Barclays cut its forecast for China’s economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods.

WION Business News | Barclays cuts China GDP outlook

Amidst heated external political climate and Covid-19 restrictions, the economy of Hong Kong has taken a steep downturn. The economy contracted 4.5 percent in the third quarter which is the worst contraction in Hong Kong since 2020.

Hong Kong: Worst GDP contraction since 2020, Q3 GDP shrinks 4.5%

A new study says the loss of potential labour hours affected India's GDP in 2021. Heat-related deaths have also increased in India. Watch this report.

WION Climate Tracker | Study: Loss of potential labour hours affected GDP in 2021

Chinese authorities have finally released the GDP data that was originally set for release on October 18th but delayed without any explanation. The latest data showed a rebound in Chinese economy at a faster than expected pace in the third quarter.

WION Business News | China's GDP growth rebounds at a faster pace

A day after the Communist Party of China (CPC) Congress ended with Xi Jinping securing a third term in the office, Beijing released its&nbsp;third-quarter gross domestic product figures. The data showed China's GDP grew by 3.9 per cent compared to the same period, a year ago.

While the GDP figure has definitely beaten expectations with experts estimating it to be around 3.4&nbsp;per cent in their predictions, it is still much lower than the&nbsp;growth target of 5.5 per cent that the Chinese Politburo had set for itself.&nbsp;

This uptick in the GDP numbers is also significant as China,&nbsp;the world's second-biggest economy grew by a tiny 0.4 per cent in the second quarter (April-June) which was a two-year low for the country.&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/world/chinas-economic-growth-drops-to-04-per-cent-amid-draconian-lockdown-measures-and-severe-heatwave-497575">China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave</a>

Such was the situation that several reports suggested that&nbsp;Beijing was not willing to discuss the GDP numbers at its&nbsp;quarterly economic meetings or even keep up with the year-end growth target of 5.5 per cent.&nbsp;

The real estate sector which has become the achilles heel for China saw investment decline of eight per cent, much greater than 7.4 per cent recorded in the first eight months of the year.&nbsp;&nbsp;

Why the slowdown in Chinese economy?

While countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.&nbsp;

<a href="https://www.wionews.com/world/china-to-miss-its-year-end-55-per-cent-economic-growth-target-501801">Read more:&nbsp;China to miss its year-end 5.5 per cent economic growth target</a>

Even during the 20th CPC Congress, Xi remained adamant that his 'zero-Covid' policy was the best practice and that it was indeed working. He did suggest that the country was moving forward to open up completely but stopped short of giving any definitive timeline.&nbsp;

(With inputs from agencies) 
 
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A day after the Communist Party of China (CPC) Congress ended with Xi Jinping securing a third term in the office, Beijing released its third-quarter gross domestic product figures.

A day after the Communist Party of China (CPC) Congress ended with Xi Jinping securing a third term in the office, Beijing released its third-quarter gross domestic product figures. The data showed China's GDP grew by 3.9 per cent compared to the same period, a year ago. While the GDP figure has definitely beaten expectations with experts estimating it to be around 3.4 per cent in their predictions, it is still much lower than the growth target of 5.5 per cent that the Chinese Politburo had set for itself. This uptick in the GDP numbers is also significant as China, the world's second-biggest economy grew by a tiny 0.4 per cent in the second quarter (April-June) which was a two-year low for the country. Read More: China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave Such was the situation that several reports suggested that Beijing was not willing to discuss the GDP numbers at its quarterly economic meetings or even keep up with the year-end growth target of 5.5 per cent. The real estate sector which has become the achilles heel for China saw investment decline of eight per cent, much greater than 7.4 per cent recorded in the first eight months of the year. Why the slowdown in Chinese economy? While countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy. Read more: China to miss its year-end 5.5 per cent economic growth target Even during the 20th CPC Congress, Xi remained adamant that his 'zero-Covid' policy was the best practice and that it was indeed working. He did suggest that the country was moving forward to open up completely but stopped short of giving any definitive timeline. (With inputs from agencies) WATCH WION LIVE HERE:

China reports 3.9% GDP growth in Q3, up from the 0.4% recorded in Q2

Singapore City State's economy has returned to growth in third quarter while showing fragility of post-pandemic prospects. The gross domestic product (GDP) in three months through September was up 1.5 percent from previous quarter.

