Wages picked up last quarter as a rapidly tightening labour market drove intense competition for workers there but annual growth was still short of levels.

Australian wages pick up in Q4: Labour market drives intense competition

India and France have agreed on a Roadmap on Blue Economy and Ocean Governance with the aim to contribute to scientific knowledge and ocean conservation and ensure that the ocean remains a global common, based on the rule of law.

This agreement came during External Affairs Minister S Jaishankar's three-day visit to France. The scope of the roadmap will encompass maritime trade, the naval industry, fisheries, marine technology and scientific research, integrated coastal management, marine eco-tourism, inland waterways, and cooperation between competent administrations on civil maritime issues.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/s-jaishankar-begins-3-day-visit-to-france-to-attend-eu-ministerial-forum-for-cooperation-in-indo-pacific-454895">S. Jaishankar begins 3-day visit to France to attend EU Ministerial Forum for Cooperation in Indo-Pacific</a>

The Ministry of External Affairs (MEA) in a statement said that both nations plan to organise an annual bilateral dialogue on the blue economy and ocean governance to exchange views on their priorities, share their best practices and support ongoing and future cooperation.

"India and France intend to make blue economy a driver of progress of their respective societies while respecting the environment and coastal and marine biodiversity," the MEA said in a joint document.

India and France underscored that fisheries are a vital economic sector and play a decisive role in food security and livelihood security, particularly for coastal populations.

They also highlighted that demographic, economic and societal factors have led to an increased global demand for marine products and growing stress on global fish stocks.

According to the statement, India and France will make the blue economy a priority in the development of their economic exchanges.

"They will facilitate contacts between economic actors, business heads organisations, technopoles and maritime clusters of the two countries, cross investments, as well as visa issuance to entrepreneurs active in the blue economy," the MEA said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/eam-jaishankar-to-visit-munich-paris-india-australia-france-fms-trilateral-on-anvil-452012">EAM Jaishankar to visit Munich, Paris; India, Australia, France FMs trilateral on anvil</a>

Earlier today, Jaishankar held wide-ranging and productive talks in Paris with France Foreign Minister Jean-Yves Le Drian and both sides discussed cooperation, the Ukraine situation and Indo-Pacific.Jaishankar on Sunday began his visit to France.

He will attend the EU Ministerial Forum for Cooperation in the Indo-Pacific, amid China`s assertiveness in the region, on February 22, an initiative of the French Presidency of the European Council.

India and France have agreed on a Roadmap on Blue Economy and Ocean Governance with the aim to contribute to scientific knowledge and ocean conservation and ensure that the ocean remains a global common, based on the rule of law.

India and France have agreed on a Roadmap on Blue Economy and Ocean Governance with the aim to contribute to scientific knowledge and ocean conservation and ensure that the ocean remains a global common, based on the rule of law. This agreement came during External Affairs Minister S Jaishankar's three-day visit to France. The scope of the roadmap will encompass maritime trade, the naval industry, fisheries, marine technology and scientific research, integrated coastal management, marine eco-tourism, inland waterways, and cooperation between competent administrations on civil maritime issues. Also read | S. Jaishankar begins 3-day visit to France to attend EU Ministerial Forum for Cooperation in Indo-Pacific The Ministry of External Affairs (MEA) in a statement said that both nations plan to organise an annual bilateral dialogue on the blue economy and ocean governance to exchange views on their priorities, share their best practices and support ongoing and future cooperation. "India and France intend to make blue economy a driver of progress of their respective societies while respecting the environment and coastal and marine biodiversity," the MEA said in a joint document. India and France underscored that fisheries are a vital economic sector and play a decisive role in food security and livelihood security, particularly for coastal populations. They also highlighted that demographic, economic and societal factors have led to an increased global demand for marine products and growing stress on global fish stocks. According to the statement, India and France will make the blue economy a priority in the development of their economic exchanges. "They will facilitate contacts between economic actors, business heads organisations, technopoles and maritime clusters of the two countries, cross investments, as well as visa issuance to entrepreneurs active in the blue economy," the MEA said. Also read | EAM Jaishankar to visit Munich, Paris; India, Australia, France FMs trilateral on anvil Earlier today, Jaishankar held wide-ranging and productive talks in Paris with France Foreign Minister Jean-Yves Le Drian and both sides discussed cooperation, the Ukraine situation and Indo-Pacific.Jaishankar on Sunday began his visit to France. He will attend the EU Ministerial Forum for Cooperation in the Indo-Pacific, amid China`s assertiveness in the region, on February 22, an initiative of the French Presidency of the European Council.

India and France agree on Roadmap on Blue Economy and Ocean Governance

Pakistani leader and Jamaat-i-Islami (JI) chief Sirajul Haq has lashed out at Imran Khan government for destroying every institution over the last three-and-a-half years, and said that the surrender of the country's economic control to the IMF and the world money lenders is a disastrous tsunami for the country.

The PTI government is the worst in the country's history, which devalued the national currency by over 58 per cent without the country fighting any war or undergoing any emergency," reported the News International quoting Sirajul Haq. "Imran promised to build 5 million homes, but instead made millions of people homeless. He promised to liberate the country of IMF, but instead given the State Bank under its control," he said.

Also read |<a href="https://www.wionews.com/india-news/ahead-of-pm-khans-visit-russia-assures-moscow-islamabad-cooperation-not-against-india-454386">&nbsp;Ahead of PM Khan's visit, Russia assures Moscow-Islamabad cooperation not against India</a>

The JI leader made these remarks while addressing the third sit-in at Gujranwala of Pakistan's Punjab province, in connection with the proposed 101 sit-ins planned against the Pakistan Tehreek-e-Insaf (PTI) government of Imran Khan, according to the publication.

Notably, on February 15, the Pakistan government had hiked the prices of fuel by Rs 12.03. Meanwhile, an Opposition leader and Pakistan Muslim League-Nawaz (PMLN) President Shehbaz Sharif held a secret meeting with PTI's influential leader Jehangir Khan Tareen to discuss the strategy to oust PM Imran Khan from power, as per The News international.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-protests-against-increasing-harassment-of-women-in-sindh-universities-454216">Pakistan: Protests against increasing harassment of women in Sindh universities</a>

PMLN chief Shehbaz Sharif has formed a committee to move a no-confidence motion against Pakistan."Shehbaz Sharif has formed a committee," The News International reported citing sources. It added that the Leader of the opposition in Punjab Assembly Hamza Shehbaz Sharif has been made the head of the committee and will mobilise people to bring a no-confidence motion in Punjab.

