The gross domestic product (GDP) of the United States grew 6.4% in the first fiscal quarter of 2021 compared to the same period in the previous year. The US economy expanded 4.3% in the fourth quarter of 2020.

World Business Watch: US economy soared in the first quarter, growing at a 6.4% rate

The&nbsp;eurozone&nbsp;economy fell into a second recession in less than&nbsp;a year in the first quarter, data showed on Friday, as slow vaccinations and pandemic lockdowns stopped a rebound.

The data was in stark contrast to the US, where the economy roared forward in the same period, posting annualised growth of 6.4 per cent.

China has also turned the corner from the <a href="https://www.wionews.com/search?q=Coronavirus">coronavirus pandemic</a> with an 18.3-per cent explosion in gross domestic product growth on an annual basis.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/recession-of-historic-proportions-eurozone-economy-predicted-to-contract-77-296990">'Recession of historic proportions': Eurozone economy predicted to contract 7.7%</a>

Europe has been hit hard by a second and third wave of the coronavirus pandemic, with multiple attempts to reopen the economy cut short by new outbreaks.

More recent data has given Europeans confidence that the recession will be short-lived, however, with surveys showing that manufacturing is now booming.

And with the vaccination campaign finally getting into swing, pent-up demand is expected to follow as Europeans begin to spend more in shops, at reopened restaurants and on tourism.

The EU's slow-moving recovery plan is also expected to finally get on track, giving a much-needed boost to southern countries crushed by the pandemic, such as Italy or Spain.

Germany was the major drag on growth in January to March period, with exports unable to overcome a steep drop in demand by discouraged consumers, analysts said.

The&nbsp;eurozone's consumer prices meanwhile rose in April by 1.6 per cent, moving closer to the European Central Bank's (ECB) target of two per cent.

The rise in prices, again largely fuelled by energy costs, came after five months of inflation in negative territory at the end of 2020 and a gradual turnaround earlier this year.

But core inflation, which strips out volatile components such as energy or food, actually dipped in April meaning demand is not yet fully recharging the economy.

Unemployment has largely been spared the worst ravages of the crisis that were initially feared when the pandemic froze the global economy in early 2020.

Eurostat said&nbsp;eurozone&nbsp;unemployment dipped to 8.1 per cent in March, though this was one percentage point more than a year before.

EU-wide, unemployment slipped to 7.3 per cent in March.

The eurozone economy fell into a second recession in less than a year in the first quarter, data showed on Friday, as slow vaccinations and pandemic lockdowns stopped a rebound.

The eurozone economy fell into a second recession in less than a year in the first quarter, data showed on Friday, as slow vaccinations and pandemic lockdowns stopped a rebound. The data was in stark contrast to the US, where the economy roared forward in the same period, posting annualised growth of 6.4 per cent. China has also turned the corner from the coronavirus pandemic with an 18.3-per cent explosion in gross domestic product growth on an annual basis. Also read | 'Recession of historic proportions': Eurozone economy predicted to contract 7.7% Europe has been hit hard by a second and third wave of the coronavirus pandemic, with multiple attempts to reopen the economy cut short by new outbreaks. More recent data has given Europeans confidence that the recession will be short-lived, however, with surveys showing that manufacturing is now booming. And with the vaccination campaign finally getting into swing, pent-up demand is expected to follow as Europeans begin to spend more in shops, at reopened restaurants and on tourism. The EU's slow-moving recovery plan is also expected to finally get on track, giving a much-needed boost to southern countries crushed by the pandemic, such as Italy or Spain. Germany was the major drag on growth in January to March period, with exports unable to overcome a steep drop in demand by discouraged consumers, analysts said. The eurozone's consumer prices meanwhile rose in April by 1.6 per cent, moving closer to the European Central Bank's (ECB) target of two per cent. The rise in prices, again largely fuelled by energy costs, came after five months of inflation in negative territory at the end of 2020 and a gradual turnaround earlier this year. But core inflation, which strips out volatile components such as energy or food, actually dipped in April meaning demand is not yet fully recharging the economy. Unemployment has largely been spared the worst ravages of the crisis that were initially feared when the pandemic froze the global economy in early 2020. Eurostat said eurozone unemployment dipped to 8.1 per cent in March, though this was one percentage point more than a year before. EU-wide, unemployment slipped to 7.3 per cent in March.

Eurozone enters double-dip recession in first quarter

As night falls in Sudan, villagers rush to pull over travellers with a friendly roadblock of hospitality celebrating Islam's holy fasting month of Ramzan, traditions enduring despite dire economic troubles.

Rugs are rolled out on the roadside verge in an impromptu al fresco dining room to celebrate iftar, the fast-breaking evening meal to mark the end of a baking hot day without either a mouthful of food or a drop to drink.

Also read:&nbsp;<a href="UK Muslims urged to get Covid-19 jab during Ramadan">UK Muslims urged to get Covid-19 jab during Ramadan</a>

"This is a custom that our grandparents began," said Aboulmaali Mohamed Ibrahim, offering a meal in the village of Nuba, some 50 kilometres (30 miles) south of Sudan's capital Khartoum.

"They began inviting travellers for meals following the construction of this road in the 1960s."

To fasting travellers, the meal is a much welcomed break from their exhausting long trips on Sudan's often rutted roads.

But to residents living in villages along the road, it is part of upholding Sudan's long-held traditions of hospitality to strangers and, amid a tough economic crisis, proof that the important things in life must remain the same.

The call for the evening prayer announces the end of another fasting day.

A feast is provided. Parched travellers, struggling after a day in the sun without liquid, are firstly handed a cool and refreshing squeezed juice.

Jugs of the local speciality "hilw-mor", or "bitter-sweet", a drink spiced with ginger and cinnamon, is also poured into cups.

Then an array of traditional food ranging from porridge to plump dates is placed out for all to share.

While some villagers are laying out the food, others are still busy waving to stop cars and buses on the busy highway, encouraging people to stop and join.

Ibrahim, despite struggling on the meagre income he earns as teacher, has insisted on sharing his iftar meal every day since Ramzan began on April 13.

"We just bring whatever we have to the iftar table, no matter how little it is,"&nbsp;he said.

Sudan has been struggling since the April 2019 toppling of hardline president Omar al-Bashir, following protests against his rule triggered by economic hardship.&nbsp;

Severe shortages of food staples and price hikes remain among the pressing issues, two years after Bashir's fall, said Ibrahim.

Inflation last month shot up over 330 per cent, the government said.

People now often queue for hours to buy basic foods or to fill their cars with petrol.

Households suffer from frequent power cuts, and gas canisters for cooking are often hard to find.

The transitional government, which came to power after Bashir's ouster, has embarked on painful reforms hoped to rebuild the economy.

In February, it introduced a managed float to the local currency in an attempt to close the yawning gap between the official and black market rates.

