economy

Japan faces shortfall of nearly one million foreign workers by 2040 to meet growth goals

5.91 million foreign workers are expected to be employed in Japan by 2040

Germany’s inflation eases to 2.5 percent in June, paving way for ECB rate cut

Inflation in Europe's largest economy had already slackened to 2.3 percent in March, its lowest level since June 2021

South Korea reveals 10-year $1.44 billion plan to develop cutting-edge green technologies for ships

The technologies include features such as full autopilot capabilities and carbon-free engine

South Korea’s industrial output falls 0.7 percent in May, semiconductor gains offset by automobile declines

Retail sales and facility investment also lost ground during the same period

Australian shares plummet 1.4 percent as inflation surges to 4 percent, stoking rate hike fears

Morgan Stanley analysts expect an August rate hike, which may further weaken domestic trading conditions

South Korean government allocates $17.9 billion for R&D budget for 2025

The ministry will allocate 3.5 trillion won to AI chips, advanced biotech, and quantum tech

Canada’s unexpected inflation surge dampens hopes of July rate cut

The annual inflation rate accelerated to 2.9 percent in May from 2.7 percent in April

Spain’s GDP expands 2.5 percent annually in Q1 2024, exceeding initial estimates

GDP grew by 0.8 percent sequentially, a faster pace than the 0.7 percent growth seen in the fourth quarter of 2023

South Korea’s overseas assets reach new high of $1.911 trillion

External financial assets reached $1.911 trillion at the end of December last year

China’s foreign direct investment plunges 28 percent to $57.94 billion in 5-month period

The manufacturing sector attracted 28.4 percent, or 117.1 billion yuan, of the total FDI inflow

Chinese financial sector sees 8.5 percent increase in total assets, reaching $66.93 trillion

The assets of the banking sector reached 429.58 trillion yuan, up 8.1 percent YoY

Swiss National Bank lowers key interest rate to 1.25 percent in second round of rate cuts

The SNB now expects inflation to be 1.3 percent in 2024, 1.1 percent in 2025, and 1 percent in 2026.

People’s Bank of China keeps interest rates unchanged in line with expectations

The one-year LPR was kept at 3.45 percent, while the five-year LPR was maintained at 3.95 percent

U.K. inflation reaches central bank’s 2 percent target: Will policymakers respond with rate cuts?

This marks the lowest annual increase in the consumer price index since mid-2021, in line with analysts' forecasts

Japan’s exports reach $53 billion in May amid weak yen, robust global demand

The country's trade deficit narrowed to $7.7 billion, down nearly 12 percent from a year earlier

China pledges $20 million to UNCTAD to boost sustainable development efforts

The contribution is aimed at supporting the implementation of the UN's 2030 Agenda for Sustainable Development

Brazil to be 8th largest economy as it gears up to host COP30 climate conference in 2025, says President

The Brazilian leader also noted that country's GDP grew by 2.5 percent in the last 12 months

South Korea to post trade surplus of $43.4 billion in 2024: Report

The country's growth rate for 2024 has been revised up to 2.7 percent by research firm

Global travel and tourism sector to grow by about $15 trillion over next decade: WTTC

The President of WTTC praised the UAE for their efforts in utilising travel and tourism to promote sustainable development

China reclaims top spot with $196.5 billion in international tourism spending in 2023: Report

This reflects the continued recovery of the Asia and Pacific (APAC) region from the impacts of the COVID-19 pandemic

$1.3 trillion to lift China’s tourism sector as domestic travelers flock back

In 2019, Chinese tourists spent $248 billion abroad, accounting for 14 percent of global tourism spending

South Korea records 8th straight month of YoY export growth, reaching $58.1 billion in May

Imports declined 2 percent year-on-year to $53.1 billion, resulting in a trade surplus of $4.96 billion

Eurozone inflation hits 2.6 percent in May, services inflation reaches 7-month high of 4.1 percent

Until this month, Eurozone inflation had been steadily declining towards the ECB's 2 percent target

Global unemployment to dip to 4.9 percent in 2024, but challenges remain: Report

The labor market remains an uneven playing field, particularly for women