Earlier, opposition parties like Pakistan Peoples Party (PPP), Pakistan Muslim League-Nawaz (PML-N) and the allies of Imran Khan - Muttahida Qaumi Movement (MQM) and Pakistan Muslim League (PML-Q) are setting aside their differences to ouster 'Kaptaan'&nbsp;(Imran Khan), reported Dawn.

Watch |&nbsp;Gravitas: IMF rejects Pakistan's borrowing request | Imran Khan admits 'no money' to run the country

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-imf-rejects-pakistans-borrowing-request-imran-khan-admits-no-money-to-run-the-country-431970/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

While PPP and PML-N have announced separate long marches on Islamabad with the former`s starting on February 27 and the latter's March 23.&nbsp;Both parties have not yet confirmed whether they will stage a sit-in after reaching the capital, as noted by Dawn.

Pakistani leader and Jamaat-i-Islami (JI) chief Sirajul Haq has lashed out at Imran Khan government for destroying every institution over the last three-and-a-half years, and said that the surrender of the country's economic control to the IMF and the world money lenders is a disastrous tsunami for the country.

Pakistani leader and Jamaat-i-Islami (JI) chief Sirajul Haq has lashed out at Imran Khan government for destroying every institution over the last three-and-a-half years, and said that the surrender of the country's economic control to the IMF and the world money lenders is a disastrous tsunami for the country. The PTI government is the worst in the country's history, which devalued the national currency by over 58 per cent without the country fighting any war or undergoing any emergency," reported the News International quoting Sirajul Haq. "Imran promised to build 5 million homes, but instead made millions of people homeless. He promised to liberate the country of IMF, but instead given the State Bank under its control," he said. Also read | Ahead of PM Khan's visit, Russia assures Moscow-Islamabad cooperation not against India The JI leader made these remarks while addressing the third sit-in at Gujranwala of Pakistan's Punjab province, in connection with the proposed 101 sit-ins planned against the Pakistan Tehreek-e-Insaf (PTI) government of Imran Khan, according to the publication. Notably, on February 15, the Pakistan government had hiked the prices of fuel by Rs 12.03. Meanwhile, an Opposition leader and Pakistan Muslim League-Nawaz (PMLN) President Shehbaz Sharif held a secret meeting with PTI's influential leader Jehangir Khan Tareen to discuss the strategy to oust PM Imran Khan from power, as per The News international. Also read | Pakistan: Protests against increasing harassment of women in Sindh universities PMLN chief Shehbaz Sharif has formed a committee to move a no-confidence motion against Pakistan."Shehbaz Sharif has formed a committee," The News International reported citing sources. It added that the Leader of the opposition in Punjab Assembly Hamza Shehbaz Sharif has been made the head of the committee and will mobilise people to bring a no-confidence motion in Punjab. Earlier, opposition parties like Pakistan Peoples Party (PPP), Pakistan Muslim League-Nawaz (PML-N) and the allies of Imran Khan - Muttahida Qaumi Movement (MQM) and Pakistan Muslim League (PML-Q) are setting aside their differences to ouster 'Kaptaan' (Imran Khan), reported Dawn. Watch | Gravitas: IMF rejects Pakistan's borrowing request | Imran Khan admits 'no money' to run the country While PPP and PML-N have announced separate long marches on Islamabad with the former`s starting on February 27 and the latter's March 23. Both parties have not yet confirmed whether they will stage a sit-in after reaching the capital, as noted by Dawn.

Imran Khan govt surrendered country's economic control to IMF: Pak Opposition

The Tunisian economic crisis is only deepening ever since the power grab by the President in July last year. Things have gone from only bad to worse and now with the inflation level skyrocketing the common people in the country are finding it extremely hard to make ends meet.

Tunisia reels under impact of economic mismanagement

Indian IT industry has crossed the $200 billion revenue mark, reaching $227 billion in FY22. The industry also added 450,000 new hires in FY22.

Indian IT industry crosses the $200 billion revenue mark, added 450,000 new hires in FY22

A recent report by the Office for National Statistics (ONS) has revealed that UK's economy grew by 7.5 per cent last year, after falling back in December due to the Omicron variant.

This comes as the fastest annual growth rate since the second world war.

As per ONS, the output fell by 0.2 per cent in December. Also, a record number of job vacancies decelerated the economy. This comes after the UK had gone through a fall in the GDP by 9.4 per cent in 2020.&nbsp;

ONS economist Darren Morgan, in a report by CGTN, said, "Despite December's setback, GDP grew robustly across the fourth quarter as a whole with the NHS (National Health Service), couriers and employment agencies all helping to support the economy."

<a href="https://www.wionews.com/world/british-economy-reaches-back-above-pre-covid-level-for-first-time-444788">Also read |&nbsp;British economy reaches back above pre-COVID level for first time</a>

Rishi Sunak attributed the economy's resilience to the Treasury’s £400 billion package of support and “making the right calls at the right time."

“I’m proud of the resolve the whole country has demonstrated and proud of our incredible vaccine programme, which has allowed the economy to stay open," he added.&nbsp;

Earlier in January, the ONS claimed that an increase in restaurant bookings and a quick turnaround in building output were also factors in the expansion, which lifted the economy's size by 0.7 per cent above its March 2020 level.&nbsp;

City economists predicted a 0.4 per cent expansion and that November would be a high point in 2021.&nbsp;

Another factor driving the rise in GDP, according to the ONS, was the continued expansion of health services as a proportion of economic activity.

(With inputs from agencies)

A recent report by the Office for National Statistics (ONS) has revealed that UK's economy grew by 7.5 per cent last year, after falling back in December due to the Omicron variant.

