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Countries with More Vaccinations Coming Out of Crisis Faster: IMF

Vaccinating the world is the most effective way to boost global output in the near term, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Tuesday, warning that low vaccination rates in some countries is “dangerous” for everyone. “It is

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Several Roads under CPEC in Their Final Phase: Pakistani Official

Pakistan will start reaping the benefits of the second phase of the China-Pakistan Economic Corridor (CPEC) in the form of industrial and agricultural development and a better road connectivity, Chairman of Pakistan’s CPEC Authority Asim Saleem Bajwa said. Several roads

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China’s Sinopharm Receives WHO Validation for Safety, Efficacy & Quality

The World Health Organization (WHO) validated on Friday the BBIBP-CorV COVID-19 vaccine developed by China’s Sinopharm for emergency use. “This afternoon, WHO gave emergency use listing to Sinopharm Beijing’s COVID-19 vaccine, making it the sixth vaccine to receive WHO validation

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Turkish Lira Plunges Sharply Against US Dollar

Facing the sudden rise of the U.S. dollar against the Turkish currency overnight on Monday, Turkish citizens expressed their concerns over the turbulence in markets. The local currency lira plunged around 11 percent early in the morning after the discharge

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U.S. $1.9 Trillion Stimulus Package Could Heat Up Economic Expansion

The new stimulus package worth 1.9 trillion U.S. dollars signed into law by U.S. President Joe Biden on Thursday could not only heat up economic expansion and inflation, but also reverse international capital flows, according to experts. U.S. real GDP

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Lebanese Producers Enter Chinese Market Through Online Giant JD.Com

Lebanese producers will soon be able to promote and sell their products in China through online retail giant JD.com, a Lebanese official of the country’s ministry of economy and trade has said. Rayane Dandache, an economic policy coordinator at the

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East Asian Economies Lead Global Recovery from COVID-19

Developing countries, especially East Asian economies, have been leading the global recovery from the COVID-19 pandemic with strong export growth and gains in market share, said the United Nations Conference on Trade and Development (UNCTAD) on Wednesday. Led by trade

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China’s Economic Growth Projected at 7.9% in 2021

The International Monetary Fund (IMF) projected China’s economic growth in 2021 at 7.9% after concluding the annual Article IV review of the Chinese economy. “The Chinese economy continues its fast recovery from the pandemic, helped by a strong containment effort

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Pakistan Procures COVID-19 Vaccine from China

Pakistan has decided to procure vaccine from China’s state-owned company Sinopharm because of its effectiveness and safety to fight against the COVID-19 virus, the country’s federal minister for science and technology said. The availability of the vaccine and its cost

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China to Build Over 600,000 5G Base Stations Next Year

The Chinese government plans to build more than 600,000 5G base stations in 2021, reports Xinhua news. The Chinese Ministry of Industry and Information will promote the construction and application of 5G networks in an orderly manner, accelerate the 5G

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China Builds The World’s Fastest Freight Train

A bullet freight train with a maximum operational speed of 350 km per hour is delivered by CRRC Tangshan Co., Ltd. in Tangshan, north China’s Hebei Province on Dec. 23, 2020. According to Xinhua news, it is the first freight

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US Congress Reaches an Agreement on a New COVID19 Rescue Package

U.S. Congress has agreed to pass another COVID-19 reliefe package and the bill will be passed soon, according to Senate Majority Leader Mitch McConnell. “Congress has just reached an agreement. We will pass another rescue package ASAP,” the top Republican

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Asian Countries Bounce Back From COVID-19

Asian economies are leading the way for a global economic recovery after being severely hit by the lockdowns. As one of the largest manufacturers of laptops, communication equipment and other electronics, Asian countries are enjoying the “Zoom boom”—a phrase that

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WTO To Be Led By A Woman For The First Time In 25 Years

For the first time in its 25-year history, the World Trade Organization will be led by a woman. The field of candidates vying for the position of director-general include Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee. One of them

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The Secret Behind Swiss Economic Success

Follow @economics.daily for more business and economics news from around the world. Despite possessing scarce natural resources and being landlocked, Switzerland has managed to climb the global ranks to now have the second highest GDP per capita of $82,000. The

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U.S Oil Prices Crashed into Negative Territory

Oil price in the U.S has plunged more than 100% to about -$40 as demand dries up and storage capacity dwindles amid the COVID-19 pandemic. This is the first time in the history of the U.S that oil price has

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US Enacts $2 Trillion Relief Bill To Address Economic Crisis Caused by COVID-19 Pandemic

President Donald Trump signed a $2 trillion relief bill, believed to be the largest in the history of the US, as the nation is facing a dramatic economic crisis caused by the coronavirus pandemic. The stimulus package includes direct payments

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China Wins WTO’s Permission to Impose $3.6bn in Sanctions Against US

The World Trade Organization (WTO) has given China the go-ahead to impose $3.6 billion in sanctions against the United States of America. The amount is roughly half the amount China had sought as retaliatory tariffs on imported US goods for

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Iran To Build Railway in Chabahar Through Own Resources After Delays From India

The Iran government has decided to complete the railway line connecting Chabahar port to the Afghan border at Zahedan through its own resources by 2021. This comes as Iran finds India’s development work in Chabahar port “very slow”. Iran further

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US Federal ReserveTo Cut Interest Rates By a Quarter Point

The Federal Reserve is looking to cut rates by a quarter point and not half a point in September.   In accordance to the global economic outlook, the Federal Reserve is expected to cut interest rates another quarter point in their

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Germany’s Economy Shrinks in April-June Period of 2019

Germany’s GDP has decreased by 0.1% compared to the first quarter according to the Federal Statistics Office caused by a decline in exports amid concerns of a global slowdown. According to Andrew Kenningham, the chief Europe economist of Capital Economics,

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Goldman Sachs CEO David Solomon Dismisses Fears of Economic Recession

Goldman Sachs CEO David Solomon stated that he does not see a looming economic crisis but things could change easily. Solomon stated that the current economic environment is not alike the pre-crisis days of August 2007 however things could change

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Trade War Between China & US Hits Germany

There are fears that Germany could be dragged into a recession due to the trade war between the US and China, after data showed that production in Europe’s biggest manufacturing powerhouse dropped in June. Germany’s industrial output dropped by more

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Stock Markets Drop On New Trump China Tariffs

US stock markets have fallen for a second day after Trump imposed new tariffs on $300bn of Chinese imports. The 10% tariffs will take effect on September 1st. The US stock markets have also ended the week on a low.

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Trump Tariff Hurting US More Than They Are Hurting China

Trump’s former chief economic adviser, Gary Cohn, said the battle has had a “dramatic effect” on US manufacturing and capital investment. Mr. Cohn resigned from the Trump administration in March 2018, and was the former president of Goldman Sachs bank.

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