World Business Watch: Central bank tightens monetary policy settings in Singapore

The IMF has revised its economic projections for 2023. It forecasts a lower GDP but says a recession is not likely. However, it warns that 2023 will feel like a recession for many people. Priyanka Sharma tells you more.

Gravitas: IMF reduces 2023 GDP outlook

Banking major Goldman Sachs has cut the GDP forecast for the US for 2023, anticipating an aggressive rate hike from the Federal Reserve. Reportedly, the GDP growth will see a decline of 0.

Banking major Goldman Sachs has cut the GDP forecast for the US for 2023, anticipating an aggressive rate hike from the Federal Reserve. Reportedly, the GDP growth will see a decline of 0.4 per cent to 1.1 per cent from the earlier projection of 1.5 per cent. Meanwhile, the projection for 2022 was left unchanged at zero per cent. Furthermore, the financial firm expects the US central bank, the Federal Reserve to hike policy rates by 75 basis points in its next meeting. “This higher rates path combined with recent tightening in financial conditions implies a somewhat worse outlook for growth and employment next year,” said the company. Read more: Goldman Sachs to start firing employees from next week amid economic slowdown “Our growth forecast is slightly below consensus and implies a below-potential growth trajectory that we believe is necessary to cool wage and price inflation.” it further added. The firm also believes that the unemployment rate will skyrocket to 4.1 per cent by the end of 2023, up 0.3 per cent from the previous forecast of 3.8 per cent. As reported extensively by WION, the US has already seen two consecutive quarters where the economy has contracted; meaning, an unofficial recession has already set in place. The worries were compounded earlier this week when the Consumer Price Index report was released. The inflation rate stood at a worse-than-expected mark of '8.3' per cent, leading industry experts to predict that the Fed may hike interest rates for a record fifth time this year, next week. Read more: Biden parties as stock market tumbles, inflation worsens and Fed indicates rate hike Moreover, as soon as the report came out, the US stock market tumbled to its two-month low. Reportedly, all three major US stock indices fell well below their numbers set in the month of June. The Dow dropped 139. 40 points to close at 30,822 while S&P 500 closed the week by siding 0.72 per cent. Lastly, Nasdaq Composite slide 0.9 per cent to finish the week at 11,448. Read more: As recession fears mount, Wall Street tumbles to a two-month low (With inputs from agencies) WATCH WION LIVE HERE:

Goldman Sachs slices US GDP forecast; predicts fed hike and rise in unemployment

Australia has now introduced smart bins as a solution for waste management issues that the country faces. The AI-powered smart bin is equipped to segregate recyclables all by itself. However, experts are claiming that a smart bin like this may also increase waste-recovery rates in the country and help produce better quality recyclable products that will add to Australia's GDP.

Australia introduces smart bins as a solution for waste management

In 2022, Saudi Arabia is expected to have the fastest-growing economy, surpassing other faltering Western European and North American countries as well as Asian heavyweights China and India.

According to the report in Economist Intelligence, the Kingdom's gross domestic product is anticipated to expand at the fastest rate since 2011—7.5 percent—this year.

According to the research, increased energy costs, increased oil and gas output, significant investments in the energy and non-energy industries, and the successful implementation of a comprehensive COVID-19 immunisation campaign are the main drivers of the Kingdom's economic growth, as reported by the Arab news.&nbsp;

In addition, it predicted that Saudi Arabia's real GDP growth will be close to a healthy 5% in 2023 before reverting to a more manageable 3% growth between 2024 and 2026.

The current account balance of Saudi Arabia is predicted to be in surplus in 2022, amounting to roughly $163 billion, up from $44 billion in 2021.

Consumer price inflation is anticipated to average around 2.5 percent in 2022 and to further decline in 2023 as the Saudi Central Bank continues to tighten monetary policy in accordance with the US Federal Reserve, according to the report.