A recent report by the Office for National Statistics (ONS) has revealed that UK's economy grew by 7.5 per cent last year, after falling back in December due to the Omicron variant. This comes as the fastest annual growth rate since the second world war. As per ONS, the output fell by 0.2 per cent in December. Also, a record number of job vacancies decelerated the economy. This comes after the UK had gone through a fall in the GDP by 9.4 per cent in 2020. ONS economist Darren Morgan, in a report by CGTN, said, "Despite December's setback, GDP grew robustly across the fourth quarter as a whole with the NHS (National Health Service), couriers and employment agencies all helping to support the economy." Also read | British economy reaches back above pre-COVID level for first time Rishi Sunak attributed the economy's resilience to the Treasury’s £400 billion package of support and “making the right calls at the right time." “I’m proud of the resolve the whole country has demonstrated and proud of our incredible vaccine programme, which has allowed the economy to stay open," he added. Earlier in January, the ONS claimed that an increase in restaurant bookings and a quick turnaround in building output were also factors in the expansion, which lifted the economy's size by 0.7 per cent above its March 2020 level. City economists predicted a 0.4 per cent expansion and that November would be a high point in 2021. Another factor driving the rise in GDP, according to the ONS, was the continued expansion of health services as a proportion of economic activity. (With inputs from agencies)

UK economy grew by 7.5% in 2021, the fastest rate since 2nd world war

Britain's&nbsp;economy&nbsp;grew by a record 7.5 percent last year on easing Covid curbs after a pandemic-driven collapse, official data showed Friday, but analysts warned that sky-high inflation clouds the 2022 outlook.

The expansion, which was the fastest since records began in 1948, followed a record 9.4-percent slump in 2020, the Office for National Statistics (ONS) added in a statement.

Economies across the world were slammed in 2020 by the deadly pandemic, which sparked lockdowns and other public health restrictions that have since been largely removed.

Also read |&nbsp;<a href="https://www.wionews.com/world/africa-transitioning-from-pandemic-will-have-to-manage-virus-who-452312">Africa transitioning from pandemic, will have to 'manage' virus: WHO</a>

The ONS added Friday that the&nbsp;UK&nbsp;economy&nbsp;increased by 1.0 percent in the fourth quarter despite the emergence of the Omicron Covid variant, matching its expansion in the third quarter.

December hit by Omicron&nbsp;

However, gross domestic product dipped 0.2 percent in December on fallout from the rapid spread of Omicron -- which is widely regarded as less dangerous than previous variants but hit the travel sector.

"GDP fell back slightly in December as the Omicron wave hit, with retail and hospitality seeing the biggest impacts," said ONS director of economic statistics Darren Morgan.

"However, these were partially offset by increases in the Test and Trace service and vaccination programmes.

"Despite December's setback, GDP grew robustly across the fourth quarter as a whole with the NHS (National Health Service), couriers and employment agencies all helping to support the&nbsp;economy," added Morgan.

Also read |<a href="https://www.wionews.com/world/string-of-controversies-trigger-london-police-head-cressida-dicks-resignation-452267">&nbsp;String of controversies trigger London police head Cressida Dick’s resignation</a>

December activity held at its February 2020 level, before Covid struck.

Yet the fourth quarter of 2021 was slightly below that of the same period in 2019.

&nbsp;'Remarkably resilient'&nbsp;

British finance minister Rishi Sunak welcomed the data.

"The&nbsp;economy&nbsp;has been remarkably resilient; with the&nbsp;UK&nbsp;seeing the fastest growth in the G7 last year," he said in a statement, noting it was boosted by the government's vast stimulus measures and speedy vaccination drive.

"I'm proud of the resolve the whole country has demonstrated, and proud of our incredible vaccine programme which has allowed the&nbsp;economy&nbsp;to stay open."

The&nbsp;UK&nbsp;government is plotting the nation's full emergence from the long-running health emergency.&nbsp;

England will scrap the legal requirement to self-isolate after testing positive for COVID-19 later this month if infection levels remain stable, Prime Minister Boris Johnson unexpectedly announced Wednesday.

The proposed move would be one of the most dramatic easings of coronavirus rules taken by any country so far in the pandemic, as Johnson doubles down on a strategy of trying to "live with Covid".

England in late January lifted almost all remaining Covid restrictions that had been reimposed in early December to tackle Omicron.

Watch |&nbsp;&nbsp;Former UK PM John Major calls Boris Johnson govt's actions 'shameful'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/former-uk-pm-john-major-calls-boris-johnson-govts-actions-shameful-452270/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<div class="videoWrapper trancodeVideo">&nbsp;</div>

Cost of living crisis&nbsp;

Despite Friday's bright data, economists warn the&nbsp;UK&nbsp;outlook is darkened by a cost of living crisis that has been fuelled by rocketing domestic energy costs.

Economies worldwide are battling decades-high inflation that is forcing central banks to lift interest rates, including the Bank of England, which this month raised its key borrowing cost for the second time in a row.

Britain is experiencing the highest rate of annual inflation in nearly 30 years, while the cost of living is set to soar further from April owing to a tax hike on&nbsp;UK&nbsp;workers and businesses plus increases in energy bills.

"While the downside risks from Omicron have receded, the recovery now faces the more conventional economic challenge of high inflation," said EY ITEM Club economist Martin Beck.

"Consumers (are) facing the biggest squeeze on spending power in more than a decade," he added.

UK&nbsp;annual inflation struck 5.4 per cent in December, stoking fears of a cost-of-living squeeze as wages fail to keep pace.

The BoE this month hiked interest rates to 0.50 per cent -- and forecast inflation would peak at 7.25 per cent in April.

Britain's economy grew by a record 7.5 percent last year on easing Covid curbs after a pandemic-driven collapse, official data showed Friday, but analysts warned that sky-high inflation clouds the 2022 outlook.