Other bold measures include reducing costly subsidies on fuel and other commodities.

But others fear the measures risk fanning popular discontent before coming to fruition. &nbsp;

Mudather Saad, another villager from Nuba, says they typically host around 150-200 travellers to the iftar meals each evening -- but on busy nights even more.

"Our guests sometimes exceed 300 -- especially on weekends," said Saad, as he joined other villagers to block the road and beckon travellers to eat.&nbsp;

With only minutes to go before the call to prayer, Saad and others flag down a bus packed with some 60 passengers.

Omar Hussein, the bus driver, travels the route regularly and is always stopped as iftar time approaches.

"I never worry about missing iftar," Hussein said. "I am always sure someone will offer us something on the way." &nbsp;

As night falls in Sudan, villagers rush to pull over travellers with a friendly roadblock of hospitality celebrating Islam's holy fasting month of Ramzan, traditions enduring despite dire economic troubles.

As night falls in Sudan, villagers rush to pull over travellers with a friendly roadblock of hospitality celebrating Islam's holy fasting month of Ramzan, traditions enduring despite dire economic troubles. Rugs are rolled out on the roadside verge in an impromptu al fresco dining room to celebrate iftar, the fast-breaking evening meal to mark the end of a baking hot day without either a mouthful of food or a drop to drink. Also read: UK Muslims urged to get Covid-19 jab during Ramadan "This is a custom that our grandparents began," said Aboulmaali Mohamed Ibrahim, offering a meal in the village of Nuba, some 50 kilometres (30 miles) south of Sudan's capital Khartoum. "They began inviting travellers for meals following the construction of this road in the 1960s." To fasting travellers, the meal is a much welcomed break from their exhausting long trips on Sudan's often rutted roads. But to residents living in villages along the road, it is part of upholding Sudan's long-held traditions of hospitality to strangers and, amid a tough economic crisis, proof that the important things in life must remain the same. The call for the evening prayer announces the end of another fasting day. A feast is provided. Parched travellers, struggling after a day in the sun without liquid, are firstly handed a cool and refreshing squeezed juice. Jugs of the local speciality "hilw-mor", or "bitter-sweet", a drink spiced with ginger and cinnamon, is also poured into cups. Then an array of traditional food ranging from porridge to plump dates is placed out for all to share. While some villagers are laying out the food, others are still busy waving to stop cars and buses on the busy highway, encouraging people to stop and join. Ibrahim, despite struggling on the meagre income he earns as teacher, has insisted on sharing his iftar meal every day since Ramzan began on April 13. "We just bring whatever we have to the iftar table, no matter how little it is," he said. Sudan has been struggling since the April 2019 toppling of hardline president Omar al-Bashir, following protests against his rule triggered by economic hardship. Severe shortages of food staples and price hikes remain among the pressing issues, two years after Bashir's fall, said Ibrahim. Inflation last month shot up over 330 per cent, the government said. People now often queue for hours to buy basic foods or to fill their cars with petrol. Households suffer from frequent power cuts, and gas canisters for cooking are often hard to find. The transitional government, which came to power after Bashir's ouster, has embarked on painful reforms hoped to rebuild the economy. In February, it introduced a managed float to the local currency in an attempt to close the yawning gap between the official and black market rates. Other bold measures include reducing costly subsidies on fuel and other commodities. But others fear the measures risk fanning popular discontent before coming to fruition. Mudather Saad, another villager from Nuba, says they typically host around 150-200 travellers to the iftar meals each evening -- but on busy nights even more. "Our guests sometimes exceed 300 -- especially on weekends," said Saad, as he joined other villagers to block the road and beckon travellers to eat. With only minutes to go before the call to prayer, Saad and others flag down a bus packed with some 60 passengers. Omar Hussein, the bus driver, travels the route regularly and is always stopped as iftar time approaches. "I never worry about missing iftar," Hussein said. "I am always sure someone will offer us something on the way."

Shrugging off economic woes, Sudanese share Ramzan meal

Hong Kong will reopen bars and nightclubs from April 29 for people who have been vaccinated and who use a government mobile phone application, the Asian financial hub's health secretary said on Tuesday.

Sophia Chan told a press briefing the measures extended to bathhouses and karaoke lounges and would enable the venues to stay open until 2&nbsp;am. All staff and customers must have received at least one vaccine dose for the venue to be operational and they must operate at half capacity, she said.

Also Read:&nbsp;<a href="Hong Kong's new immigration bill could give authorities arbitrary control over people's movement">Hong Kong's new immigration bill could give authorities arbitrary control over people's movement</a>

We all hope life can return to normal but we need to allow some time for everyone to adapt to these new measures," Chan said.

The former British colony has recorded over 11,700 total coronavirus cases, far lower than other developed cities. 
Hong Kong has banned non-residents in the city since March 2020, but announced this week a long-delayed travel bubble with Singapore will begin on May 26, its first bilateral resumption of travel ties with another city.

Chan's announcement comes as authorities try to incentivise residents to get vaccinated with only around 11% of the city's 7.5 million population having received their first vaccine dose.

The take up of vaccines has been sluggish since the scheme began in the Chinese special administrative region in February due to a lack of confidence in China's Sinovac vaccine and fears of adverse reactions.

Hong Kong began vaccinating residents with doses from Sinovac in February and started offering a vaccine developed by Germany's BioNTech in March.

The BioNTech shot has shown far greater take up since its launch with two to three times more people booking it on a daily basis than for Sinovac, according to government figures.

Under the new rules, restaurants in the city will be allowed to increase the number of diners per table to six from four currently, provided staff and customers have also received their first vaccine dose. They will be able to dine until midnight, from 10&nbsp;pm&nbsp;now.

Restaurants will set up different areas for customers who are not vaccinated and for those who choose to write their contact details down on paper rather than registering with the government app. This segment will only be allowed to dine up to four people to a table.

A tracing app pushed by the government has met with distrust.

Hong Kong will reopen bars and nightclubs from April 29 for people who have been vaccinated and who use a government mobile phone application, the Asian financial hub's health secretary said on Tuesday.

