraine till Olympics were over

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/report-china-asked-russia-to-delay-the-attack-on-ukraine-till-olympics-were-over-458442/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

And infrastructure would probably form a key part of the government's support for the economy, predicted ANZ Research senior China strategist Zhaopeng Xing.

He expected "double-digit growth in infrastructure investment" in the first quarter, on top of tax cuts and the central bank's earlier interest rate cuts.

A property downturn, slowing economy and war in Ukraine loom large over this week's annual convening of China's legislature, with policymakers expected to focus on shoring up faltering growth.

A property downturn, slowing economy and war in Ukraine loom large over this week's annual convening of China's legislature, with policymakers expected to focus on shoring up faltering growth. The rubber-stamp parliament starting Saturday in Beijing gathers some 3,000 members of the National People's Congress (NPC) for highly choreographed meetings over bills, budgets and personnel changes. The ruling Communist Party uses the opportunity to tout its achievements while also setting the country's economic blueprint and GDP target for the year ahead. Also read | A day in the life of China’s persecuted Uighur community Much of the NPC's agenda is unknown until during -- or even after -- the multi-day meeting, with many sessions taking place behind closed doors. But this year, concerns are bound to centre on the country's sluggish economic growth, partly down to a crunch in the crucial property sector -- which makes up as much as a quarter of national output. Stringent "zero-Covid" measures including harsh lockdowns and closed borders have also been a major blow to manufacturing hubs, tourist centres and port cities. Meanwhile, the Russian invasion of Ukraine has raised the prospect of spiking food and oil prices, with fears over supplies of crucial commodities from the region being affected. Commerce Minister Wang Wentao admitted to journalists this week that China's economy faces "huge" pressure this year. Also read | How will the Russia-Ukraine conflict impact China's economic interests in Ukraine? GDP and stability Beijing traditionally announces its new economic growth target at Premier Li Keqiang's annual "state of the nation" speech at the NPC, followed by his rare -- but heavily stage-managed -- press conference. China's GDP growth slowed sharply in the final months of 2021 despite an earlier pandemic bounceback, as it grappled with tepid domestic demand and a property downturn. The country's communist leaders have long based their legitimacy on the argument that their model of government represents economic growth and continuity for China's massive population. But as much of the rest of the world now reopens, China is increasingly out of step, as continued COVID-19 restrictions weigh on consumer confidence. Maintaining stability will be crucial as the Communist Party gears up for a pivotal meeting this fall -- the 20th party congress -- that is expected to easily secure President Xi Jinping a third term. In 2020, there was no GDP target set at all, and last year Li announced a modest goal of "above six percent". Also read | China suggests this is the 'most important thing' that can end conflict between Russia and Ukraine Amid the unpredictability, analysts expect Beijing to announce a similarly open and attainable target this year. "We expect the growth target to be set at 'above five percent'," UOB economist Ho Woei Chen said in a recent report, adding that pace would match the past two years' average of 5.1 per cent. Iris Pang, ING's chief economist for Greater China, expected the range could be higher after the country easily exceeded last year's target. Watch | Report: China asked Russia to delay the attack on Ukraine till Olympics were over And infrastructure would probably form a key part of the government's support for the economy, predicted ANZ Research senior China strategist Zhaopeng Xing. He expected "double-digit growth in infrastructure investment" in the first quarter, on top of tax cuts and the central bank's earlier interest rate cuts.

Sluggish economic growth to overshadow upcoming Chinese Congress session

India's gross domestic product (GDP) for the third quarter ended December 31, 2021 grew by 5.4%. The growth in GDP during 2021-22 is estimated at 8.9% as compared to a contraction of 6.6% IN 2020-21.

India's GDP growth at 5.4% in Q3, FY22 growth estimated at 8.9%

Russia's invasion of Ukraine has triggered political-strategic as well as the economic response from the West. In the strongest economic sanctions yet, the United States and Europe have banished big Russian banks from the main global payments system SWIFT. The move appears to be dealing a severe economic blow. Worried Muscovites fear that new western sanctions will trigger shortage of cash and disrupt payment systems.