It made note of the fact that the Kingdom's ongoing regulatory reforms are enhancing the <a href="https://www.wionews.com/world/zaporizhzhia-nuclear-plants-main-external-power-line-cut-off-radiation-leak-narrowly-avoided-512725">business climate</a> and luring foreign capital.

Along with assisting the labour market, these reforms are also increasing the participation of the private sector in the economy.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-can-risky-g7-cap-on-russian-oil-prices-backfire-512727">Explained: Can 'risky' G7 cap on Russian oil prices backfire?</a>

“Pro-business reforms have made it easier to start a business and easier for foreign companies to invest in the economy, both of which are fundamental to the Kingdom’s long-term development plans under the Vision 2030 strategy,” the report said.&nbsp;

The report says&nbsp;Saudi Arabia's economic prognosis is still positive as long as the reform process stays on course and money keeps flowing into the country's important initiatives and expanding industries.

The International Monetary Fund forecasted in August that Saudi Arabia's GDP will increase by 7.6 percent in 2022.

The IMF's Article IV consultation report predicts that the Kingdom's inflation rate in 2022 will be 2.8 percent.

“Liquidity and fiscal support, reform momentum under Vision 2030, and high oil prices and production helped the economy recover with robust growth, contained inflation and a resilient financial sector,” said the IMF&nbsp;in a press release.&nbsp;

The Saudi <a href="https://www.wionews.com/world/turkey-can-play-a-facilitator-role-in-the-zaporizhzhia-nuclear-power-plant-erdogan-tells-putin-512668">economy</a> is not likely to be significantly impacted by the rise in interest rates, according to the IMF research.

The report also mentioned that fiscal consolidation in Saudi Arabia will be supported by changes in tax administration and policy that will increase tax collection from sources other than oil.

Also WATCH |&nbsp;Indian economy surpasses UK's, beats GDP in nominal cash terms

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In 2022, Saudi Arabia is expected to have the fastest-growing economy, surpassing other faltering Western European and North American countries as well as Asian heavyweights China and India.

In 2022, Saudi Arabia is expected to have the fastest-growing economy, surpassing other faltering Western European and North American countries as well as Asian heavyweights China and India. According to the report in Economist Intelligence, the Kingdom's gross domestic product is anticipated to expand at the fastest rate since 2011—7.5 percent—this year. According to the research, increased energy costs, increased oil and gas output, significant investments in the energy and non-energy industries, and the successful implementation of a comprehensive COVID-19 immunisation campaign are the main drivers of the Kingdom's economic growth, as reported by the Arab news. In addition, it predicted that Saudi Arabia's real GDP growth will be close to a healthy 5% in 2023 before reverting to a more manageable 3% growth between 2024 and 2026. The current account balance of Saudi Arabia is predicted to be in surplus in 2022, amounting to roughly $163 billion, up from $44 billion in 2021. Consumer price inflation is anticipated to average around 2.5 percent in 2022 and to further decline in 2023 as the Saudi Central Bank continues to tighten monetary policy in accordance with the US Federal Reserve, according to the report. It made note of the fact that the Kingdom's ongoing regulatory reforms are enhancing the business climate and luring foreign capital. Along with assisting the labour market, these reforms are also increasing the participation of the private sector in the economy. Also read | Explained: Can 'risky' G7 cap on Russian oil prices backfire? “Pro-business reforms have made it easier to start a business and easier for foreign companies to invest in the economy, both of which are fundamental to the Kingdom’s long-term development plans under the Vision 2030 strategy,” the report said. The report says Saudi Arabia's economic prognosis is still positive as long as the reform process stays on course and money keeps flowing into the country's important initiatives and expanding industries. The International Monetary Fund forecasted in August that Saudi Arabia's GDP will increase by 7.6 percent in 2022. The IMF's Article IV consultation report predicts that the Kingdom's inflation rate in 2022 will be 2.8 percent. “Liquidity and fiscal support, reform momentum under Vision 2030, and high oil prices and production helped the economy recover with robust growth, contained inflation and a resilient financial sector,” said the IMF in a press release. The Saudi economy is not likely to be significantly impacted by the rise in interest rates, according to the IMF research. The report also mentioned that fiscal consolidation in Saudi Arabia will be supported by changes in tax administration and policy that will increase tax collection from sources other than oil. Also WATCH | Indian economy surpasses UK's, beats GDP in nominal cash terms

Saudi Arabia to be the world's fastest-growing economy in 2022; GDP to rise by 7.5%: Report

Saudi Arabia is poised to become the fastest growing economy in 2022 outpacing Asian giants like China India South Korea and other European nations as well. According to this new report, it is being said that the GDP of Saudi Arabia is expected to reach 7.5% this year.

