Author: Editorial Desk

Despite global challenges and economic hurdles, the Philippine government remains steadfast in its positive outlook for the country’s economy. Recent announcements from the country’s top officials confirm a 6-7% GDP growth projection for 2023 and an ambitious 6.5-8% increase from 2024 to 2028. Amenah Pangandaman, the Budget and Management Secretary and leader of the Development Budget Coordination Committee (DBCC), recently discussed these projections. She underlined threats including natural disasters such as El Nino, disruptions in global trade and value chains, and the nation’s budget considerations. Despite these challenges, the Philippine economy registered a significant growth of 6.4% in the first…

The global economy is in a delicate phase, with several nations facing weakened growth, instabilities, and policy dilemmas, as evidenced by data and trends that surfaced this week. China Falters, Trade Weakens China, the world’s second-largest economy, has shown signs of struggle as fresh trade data reveals further weakening in May. Both exports and imports contracted from a year ago, indicative of subdued global and domestic demand, thus sparking calls for additional central bank stimulus. The declining economic outlook of this Asian giant is cause for global concern. Germany and Europe’s Strained Economies In Europe, Germany’s manufacturing sector also saw…

Canada announced it will partner with the U.S. in a trade dispute over Mexico’s proposed limitations on genetically modified (GM) corn imports. This action follows unsuccessful talks between the U.S. and Mexico. Mexico plans to ban GM corn for human consumption and potentially animal feed, a move that Canada and the U.S. argue could disrupt North American trade and violate the United States-Mexico-Canada Agreement (USMCA). “Canada shares the U.S. concerns that Mexico’s measures lack scientific support and could disrupt trade,” stated the Canadian Ministry of Agriculture and Agri-Food. Mexico, a leading importer of US’s GM corn, claims potential health risks…

The U.S. trade deficit soared to a six-month high in April, registering the most significant expansion in eight years, according to a recent Commerce Department report. With imports of goods making a robust comeback and energy exports diminishing, the trade imbalance threatens to impede economic growth in Q2. In April, the trade deficit leaped by 23.0% to $74.6 billion, representing the steepest percentage increase since March 2015. March’s data was later revised, revealing a narrower trade gap of $60.6 billion, as compared to the previously reported $64.2 billion. Experts warn of potential economic consequences if the deficit continues to widen.…

The National Retail Federation (NRF) has drawn attention to growing disturbances at the ports of Oakland and Long Beach, attributing them to prolonged labour contract negotiations. These unresolved talks have stirred worries within the retail sector and could trigger repercussions throughout the entire supply chain. The unfolding situation results from more than a year of failed negotiations between the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association, aiming to establish and approve a new labour agreement. As an advocate for retail and a principal authority within the sector, the NRF has been pressing for active discussions between…

The global tourism sector is experiencing a robust revival, with international travel surging to twice the volume in Q1 2023 compared to the same period last year, marking a promising return to pre-pandemic levels. UNWTO’s recent data release paints an optimistic picture for the industry. The UNWTO World Tourism Barometer indicates that international arrivals have bounced back to 80% of pre-pandemic levels in Q1 2023. An impressive figure of 235 million tourists embarked on international journeys during these three months, marking a significant leap from the same period in 2022. Tourism’s resilience has once again been reinforced, with data revisions…

The African Energy Chamber’s (AEC) Invest in African Energy Forum got underway at the Westin Paris Vendome with significant anticipation. This pioneering forum aims to escalate European investments in African energy projects and create new bilateral ties to reinforce the prosperous partnership between Africa and Europe. Prominent industry experts, including Hon. Tom Alweendo, Minister of Mines and Energy of Namibia; H.E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons of Congo; and NJ Ayuk, Executive Chairman of the AEC, were present at the opening ceremony. They addressed the need for a balanced energy transition and the importance of deals in propelling investments.…

India’s economy has outpaced global economic trends, registering a 6.1% growth in the first quarter of the current fiscal year. According to data released by the government, this expansion was spurred by both government and private capital spending. As a result, India continues to be one of the fastest-growing emerging economies globally, with its economic performance appearing especially robust in comparison to China’s stumbling post-pandemic recovery. Economic analysts were pleasantly surprised as India’s Q1 performance surpassed the 5% growth rate forecasted in a Reuters poll of economists. This indicates a remarkable upward trajectory from the 4.5% growth recorded in the…

Japan, backed by the US, has urged India to retract its decision to appeal a World Trade Organization (WTO) ruling, which disapproved of India’s tariff imposition on tech goods, such as mobile phones and electronic components. The appeal comes in light of a ruling that deemed India had violated global trade norms. The WTO had ruled in favor of Japan, Taiwan, and the EU in April, holding that India’s tariffs had infringed upon the principles of the Information Technology Agreement (ITA). The US joined Japan in arguing that the tariffs imposed by India levy an undue financial burden on foreign…

Dubai World Trade Centre (DWTC), the largest operator in the wider region, significantly bolstered its business tourism, generating an economic output of $3.5bn (AED13bn) in 2022, according to official figures. The acceleration of business tourism aligns with the objectives of the Dubai Economic Agenda D33, fortifying Dubai’s position as one of the top three global cities for business and travel. In the post-pandemic era, DWTC remained a key economic catalyst, driving the growth of the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector in Dubai. This initiative supported adjacent industries in the MICE ecosystem, producing sustainably high returns. The 2022 Economic…