Britain's economy grew by a record 7.5 percent last year on easing Covid curbs after a pandemic-driven collapse, official data showed Friday, but analysts warned that sky-high inflation clouds the 2022 outlook. The expansion, which was the fastest since records began in 1948, followed a record 9.4-percent slump in 2020, the Office for National Statistics (ONS) added in a statement. Economies across the world were slammed in 2020 by the deadly pandemic, which sparked lockdowns and other public health restrictions that have since been largely removed. Also read | Africa transitioning from pandemic, will have to 'manage' virus: WHO The ONS added Friday that the UK economy increased by 1.0 percent in the fourth quarter despite the emergence of the Omicron Covid variant, matching its expansion in the third quarter. December hit by Omicron However, gross domestic product dipped 0.2 percent in December on fallout from the rapid spread of Omicron -- which is widely regarded as less dangerous than previous variants but hit the travel sector. "GDP fell back slightly in December as the Omicron wave hit, with retail and hospitality seeing the biggest impacts," said ONS director of economic statistics Darren Morgan. "However, these were partially offset by increases in the Test and Trace service and vaccination programmes. "Despite December's setback, GDP grew robustly across the fourth quarter as a whole with the NHS (National Health Service), couriers and employment agencies all helping to support the economy," added Morgan. Also read | String of controversies trigger London police head Cressida Dick’s resignation December activity held at its February 2020 level, before Covid struck. Yet the fourth quarter of 2021 was slightly below that of the same period in 2019. 'Remarkably resilient' British finance minister Rishi Sunak welcomed the data. "The economy has been remarkably resilient; with the UK seeing the fastest growth in the G7 last year," he said in a statement, noting it was boosted by the government's vast stimulus measures and speedy vaccination drive. "I'm proud of the resolve the whole country has demonstrated, and proud of our incredible vaccine programme which has allowed the economy to stay open." The UK government is plotting the nation's full emergence from the long-running health emergency. England will scrap the legal requirement to self-isolate after testing positive for COVID-19 later this month if infection levels remain stable, Prime Minister Boris Johnson unexpectedly announced Wednesday. The proposed move would be one of the most dramatic easings of coronavirus rules taken by any country so far in the pandemic, as Johnson doubles down on a strategy of trying to "live with Covid". England in late January lifted almost all remaining Covid restrictions that had been reimposed in early December to tackle Omicron. Watch | Former UK PM John Major calls Boris Johnson govt's actions 'shameful' Cost of living crisis Despite Friday's bright data, economists warn the UK outlook is darkened by a cost of living crisis that has been fuelled by rocketing domestic energy costs. Economies worldwide are battling decades-high inflation that is forcing central banks to lift interest rates, including the Bank of England, which this month raised its key borrowing cost for the second time in a row. Britain is experiencing the highest rate of annual inflation in nearly 30 years, while the cost of living is set to soar further from April owing to a tax hike on UK workers and businesses plus increases in energy bills. "While the downside risks from Omicron have receded, the recovery now faces the more conventional economic challenge of high inflation," said EY ITEM Club economist Martin Beck. "Consumers (are) facing the biggest squeeze on spending power in more than a decade," he added. UK annual inflation struck 5.4 per cent in December, stoking fears of a cost-of-living squeeze as wages fail to keep pace. The BoE this month hiked interest rates to 0.50 per cent -- and forecast inflation would peak at 7.25 per cent in April.

UK economy rebounds by record 7.5% from pandemic in 2021

Canadian Prime Minister Justin Trudeau lashed out at the truckers protesting against the Covid-19 vaccine mandate in the country as “unacceptable”. Also he called the truck blockades a threat to economy.

Canadian PM Justin Trudeau slams truckers' protest, calls truck blockades a threat to economy

Facebook owner Meta Platforms shares plunge 26% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple's privacy changes and increased competition for users from rivals like TikTok.

Meta's shares plummet 26% after Facebook reports a decline in daily active users

Sri Lanka’s inflation rate surged past Pakistan to make it the fastest in Asia, stoked by failed harvests, import restrictions to conserve dwindling foreign-exchange reserves, and high global prices of key commodities.

Sri Lanka's inflation rate surpasses Pakistan

After US government ramped up trillions of dollars in covid-19 relief, economy has notched its strongest growth in nearly four decades in 2021. It is also seen that forging ahead despite the crisis from the pandemic.

US economy's strongest growth in 40 years

France's economy grew at its fastest pace since 1969 last year, official data showed Friday, enjoying a strong rebound from coronavirus lockdowns fuelled in part by massive government support.

At 7.0 per cent, according to the Insee statistics institute, the 2021 growth beat forecasts from both economists and official bodies.

Also read |&nbsp;<a href="https://www.wionews.com/world/energy-inequality-plagues-the-world-us-causes-585-times-more-climate-emissions-than-congo-report-448543" hreflang="en">Energy inequality plagues the world; US causes 585 times more climate emissions than Congo: Report</a>

After a 7.9-per cent fall in 2020, French output over the full year remained below 2019 levels -- the last year before the coronavirus crisis.

But gross domestic product topped the final quarter of 2019 in October-December 2021, Insee said.

It was a "spectacular rebound" which "erased the economic crisis", Finance Minister Bruno Le Maire said, arguing that "this proves the government's economic policy was effective".

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/imf-cuts-2022-economic-growth-outlook-amid-inflation-447551" hreflang="en">IMF cuts 2022 economic growth outlook amid inflation</a>

Paris spent around 60 billion euros ($67 billion) last year to support the comeback, sending government debt to around 113 per cent of annual output -- almost double official European Union limits.

Even with the first half of the year, hobbled by continuing coronavirus restrictions,&nbsp;France's 2021 growth likely makes it one of the strongest performers among the 19 nations using the single currency, far outstripping the 2.7 per cent booked in Germany.

Watch |&nbsp;US economy's strongest growth in 40 years

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-economys-strongest-growth-in-40-years-448331/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In the third quarter, unemployment fell to its lowest in almost a decade, according to figures published earlier this week.

Looking ahead to this year, the government expects a four per cent expansion, while the Bank of&nbsp;France&nbsp;has predicted 3.6 per cent.

France's economy grew at its fastest pace since 1969 last year, official data showed Friday, enjoying a strong rebound from coronavirus lockdowns fuelled in part by massive government support.