Report: Saudi Arabia to grow at fastest pace in a decade

India has overtaken the United Kingdom to become the fifth largest economy in the world, according to Bloomberg, which has cited GDP figures from the International Monetary Fund.

New Delhi pushed Britain to the sixth spot in the final three months of 2021 to become the fifth-biggest economy. The calculation is based on US dollars, with India extending its lead in the first quarter.

According to the Bloomberg report, the size of the Indian economy with regards to ‘nominal’ cash was $854.7 billion during the quarter through March on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter. In contrast, the UK was at $814 billion.

The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.

The latest report reflects the economic trajectory these two countries have taken in recent months.

While UK is witnessing its worst cost-of-living crisis, soaring inflation—the highest in four decades—and a potential recession that is expected to last well into 2024, according to the Bank of England, the Indian economy, on the other hand, is forecast to grow more than 7 per cent this year.

“A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s," the Bloomberg report said.

Moreover, the IMF's forecasts show India pegged to overtake the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany.&nbsp;

About a decade ago, India was ranked the world’s 11th largest economy, while the UK used to remain at the fifth spot.

The latest economic performance comes as a major blow to the ruling Conservative party, which is in the midst of leadership change following the resignation of Boris Johnson.

The Tory members will pick Johnson's successor on Monday, with reports indicating a comfortable win for foreign secretary Liz Truss over former chancellor Rishi Sunak.

(With inputs from agencies)

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India has overtaken the United Kingdom to become the fifth largest economy in the world, according to Bloomberg, which has cited GDP figures from the International Monetary Fund.

India has overtaken the United Kingdom to become the fifth largest economy in the world, according to Bloomberg, which has cited GDP figures from the International Monetary Fund. New Delhi pushed Britain to the sixth spot in the final three months of 2021 to become the fifth-biggest economy. The calculation is based on US dollars, with India extending its lead in the first quarter. According to the Bloomberg report, the size of the Indian economy with regards to ‘nominal’ cash was $854.7 billion during the quarter through March on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter. In contrast, the UK was at $814 billion. The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal. The latest report reflects the economic trajectory these two countries have taken in recent months. While UK is witnessing its worst cost-of-living crisis, soaring inflation—the highest in four decades—and a potential recession that is expected to last well into 2024, according to the Bank of England, the Indian economy, on the other hand, is forecast to grow more than 7 per cent this year. “A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s," the Bloomberg report said. Moreover, the IMF's forecasts show India pegged to overtake the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. About a decade ago, India was ranked the world’s 11th largest economy, while the UK used to remain at the fifth spot. The latest economic performance comes as a major blow to the ruling Conservative party, which is in the midst of leadership change following the resignation of Boris Johnson. The Tory members will pick Johnson's successor on Monday, with reports indicating a comfortable win for foreign secretary Liz Truss over former chancellor Rishi Sunak. (With inputs from agencies) WATCH WION LIVE HERE

India overtakes UK to become world’s fifth largest economy

A report authored by State Bank of India's (SBI) chief economic adviser Soumya Kanti Ghosh has stated that India is likely to become the third largest economy by 2029, largely due to the structural shift since 2014.