Russia braces for economic hardship over Ukraine, banks try to assuage clients

In the&nbsp;breakaway&nbsp;statelet of northern&nbsp;Cyprus, people are grappling with a perfect economic storm -- spiking global commodity prices, hobbled tourism and, above all, the fallout&nbsp;from&nbsp;Turkey's financial crisis.&nbsp;&nbsp;

"Everything has become more expensive -- bread, milk, water, electricity bills," sighed Mehmet Cobe, a tailor in the self-declared&nbsp;Turkish&nbsp;Republic of Northern&nbsp;Cyprus&nbsp;(TRNC).&nbsp;

Covering the northern third of the Mediterranean island, the tiny territory declared itself a state in 1983, nine years after Turkey invaded in response to a coup engineered by Athens that sought to annex the island to Greece.

Also read |&nbsp;<a href="https://www.wionews.com/world/turkeys-opposition-leader-looks-to-emerge-from-tayyip-erdogans-shadow-454971">Turkey's opposition leader looks to emerge from Tayyip Erdogan's shadow</a>

The so-called TRNC remains recognised only by Turkey, leaving the 300,000 residents highly dependent on the largesse -- and fortunes -- of Ankara.&nbsp;

On top of that, coronavirus restrictions have hit the crucial tourism industry which lures visitors with seaside resorts and casinos.

Turkey itself has been battered by a currency crisis that saw the&nbsp;lira&nbsp;lose nearly half its value against the dollar last year, as President Recep Tayyip Erdogan demanded interest rate cuts to spur growth, even while inflation shot up.&nbsp;

The&nbsp;lira's slide, alongside surging global energy and food prices, sent inflation in northern&nbsp;Cyprus&nbsp;skyrocketing to 46 percent last year.

"Two days after receiving my salary, I'm left with nothing," said a hotel worker who asked not to be named.

Despite holding down jobs at two separate hotels, the 6,000&nbsp;lira&nbsp;she brings home each month is now equivalent to barely 430 dollars, the worker said, leaving her dependent financially on her grown-up children.

Also read |&nbsp;<a href="https://www.wionews.com/world/erdogan-says-turkey-continuing-positive-dialogue-with-saudi-arabia-media-453778">Erdogan says Turkey continuing 'positive dialogue' with Saudi Arabia</a>

Aid-dependent

TRNC prime minister Faiz Sucuoglu said last week the economy was a "priority" for his government, a coalition of right-wing nationalists who want outright secession&nbsp;from&nbsp;Cyprus. &nbsp;

The plunging&nbsp;lira, soaring inflation and an unemployment rate of 10 percent have all fed into a disastrous economic performance, said Turgay Deniz, head of the TRNC's chamber of trade and industry.

After the economy contracted by 16.2 percent in 2020, output last year "continued to fall," Deniz said, drawing on estimates for 2021 that are yet to be finalised.&nbsp;

The dependence of northern&nbsp;Cyprus&nbsp;on Turkey is stark, because no other country recognises the&nbsp;breakaway&nbsp;entity.

"The TRNC can only sign agreements with Turkey," which funds 15 percent of the budget, said Deniz.&nbsp;Other sources indicate that the statelet depends on Ankara for up to a third of its spending.

Northern&nbsp;Cyprus&nbsp;is an "aid-dependent economy," said Mustafa Besim, an economist at the publicly funded Eastern Mediterranean University in Famagusta.&nbsp;

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"The only source of external funding for&nbsp;Turkish&nbsp;Cypriots is financial support&nbsp;from&nbsp;Turkey," which provides an annual package, he added.

But only half of the amount promised for 2021 was delivered, owing to "the economic problems in Turkey", leaving infrastructure projects and businesses short of money they had counted on, Besim said.

Eyes on tourism

The TRNC has watched on powerlessly&nbsp;from&nbsp;the sidelines as Turkey's central bank has taken policy decisions that put the&nbsp;lira&nbsp;into freefall.

The&nbsp;Turkish&nbsp;currency "is a parameter that we can't control," said Vargin Varer, managing director of freight transport company Armen Shipping.&nbsp;

It "is controlled by the&nbsp;Turkish&nbsp;government -- or even the&nbsp;Turkish&nbsp;president, we should say," he said.

Watch |&nbsp;Gravitas: Amid Omicron surge, Deltacron discovered in Cyprus

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-amid-omicron-surge-deltacron-discovered-in-cyprus-443727/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The plunge in the value of the&nbsp;lira&nbsp;has made imports, upon which the TRNC is enormously dependent, much more expensive. &nbsp;

Looking to the future, Varer pointed at one potential bright spot: the tourism industry, which accounted for more than a fifth of northern&nbsp;Cyprus's economic output before the pandemic.&nbsp;

The rising plausibility of "free travel this summer", if the pandemic eases off, should pull in foreign tourists looking for cheap holidays, he said.