France's economy grew at its fastest pace since 1969 last year, official data showed Friday, enjoying a strong rebound from coronavirus lockdowns fuelled in part by massive government support. At 7.0 per cent, according to the Insee statistics institute, the 2021 growth beat forecasts from both economists and official bodies. Also read | Energy inequality plagues the world; US causes 585 times more climate emissions than Congo: Report After a 7.9-per cent fall in 2020, French output over the full year remained below 2019 levels -- the last year before the coronavirus crisis. But gross domestic product topped the final quarter of 2019 in October-December 2021, Insee said. It was a "spectacular rebound" which "erased the economic crisis", Finance Minister Bruno Le Maire said, arguing that "this proves the government's economic policy was effective". Also read | IMF cuts 2022 economic growth outlook amid inflation Paris spent around 60 billion euros ($67 billion) last year to support the comeback, sending government debt to around 113 per cent of annual output -- almost double official European Union limits. Even with the first half of the year, hobbled by continuing coronavirus restrictions, France's 2021 growth likely makes it one of the strongest performers among the 19 nations using the single currency, far outstripping the 2.7 per cent booked in Germany. Watch | US economy's strongest growth in 40 years In the third quarter, unemployment fell to its lowest in almost a decade, according to figures published earlier this week. Looking ahead to this year, the government expects a four per cent expansion, while the Bank of France has predicted 3.6 per cent.

'Spectacular rebound' erases French economic crisis: Country sees highest growth in 52 years

India's startup sector is one of the shining examples of the Indian economy over the past two years. Going forward, 2022 is supposed to be even more optimistic, with more hopes for the startup ecosystem.

Bright outlook for India's startup ecosystem ahead of budget 2022

At the beginning of the year 2022, COVID-19's third wave has hit nations including India but how has been the impact of the Omicron wave of economies worldwide and what is the outlook for global economies? Let's take a look.

An outlook at the world economy in 2022 amid COVID-19's third wave

Central Bank Federal Reserve is likely to hike interest rates this March and has reaffirmed plans to end its bond purchases.

US: Central Bank Federal Reserve is likely to hike interest rates in March

US plane maker Boeing has incurred a 3.5 billion dollar charge in the fourth quarter. This was due to longer than expected delivery delays.

US plane maker Boeing incurs a 3.5 billion dollar charge due to delivery delays

The East African country of Uganda is planning to curb its borrowing and boost exports in sectors such as meat and dairy.

The East African country of Uganda is planning to curb its borrowing & boost exports

South Korea's economy has expanded at fastest pace in last 11 years last year. However, a slowdown in capital investment, it can cast cloud over outlook for growth this year. Bank of Korea's data showed GDP expanded four percent in 2021 as demand for exports soared.

South Korea's GDP growth at 11-year high

Pakistan's Prime Minister Imran Khan says he is having 'sleepless nights' over inflation. The admission comes days after he claimed Pakistan's economy was better than India's. Palki Sharma examines the shape of Pakistan's economy.

Gravitas: Imran Khan having 'sleepless nights' over inflation

Mexico may have slipped into a bit of a recession, the economy of the Latin American nation has shrunk by almost about two percentage points in the month of December in comparison with the same period back in the year 2020.

Mexico slips into recession, economy shrunk by 0.2% in December

Living in denial of the multiple crisis affecting millions in Pakistan, Prime Minister Imran Khan's priority is the Punjab school dress code. Failing economy, rising debt, a raging pandemic nothing has caught the Punjab provincial government's attention. In the latest news, Punjab education minister ordered public schools to ensure that male scholars wear a cap to school while women wear a scarf known as dupatta.

Pakistan's new dress diktat for students, dress code important or economy?

Construction and property sales have slumped. Small businesses have shut because of rising costs and weak sales. Debt-laden local governments are cutting the pay of civil servants.

China’s economy slowed markedly in the final months of last year as government measures to limit real estate speculation hurt other sectors as well. Lockdowns and travel restrictions to contain the coronavirus also dented consumer spending. Stringent regulations on everything from internet businesses to after-school tutoring companies have set off a wave of layoffs.

China’s National Bureau of Statistics said Monday that economic output from October through December was only 4% higher than during the same period a year earlier. That was a deceleration from the 4.9% growth in the third quarter, July through September.

The world’s demand for consumer electronics, furniture and other home comforts during the pandemic has produced record-setting exports for China, preventing its growth from stalling. Overall of last year, China’s economic output was 8.1% higher than in 2020, the government said. But much of the growth was in the first half of last year.

The snapshot of China’s economy, the main locomotive of global growth in the past few years, adds to expectations that the broader world economic outlook is beginning to dim. Making matters worse, the omicron variant of the coronavirus is now starting to spread in China, leading to more restrictions around the country and raising fears of renewed disruption of supply chains.

The slowing economy poses a quandary for China’s leaders. The measures they have imposed to address income inequality and rein in companies are part of a long-term plan to protect the economy and national security. But officials are wary of causing short-term economic instability, particularly in a year of unusual political importance.

Next month, Beijing hosts the Winter Olympics, which will focus an international spotlight on the country’s performance. In the fall, Xi Jinping, China’s leader, is expected to claim a third five-year term at a Communist Party congress.

Xi has sought to strike an optimistic note. “We have every confidence in the future of China’s economy,” he said in a speech on Monday to a virtual session of the World Economic Forum.

But with growth in his country slowing, demand slackening and debt still at near-record levels, Xi could face some of the biggest economic challenges since Deng Xiaoping began lifting the country out of its Maoist straitjacket four decades ago.

“I’m afraid that the operation and development of China’s economy in the next several years may be relatively difficult,” Li Daokui, a prominent economist and Chinese government adviser, said in a speech late last month. “Looking at the five years as a whole, it may be the most difficult period since our reform and opening up 40 years ago.”

China also faces the problem of a rapidly aging population, which could create an even greater burden on China’s economy and its labour force. The National Bureau of Statistics said Monday that China’s birthrate fell sharply last year and was now barely higher than the death rate.

Private Sector Struggles

As costs for many raw materials have risen and the pandemic has prompted some consumers to stay home, millions of private businesses have crumbled, most of them small and family owned.

That is a big concern because private companies are the backbone of the Chinese economy, accounting for three-fifths of output and four-fifths of urban employment.

Kang Shiqing invested much of his savings nearly three years ago to open a women’s clothing store in Nanping, a river town in Fujian province in southeast China. But when the pandemic hit a year later, the number of customers dropped drastically and never recovered.

As in many countries, there has been a broad shift in China toward online shopping, which can undercut stores by using less labour and operating from inexpensive warehouses. Kang was stuck paying high rent for his store despite the pandemic. He finally closed it in June.

“We can hardly survive,” he said.

Another persistent difficulty for small businesses in China is the high cost of borrowing, often at double-digit interest rates from private lenders.

