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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 […]