Hong Kong will reopen bars and nightclubs from April 29 for people who have been vaccinated and who use a government mobile phone application, the Asian financial hub's health secretary said on Tuesday. Sophia Chan told a press briefing the measures extended to bathhouses and karaoke lounges and would enable the venues to stay open until 2 am. All staff and customers must have received at least one vaccine dose for the venue to be operational and they must operate at half capacity, she said. Also Read: Hong Kong's new immigration bill could give authorities arbitrary control over people's movement We all hope life can return to normal but we need to allow some time for everyone to adapt to these new measures," Chan said. The former British colony has recorded over 11,700 total coronavirus cases, far lower than other developed cities. Hong Kong has banned non-residents in the city since March 2020, but announced this week a long-delayed travel bubble with Singapore will begin on May 26, its first bilateral resumption of travel ties with another city. Chan's announcement comes as authorities try to incentivise residents to get vaccinated with only around 11% of the city's 7.5 million population having received their first vaccine dose. The take up of vaccines has been sluggish since the scheme began in the Chinese special administrative region in February due to a lack of confidence in China's Sinovac vaccine and fears of adverse reactions. Hong Kong began vaccinating residents with doses from Sinovac in February and started offering a vaccine developed by Germany's BioNTech in March. The BioNTech shot has shown far greater take up since its launch with two to three times more people booking it on a daily basis than for Sinovac, according to government figures. Under the new rules, restaurants in the city will be allowed to increase the number of diners per table to six from four currently, provided staff and customers have also received their first vaccine dose. They will be able to dine until midnight, from 10 pm now. Restaurants will set up different areas for customers who are not vaccinated and for those who choose to write their contact details down on paper rather than registering with the government app. This segment will only be allowed to dine up to four people to a table. A tracing app pushed by the government has met with distrust.

Hong Kong to reopen bars, nightclubs from April 29 for vaccinated customers

Goldman Sachs has said the United Kingdom looks set to see faster economic growth than the United States this year as the country races ahead with its vaccination programme after its slump in 2020.

World Business Watch: Goldman Sachs expects UK to beat US in economic recovery

Bars, restaurants, cinemas and concert halls were reopening across Italy on Monday in a boost for coronavirus-hit businesses, while parliament was to debate the government's 220-billion-euro ($266-billion) EU-funded recovery plan.

After months of stop-start restrictions imposed to manage second and third waves of Covid, Italy hopes this latest easing will mark the start of something like a normal summer.

Prime Minister Mario Draghi has admitted to taking a "calculated risk" with the reopenings, as infection rates and intensive care admissions have fallen but Covid deaths still mount by hundreds every day and now total more than 119,000.

Three-quarters of regions dropped on Monday into the lower-risk "yellow" category, with bars and restaurants permitted to restart table service outside -- including, for the first time in six months, in the evening, although a 10 pm curfew remains in place.

"Finally!" said Daniele Vespa, the 26-year-old head waiter at Baccano, a restaurant near Rome's Trevi Fountain, as he made preparations for the return of customers.

"Hopefully... we can soon reopen inside as well," he told AFP, adding: "It's the start of a return to normality."

Cinemas, theatres and concert halls can also open at 50-per cent capacity, followed by the staggered opening of swimming pools, gyms, sporting events and theme parks by July 1.

In Milan, the Beltrade cinema claimed the title of being the first to reopen after six months of inaction with a special 06:00 am screening of "Caro Diario," a classic Italian film from the 1990s.

The show was sold out, despite people having to wake up before dawn to catch it.&nbsp;

"I went with my husband, and it was great to be back together in a cinema and do this crazy thing," Francesca Pierangeli, one of the 82 people who got a seat, told AFP.&nbsp;

Draghi had been under intense pressure to ease restrictions, including from far-right leader Matteo Salvini and increasingly vocal anti-lockdown street protests, as Italy battles its deepest recession since World War II.

The vaccination programme is gaining pace with 17.75 million jabs administered so far and 5.2 million people fully vaccinated in a population of around 60 million, but experts doubt this could be enough to stave off a new health crisis.&nbsp;

"Clearly if the gradual reopening is interpreted as a 'free-for-all', a new surge in infections risks compromising the summer season," warned Nino Cartabellotta, head of the GIMBE Foundation health think tank.

Already at the weekend, throngs of people took advantage of the warm weather and packed the streets of central Rome and other cities, many not wearing masks. In the capital, police closed off a shopping avenue and a few squares that had become too crowded.

Italy was the first European country to be hit by the pandemic in early 2020 and remains one of the worst affected, with the EU's highest reported death toll and one of the deepest recessions.

The economy contracted by a staggering 8.9 percent last year and a million jobs have been lost.

Italy is pinning its hopes on a 222.1-billion-euro investment and reform plan funded largely by the European Union. Rome is the biggest recipient of the bloc's 750-billion-euro post-pandemic recovery fund.

In parliament on Monday, Draghi will formally present the programme he hopes will boost growth by 3.6 percentage points by 2026, ahead of a Friday deadline to submit the package to Brussels.

The government said Sunday the plan was a "historic intervention" that would repair the damage caused by the pandemic and address "the structural weaknesses" of the economy, while putting it on a greener footing.

Priorities include infrastructure, notably high-speed railways; green energy, including hydrogen power projects; investment in internet services and digitalisation of public administration.

There will be money to help women and young people, who have disproportionately lost out during the pandemic, while around 40 percent will be targeted at historically under-performing southern Italy.

Draghi, a former European Central Bank chief, has also highlighted the importance of tax reform and speeding up the snail-paced justice system.

Disputes over the spending plan brought down the previous prime minister and his coalition, after which Draghi was parachuted in to lead a national unity government in February.

His broad support in parliament "gives him significant room for manoeuvre to deliver the necessary reforms", noted Natixis economist Jesus Castillo.

Bars, restaurants, cinemas and concert halls were reopening across Italy on Monday in a boost for coronavirus-hit businesses, while parliament was to debate the government's 220-billion-euro ($266-billion) EU-funded recovery plan.