A report authored by State Bank of India's (SBI) chief economic adviser Soumya Kanti Ghosh has stated that India is likely to become the third largest economy by 2029, largely due to the structural shift since 2014. Reportedly, the study asserted that India will likely surpass Germany in 2027 and Japan in 2029 to move atop the table if the current rate of growth is maintained. When Prime Minister Narendra Modi and his government took charge in 2014, India was in the 10th spot. If the report's forecast can become a reality, the jump of seven spots within 15 years might just be the legacy of the Modi government. Read more: India's GDP jumped 13.5% in June quarter on pandemic rebound: Official figures The report took a measure of India's GDP forecast for FY23 and added that 6 per cent to 6.5 per cent is the new normal. "Interestingly, even as estimates of India's GDP growth rate for FY23 currently range from 6.7 per cent to 7.7 per cent, we firmly believe that it is immaterial. In a world that is ravaged by uncertainties, we believe 6 per cent to 6.5 per cent growth is the new normal," the report said. Earlier this week, the National Statistical Office (NSO) revealed data showing that India's GDP expanded at its quickest rate in a year during the April-June quarter. During the three months that ended on June 30, 2022, India's GDP increased by 13.5 per cent. Talking about how India can benefit from the growth slump in China, the report added that Apple's recent decision to start manufacturing of its newest arrival iPhone 14 in India was an optimistic step. "Global tech major Apple's decision to shift part of its production of its flagship iPhone 14 for worldwide shipping from India, with a negligible time lag of a few weeks post its launch on September 7, bears testimony to such an optimism." As reported by WION, to manufacture its flagship iPhone 14 in India, Apple has already started working with its local suppliers in India to speed up the production pace to cut down the manufacturing time of the new smartphone. Reportedly, iPhone 13 started manufacturing in India, six-seven months after it was launched last year in September. Apple is attempting to reduce the gap and bring it on par with China. Read more: Apple to manufacture iPhone 14 in India; plans to bring it on par with China The SBI report comes in the backdrop of GDP figures released by the International Monetary Fund which stated that India has overtaken the United Kingdom to become the fifth largest economy in the world. Reportedly, the size of the Indian economy with regards to ‘nominal’ cash was $854.7 billion during the quarter through March on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter. In contrast, the UK was at $814 billion. Moreover, the IMF's forecasts show India pegged to overtake the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. Read more: India overtakes UK to become world’s fifth largest economy (With inputs from agencies) WATCH WION LIVE HERE

India may surpass Germany, Japan to become the third largest economy by 2029: Report

India's economy grew at its fastest pace of 13.5 percent year-on-year in the April to June quarter. A rebound in private consumption that's one of the key drivers of growth.

India's Q1 GDP grows at 13.5%, fastest pace in a year

India posted a GDP growth of 13.5% in the first quarter of the ongoing financial year. How does India's performance compare with other major economies? What are the challenges ahead? Palki Sharma tells you.

Gravitas: India outperforms major economies

The National Statistical Office (NSO) on Wednesday revealed data showing that India's GDP expanded at its quickest rate in a year during the April-June quarter.

During the three months that ended on June 30, 2022, India's GDP increased by 13.5%.

On the other hand, this is less than the Reserve Bank of India's predicted 16.2% GDP growth for Q1FY23. Q1FY22 saw a 20.1% increase in India's GDP. 
 
The&nbsp;GDP increased 4.1% from January to March compared to the same period last year.

In April through June of 2021, when it was 20.1% higher than the pandemic-depressed level of the previous year, India's GDP had its last greater annual growth.

However, economists predict that as increased interest rates have a negative impact on economic activity, India's economic development will abruptly drop down in&nbsp;the coming quarters.

Issuing a caution over the effects of a global downturn on local development prospects, the Reserve Bank of India (RBI) increased its benchmark repo rate by 140 basis points since May, including 50 basis points this month.

Numerous economists predict that rates will rise again by around 50 basis points the following month, then by another 25 basis points.

The increase in the cost of food and fuel has had a significant impact on consumer spending, which makes up nearly 55% of economic activity, even if monthly inflation has subsided over the past three months\.

Due to the base effect, many analysts predicted that the Indian economy would grow at a double-digit rate.

Icra, a ratings organisation, predicted that the gross domestic product will expand by 13% between April and June 2022, whereas State Bank of India had predicted a growth rate of 15.7%.

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The National Statistical Office (NSO) on Wednesday revealed data showing that India's GDP expanded at its quickest rate in a year during the April-June quarter. During the three months that ended on June 30, 2022, India's GDP increased by 13.