In the breakaway statelet of northern Cyprus, people are grappling with a perfect economic storm -- spiking global commodity prices, hobbled tourism and, above all, the fallout from Turkey's financial crisis.

In the breakaway statelet of northern Cyprus, people are grappling with a perfect economic storm -- spiking global commodity prices, hobbled tourism and, above all, the fallout from Turkey's financial crisis. "Everything has become more expensive -- bread, milk, water, electricity bills," sighed Mehmet Cobe, a tailor in the self-declared Turkish Republic of Northern Cyprus (TRNC). Covering the northern third of the Mediterranean island, the tiny territory declared itself a state in 1983, nine years after Turkey invaded in response to a coup engineered by Athens that sought to annex the island to Greece. Also read | Turkey's opposition leader looks to emerge from Tayyip Erdogan's shadow The so-called TRNC remains recognised only by Turkey, leaving the 300,000 residents highly dependent on the largesse -- and fortunes -- of Ankara. On top of that, coronavirus restrictions have hit the crucial tourism industry which lures visitors with seaside resorts and casinos. Turkey itself has been battered by a currency crisis that saw the lira lose nearly half its value against the dollar last year, as President Recep Tayyip Erdogan demanded interest rate cuts to spur growth, even while inflation shot up. The lira's slide, alongside surging global energy and food prices, sent inflation in northern Cyprus skyrocketing to 46 percent last year. "Two days after receiving my salary, I'm left with nothing," said a hotel worker who asked not to be named. Despite holding down jobs at two separate hotels, the 6,000 lira she brings home each month is now equivalent to barely 430 dollars, the worker said, leaving her dependent financially on her grown-up children. Also read | Erdogan says Turkey continuing 'positive dialogue' with Saudi Arabia Aid-dependent TRNC prime minister Faiz Sucuoglu said last week the economy was a "priority" for his government, a coalition of right-wing nationalists who want outright secession from Cyprus. The plunging lira, soaring inflation and an unemployment rate of 10 percent have all fed into a disastrous economic performance, said Turgay Deniz, head of the TRNC's chamber of trade and industry. After the economy contracted by 16.2 percent in 2020, output last year "continued to fall," Deniz said, drawing on estimates for 2021 that are yet to be finalised. The dependence of northern Cyprus on Turkey is stark, because no other country recognises the breakaway entity. "The TRNC can only sign agreements with Turkey," which funds 15 percent of the budget, said Deniz. Other sources indicate that the statelet depends on Ankara for up to a third of its spending. Northern Cyprus is an "aid-dependent economy," said Mustafa Besim, an economist at the publicly funded Eastern Mediterranean University in Famagusta. Also read | Leukemia patient from Turkey tests Covid positive 78 times in over a year "The only source of external funding for Turkish Cypriots is financial support from Turkey," which provides an annual package, he added. But only half of the amount promised for 2021 was delivered, owing to "the economic problems in Turkey", leaving infrastructure projects and businesses short of money they had counted on, Besim said. Eyes on tourism The TRNC has watched on powerlessly from the sidelines as Turkey's central bank has taken policy decisions that put the lira into freefall. The Turkish currency "is a parameter that we can't control," said Vargin Varer, managing director of freight transport company Armen Shipping. It "is controlled by the Turkish government -- or even the Turkish president, we should say," he said. Watch | Gravitas: Amid Omicron surge, Deltacron discovered in Cyprus The plunge in the value of the lira has made imports, upon which the TRNC is enormously dependent, much more expensive. Looking to the future, Varer pointed at one potential bright spot: the tourism industry, which accounted for more than a fifth of northern Cyprus's economic output before the pandemic. The rising plausibility of "free travel this summer", if the pandemic eases off, should pull in foreign tourists looking for cheap holidays, he said.

Breakaway north Cyprus reels from Turkish lira collapse

Pakistan Prime Minister Imran Khan will address his nation on Monday over the impact of the Russia-Ukraine conflict on the ongoing economic crisis of Pakistan.