Bars, restaurants, cinemas and concert halls were reopening across Italy on Monday in a boost for coronavirus-hit businesses, while parliament was to debate the government's 220-billion-euro ($266-billion) EU-funded recovery plan. After months of stop-start restrictions imposed to manage second and third waves of Covid, Italy hopes this latest easing will mark the start of something like a normal summer. Prime Minister Mario Draghi has admitted to taking a "calculated risk" with the reopenings, as infection rates and intensive care admissions have fallen but Covid deaths still mount by hundreds every day and now total more than 119,000. Three-quarters of regions dropped on Monday into the lower-risk "yellow" category, with bars and restaurants permitted to restart table service outside -- including, for the first time in six months, in the evening, although a 10 pm curfew remains in place. "Finally!" said Daniele Vespa, the 26-year-old head waiter at Baccano, a restaurant near Rome's Trevi Fountain, as he made preparations for the return of customers. "Hopefully... we can soon reopen inside as well," he told AFP, adding: "It's the start of a return to normality." Cinemas, theatres and concert halls can also open at 50-per cent capacity, followed by the staggered opening of swimming pools, gyms, sporting events and theme parks by July 1. In Milan, the Beltrade cinema claimed the title of being the first to reopen after six months of inaction with a special 06:00 am screening of "Caro Diario," a classic Italian film from the 1990s. The show was sold out, despite people having to wake up before dawn to catch it. "I went with my husband, and it was great to be back together in a cinema and do this crazy thing," Francesca Pierangeli, one of the 82 people who got a seat, told AFP. Draghi had been under intense pressure to ease restrictions, including from far-right leader Matteo Salvini and increasingly vocal anti-lockdown street protests, as Italy battles its deepest recession since World War II. The vaccination programme is gaining pace with 17.75 million jabs administered so far and 5.2 million people fully vaccinated in a population of around 60 million, but experts doubt this could be enough to stave off a new health crisis. "Clearly if the gradual reopening is interpreted as a 'free-for-all', a new surge in infections risks compromising the summer season," warned Nino Cartabellotta, head of the GIMBE Foundation health think tank. Already at the weekend, throngs of people took advantage of the warm weather and packed the streets of central Rome and other cities, many not wearing masks. In the capital, police closed off a shopping avenue and a few squares that had become too crowded. Italy was the first European country to be hit by the pandemic in early 2020 and remains one of the worst affected, with the EU's highest reported death toll and one of the deepest recessions. The economy contracted by a staggering 8.9 percent last year and a million jobs have been lost. Italy is pinning its hopes on a 222.1-billion-euro investment and reform plan funded largely by the European Union. Rome is the biggest recipient of the bloc's 750-billion-euro post-pandemic recovery fund. In parliament on Monday, Draghi will formally present the programme he hopes will boost growth by 3.6 percentage points by 2026, ahead of a Friday deadline to submit the package to Brussels. The government said Sunday the plan was a "historic intervention" that would repair the damage caused by the pandemic and address "the structural weaknesses" of the economy, while putting it on a greener footing. Priorities include infrastructure, notably high-speed railways; green energy, including hydrogen power projects; investment in internet services and digitalisation of public administration. There will be money to help women and young people, who have disproportionately lost out during the pandemic, while around 40 percent will be targeted at historically under-performing southern Italy. Draghi, a former European Central Bank chief, has also highlighted the importance of tax reform and speeding up the snail-paced justice system. Disputes over the spending plan brought down the previous prime minister and his coalition, after which Draghi was parachuted in to lead a national unity government in February. His broad support in parliament "gives him significant room for manoeuvre to deliver the necessary reforms", noted Natixis economist Jesus Castillo.

'Finally!' Italy reopens as parliament debates recovery plan

According to Reuters polls of over 500 economists, the global economy will recover this year from its Coronavirus slump at a pace not seen since the 1970s as strong momentum builds in most major economies.

World economy to stage vigorous recovery, jobs growth to lag: Reuters Poll

India’s foreign exchange reserves rose by $4.344 billion during the week ended April 9. According to the Reserve Bank of India’s (RBI) weekly statistical supplement

India’s foreign exchange reserves increase by $4.34 billion

As Joe Biden nears his 100 days is office as the US President, his approval ratings stands strong at 59% despite the tenuous state of the economy and the ongoing COVID-19 pandemic.

Biden nears 100-day mark with 59% approval rating

The International Monetary Fund (IMF) has warned that Latin America's recovery from the pandemic crisis is lagging the rest of the world and the economy will not return to its pre-pandemic level until 2024.

IMF warns, Latin America's economy will be last to recover

US President Joe Biden is looking to raise corporate income tax rates to help pay for his proposed $2.3 trillion infrastructure spending plan. He said that the rise in the tax would not dampen the already fragile economy and drive business abroad.

Biden looks to raise US corporate taxes, says higher corporate tax won’t hurt economy

Saudi Arabia is planning a major economic diversification push. It plans to invest $3.2 trillion by 2030 to jumpstart its economy after the pandemic. WION's Palki tells you why the Saudi economy needs this booster shot.

Gravitas: Saudi Arabia's $3.2 trillion bet

US consumer confidence has raised this month to its highest level since the start of the COVID-19 pandemic, supporting views that economic growth will accelerate in the coming months, driven by more fiscal stimulus and an improving public health situation.

World Business Watch: US consumer confidence hits one-year high

Underscoring the fragile nature of the economy's recovery from last year's slump, Japanese retail sales fell for the third straight month in February as households kept a lid on expenditure amid the coronavirus emergency.

World Business Watch: Japan's retail sales fall for third straight month

WeWork is now in talks with BowX Acquisition Corp, a blank-check company that raised $420 million in August,

WeWork discloses $3.2 billion loss in 2020

Angry protesters used burning&nbsp;tyres&nbsp;to block roads in parts of Beirut on Tuesday as the Lebanese pound crashed past a new milestone in its plunge against the dollar, losing most of its value as the country's financial meltdown worsens.&nbsp;

The pound traded at around 15,000 to the dollar and above for the first time on Tuesday, according to market dealers, and has now lost nearly 90% of its value since the crisis started in late 2019.&nbsp;

"We are absolutely fed up, we are hungry we are finished," one protester yelled.&nbsp;

Lebanon's economic crisis is posing the biggest threat to its stability since the 1975-1990 civil war, wiping out jobs, locking people out of their bank deposits and raising the risk of widespread hunger.&nbsp;

Parliament convened committees to discuss an emergency loan for the country's electricity company after the energy minister warned it would be lights out across Lebanon by the end of March if a cash injection is not made.&nbsp;

The committees only managed to promise $200 million out of a total requested of around $1 billion.&nbsp;

The proposal now has to be approved by parliament.&nbsp;

An official source&nbsp;said&nbsp;that Lebanon's foreign reserves now stand at around $16 billion.&nbsp;

That compares with about $19.5 billion in August and means that not much is left for a subsidy&nbsp;programme&nbsp;to fund basic goods, including wheat and fuel.&nbsp;

Lebanon's problems were compounded after an explosion at the port in August devastated whole tracts of Beirut, killing 200 people and prompting the government to resign, leaving the country rudderless as it sinks deeper into financial collapse.&nbsp;

Prime minister Hassan Diab's cabinet has stayed on in a caretaker capacity until a new government is formed. No budget has yet been passed by parliament for 2021.&nbsp;

Prime minister-designate Saad al-Hariri, nominated in October, is at loggerheads with President Michel Aoun and has been unable to form a new government to carry out reforms to unlock international aid.&nbsp;

(With inputs from agencies)&nbsp;

Angry protesters used burning tyres to block roads in parts of Beirut on Tuesday as the Lebanese pound crashed past a new milestone in its plunge against the dollar, losing most of its value as the country's financial meltdown worsens.