The National Statistical Office (NSO) on Wednesday revealed data showing that India's GDP expanded at its quickest rate in a year during the April-June quarter. During the three months that ended on June 30, 2022, India's GDP increased by 13.5%. On the other hand, this is less than the Reserve Bank of India's predicted 16.2% GDP growth for Q1FY23. Q1FY22 saw a 20.1% increase in India's GDP. The GDP increased 4.1% from January to March compared to the same period last year. In April through June of 2021, when it was 20.1% higher than the pandemic-depressed level of the previous year, India's GDP had its last greater annual growth. However, economists predict that as increased interest rates have a negative impact on economic activity, India's economic development will abruptly drop down in the coming quarters. Issuing a caution over the effects of a global downturn on local development prospects, the Reserve Bank of India (RBI) increased its benchmark repo rate by 140 basis points since May, including 50 basis points this month. Numerous economists predict that rates will rise again by around 50 basis points the following month, then by another 25 basis points. The increase in the cost of food and fuel has had a significant impact on consumer spending, which makes up nearly 55% of economic activity, even if monthly inflation has subsided over the past three months\. Due to the base effect, many analysts predicted that the Indian economy would grow at a double-digit rate. Icra, a ratings organisation, predicted that the gross domestic product will expand by 13% between April and June 2022, whereas State Bank of India had predicted a growth rate of 15.7%. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's GDP jumped 13.5% in June quarter on pandemic rebound: Official figures

According to Reuters poll, economists predict that India's GDP grew by 15.2 percent in April to June 2022 financial quarter. This is compared to India's GDP during the same time period a year ago. This would make the last financial quarter India's best for growth in a year.

Economists expect India's growth rate to dip

A little more than a month after China's National Bureau of Statistics released its report stating that the Chinese economy had only grown by a tiny 0.4 per cent in the second quarter, Goldman Sachs and Nomura have downgraded China's growth forecast as well.

Reportedly, the American company cut China's growth forecast by 0.3 per cent from 3.3 per cent to 3 per cent. Meanwhile,&nbsp;Nomura lowered its projections from 3.3 per cent to 2.8 per cent.

“Beijing will likely do more to arrest the slowdown, but rolling out a comprehensive stimulus package is of low probability in a year of government reshuffle, while the need for maintaining zero Covid makes conventional stimulus measures much less effective,” said Nomura in a statement.&nbsp;

Chinese leaders are not even discussing GDP projections

The dip in forecast also stems from the fact that the Chinese authorities&nbsp;believe that the country will miss&nbsp;the target of 5.5 per cent economic growth by the year-end. Such has been the situation that in a recent quarterly economic meeting between the Politburo members, the&nbsp;5.5 per cent GDP growth target was not mentioned.&nbsp;

Read More: <a href="https://www.wionews.com/world/china-to-miss-its-year-end-55-per-cent-economic-growth-target-501801">China to miss its year-end 5.5 per cent economic growth target</a>

It is pertinent to note that in May, earlier this year, credit rating agency&nbsp;Fitch Ratings cut China's GDP growth forecast&nbsp;from 4.8 per cent&nbsp;to 4.3 per cent.&nbsp;

Why is China's growth story at a halt?

As reported by WION, while countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.&nbsp;

Read More:<a href="https://www.wionews.com/world/chinas-economic-growth-drops-to-04-per-cent-amid-draconian-lockdown-measures-and-severe-heatwave-497575">&nbsp;China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave</a>

The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods.

It hasn't helped the cause that mainland China is facing one of the most severe bouts of heatwave in recent memory. The intense heat has caused the Yangtze river to run dry while the electric grid faces the excruciating task of meeting growing power consumption demands.&nbsp;

Read more:<a href="https://www.wionews.com/world/china-yangtze-river-shrinks-factories-shut-as-drought-hits-hydropower-507838">&nbsp;China: Yangtze river shrinks; factories shut as drought hits hydropower</a>

For a long time, China was the planet's fastest-growing economy. However, a global pandemic, that originated from its soil has managed to apply a screeching handbrake on its growth story.&nbsp;

(With inputs from agencies)

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A little more than a month after China's National Bureau of Statistics released its report stating that the Chinese economy had only grown by a tiny 0.4 per cent in the second quarter, Goldman Sachs and Nomura have downgraded China's growth forecast as well.

