Economy

COLOMBO: As the island nation struggled through its worst economic downturn in seven decades, Sri Lanka’s overall inflation increased in May to the highest level since 2015 as a result of rising food and transportation expenses. The statistics office said on Tuesday that the consumer price index increased to 45.3% in May from the year earlier, up from 33.8% in …

BEIJING: After purchasing face masks and ventilators from China in prior months, North Korea unexpectedly ceased importing COVID-19 prevention and control products in May, according to trade statistics supplied by Beijing. Since the isolated government initially announced it was combating a COVID-19 outbreak in mid-May, daily new cases of fever in North Korea have been falling, according to its state …

SEOUL: On Tuesday, South Korea’s central bank said it expected inflation to be higher than previously forecasted, and that it will examine debt repayment difficulties closely to determine whether a half-percentage-point interest rate hike in July is reasonable. The Bank of Korea, which recently raised its 2022 annual average inflation projection to 4.5 percent from 4.7 percent, said it did …

MANILA: Considering the challenges that the global economy is facing, the Philippine central bank said that it expects the country’s current account deficits to be larger in 2022 and 2023 than they originally had predicted. The Bangko Sentral ng Pilipinas (BSP) revised its balance of payments (BOP) projections and had estimated a current account deficit of over 19.1 billion dollars …

SINGAPORE: Fish and seafood prices jumped 5.6 percent year over year in April, up from 5.2 percent in March, according to the latest statistics from the consumer price index, which tracks inflation. Sea bass prices also increased, rising from S$11.26/kg in March to S$11.40/kg in April. Singapore imported 134,000 tonnes of fish worth S$760 million in 2020, the majority of …

BANGKOK: Thailand’s cassava exports increased from January to April last year as importers sought grain alternatives, according to a senior official on Monday (Jun 20), amid a food crisis triggered by Russia’s invasion of Ukraine. According to the Commerce Ministry, the world’s top cassava exporter transported 4.6 million tonnes of cassava and related products such as tapioca, cassava starch, and …

PHILIPPINES: Groups campaigning for energy sector changes urged President-elect Ferdinand Marcos Jr. to pick the country’s next energy secretary with prudence. The Institute for Power Sector Economics (IPSEC), based in Mindanao, said on Thursday, June 16, that the next Secretary of Energy should be able to steer the country toward renewable energy dependency in the future years. IPSEC director Dave …

PAKISTAN: As the world’s top tea importer grapples with surging inflation and a rapidly declining currency, Pakistanis have been advised to consume less tea to keep the economy afloat. Pakistan’s Federal Minister for Planning and Development, Ahsan Iqbal, told reporters on Tuesday that Pakistanis might cut their tea consumption by “one or two cups” each day because imports are straining …

SRI LANKA: Shorter work weeks are becoming popular in places like Iceland and the United Kingdom, with the goal of increasing worker productivity and happiness. However, in crisis-stricken Sri Lanka, the notion is to deal with crippling food and fuel shortages. The South Asian country, which is grappling with shortages in the midst of its worst economic crisis in decades, …

Beijing – On Wednesday, June 15, President Xi Jinping assured Vladimir Putin of China’s support for Russian “sovereignty and security.” This prompted Washington to warn Beijing that they risked ending up “on the wrong side of history.” China has declined to denounce Russia’s unprecedented military assault on Ukraine and has been accused of providing diplomatic cover for Moscow by criticizing …