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World

China’s new refurbished silk road project faces setback amid pandemic, growing anti-China sentiments

The Chinese government in 2013 announced investment in over 60 countries and international organizations in order to promote inter-regional connectivity along with economic growth and development. This initiative is dubbed as China’s – “Great leap outwards” – as it will also help them establish a much stronger political and economic influence on the global level. […]

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World

The systematic collapse of Cuba’s economy

The economy of Cuba is dominated by state backed and run organizations in all sectors, segments and industries. The communists party of Cuba is the present ruling government and they set prices for most of the commodities in the country. Before the pandemic struck the world, Cuba’s economy for the most part relied on its […]

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Business World

China’s economy grows by 18.3% in the first quarter of 2021

China’s economy grew by 18.3% in the first quarter of 2021 compared to the same quarter last year. This is the biggest quarterly jump since 1992. In the first quarter of 2020, China’s economy shrank 6.8% due to nationwide lockdowns at the peak of its Covid-19 outbreak. “The national economy made a good start,” said […]

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World

Thanks to coronavirus pandemic China to surpass US economy five years earlier in 2028

China will overtake the United States to become the world’s biggest economy in 2028, five years earlier than previously estimated due to the contrasting recoveries of the two countries from the COVID-19 pandemic. “For some time, an overarching theme of global economics has been the economic and soft power struggle between the United States and […]

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World

Australia’s economy pushed into recession for the first time in 28-years

The coronavirus pandemic has pushed Australia into its first recession in over three decades. The nation’s GDP contracted 7% in the second quarter, the Australian Bureau of Statistics (ABS) said Wednesday. This marks the second straight quarter of declines for Australia, GDP shrank 0.3% in the first quarter and the largest drop since records began […]

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Business World

Britain’s economy shrinks 20.4% in April amid virus lockdown

Britain’s economy shrank by a record 20.4% in April from March as the country spent the month in a tight coronavirus lockdown, official data showed on Friday in what is likely to be the low point of the slump before a long and slow recovery. In the three months to April, gross domestic product contracted […]

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Business

Indian economy grew by 4.2% in 2019-20 –the lowest in 11 years

India’s Gross Domestic Product (GDP) growth slowed to 3.1% in the fourth quarter of the financial year 2019-2020, according to official data released on Friday amid the ongoing coronavirus pandemic that has affected the economy. The GDP had expanded by 5.7% in the corresponding quarter of 2018-19, according to data released by the National Statistical […]

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Business World

Japan’s economy falls into recession as coronavirus takes toll

Japan has fallen into recession for the first time since 2015 as the financial toll of the coronavirus continues to escalate. The world’s third biggest economy shrank at an annual pace of 3.4% in the first three months of 2020. The coronavirus is wreaking havoc on the global economy with an estimated cost of up […]

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Business World

United States to borrow record $3 trillion to fund coronavirus rescue packages

The US has said it wants to borrow a record $3 trillion in the second quarter, as coronavirus-related rescue packages blow up the budget. The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis. In all of 2019, the country borrowed $1.28 trillion. The US […]

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Business

Economic slowdown hits gold sales on Dhanteras to a 10-year low

The economic slowdown has hit festive spirits after sale of gold and silver dipped by as much as 40 percent in the pre-Diwali Dhanteras sale. Dhanteras, considered as the most auspicious day in Hindu calendar for buying items ranging from precious metals had a low turnout in most markets across the country with traders complaining […]

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World

Pakistan Economy Crisis – IMF Meet

Pakistan is facing severe economic strains, its almost on the verge of bankruptcy. The Pakistan Tehreek-e-Insaf coalition government is running pillar to post to get financial assistance. The current debt of Pakistan stands at about $100 billion dollars. The interest accumulated per second is about $700. The Prime Minister of Pakistan Imran Khan ordered several […]

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World

How Pakistan fell in a debt crisis?

Pakistan’s economy is at the brink of crisis because of spiraling oil prices, inflation and instable currency. Pakistan currently owes $20 billion to China out of the $100 billion debt. The economic situation started to worsen in 2016 when China started exporting construction material for the CPEC project (China Pakistan Economic Corridor) in Pakistan. China […]