A little more than a month after China's National Bureau of Statistics released its report stating that the Chinese economy had only grown by a tiny 0.4 per cent in the second quarter, Goldman Sachs and Nomura have downgraded China's growth forecast as well. Reportedly, the American company cut China's growth forecast by 0.3 per cent from 3.3 per cent to 3 per cent. Meanwhile, Nomura lowered its projections from 3.3 per cent to 2.8 per cent. “Beijing will likely do more to arrest the slowdown, but rolling out a comprehensive stimulus package is of low probability in a year of government reshuffle, while the need for maintaining zero Covid makes conventional stimulus measures much less effective,” said Nomura in a statement. Chinese leaders are not even discussing GDP projections The dip in forecast also stems from the fact that the Chinese authorities believe that the country will miss the target of 5.5 per cent economic growth by the year-end. Such has been the situation that in a recent quarterly economic meeting between the Politburo members, the 5.5 per cent GDP growth target was not mentioned. Read More: China to miss its year-end 5.5 per cent economic growth target It is pertinent to note that in May, earlier this year, credit rating agency Fitch Ratings cut China's GDP growth forecast from 4.8 per cent to 4.3 per cent. Why is China's growth story at a halt? As reported by WION, while countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy. Read More: China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods. It hasn't helped the cause that mainland China is facing one of the most severe bouts of heatwave in recent memory. The intense heat has caused the Yangtze river to run dry while the electric grid faces the excruciating task of meeting growing power consumption demands. Read more: China: Yangtze river shrinks; factories shut as drought hits hydropower For a long time, China was the planet's fastest-growing economy. However, a global pandemic, that originated from its soil has managed to apply a screeching handbrake on its growth story. (With inputs from agencies) WATCH WION LIVE HERE:

Dark clouds for China: Goldman Sachs and Nomura slash China's GDP outlook

Global banks and rating agencies Goldman Sachs and Nomura have cut down forecasts for economy of China, they have further downgraded their forecast for world's second largest economy with a power shortage making outlook in China even more uncertain.

Goldman Sachs, Nomura cut China GDP forecasts

The Office for National Statistics said Britain's gross domestic product fell by 0.1% between April and June, down from 0.8% growth in the previous quarter.

UK GDP shrunk by 0.1% between April and June

Reports say Chinese leaders told the government that this year's economic growth of about 5.5% is a guidance and not a hard target in a meeting last week. Does it mean China will miss its GDP target? Molly Gambhir tells you more.

WION Fineprint: China omits mention of GDP growth goal

Hong Kong has slipped back into a technical recession, new government figures showed on Monday. After falling 3.9 percent year-on-year in the first quarter of 2022, the city’s GDP on Monday reported another decline in the second quarter.

WION Dispatch: Hong Kong’s economy is slipping into a technical recession

For two consecutive quarters now - the American economy has contracted. For many economists this would mean the beginning of a recession. But American leaders argue - the US is not in a recession. Who is right? Palki Sharma tells you.

Gravitas: Is America in a recession?

A day after the United States federal reserve raised interest rates for the second consecutive time, worrying government data shows that the US economy contracted for a second quarter between April and June.

US GDP declines at an annual rate of 0.9%

The world’s largest economy has contracted for a second consecutive quarter. The US recorded a 0.9% decline in output on an annualized basis between April and June.

Recession fears deepen as US economy contracts for second consecutive quarter

The US economy has contracted for the second consecutive quarter, a development that in many other nations would be regarded as an economic recession. In contrast, the US uses extra information to make that choice. But the shrinkage, which occurred at an annual pace of 0.9 percent in the three months leading up to July, has received a lot of attention as economic worries intensify.

The cost of food, gas, and other necessities is rising at a rate not seen since 1981.

Fears are growing that a recession is on the horizon, if it hasn't already, as the US central bank aggressively increases borrowing prices to try to cool the economy and reduce pricing pressures.

US President Joe Biden has attempted to persuade the public that the economy is still in good shape by pointing out that the unemployment rate remains at 3.6 percent and that hiring has remained strong in the face of declining public confidence.