Chinese leaders are aware of the challenges private companies face. Premier Li Keqiang has promised further cuts in taxes and fees to help the country’s many struggling small businesses.

On Monday, China’s central bank made a small move to reduce interest rates, which could help reduce slightly the interest costs of the country’s heavily indebted real estate developers. The central bank pushed down by about a tenth of a percentage point its interest rate benchmarks for one-week and one-year lending.

Construction Stalls

The building and fitting out of new homes has represented one-quarter of China’s economy. Heavy lending and widespread speculation have helped China erect the equivalent of 140 square feet of new housing for every urban resident in the past two decades.

This autumn, the sector faltered. The government wants to limit speculation and deflate a bubble that had made new homes unaffordable for young families.

China Evergrande Group is only the largest and most visible of a lengthening list of real estate developers in China that have run into severe financial difficulty lately. Kaisa Group, China Aoyuan Property Group and Fantasia are among other developers that have struggled to make payments as bond investors become more wary of lending money to China’s real estate sector.

As real estate companies try to conserve cash, they are starting fewer construction projects. And that has been a big problem for the economy. The price of steel reinforcing bars for the concrete in apartment towers, for example, dropped by one-quarter in October and November before stabilizing at a much lower level in December.

The decline in home prices in smaller cities has hurt the value of people’s assets, which in turn made them less willing to spend. Even in Shanghai and Beijing, apartment prices are no longer surging.

There have been faint hints of renewed government support for the real estate sector in recent weeks, but no sign of a return to lavish lending by state-controlled banks.

The financial distress of Evergrande “is a signal that money will be pushed from real estate to the stock market,” said Hu Jinghui, an economist who is the former chair of the China Alliance of Real Estate Agencies, a national trade group. “The policies can be loosened, but there can be no return to the past.”

Local Governments Feel the Pinch

The slowdown in the housing market has also hurt local governments, which rely on land sales as a key source of revenue.

The International Monetary Fund estimates that government land sales each year have been raising money equal to 7% of the country’s annual economic output. But in recent months, developers have curtailed land purchases.

Starved of revenue, some local governments have halted hiring and cut bonuses and benefits for civil servants, prompting widespread complaints on social media.

In Hangzhou, the capital of Zhejiang province, a civil servant’s complaint of a 25% cut in her pay spread quickly on the internet. The municipal government did not respond to a fax requesting comment. In northern Heilongjiang province, the city of Hegang announced that it would not hire any more “low-level” workers. City officials deleted the announcement from the government’s website after it drew public attention.

Some governments have also raised fees on businesses to try to make up for the shortfall.

Bazhou, a city in Hebei province, collected 11 times as much money in fines on small businesses from October through December as it did in the first nine months of last year. Beijing criticized the city for undermining a national effort to reduce the cost of doing business.

Pockets of Strength in Exports

Strong overseas demand for China’s exports, particularly consumer goods, spurred a national wave of new factory investments, up 13.5% last year from 2020.

Some areas of consumer spending have been fairly robust, notably the luxury sector, with sports cars and jewellery selling well. Retail sales rebounded 12.5% last year compared with pandemic-depressed levels in 2020. But retail sales fell in December from November, as coronavirus restrictions kept some shoppers at home.

Few anticipate that the government will allow a severe economic downturn this year, before the Communist Party congress. Economists expect the government to soften its restrictions on lending and step up government spending.

“The first half of the year will be challenging,” said Zhu Ning, deputy dean of the Shanghai Advanced Institute of Finance. “But then the second half will see a rebound.”

Construction and property sales have slumped. Small businesses have shut because of rising costs and weak sales. Debt-laden local governments are cutting the pay of civil servants.