Angry protesters used burning tyres to block roads in parts of Beirut on Tuesday as the Lebanese pound crashed past a new milestone in its plunge against the dollar, losing most of its value as the country's financial meltdown worsens. The pound traded at around 15,000 to the dollar and above for the first time on Tuesday, according to market dealers, and has now lost nearly 90% of its value since the crisis started in late 2019. "We are absolutely fed up, we are hungry we are finished," one protester yelled. Lebanon's economic crisis is posing the biggest threat to its stability since the 1975-1990 civil war, wiping out jobs, locking people out of their bank deposits and raising the risk of widespread hunger. Parliament convened committees to discuss an emergency loan for the country's electricity company after the energy minister warned it would be lights out across Lebanon by the end of March if a cash injection is not made. The committees only managed to promise $200 million out of a total requested of around $1 billion. The proposal now has to be approved by parliament. An official source said that Lebanon's foreign reserves now stand at around $16 billion. That compares with about $19.5 billion in August and means that not much is left for a subsidy programme to fund basic goods, including wheat and fuel. Lebanon's problems were compounded after an explosion at the port in August devastated whole tracts of Beirut, killing 200 people and prompting the government to resign, leaving the country rudderless as it sinks deeper into financial collapse. Prime minister Hassan Diab's cabinet has stayed on in a caretaker capacity until a new government is formed. No budget has yet been passed by parliament for 2021. Prime minister-designate Saad al-Hariri, nominated in October, is at loggerheads with President Michel Aoun and has been unable to form a new government to carry out reforms to unlock international aid. (With inputs from agencies)

Lebanon protesters back on streets as pound loses 90% of its value 

The 21st-century economy has been a two-decade series of punches in the gut. The century began in economic triumphalism in the United States, with a sense that business cycles had been vanquished and prosperity secured for a blindingly bright future.

17 Reasons to Let the Economic Optimism Begin

The Indian economy may revive and retake its place as the fastest-growing one in 2021, says the forecast released by the Organisation for Economic Cooperation and Development (OECD).

World Business Watch: India could be back as fastest growing economy again

South Africa's GDP grew quarter and quarter in three months ending in December but the economy recorded its biggest annual contraction in seven decades last year.

World Business Watch: South Africa’s economy shrank by most in century last year

Britain is in its worst shape since World War 2. This time, the enemy at the gates is invisible. The coronavirus pandemic continues to grow in the UK as there have been more than four million cases and 124,000 deaths.&nbsp;

The UK is the worst-affected country in Europe. Hundreds are still dying from the virus every day and just as the vaccines emerged so did a new variant, a more potent and more contagious mutation. Britain's response was more lockdowns but that came at a cost. The country is going through its worst economic slump in three centuries. Jobs are disappearing, small businesses have been decimated. It will take at least two years before the economy reaches pre-pandemic levels and we're not done listing Britain's economic woes just yet.&nbsp;

The government has been on a borrowing spree since last year. The budget deficit is at its highest since World War 2. What Britain needs right now is some Churchillian steel to channel the guts of the greatest generation. The generation that braved the barrage of Nazi bombers 70 years back, instead they're busy talking about an interview.&nbsp;

At the outset, let's make one thing clear that we are not trivialising Meghan Markle's struggles, her allegations are serious. The palace must be held to account for its actions but does a family squabble qualify as public interest?&nbsp;

At what point does fascination become obsession? It's an unnecessary distraction even for the government. The prime minister is having to field questions about it. Even the White House has released a statement and we are in the middle of the world's largest vaccination drive. The pandemic is the only thing world leaders should be focusing on but in Britain, this has always been the case, the daily life is shaped by royalty. Britons are urged to speak the queen's English. They gather under the flag and sing 'God Save the Queen'. That's the British national anthem. They line the streets and go gaga over royal weddings, the same ones that they the taxpayers end up paying for.&nbsp;

The monarchy is embedded in every Briton's DNA, but why?&nbsp;

After all, the family doesn't do much other than wave and smile a lot. The royals have managed to convince the country that it needs them and that Britain would disintegrate without a king or queen. There's a common saying among royalists, politicians may come and go but the family remains. Humans love a sense of continuity, the idea of something that exists for posterity.&nbsp;

The monarchy preys on this. It also explains all the pomp and show. Hundreds of years back, the British monarch was considered god's representative on earth.&nbsp;

People aren't naive enough to believe that today but the divine narrative remains. All the traditions, the coronation with holy oils. It's all part of the larger-than-life image. Royalists believe the monarch is endowed with god's mandate to rule. It's an unequal and unjust mandate. The family has its reasons for defending the monarchy but why do the people stick with it?&nbsp;

The queen serves as a reminder of Britain's golden days, when it ruled the seas and had colonies in every continent. In other words, the monarchy is Britain's biggest colonial hangover. Many countries were ruled by monarchies in the middle ages but as British historian Robert Lacey says they were sensible and clever enough to grow out of them.&nbsp;

Britain is in its worst shape since World War 2. This time, the enemy at the gates is invisible. The coronavirus pandemic continues to grow in the UK as there have been more than four million cases and 124,000 deaths.

Britain is in its worst shape since World War 2. This time, the enemy at the gates is invisible. The coronavirus pandemic continues to grow in the UK as there have been more than four million cases and 124,000 deaths. The UK is the worst-affected country in Europe. Hundreds are still dying from the virus every day and just as the vaccines emerged so did a new variant, a more potent and more contagious mutation. Britain's response was more lockdowns but that came at a cost. The country is going through its worst economic slump in three centuries. Jobs are disappearing, small businesses have been decimated. It will take at least two years before the economy reaches pre-pandemic levels and we're not done listing Britain's economic woes just yet. The government has been on a borrowing spree since last year. The budget deficit is at its highest since World War 2. What Britain needs right now is some Churchillian steel to channel the guts of the greatest generation. The generation that braved the barrage of Nazi bombers 70 years back, instead they're busy talking about an interview. At the outset, let's make one thing clear that we are not trivialising Meghan Markle's struggles, her allegations are serious. The palace must be held to account for its actions but does a family squabble qualify as public interest? At what point does fascination become obsession? It's an unnecessary distraction even for the government. The prime minister is having to field questions about it. Even the White House has released a statement and we are in the middle of the world's largest vaccination drive. The pandemic is the only thing world leaders should be focusing on but in Britain, this has always been the case, the daily life is shaped by royalty. Britons are urged to speak the queen's English. They gather under the flag and sing 'God Save the Queen'. That's the British national anthem. They line the streets and go gaga over royal weddings, the same ones that they the taxpayers end up paying for. The monarchy is embedded in every Briton's DNA, but why? After all, the family doesn't do much other than wave and smile a lot. The royals have managed to convince the country that it needs them and that Britain would disintegrate without a king or queen. There's a common saying among royalists, politicians may come and go but the family remains. Humans love a sense of continuity, the idea of something that exists for posterity. The monarchy preys on this. It also explains all the pomp and show. Hundreds of years back, the British monarch was considered god's representative on earth. People aren't naive enough to believe that today but the divine narrative remains. All the traditions, the coronation with holy oils. It's all part of the larger-than-life image. Royalists believe the monarch is endowed with god's mandate to rule. It's an unequal and unjust mandate. The family has its reasons for defending the monarchy but why do the people stick with it? The queen serves as a reminder of Britain's golden days, when it ruled the seas and had colonies in every continent. In other words, the monarchy is Britain's biggest colonial hangover. Many countries were ruled by monarchies in the middle ages but as British historian Robert Lacey says they were sensible and clever enough to grow out of them.