The development comes amid news of another possible increase in petrol prices, local media reported on Sunday. Experts believe petroleum products may see another hike between Rs 8 and Rs 12 after the price of crude oil hit over $100 a barrel for the first time since 2014.

Also read |<a href="https://www.wionews.com/world/even-amid-russian-military-operation-on-ukraine-imran-khan-vladimir-putin-meet-to-go-ahead-as-planned-455957">&nbsp;Even amid Russian 'military operation' on Ukraine, Imran Khan-Vladimir Putin meet to go ahead as planned</a>

Earlier this month, the Imran Khan government had dropped a "petrol bomb" on the masses by increasing the prices of petroleum products by up to Rs 12.03 per liter.

The Russia-Ukraine crisis has also fanned concerns over supplies of key commodities including wheat and metals in an already struggling economy. On Thursday, the State Bank of Pakistan (SBP) released data showing that Pakistan's Current Account Deficit (CAD) rose to an all-time high of USD 2.56 billion in the month of January 2022.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-registers-1455-new-covid-19-cases-455998">Pakistan registers 1,455 new Covid-19 cases</a>

At the same time, Pakistan's debt and liabilities hit an all-time high of Rs 51.724 trillion in December 2021 with external debt rising by a staggering 20 per cent during the first half of the current fiscal (2021-22).

The Imran Khan government has been facing criticism from both the opposition and citizens over the record increase in oil prices as well as the dependency of his government on loans and bailouts.

Pakistan Prime Minister Imran Khan will address his nation on Monday over the impact of the Russia-Ukraine conflict on the ongoing economic crisis of Pakistan. The development comes amid news of another possible increase in petrol prices, local media reported on Sunday.

Pakistan Prime Minister Imran Khan will address his nation on Monday over the impact of the Russia-Ukraine conflict on the ongoing economic crisis of Pakistan. The development comes amid news of another possible increase in petrol prices, local media reported on Sunday. Experts believe petroleum products may see another hike between Rs 8 and Rs 12 after the price of crude oil hit over $100 a barrel for the first time since 2014. Also read | Even amid Russian 'military operation' on Ukraine, Imran Khan-Vladimir Putin meet to go ahead as planned Earlier this month, the Imran Khan government had dropped a "petrol bomb" on the masses by increasing the prices of petroleum products by up to Rs 12.03 per liter. The Russia-Ukraine crisis has also fanned concerns over supplies of key commodities including wheat and metals in an already struggling economy. On Thursday, the State Bank of Pakistan (SBP) released data showing that Pakistan's Current Account Deficit (CAD) rose to an all-time high of USD 2.56 billion in the month of January 2022. Also read | Pakistan registers 1,455 new Covid-19 cases At the same time, Pakistan's debt and liabilities hit an all-time high of Rs 51.724 trillion in December 2021 with external debt rising by a staggering 20 per cent during the first half of the current fiscal (2021-22). The Imran Khan government has been facing criticism from both the opposition and citizens over the record increase in oil prices as well as the dependency of his government on loans and bailouts.

Imran Khan to address Pakistan on the country's current economic crisis

With the glittering parades, towering floats and sultry samba postponed by the omicron variant,&nbsp;Brazil&nbsp;will have a carnival week without much carnival this year -- bad news for a&nbsp;tourism&nbsp;industry already battered by the&nbsp;pandemic.

In a world without Covid-19, this would have been the week a deluge of tourists -- more than 2.1 million in 2020 -- descended on Rio de Janeiro for a free-for-all of street parties and spectacular, all-night parades.

Instead, industry experts predict Rio and other tourist destinations to be relatively low-key, with a smaller number of visitors -- mainly Brazilians traveling domestically.

That is adding to the agony of a&nbsp;tourism&nbsp;industry only just starting to recover&nbsp;from&nbsp;near-collapse in 2020.

Also read |&nbsp;<a href="https://www.wionews.com/world/deadly-rains-floods-hit-eastern-australia-456814">Deadly rains, floods hit eastern Australia</a>

"It's been very traumatic," said Alexandre Sampaio, head of hotel and restaurant federation FBHA, citing official figures showing the&nbsp;tourism&nbsp;industry's revenues plunged 35 percent in 2020.

The industry rebounded only partially in 2021, growing around 20 percent.

Carnival week will still have concerts, parties and balls in Rio -- limited to 70 percent capacity, with vaccine and mask requirements.