Construction and property sales have slumped. Small businesses have shut because of rising costs and weak sales. Debt-laden local governments are cutting the pay of civil servants. China’s economy slowed markedly in the final months of last year as government measures to limit real estate speculation hurt other sectors as well. Lockdowns and travel restrictions to contain the coronavirus also dented consumer spending. Stringent regulations on everything from internet businesses to after-school tutoring companies have set off a wave of layoffs. China’s National Bureau of Statistics said Monday that economic output from October through December was only 4% higher than during the same period a year earlier. That was a deceleration from the 4.9% growth in the third quarter, July through September. The world’s demand for consumer electronics, furniture and other home comforts during the pandemic has produced record-setting exports for China, preventing its growth from stalling. Overall of last year, China’s economic output was 8.1% higher than in 2020, the government said. But much of the growth was in the first half of last year. The snapshot of China’s economy, the main locomotive of global growth in the past few years, adds to expectations that the broader world economic outlook is beginning to dim. Making matters worse, the omicron variant of the coronavirus is now starting to spread in China, leading to more restrictions around the country and raising fears of renewed disruption of supply chains. The slowing economy poses a quandary for China’s leaders. The measures they have imposed to address income inequality and rein in companies are part of a long-term plan to protect the economy and national security. But officials are wary of causing short-term economic instability, particularly in a year of unusual political importance. Next month, Beijing hosts the Winter Olympics, which will focus an international spotlight on the country’s performance. In the fall, Xi Jinping, China’s leader, is expected to claim a third five-year term at a Communist Party congress. Xi has sought to strike an optimistic note. “We have every confidence in the future of China’s economy,” he said in a speech on Monday to a virtual session of the World Economic Forum. But with growth in his country slowing, demand slackening and debt still at near-record levels, Xi could face some of the biggest economic challenges since Deng Xiaoping began lifting the country out of its Maoist straitjacket four decades ago. “I’m afraid that the operation and development of China’s economy in the next several years may be relatively difficult,” Li Daokui, a prominent economist and Chinese government adviser, said in a speech late last month. “Looking at the five years as a whole, it may be the most difficult period since our reform and opening up 40 years ago.” China also faces the problem of a rapidly aging population, which could create an even greater burden on China’s economy and its labour force. The National Bureau of Statistics said Monday that China’s birthrate fell sharply last year and was now barely higher than the death rate. Private Sector Struggles As costs for many raw materials have risen and the pandemic has prompted some consumers to stay home, millions of private businesses have crumbled, most of them small and family owned. That is a big concern because private companies are the backbone of the Chinese economy, accounting for three-fifths of output and four-fifths of urban employment. Kang Shiqing invested much of his savings nearly three years ago to open a women’s clothing store in Nanping, a river town in Fujian province in southeast China. But when the pandemic hit a year later, the number of customers dropped drastically and never recovered. As in many countries, there has been a broad shift in China toward online shopping, which can undercut stores by using less labour and operating from inexpensive warehouses. Kang was stuck paying high rent for his store despite the pandemic. He finally closed it in June. “We can hardly survive,” he said. Another persistent difficulty for small businesses in China is the high cost of borrowing, often at double-digit interest rates from private lenders. Chinese leaders are aware of the challenges private companies face. Premier Li Keqiang has promised further cuts in taxes and fees to help the country’s many struggling small businesses. On Monday, China’s central bank made a small move to reduce interest rates, which could help reduce slightly the interest costs of the country’s heavily indebted real estate developers. The central bank pushed down by about a tenth of a percentage point its interest rate benchmarks for one-week and one-year lending. Construction Stalls The building and fitting out of new homes has represented one-quarter of China’s economy. Heavy lending and widespread speculation have helped China erect the equivalent of 140 square feet of new housing for every urban resident in the past two decades. This autumn, the sector faltered. The government wants to limit speculation and deflate a bubble that had made new homes unaffordable for young families. China Evergrande Group is only the largest and most visible of a lengthening list of real estate developers in China that have run into severe financial difficulty lately. Kaisa Group, China Aoyuan Property Group and Fantasia are among other developers that have struggled to make payments as bond investors become more wary of lending money to China’s real estate sector. As real estate companies try to conserve cash, they are starting fewer construction projects. And that has been a big problem for the economy. The price of steel reinforcing bars for the concrete in apartment towers, for example, dropped by one-quarter in October and November before stabilizing at a much lower level in December. The decline in home prices in smaller cities has hurt the value of people’s assets, which in turn made them less willing to spend. Even in Shanghai and Beijing, apartment prices are no longer surging. There have been faint hints of renewed government support for the real estate sector in recent weeks, but no sign of a return to lavish lending by state-controlled banks. The financial distress of Evergrande “is a signal that money will be pushed from real estate to the stock market,” said Hu Jinghui, an economist who is the former chair of the China Alliance of Real Estate Agencies, a national trade group. “The policies can be loosened, but there can be no return to the past.” Local Governments Feel the Pinch The slowdown in the housing market has also hurt local governments, which rely on land sales as a key source of revenue. The International Monetary Fund estimates that government land sales each year have been raising money equal to 7% of the country’s annual economic output. But in recent months, developers have curtailed land purchases. Starved of revenue, some local governments have halted hiring and cut bonuses and benefits for civil servants, prompting widespread complaints on social media. In Hangzhou, the capital of Zhejiang province, a civil servant’s complaint of a 25% cut in her pay spread quickly on the internet. The municipal government did not respond to a fax requesting comment. In northern Heilongjiang province, the city of Hegang announced that it would not hire any more “low-level” workers. City officials deleted the announcement from the government’s website after it drew public attention. Some governments have also raised fees on businesses to try to make up for the shortfall. Bazhou, a city in Hebei province, collected 11 times as much money in fines on small businesses from October through December as it did in the first nine months of last year. Beijing criticized the city for undermining a national effort to reduce the cost of doing business. Pockets of Strength in Exports Strong overseas demand for China’s exports, particularly consumer goods, spurred a national wave of new factory investments, up 13.5% last year from 2020. Some areas of consumer spending have been fairly robust, notably the luxury sector, with sports cars and jewellery selling well. Retail sales rebounded 12.5% last year compared with pandemic-depressed levels in 2020. But retail sales fell in December from November, as coronavirus restrictions kept some shoppers at home. Few anticipate that the government will allow a severe economic downturn this year, before the Communist Party congress. Economists expect the government to soften its restrictions on lending and step up government spending. “The first half of the year will be challenging,” said Zhu Ning, deputy dean of the Shanghai Advanced Institute of Finance. “But then the second half will see a rebound.”

China’s economy is slowing, a worrying sign for the world

To attract investment and aid it’s ailing economy, Pakistan on Saturday has decided to offer a permanent residency scheme for wealthy foreign nationals. These may include Sikhs, Afghans and Chinese. &nbsp;

Although it may be an attempt to boost national growth, only time will tell how many people actually opt for it considering the numerous issues the country has been facing.

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/pm-imran-khan-launches-pakistans-first-ever-national-security-policy-444651" hreflang="en">PM Imran Khan launches Pakistan's first-ever national security policy</a>

With the help of an overnight tweet, Information Minister Fawad Chaudhry said that the new scheme was in line with the new National Security Policy, which was formally launched by Prime Minister Imran Khan on Friday. &nbsp;

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In line with new Nat Security policy through which Pak declared GeoEconomics as core of its Nat security doctrine,Government has decided to allow Permanent residency scheme for foreign nationals,new policy allows foreigners to get permanent resident status in lieu of investment
— Ch Fawad Hussain (@fawadchaudhry) <a href="https://twitter.com/fawadchaudhry/status/1481995458805473283?ref_src=twsrc%5Etfw">January 14, 2022</a></blockquote>
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"In line with new National Security Policy, through which Pakistan declared geo-economics as the core of its national security doctrine, the government has decided to allow permanent residency scheme for foreign nationals, the new policy allows foreigners to get permanent resident status in lieu of investment," the tweet said. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/watch-didnt-expect-player-imran-khan-to-tax-condoms-bilawal-bhutto-444254" hreflang="en">Watch | Didn’t expect ‘player’ Imran Khan to tax condoms: Bilawal Bhutto</a>

This scheme looks to target the Sikhs, who are living in Canada and USA and want to invest in religious sites, like Kartarpur Corridor. It also aims to attract rich Afghans, who are relocating to Malaysia, Turkey and other countries, after the takeover of Taliban. &nbsp;

It will also target Chinese nationals, who wish to establish industrial units in Pakistan. &nbsp;&nbsp;

"It's a historic step, for the first time in the history of Pakistan, foreigners are being allowed to invest in the real estate sector," he said. &nbsp;&nbsp;

(With inputs from agencies) &nbsp;

To attract investment and aid it’s ailing economy, Pakistan on Saturday has decided to offer a permanent residency scheme for wealthy foreign nationals. These may include Sikhs, Afghans and Chinese.