After coronavirus, Britain faces royal affair challenge 

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand. 
 
The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid. 
 
Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping. 
 
The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday. 
 
The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain. 
 
Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase. 
 
Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point. 
 
"Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. 
 
"We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter." 
 
Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading. 
 
Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point. 
 
The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump. 
 
Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll. 
 
Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver. 
 
The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand.

Japan`s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment and sharply cutting inventories as the coronavirus pandemic hit demand. The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid. Separate data showed household spending was hit by a bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping. The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday. The reading, which was weaker than economists` median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain. Capital spending grew 4.3% from the previous quarter, lower than a preliminary 4.5% rise, but outpacing the median forecast for a 4.1% increase. Private inventories, including raw materials and manufactured products, subtracted 0.6 percentage point from revised growth domestic product growth (GDP), worse than a negative preliminary contribution of 0.4 percentage point. "Although vaccination started in Japan, it will take time to yield its impact, so the economy is forecast to go though some ups and downs," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "We expect the economy will pick up from the second quarter but it will be difficult to regain soon what it will lose in the first quarter." Private consumption, which accounts for more than half of GDP, rose 2.2% from the previous three months, matching the preliminary reading. Net exports - or exports minus imports - added 1.1 percentage point to revised GDP growth, while domestic demand lifted it by 1.8 percentage point, weaker than a preliminary contribution of 2.0 percentage point. The worse-than-expected GDP revision comes after exports and factory output picked up in January, signalling a stronger recovery in global demand following last year`s deep coronavirus slump. Household spending, however, fell 6.1% in January compared with the same month a year earlier, official data showed on Tuesday, worse than the 2.1% drop expected by economists in a Reuters poll. Some analysts are worried that a cold spell in corporate investment and household spending could last longer than expected, boding ill for demand and threatening to leave the world`s third-largest economy without a domestic growth driver. The Bank of Japan will conduct a review of its policy tools next week to make them more "effective and sustainable" as the pandemic forces it to keep its radical stimulus programme in place longer than originally expected.

Japan downgrades fourth-quarter GDP as companies scale back spending

Japan's economy expanded at a slower-than-initially-reported pace in October-December as the impact of the COVID-19 pandemic weighed on the economic outlook.

World Business Watch: Japan downgrades fourth-quarter GDP as pandemic hurts domestic demands

The United Kingdoms finance minister Rishi Sunak said the idea of giving people vaccine passports or certificates to allow them to enter venues or events might be a way to help the country and its economy recover from the coronavirus pandemic.

World Business Watch: UK FM Rishi Sunak says vaccine passports might help the economy

With changed realities after the military coup, the economy of Myanmar may suffer a sharp slump. The coup has choked access to markets and raw materials. Another round of global isolation awaits Myanmar?

Economic slump in Myanmar after the coup

The Boris Johnson-led government faced an unexpected economic crisis in the form of coronavirus pandemic and is now struggling to come out of it.

Following the downward spiral of the UK economy, British finance minister Rishi Sunak said he would not try to fix the public finances overnight.

The statement has come a few days before he is scheduled to announce a budget plan that is expected to add to the already brim-full borrowing capacity with the UK having borrowed 300 billion pounds.

"Look, this is not something that`s going to happen overnight. Given the scale of the shock we've experienced, the scale of the damage, this is going to take time to fix," Rishi Sunak told Sky News on Sunday. "But it's important ... to also have strong public finances over time."

The statement was not appreciated by the locals, who fear an increase in taxes. Sunak has also not confirmed whether he would be keeping his word of not increasing income tax, value-added tax or national insurance contributions, the three biggest sources of tax revenue — as promised in 2019, before the pandemic.

Locals reports have claimed that Sunak is planning to raise income tax revenues by six billion pounds by freezing the point at which people pay the basic rate of income tax and the threshold at which they begin paying the higher rate.

"You talked about interest rates and you`re right interest rates have been at very low levels, which does allow us to afford slightly higher debt levels," he said. "But that can always change and we`re seeing that in the last few weeks."

This has come at a time when the locals are already struggling in the monetary situation due to repeated and extended lockdowns in the country, amid a surge in coronavirus cases, which has led to several job cancellations and business shutdowns.

The Boris Johnson-led government faced an unexpected economic crisis in the form of coronavirus pandemic and is now struggling to come out of it. Following the downward spiral of the UK economy, British finance minister Rishi Sunak said he would not try to fix the public finances overnight.

The Boris Johnson-led government faced an unexpected economic crisis in the form of coronavirus pandemic and is now struggling to come out of it. Following the downward spiral of the UK economy, British finance minister Rishi Sunak said he would not try to fix the public finances overnight. The statement has come a few days before he is scheduled to announce a budget plan that is expected to add to the already brim-full borrowing capacity with the UK having borrowed 300 billion pounds. "Look, this is not something that`s going to happen overnight. Given the scale of the shock we've experienced, the scale of the damage, this is going to take time to fix," Rishi Sunak told Sky News on Sunday. "But it's important ... to also have strong public finances over time." The statement was not appreciated by the locals, who fear an increase in taxes. Sunak has also not confirmed whether he would be keeping his word of not increasing income tax, value-added tax or national insurance contributions, the three biggest sources of tax revenue — as promised in 2019, before the pandemic. Locals reports have claimed that Sunak is planning to raise income tax revenues by six billion pounds by freezing the point at which people pay the basic rate of income tax and the threshold at which they begin paying the higher rate. "You talked about interest rates and you`re right interest rates have been at very low levels, which does allow us to afford slightly higher debt levels," he said. "But that can always change and we`re seeing that in the last few weeks." This has come at a time when the locals are already struggling in the monetary situation due to repeated and extended lockdowns in the country, amid a surge in coronavirus cases, which has led to several job cancellations and business shutdowns.

'Public finances can't be fixed overnight': Rishi Sunak says before budget plan

COVID-19 impact in Russia: For the poor in Moscow who have no shelter over their head, finding a place to live is a matter of life & death. A charity in Moscow said the number of people who have sought refuge in shelter homes has gone up by 300%.

COVID-19 Impact: Homelessness spikes in Russia!

Thanks to a pickup in global demand and in a welcome sign for an economy still looking to shake off the drag of the coronavirus pandemic. Japan's industrial output rises for the first time in three months.

Japan's output rises for the first time in three months

The world`s financial leaders are expected on Friday to agree to continue supportive measures for the global economy and look to boost the International Monetary Fund`s resources so it can help poorer countries fight off the effects of the pandemic.

Finance ministers and central bank governors of the world`s top 20 economies, called the G20, held a video-conference on Friday. The global response to the economic havoc wreaked by the coronavirus was at top of the agenda.

