The World Bank predicts China's economy will grow by 5% in 2022 instead of the 5.4% expected in October, according to the bank's World Economic Outlook report. "China, which accounts for 86 percent of regional output, is projected to grow by 5 percent in the baseline scenario and 4 percent in the pessimistic scenario," the WB wrote. The Bank notes that the situation around Ukraine threatens the...

The annual inflation rate in South Korea was 4.1 percent in March 2022, the highest in a decade, the Ryonhap News Agency reported citing the national statistical office. According to the agency, the increase was caused by energy prices. Experts fear that food prices may continue to rise because of the Ukrainian crisis. At present, a sharp decline in inflation is unlikely, according to the...

On Sunday, April 3, authorities in Shanghai, ordered for 26 million residents of the city to be checked for the coronavirus. This was reported by Reuters. "The main task is to completely eliminate risk points and break the chain of transmission in order to stop the spread of the epidemic as soon as possible," said Wu Qianyu, an inspector at the Shanghai Municipal Health Commission. At the same...

S&P has affirmed Turkey's foreign currency rating at "B+" with a negative outlook. International rating agency S&P Global Ratings (S&P) has affirmed Turkey's long-term foreign currency sovereign credit rating at "B+" with a negative outlook, the agency said in a release. The country's long-term local currency rating was lowered to "B+" from "BB-". "In our view, the negative outlook...

Airlines operated roughly 500 foreign "ghost flights" from UK airports between October and December 2021. The Guardian newspaper received this information after submitting a Freedom of Information Act request to the UK Civil Aviation Authority (CAA). Heathrow, Manchester, Aberdeen, Stansted, and Norwich airports all had the most of these flights. The data only includes outbound international...

The U.K. Statistics Bureau raised its estimate of fourth-quarter 2021 annual GDP growth to 6.6 percent. GDP in Britain in the fourth quarter of 2021, according to the final assessment, grew by 6.6% year on year and by 1.3% quarter on quarter, according to the country's national statistics office. Analysts surveyed by DailyFX believed that the figure grew by 6.5% year on year and by 1% quarter...

Biden plans to impose a 20% tax on billionaires’ income. The initiative will affect 700 households with assets worth more than $100 million. Authorities believe that the new tax could bring $360 billion in revenue over 10 years. U.S. President Joe Biden decided to introduce a tax of 20%, which will affect unrealized capital gains of American households worth more than $100 million, reports...

Minister of Economy of Germany: G7 countries refuse the requirement to pay for energy resources in rubles. German Economy Minister Robert Habeck told reporters on Monday that the G7 countries refuse Russia's demand to pay for energy resources in rubles. The document states that "the majority of respondents also support establishment of a central EU fiscal reserve, notably for macroeconomic...

Labor unions in India started a two-day strike on Monday to protest against the government's "anti-worker" policies. "We expect more than 200 million employees throughout the country to join the strike on March 28 and 29 to oppose the government's policies," said Amarjit Kaur, general secretary of the All India Congress of Trade Unions, according to the PTI newspaper. Members of unions from a...