To attract investment and aid it’s ailing economy, Pakistan on Saturday has decided to offer a permanent residency scheme for wealthy foreign nationals. These may include Sikhs, Afghans and Chinese. Although it may be an attempt to boost national growth, only time will tell how many people actually opt for it considering the numerous issues the country has been facing. Also Read: PM Imran Khan launches Pakistan's first-ever national security policy With the help of an overnight tweet, Information Minister Fawad Chaudhry said that the new scheme was in line with the new National Security Policy, which was formally launched by Prime Minister Imran Khan on Friday. In line with new Nat Security policy through which Pak declared GeoEconomics as core of its Nat security doctrine,Government has decided to allow Permanent residency scheme for foreign nationals,new policy allows foreigners to get permanent resident status in lieu of investment — Ch Fawad Hussain (@fawadchaudhry) January 14, 2022 × "In line with new National Security Policy, through which Pakistan declared geo-economics as the core of its national security doctrine, the government has decided to allow permanent residency scheme for foreign nationals, the new policy allows foreigners to get permanent resident status in lieu of investment," the tweet said. Also Read: Watch | Didn’t expect ‘player’ Imran Khan to tax condoms: Bilawal Bhutto This scheme looks to target the Sikhs, who are living in Canada and USA and want to invest in religious sites, like Kartarpur Corridor. It also aims to attract rich Afghans, who are relocating to Malaysia, Turkey and other countries, after the takeover of Taliban. It will also target Chinese nationals, who wish to establish industrial units in Pakistan. "It's a historic step, for the first time in the history of Pakistan, foreigners are being allowed to invest in the real estate sector," he said. (With inputs from agencies)

To aid ailing economy, Pakistan offers permanent residency to rich foreign nationals

The Latin American nation of Brazil is currently witnessing an alarming rise in the number of COVID-19 infections. The massive spike, which has been fueled by the fast-spreading omicron variant of the Coronavirus has pushed the country's health infrastructure virtually to its edge now.

Health infrastructure under pressure in Brazil amid a massive spike in COVID cases fueled by Omicron

Before the Omicron variant struck in November, the UK economy had increased faster than projected, returning to pre-pandemic levels for the first time.

The Office for National Statistics (ONS) reported that gross domestic product (GDP) increased by 0.9 percent in November, compared to 0.1 percent in October.&nbsp;

The holiday season made a significant contribution to the economy's rebound.&nbsp;

The ONS claimed that an increase in restaurant bookings and a quick turnaround in building output were also factors in the expansion, which lifted the economy's size by 0.7 percent above its March 2020 level.&nbsp; 
 
<a href="https://www.wionews.com/india-news/british-pm-bats-for-india-uk-fta-says-deal-takes-ties-to-next-level-444315">Also read | British PM bats for India-UK FTA; says deal takes ties to 'next level'</a>

City economists predicted a 0.4 percent expansion and that November would be a high point in 2021, with the ONS data arriving just as the Omicron variant took hold, increasing workforce shortages and prompting the government to impose plan B limits.

It followed a 0.2 percent rise in October.

Another factor driving the rise in GDP, according to the ONS, was the continued expansion of health services as a proportion of economic activity.

Business organisations cautioned that the economy remained sluggish in the face of growing inflation and the Bank of England's threat of raising interest rates.&nbsp;

According to the ONS, the world's fifth-largest economy was 0.7 percent larger in February 2020 than it was in February 2019.

Despite the acceleration in growth in November, GDP is likely to have suffered a knock in December as the Omicron coronavirus type spread over the world.&nbsp;

(With inputs from agencies)

Before the Omicron variant struck in November, the UK economy had increased faster than projected, returning to pre-pandemic levels for the first time. The Office for National Statistics (ONS) reported that gross domestic product (GDP) increased by 0.

Before the Omicron variant struck in November, the UK economy had increased faster than projected, returning to pre-pandemic levels for the first time. The Office for National Statistics (ONS) reported that gross domestic product (GDP) increased by 0.9 percent in November, compared to 0.1 percent in October. The holiday season made a significant contribution to the economy's rebound. The ONS claimed that an increase in restaurant bookings and a quick turnaround in building output were also factors in the expansion, which lifted the economy's size by 0.7 percent above its March 2020 level. Also read | British PM bats for India-UK FTA; says deal takes ties to 'next level' City economists predicted a 0.4 percent expansion and that November would be a high point in 2021, with the ONS data arriving just as the Omicron variant took hold, increasing workforce shortages and prompting the government to impose plan B limits. It followed a 0.2 percent rise in October. Another factor driving the rise in GDP, according to the ONS, was the continued expansion of health services as a proportion of economic activity. Business organisations cautioned that the economy remained sluggish in the face of growing inflation and the Bank of England's threat of raising interest rates. According to the ONS, the world's fifth-largest economy was 0.7 percent larger in February 2020 than it was in February 2019. Despite the acceleration in growth in November, GDP is likely to have suffered a knock in December as the Omicron coronavirus type spread over the world. (With inputs from agencies)

British economy reaches back above pre-COVID level for first time

As rental accommodation and used cars maintain their strong gains, the US consumer prices increased solidly in the month of December culminating in what is being described as the largest annual rise in terms of inflation.

US Consumer prices at 40-year high as rental accommodation & used cars maintain strong gains

Issuing a warning on the digital currency the British lawmakers have said that a digital pound used by consumers could potentially harm financial stability, raise the cost of credit, and also erode privacy.

British lawmakers issue warning against the digital pound

US inflation at nearly 40-year high

US Consumer prices at nearly 40-year high as rental accommodation & used cars maintain strong gains

Pakistan is in dire need of an IMF bailout but Imran Khan says Pakistan's economy is better than India's. Palki Sharma tells you how Islamabad is losing grip of reality.

Gravitas: Imran Khan loses grip on reality

World Bank's Economic forecast sees sharp growth slowdown as new variants of COVID-19 threatens recovery.

World Bank's Economic forecast: Sharp growth slowdown as new COVID-19 variants threatens recovery

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