But omicron led authorities to cancel carnival street parties for the second straight year, and postpone the famed samba school parade competition until April.

"We'll see some revenues"&nbsp;from&nbsp;the rescheduled parades, "but it won't come anywhere near pre-pandemic&nbsp;levels," said Fabio Bentes, an economist at the National Confederation of Trade in Goods, Services and&nbsp;Tourism&nbsp;(CNC).

Bentes predicts carnival-week revenues one-third below pre-pandemic&nbsp;levels.

His research indicates the&nbsp;tourism&nbsp;industry, which accounted for 7.7 percent of&nbsp;Brazil's economy before the&nbsp;pandemic&nbsp;-- 551.5 billion reais ($110 billion) in direct and indirect revenues in 2019 -- has lost $94.1 billion in the past two years, and more than 340,000 jobs.

Also read |&nbsp;<a href="https://www.wionews.com/world/death-toll-from-floods-landslides-climbs-to-146-in-brazil-454774">Death toll from floods, landslides climbs to 146 in Brazil</a>

Call of the journey

Brazil&nbsp;is a bucket-list destination for many people, with the Amazon rainforest, the Pantanal wetlands, the colorful colonial capital of Salvador, the stunning waterfalls of Iguacu and myriad other must-sees -- not to mention Rio and carnival.

But the country has been hit hard by the&nbsp;pandemic, with nearly 650,000 deaths -- second only to the United States.

The numbers have improved with more than 70 percent of the population now fully vaccinated.

But visitors have been slow to return.

Flavio Miranda is waiting for&nbsp;business&nbsp;at the base of Corcovado mountain, where Rio's iconic Christ the Redeemer statue spreads his arms over the city.

Also read |&nbsp;<a href="https://www.wionews.com/world/mudslides-flooding-kill-nearly-100-in-brazils-imperial-city-453879">Mudslides, flooding kill nearly 100 in Brazil's 'imperial city'</a>

Miranda, a 52-year-old driver&nbsp;from&nbsp;a nearby favela, sells tours of the city's attractions.

He spent eight months without work when the&nbsp;pandemic&nbsp;arrived, relying on food handouts to feed his family of four.

Tourists "are returning, but it's slow," he told AFP, saying his income is down about 80 percent.

"This place used to be&nbsp;bursting with tourists. Now there are hardly any."

Nearby, Miguel Viana, a 27-year-old engineer on vacation&nbsp;from&nbsp;Portugal, was on his way to visit the statue.

"The call of the journey was stronger than the&nbsp;pandemic," he said with a laugh.

But he is among the few. International tourist numbers remain at just five to seven percent of pre-pandemic&nbsp;levels, Sampaio estimates.

Also read |&nbsp;<a href="https://www.wionews.com/photos/national-tourism-day-2022-here-is-a-list-of-a-few-stunning-tourist-attractions-in-india-447288">National tourism day 2022: Here is a list of a few stunning tourist attractions in India</a>

&nbsp;Local&nbsp;tourism

Experts say the drop in foreign tourists has been partially offset by more Brazilians traveling domestically, themselves wary of flying overseas.

"We used to mainly&nbsp;travel&nbsp;abroad. But we had been isolated so long, we wanted to start traveling again. So we decided to start with&nbsp;Brazil," said&nbsp;Maria Augusta Rosa, 40, a civil servant&nbsp;from&nbsp;the central city of Goiania vacationing in Rio.

Experts predict a full recovery for&nbsp;Brazil's&nbsp;tourism&nbsp;sector&nbsp;only in 2023 -- if there are no more unpleasant surprises in the meantime.

In Manaus, the "capital of the Amazon," Remy Harbonnier, a French tour operator who specializes in rainforest lodges and river cruises, said client and revenue numbers at his company, Heliconia, remain around 80 percent off pre-pandemic&nbsp;levels.

Watch |&nbsp;Over 160 killed in Brazil floods, Bolsonaro promises federal assistance

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/over-160-killed-in-brazil-floods-bolsonaro-promises-federal-assistance-455137/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

He hopes to cut that to 50 percent this year, he says.

But that will depend on events.

"Now we're worried about the situation in Ukraine. It's a bit scary," he said.

"We just try to tell ourselves, we've gotten through two years of Covid, we'll get through an armed conflict in Europe."