In the first comments by a participating policymaker, the European Union`s economics commissioner Paolo Gentiloni said the meeting had been "good", with consensus on the need for a common effort on global COVID vaccinations.

"Avoid premature withdrawal of supportive fiscal policy" and "progress towards agreement on digital and minimal taxation" he said in a Tweet, signalling other areas of apparent accord.

A news conference by Italy, which holds the annual G20 presidency, is scheduled for 17.15 (1615 GMT)

The meeting comes as the United States is readying $1.9 trillion in fiscal stimulus and the European Union has already put together more than 3 trillion euros ($3.63 trillion) to keep its economies going despite COVID-19 lockdowns.

But despite the large sums, problems with the global rollout of vaccines and the emergence of new variants of the coronavirus mean the future of the recovery remains uncertain.

German Finance Minister Olaf Scholz warned earlier on Friday that recovery was taking longer than expected and it was too early to roll back support.

"Contrary to what had been hoped for, we cannot speak of a full recovery yet. For us in the G20 talks, the central task remains to lead our countries through the severe crisis," Scholz told reporters ahead of the virtual meeting.

"We must not scale back the support programmes too early and too quickly. That`s what I`m also going to campaign for among my G20 colleagues today," he said.

BIDEN DEBUT

Hopes for constructive discussions at the meeting are high among G20 countries because it is the first since Joe Biden, who vowed to rebuild cooperation in international bodies, became U.S. president.

While the IMF sees the U.S. economy returning to pre-crisis levels at the end of this year, it may take Europe until the middle of 2022 to reach that point.

The recovery is fragile elsewhere too - factory activity in China grew at the slowest pace in five months in January, hit by a wave of domestic coronavirus infections, and in Japan fourth quarter growth slowed from the previous quarter with new lockdowns clouding the outlook.

"The initially hoped-for V-shaped recovery is now increasingly looking rather more like a long U-shaped recovery. That is why the stabilization measures in almost all G20 states have to be maintained in order to continue supporting the economy," a G20 official said.

But while the richest economies can afford to stimulate an economic recovery by borrowing more on the market, poorer ones would benefit from being able to tap credit lines from the IMF -- the global lender of last resort.

To give itself more firepower, the Fund proposed last year to increase its war chest by $500 billion in the IMF`s own currency called the Special Drawing Rights (SDR), but the idea was blocked by then U.S. President Donald Trump.

Scholz said the change of administration in Washington on Jan. 20 improved the prospects for more IMF resources. He pointed to a letter sent by U.S. Treasury Secretary Janet Yellen to G20 colleagues on Thursday, which he described as a positive sign also for efforts to reform global tax rules.

Civil society groups, religious leaders and some Democratic lawmakers in the U.S. Congress have called for a much larger allocation of IMF resources, of $3 trillion, but sources familiar with the matter said they viewed such a large move as unlikely for now.

The G20 may also agree to extend a suspension of debt servicing for poorest countries by another six months.

The world`s financial leaders are expected on Friday to agree to continue supportive measures for the global economy and look to boost the International Monetary Fund`s resources so it can help poorer countries fight off the effects of the pandemic.

The world`s financial leaders are expected on Friday to agree to continue supportive measures for the global economy and look to boost the International Monetary Fund`s resources so it can help poorer countries fight off the effects of the pandemic. Finance ministers and central bank governors of the world`s top 20 economies, called the G20, held a video-conference on Friday. The global response to the economic havoc wreaked by the coronavirus was at top of the agenda. In the first comments by a participating policymaker, the European Union`s economics commissioner Paolo Gentiloni said the meeting had been "good", with consensus on the need for a common effort on global COVID vaccinations. "Avoid premature withdrawal of supportive fiscal policy" and "progress towards agreement on digital and minimal taxation" he said in a Tweet, signalling other areas of apparent accord. A news conference by Italy, which holds the annual G20 presidency, is scheduled for 17.15 (1615 GMT) The meeting comes as the United States is readying $1.9 trillion in fiscal stimulus and the European Union has already put together more than 3 trillion euros ($3.63 trillion) to keep its economies going despite COVID-19 lockdowns. But despite the large sums, problems with the global rollout of vaccines and the emergence of new variants of the coronavirus mean the future of the recovery remains uncertain. German Finance Minister Olaf Scholz warned earlier on Friday that recovery was taking longer than expected and it was too early to roll back support. "Contrary to what had been hoped for, we cannot speak of a full recovery yet. For us in the G20 talks, the central task remains to lead our countries through the severe crisis," Scholz told reporters ahead of the virtual meeting. "We must not scale back the support programmes too early and too quickly. That`s what I`m also going to campaign for among my G20 colleagues today," he said. BIDEN DEBUT Hopes for constructive discussions at the meeting are high among G20 countries because it is the first since Joe Biden, who vowed to rebuild cooperation in international bodies, became U.S. president. While the IMF sees the U.S. economy returning to pre-crisis levels at the end of this year, it may take Europe until the middle of 2022 to reach that point. The recovery is fragile elsewhere too - factory activity in China grew at the slowest pace in five months in January, hit by a wave of domestic coronavirus infections, and in Japan fourth quarter growth slowed from the previous quarter with new lockdowns clouding the outlook. "The initially hoped-for V-shaped recovery is now increasingly looking rather more like a long U-shaped recovery. That is why the stabilization measures in almost all G20 states have to be maintained in order to continue supporting the economy," a G20 official said. But while the richest economies can afford to stimulate an economic recovery by borrowing more on the market, poorer ones would benefit from being able to tap credit lines from the IMF -- the global lender of last resort. To give itself more firepower, the Fund proposed last year to increase its war chest by $500 billion in the IMF`s own currency called the Special Drawing Rights (SDR), but the idea was blocked by then U.S. President Donald Trump. Scholz said the change of administration in Washington on Jan. 20 improved the prospects for more IMF resources. He pointed to a letter sent by U.S. Treasury Secretary Janet Yellen to G20 colleagues on Thursday, which he described as a positive sign also for efforts to reform global tax rules. Civil society groups, religious leaders and some Democratic lawmakers in the U.S. Congress have called for a much larger allocation of IMF resources, of $3 trillion, but sources familiar with the matter said they viewed such a large move as unlikely for now. The G20 may also agree to extend a suspension of debt servicing for poorest countries by another six months.

