economic growth

IMF tells Gulf states to speed up switch from oil

Dubai - Muslimchronicle

The IMF on Tuesday advised energy-rich Gulf economies to speed up their diversification away from oil after projecting the worst growth for the region since the global financial crisis. Oil exporters in the Middle East, especially those in the Gulf Cooperation Council, have been hit hard by the collapse in crude prices which provided a major part of their finances.Read more

US deficit grows 13.6% in 2017, now 3.5% of GDP

Washington - Muslimchronicle

The US budget deficit grew to $666 billion in fiscal year 2017, up 13.6 percent from the year before, according to official data released Friday. The deficit now accounts for 3.5 percent of gross domestic product, up from 3.2 percent in 2016. "Growth in spending outpaced growth in tax receipts for the second year in a row as a resultRead more

Govt Needs To Be Vigilant In Promoting Long-term Economic Growth, Boost Exports

Putrajaya - Muslimchronicle

The government needs to be vigilant and continue with efforts at creating layers of buffers, promote long-term economic growth and boost exports, amid a narrowing current account surplus, said Prime Minister Datuk Seri Najib Tun Razak. Also the Finance Minister, he said the government needs to also be mindful that Malaysia is operating in a competitive global environment, particularly withRead more

Senegal to issue Eurobond in April

Abidjan - Arab Today

Senegal will issue a Eurobond this month in order to finance a series of infrastructure and power production projects that it hopes will push economic growth above 7 percent from next year, said Finance Minister Amadou Ba. Ba declined to give the amount of the issuance or its maturity. The West African nation is rated B1 by Moody’s and B+Read more

Iceland may peg crown to euro

Stockholm - Arab Today

Iceland is considering pegging its crown to a major currency, most likely the euro, its finance minister said on Saturday, amid concerns the small North Atlantic nation’s economy risks overheating. Nearly a decade after a crash that brought down its banking system, Iceland has bounced back as increasing numbers of tourists flock to its geysers. But worries about overheating haveRead more

OECD: New Zealand's 'green' image under threat

Wellington - AFP

New Zealand's strong economic growth is placing strains on the environment that threaten to undermine its "clean, green" reputation, the Organisation for Economic Co-operation and Development (OECD) warned Tuesday. The South Pacific nation has long marketed itself internationally as "100 percent pure" and is undergoing a tourism boom as visitors flock to see the spectacular scenery featured in films suchRead more

US job growth seen strong in February

Washington - Arab Today

US employers likely maintained a brisk pace of hiring in February and boosted wages for workers, which is expected to give the Federal Reserve the green light to raise interest rates next week despite slowing economic growth. Non-farm payrolls probably increased by 190,000 jobs last month, according to a Reuters survey of economists, in part as unseasonably mild weather buoyedRead more

ECB: Core inflation still too low

Frankfurt - Arab Today

The European Central Bank (ECB) has opted against any change to its stimulus programs even though economic growth across the 19-country euro zone appears to be picking up steam and inflation has risen to the bank’s targets. In a press briefing Thursday after the bank kept policy unchanged, President Mario Draghi argued that the recent rise in the annual inflation rate toRead more

Inflation outpaces British wage growth

London - Arab Today

British wage growth will not keep up with soaring inflation this year, according to economists in a Reuters poll who were concerned a consumer spending slowdown was underway. Shoppers have been one of the main drivers of economic growth since Britain voted in June to leave the EU and any signs they are reining in spending will be a worryRead more

China’s steel, coal curbs a double-edged sword for imports

Launceston , Australia - Arab Today

China’s determination to tackle its choking pollution by cutting steel and coal capacity should be a long-term negative for exporters of iron ore and coal to the world’s biggest commodity importer, but the reality is likely to be far more nuanced. “We will make our skies blue again,” Premier Li Keqiang told the opening of the Parliament on Sunday. ThatRead more