gross domestic product

For the first time, over half of people globally enjoy some form of social benefits, the UN said Thursday, but said more was needed, including to soften the impact of climate change. "These gaps are especially significant, given the potential role of social protection in softening the impact of climate change, helping people and societies adapt to a new climate-volatile reality, and facilitating a just transition to a sustainable future," ILO said.

Even as foreign money pours into Indian bonds, the government should be wary of relaxing its disciplined fiscal approach

The EU Commission criticized France for excessive debt, triggering a procedure demanding corrective action. France, with an annual deficit above 5 percent, faces scrutiny amid an election campaign where President Macron is challenged by far-right and left-wing rivals advocating deficit spending. Other EU nations also received rebukes for fiscal mismanagement.

Japan's economy contracted at an annual rate of 1.8 percent in the first quarter of this year. This is a slight improvement from the initial estimate of a 2.0 percent decline, according to revised government data released on Monday. The revision was attributed to a minor improvement in private sector investments, which were revised to minus 0.4 percent from the previously reported minus 0.5 percent.

Britain exited recession with stronger-than-expected growth in the first quarter of 2024, official data showed Friday, in a boost to embattled Prime Minister Rishi Sunak ahead of this year's election. Sunak, whose governing Conservatives are trailing the main opposition Labour Party ahead of a general election, has made economic growth one of his top priorities.

According to the PHDCCI, India's economy is projected to expand by 8-8.3 percent in the current fiscal year. Furthermore, the country's GDP is expected to achieve an average growth rate of 6.7 percent over the next 23 years, resulting in India becoming a USD 34.7 trillion economy by 2047, accompanied by a per capita income of USD 21,000.

The RBI's latest State of the Economy report reveals that despite efforts to lower core inflation, the target rate of 4% remains unmet. Recent data for January and February indicates that the brief decline in vegetable prices during winter has reversed. Meat and fish prices are on the rise, while cereal prices continue to surge.

Rating agency Fitch raised its forecast for India's economic growth on Thursday, projecting a 7 per cent expansion in the next fiscal year starting on April 1 on the back of strong domestic demand and a sustained level of business and consumer confidence, with 8.4 per cent growth in gross domestic product (GDP) during the third quarter of current fiscal year.

"India's economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8% from 6.1%. India is likely to remain the fastest growing among G20 economies over our forecast horizon," Moody's said in a report. The agency said India's real GDP expanded 8.4% year-over-year in the fourth quarter of 2023, resulting in 7.7% growth for full-year 2023.

Malaysia's economy in the fourth quarter of 2023 grew 3% from a year earlier, below expectations, government and central bank data showed on Friday. Economists surveyed by Reuters had forecast gross domestic product growth would come in at 3.4% in the October to December period, slightly more than the 3.3% expansion in the third quarter.

Germany has met a Nato alliance target to spend 2% of its gross domestic product on defence for the first time since 1992, the dpa news agency reported on Wednesday, as spending ramped up after Russia's invasion of Ukraine two years ago. The German government is allocating the equivalent of $73.41 billion for defence spending in the current year, dpa reported. This is a record figure for Germany in absolute terms and would be 2.01% of GDP.

Former NITI Aayog vice chairman Rajiv Kumar believes that the upcoming interim budget should focus on capital expenditure due to weak private investment and the need to bridge the infrastructure gap. He expects the finance minister, Nirmala Sitharaman, to achieve fiscal consolidation targets through increased capital expenditure and improved tax-to-GDP ratio.

Tripura government aims to increase the contribution of the industrial sector to 50% of the SGDP. The state has projected a 8.95% GDP for 2023-24. The government has implemented new industrial policies to attract investments and encourage the establishment of medium and large industrial units. More than 7,000 people have been employed in these units.

German train drivers' union GDL calls an unprecedented six-day strike, affecting passenger transport and freight transport. The strike impacts other German firms, logistics companies, and neighboring countries. The strike is also a blow to Germany's goal of increasing the market share of rail in freight transport to 25% by 2030.

China's economy grew at a faster pace in Q4, achieving its 5% annual growth target for 2023. The performance was attributed to strategic measures, including strengthening macro regulation and expanding domestic demand. Key indicators such as industrial output and retail sales showed growth. However, challenges remain, including a property crisis and weakened consumer and business confidence. Addressing the World Economic Forum on Tuesday, Chinese Premier Li Qiang highlighted the achievement of the economic target without resorting to "massive stimulus."

Kazakhstan leads in GDP among Central Asian countries and CIS, with a projected GDP volume of $259.3 billion in 2022, a 15% increase from the previous year. It surpasses the combined GDP of Armenia, Belarus, Georgia, Kyrgyz Republic, Moldova, Tajikistan, and Uzbekistan. IMF predicts Kazakhstan's GDP to reach $354.7 billion by 2028, the highest among regional countries except Russia. President Tokayev aims to double the national economy to $450 billion by 2029, relying on stable 6% annual economic growth and projects in the manufacturing industry.

US inflation slows below 3% in November, increasing expectations for an interest rate cut in March. The annual PCE price index fell 0.1% in November, below 3% for the first time since March 2021. The core PCE price index rose 0.1% in November, the smallest rise since April 2021. Financial markets are pricing a 72% chance of a rate cut at the Fed's March meeting. Lower borrowing costs are expected in 2024 as the Fed's historic monetary policy tightening comes to an end.