G20 to show united front on support for global economic recovery, cash for IMF

Amid low chances of Pakistan exiting the Financial Action Task Force's (FATF) grey list on Thursday, a research paper by an Islamabad-based think tank has revealed that Pakistan sustained a total of USD 38 billion in economic losses due to FATF's decision to thrice place the country on its grey list since 2008. &nbsp;

The research paper titled 'Bearing the cost of global politics - the impact of FATF grey-listing on Pakistan's economy' states that that grey-listing events spanning from 2008 to 2019, may have resulted in total GDP losses worth USD 38 billion, The Express Tribune reported.&nbsp;

The report published by Tabadlab said the losses are worked out on the basis of a decrease in consumption expenditures, foreign direct investment and exports.&nbsp;

According to the research paper, a large portion of total losses can be attributed to the reduction in household and government consumption expenditures.&nbsp;

Pakistan has been on the FATF's grey list since June 2018 and the government was given a final warning in February 2020 to complete the 27 action points by June in the same year.&nbsp;

Pakistan is facing the difficult task of clearing its name from the FATF grey list. As things stand, Islamabad is finding it difficult to shield terror perpetrators and implement the FATF action plan at the same time. &nbsp;

While the Pakistan government believes that it will be able to delist itself from the FATF's 'grey list', it is unlikely that it will be able to do so as the European nations have said that Islamabad has not fully implemented all the points of a plan of action set by it.&nbsp;

Dawn quoted a Pakistani journalist based in Paris as confirming that some European countries, especially the host France, recommended to FATF to continue to keep Pakistan on the 'grey list' and had taken the position that not all points had been fully implemented by Islamabad. The stance has been supported by other European countries as well.&nbsp;

Amid low chances of Pakistan exiting the Financial Action Task Force's (FATF) grey list on Thursday, a research paper by an Islamabad-based think tank has revealed that Pakistan sustained a total of USD 38 billion in economic losses due to FATF's decision to thrice place the country on its grey list since 2008.

Amid low chances of Pakistan exiting the Financial Action Task Force's (FATF) grey list on Thursday, a research paper by an Islamabad-based think tank has revealed that Pakistan sustained a total of USD 38 billion in economic losses due to FATF's decision to thrice place the country on its grey list since 2008. The research paper titled 'Bearing the cost of global politics - the impact of FATF grey-listing on Pakistan's economy' states that that grey-listing events spanning from 2008 to 2019, may have resulted in total GDP losses worth USD 38 billion, The Express Tribune reported. The report published by Tabadlab said the losses are worked out on the basis of a decrease in consumption expenditures, foreign direct investment and exports. According to the research paper, a large portion of total losses can be attributed to the reduction in household and government consumption expenditures. Pakistan has been on the FATF's grey list since June 2018 and the government was given a final warning in February 2020 to complete the 27 action points by June in the same year. Pakistan is facing the difficult task of clearing its name from the FATF grey list. As things stand, Islamabad is finding it difficult to shield terror perpetrators and implement the FATF action plan at the same time. While the Pakistan government believes that it will be able to delist itself from the FATF's 'grey list', it is unlikely that it will be able to do so as the European nations have said that Islamabad has not fully implemented all the points of a plan of action set by it. Dawn quoted a Pakistani journalist based in Paris as confirming that some European countries, especially the host France, recommended to FATF to continue to keep Pakistan on the 'grey list' and had taken the position that not all points had been fully implemented by Islamabad. The stance has been supported by other European countries as well.

FATF grey-list ‘takes down’ Pakistan by USD 38 billion: Report 

The leader of Myanmar's junta on Tuesday called for quick efforts to revive the economy of the country. Currently, the country is facing global backlash for the coup and reported cases of repressing voices of democracy.

On Monday, a general strike shut businesses calling for more focus on the economy, while huge crowds continued to gather in order to denounce the coup which began on February 1.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/myanmar-us-sanctions-on-two-members-of-ruling-state-administrative-council-365650/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Protesters are also demanding the release of elected leader Aung San Suu Kyi. Authorities had earlier warned protesters that confrontation could lead to deaths.

On Tuesday, the Group of 7 affluent countries condemned the oppression of protesters. "Anyone responding to peaceful protests with violence must be held to account," group foreign ministers said in a joint statement.

Also read:&nbsp;<a href="http://13.235.153.162/world/malaysian-court-halts-myanmar-deportation-after-outcry-365603" hreflang="en">Malaysian court halts Myanmar deportation after outcry</a>

On Tuesday, no violence was reported, and protesters gathered in much smaller numbers. In addition, marches in favour of the military were also seen.

General Min Aung Hlaing, the military chief on Monday during a meeting with the ruling council urged for a decrease in imports and state spending while asking for the exports to be increased.

Also read:&nbsp;<a href="http://13.235.153.162/south-asia/us-imposes-sanctions-on-two-more-military-leaders-in-myanmar-amid-protests-365549" hreflang="en">US imposes sanctions on two more military leaders in Myanmar amid protests</a> 
 
"The council needs to put its energy into reviving the country's ailing economy. Economic remedy measures must be taken," state media said.

The army took control of the country after alleging fraud in elections that took place on November 8. Suu Kyi was detained soon after, along with the party leadership. So far, the electoral commission has dismissed complaints of fraud. 
Three protesters have been shot and killed in the protests. In addition, a police officer has also died owing to the injuries he suffered during the protests.

(With inputs from Reuters)

The leader of Myanmar's junta on Tuesday called for quick efforts to revive the economy of the country. Currently, the country is facing global backlash for the coup and reported cases of repressing voices of democracy.

The leader of Myanmar's junta on Tuesday called for quick efforts to revive the economy of the country. Currently, the country is facing global backlash for the coup and reported cases of repressing voices of democracy. On Monday, a general strike shut businesses calling for more focus on the economy, while huge crowds continued to gather in order to denounce the coup which began on February 1. Protesters are also demanding the release of elected leader Aung San Suu Kyi. Authorities had earlier warned protesters that confrontation could lead to deaths. On Tuesday, the Group of 7 affluent countries condemned the oppression of protesters. "Anyone responding to peaceful protests with violence must be held to account," group foreign ministers said in a joint statement. Also read: Malaysian court halts Myanmar deportation after outcry On Tuesday, no violence was reported, and protesters gathered in much smaller numbers. In addition, marches in favour of the military were also seen. General Min Aung Hlaing, the military chief on Monday during a meeting with the ruling council urged for a decrease in imports and state spending while asking for the exports to be increased. Also read: US imposes sanctions on two more military leaders in Myanmar amid protests "The council needs to put its energy into reviving the country's ailing economy. Economic remedy measures must be taken," state media said. The army took control of the country after alleging fraud in elections that took place on November 8. Suu Kyi was detained soon after, along with the party leadership. So far, the electoral commission has dismissed complaints of fraud. Three protesters have been shot and killed in the protests. In addition, a police officer has also died owing to the injuries he suffered during the protests. (With inputs from Reuters)

Myanmar's junta chief urges quick economic reform amid global backlash

The United Kingdom Prime Minister Boris Johnson is all set to announce a roadmap to ease lockdown measures. The roadmap falls under Johnson's accelerated plan to cautiously reopen the economy of Britain.

UK PM to announce a roadmap to ease lockdown measures

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