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The global economy has moved on from the stabilisation phase and is now looking at growth, believes Roger Donnelly, chief economist at the Export Finance and Insurance Corporation (EFIC). In EFIC’s August World Risk Developments newsletter, released today, Donnelly says debate has centred on the speed and length of the cyclical recovery, and the strength [...]
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The International Monetary Fund has praised the Australian Government’s response to the global economic crisis, saying its stimulus measures had boosted activity while leaving room for further measures. “The authorities’ timely and significant macro-policy response cushioned the domestic impact of the global financial crisis,” said the IMF in its annual Article IV report. “Staff commended [...]
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China’s arrest of four Rio Tinto employees, including Australian executive Stern Hu, has not dampened our exports, according to Rio Tinto and BHP Billiton, Australia’s two biggest iron ore exporters. Much of the demand for iron ore has been fed by the Chinese government’s own stimulus package, which has encouraged a number of infrastructure projects. [...]
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The Chinese economy grew by 7.9 percent in the June quarter, according to official figures released yesterday. The rate topped the 6.1 percent growth recorded earlier this year. Economists attribute the growth to the Chinese government’s stimulus package, which in turn led to demand for commodities and energy and maintained domestic employment. As a commodity [...]
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Elements of Japan’s economy have stabilised, but the outlook for the country is still uncertain, according to the International Monetary Fund (IMF). It says Japan’s economy will rely on global conditions, yet to be determined. The IMF World Economic Outlook report has predicted that Japan’s economy will contract by six percent this year, with just [...]
...read moreWhite House adviser Laura Tyson, a member of US President Barack Obama’s Economic Advisory Panel, has flagged the possibility of a second financial stimulus package to focus on infrastructure. Speaking at a forum in Singapore, Tyson said it was too early to put a figure on a second package, deferring the decision: “We’ll have a [...]
...read moreThe latest World Bank forecast has revised its economic forecast to a 2.9 percent global contraction, more than the 1.7 percent initially predicted. World Bank economist Justin Lin said governments need to continue their financial stimulus measures to support their weakening economies. “It is very important to let the stimulus continue until the capacity utilisation [...]
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Most of China’s growth this year will be as a result of the Chinese government’s stimulus package, according to the latest data from the World Bank. ‘Government-influenced expenditure’ will account for six percent of China’s forecasted 7.2 percent growth, which has raised fears that China’s growth is unsustainable, although the government still has enough money [...]
...read moreAfter criticising the US government for adding a ‘Buy American’ clause in their stimulus package, the Chinese government has imposed a requirement to procure Chinese-made goods for their stimulus projects. An order issued by China’s main planning agency, and eight other government bodies, states that projects must obtain official permission to use imported goods: “Government [...]
...read moreResults from the new HSBC Trade Confidence Index show that despite a pessimistic global outlook, Australia importers and exporters take comfort in trade with Asia, particularly China, in these tough times. “Australia is entrenched in the global economy and continues to be impacted by international uncertainty, however the HSBC Trade Confidence Index highlights the opportunity [...]
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