The release of the report is crucial. Under the pressure of severe inflation and rising borrowing prices, consumers and companies have been struggling. In an effort to combat the worst inflation outbreak in four decades, the Federal Reserve hiked its benchmark interest rate by a hefty three-quarters of a point on Wednesday. The famously challenging "soft landing" that the Fed is aiming for is an economic downturn that manages to contain skyrocketing prices without sparking a recession. 
 
Watch: US GDP shrinks by 1.4% in first quarter

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Consumer confidence has been damaged by the inflation increase and the public's anxiety over a potential recession, and the economy is currently delivering frustratingly conflicting signals as a result. Additionally, as the November midterm elections draw closer, the unhappiness of the populace has lowered President Joe Biden's public popularity ratings and raised the possibility that the Democrats may lose control of the House of Representatives and the Senate.

Consumer spending is still increasing. However, Americans are becoming less confident: According to the Conference Board, a research organisation, their forecast for the state of the economy six months from now has dropped to its lowest level since 2013.

(With inputs from agencies) 
&nbsp;

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The US economy has contracted for the second consecutive quarter, a development that in many other nations would be regarded as an economic recession. In contrast, the US uses extra information to make that choice.

The US economy has contracted for the second consecutive quarter, a development that in many other nations would be regarded as an economic recession. In contrast, the US uses extra information to make that choice. But the shrinkage, which occurred at an annual pace of 0.9 percent in the three months leading up to July, has received a lot of attention as economic worries intensify. The cost of food, gas, and other necessities is rising at a rate not seen since 1981. Fears are growing that a recession is on the horizon, if it hasn't already, as the US central bank aggressively increases borrowing prices to try to cool the economy and reduce pricing pressures. US President Joe Biden has attempted to persuade the public that the economy is still in good shape by pointing out that the unemployment rate remains at 3.6 percent and that hiring has remained strong in the face of declining public confidence. The release of the report is crucial. Under the pressure of severe inflation and rising borrowing prices, consumers and companies have been struggling. In an effort to combat the worst inflation outbreak in four decades, the Federal Reserve hiked its benchmark interest rate by a hefty three-quarters of a point on Wednesday. The famously challenging "soft landing" that the Fed is aiming for is an economic downturn that manages to contain skyrocketing prices without sparking a recession. Watch: US GDP shrinks by 1.4% in first quarter Consumer confidence has been damaged by the inflation increase and the public's anxiety over a potential recession, and the economy is currently delivering frustratingly conflicting signals as a result. Additionally, as the November midterm elections draw closer, the unhappiness of the populace has lowered President Joe Biden's public popularity ratings and raised the possibility that the Democrats may lose control of the House of Representatives and the Senate. Consumer spending is still increasing. However, Americans are becoming less confident: According to the Conference Board, a research organisation, their forecast for the state of the economy six months from now has dropped to its lowest level since 2013. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Fueling recession fears, the US economy shrank again in second quarter

China’s economy contracted sharply in the second quarter plunging to 0.4 per cent, the lowest in two years, as the world’s second largest economy was hit hard by the zero-COVID policy.

China’s economy shrinks sharply in Q2 on zero-COVID policy, GDP plunges to 0.4%

Singapore’s economy grew 4.8 per cent in the second quarter of 2022, slower than what was expected; economists had expected an increase of 5.2% year-on-year.

Singapore’s economy grew 4.8% in the second quarter, missing forecasts

The U.S. economy contracted in the first quarter amid a record trade deficit. Gross domestic product (GDP) fell at a 1.6% annualised rate last quarter.

US economy contracts in first quarter, GDP fell at 1.6%

Japan's economy shrank slightly less than initially reported in the first quarter as private consumption remained resilient in the face of resurgent covid19 infections and companies rebuilt their stock. Now while the slow contraction is welcome news for the policy makers.

Japan: Q1 GDP falls; economy shrinks less than expected

According to provisional data released by the National Statistical Office (NSO), the Indian economy grew at 8.7% in 2021-22 with 4.1% growth in the fourth quarter of the financial year, which is better than private forecasts.

India's GDP growth better than expected

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