With the glittering parades, towering floats and sultry samba postponed by the omicron variant, Brazil will have a carnival week without much carnival this year -- bad news for a tourism industry already battered by the pandemic.

With the glittering parades, towering floats and sultry samba postponed by the omicron variant, Brazil will have a carnival week without much carnival this year -- bad news for a tourism industry already battered by the pandemic. In a world without Covid-19, this would have been the week a deluge of tourists -- more than 2.1 million in 2020 -- descended on Rio de Janeiro for a free-for-all of street parties and spectacular, all-night parades. Instead, industry experts predict Rio and other tourist destinations to be relatively low-key, with a smaller number of visitors -- mainly Brazilians traveling domestically. That is adding to the agony of a tourism industry only just starting to recover from near-collapse in 2020. Also read | Deadly rains, floods hit eastern Australia "It's been very traumatic," said Alexandre Sampaio, head of hotel and restaurant federation FBHA, citing official figures showing the tourism industry's revenues plunged 35 percent in 2020. The industry rebounded only partially in 2021, growing around 20 percent. Carnival week will still have concerts, parties and balls in Rio -- limited to 70 percent capacity, with vaccine and mask requirements. But omicron led authorities to cancel carnival street parties for the second straight year, and postpone the famed samba school parade competition until April. "We'll see some revenues" from the rescheduled parades, "but it won't come anywhere near pre-pandemic levels," said Fabio Bentes, an economist at the National Confederation of Trade in Goods, Services and Tourism (CNC). Bentes predicts carnival-week revenues one-third below pre-pandemic levels. His research indicates the tourism industry, which accounted for 7.7 percent of Brazil's economy before the pandemic -- 551.5 billion reais ($110 billion) in direct and indirect revenues in 2019 -- has lost $94.1 billion in the past two years, and more than 340,000 jobs. Also read | Death toll from floods, landslides climbs to 146 in Brazil Call of the journey Brazil is a bucket-list destination for many people, with the Amazon rainforest, the Pantanal wetlands, the colorful colonial capital of Salvador, the stunning waterfalls of Iguacu and myriad other must-sees -- not to mention Rio and carnival. But the country has been hit hard by the pandemic, with nearly 650,000 deaths -- second only to the United States. The numbers have improved with more than 70 percent of the population now fully vaccinated. But visitors have been slow to return. Flavio Miranda is waiting for business at the base of Corcovado mountain, where Rio's iconic Christ the Redeemer statue spreads his arms over the city. Also read | Mudslides, flooding kill nearly 100 in Brazil's 'imperial city' Miranda, a 52-year-old driver from a nearby favela, sells tours of the city's attractions. He spent eight months without work when the pandemic arrived, relying on food handouts to feed his family of four. Tourists "are returning, but it's slow," he told AFP, saying his income is down about 80 percent. "This place used to be bursting with tourists. Now there are hardly any." Nearby, Miguel Viana, a 27-year-old engineer on vacation from Portugal, was on his way to visit the statue. "The call of the journey was stronger than the pandemic," he said with a laugh. But he is among the few. International tourist numbers remain at just five to seven percent of pre-pandemic levels, Sampaio estimates. Also read | National tourism day 2022: Here is a list of a few stunning tourist attractions in India Local tourism Experts say the drop in foreign tourists has been partially offset by more Brazilians traveling domestically, themselves wary of flying overseas. "We used to mainly travel abroad. But we had been isolated so long, we wanted to start traveling again. So we decided to start with Brazil," said Maria Augusta Rosa, 40, a civil servant from the central city of Goiania vacationing in Rio. Experts predict a full recovery for Brazil's tourism sector only in 2023 -- if there are no more unpleasant surprises in the meantime. In Manaus, the "capital of the Amazon," Remy Harbonnier, a French tour operator who specializes in rainforest lodges and river cruises, said client and revenue numbers at his company, Heliconia, remain around 80 percent off pre-pandemic levels. Watch | Over 160 killed in Brazil floods, Bolsonaro promises federal assistance He hopes to cut that to 50 percent this year, he says. But that will depend on events. "Now we're worried about the situation in Ukraine. It's a bit scary," he said. "We just try to tell ourselves, we've gotten through two years of Covid, we'll get through an armed conflict in Europe."

Brazil tourism sector tries to rise from pandemic ashes

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