In 2024, America’s economy bounced back from the COVID-19 lockdown recession with great speed, igniting newfound national excitement. By the closing bell on Wednesday, the Dow Jones Industrial Average reached new highs for the year, reaching 37,903. Over the same time frame, the Nasdaq composite also reached 15,605, and by 2024, the US equity markets […]

In this article, we will be finding the fastest-declining economy in the world in 2024. Based on the average annual GDP growth rates of the past 5 years...

Textiles Canadian economy expected to grow 1.2% YoY in Q4 2022: CFIB 14 Jan '23 2 min read Pic: Shutterstock For the last quarter of 2022, the Canadian economy is estimated to grow at a very slow pace, 1.2 per cent year-on-year (YoY), according to the latest Main Street Quarterly report by the Canadian Federation of Independent Business (CFIB). The country’s total consumer price inflation is expected to recede in the first quarter of 2023 and reach 5.7 per cent YoY.Canada’s consumer price inflation, excluding food and energy, is expected to reach 5 per cent on a year-over-year basis.The country’s private sector job vacancy rate declined slightly in the fourth quarter of 2022 (4.8 per cent), and 665,500 jobs went unfilled, as per CFIB’s report.For the last quarter of 2022, the Canadian economy is estimated to grow at a very slow pace, 1.2 per cent year-on-year, according to the latest Main Street Quarterly report by the Canadian Federation of Independent Business (CFIB). The country's total consumer price inflation is expected to recede in the first quarter of 2023 and reach 5.7 per cent YoY.Across Canada, Prince Edward Island, and New Brunswick showed the largest quarterly increases, with 6.1 per cent and 5.6 per cent vacancy rates, respectively, while Quebec, British Columbia, and Saskatchewan saw slight declines.Canada’s SMEs’ investment plans were below to pre-pandemic levels in the fourth quarter of 2022, with almost half (48 per cent) of businesses investing.Analysis show that small businesses impacted by labour shortages are more likely to invest, which is one of the ways to cope with lack of staffing, since a significant share of these investments includes office technology, process machinery, or equipment. Also, businesses that are in good shape and are optimistic about their future are about three times as likely to invest than businesses who are currently in poor shape and expect weaker performances for the future. Fibre2Fashion News Desk (DP) More Textiles News - Canada...

Retail US economy unlikely to enter recession this year: NRF 03 Aug '22 4 min read Pic: peshkova / 123rf Despite two consecutive quarters of decline, the US economy still does not appear to be in a recession and remains unlikely to enter one this year, National Retail Federation (NRF) chief economist Jack Kleinhenz said in the August issue of its Monthly Economic Review (MER). The review noted that the GDP declined 1.6 per cent year over year in the first quarter and 0.9 per cent in the second quarter.Two consecutive quarters of decline is a common informal indicator of a recession, but the official declaration is up to the National Bureau of Economic Research, which defines a recession as a significant decline spread across the economy. The bureau has yet to rule on whether the current downturn meets that definition, NRF said in a media release.“Back-to-back contractions have heightened fear of a recession, but while the economy has lost momentum heading into the second half of the year, economic data is not yet consistent with a typical recession,” Kleinhenz said. “Our view is that while the economy is functioning at a slower pace it is likely to avoid a recession this year. Despite ongoing uncertainties, we believe the underlying strength of the economy is strong enough to deal with inflation and keep a recession at bay—or short-lived even if we are wrong.”Despite two consecutive quarters of decline, the US economy still does not appear to be in a recession and remains unlikely to enter one this year, National Retail Federation chief economist Jack Kleinhenz said in the August issue of NRF's Monthly Economic Review. The review noted that the GDP declined 1.6 per cent YoY in Q1 and 0.9 per cent in Q2.#Even with two quarters of GDP decline, private final sales to domestic purchasers—a key measurement of both consumer and business spending—remained in positive territory for the first half of the year, up 3 per cent in the first quarter and flat in the second, the MER report said. Other indicators including employment, retail sales, income and industrial production have seen slower growth, but none have contracted.A critical indicator that could signal the onset of a recession would be a significant downturn in employment, Kleinhenz said. But the unemployment rate stood at 3.6 per cent in June, nearly half a percentage point lower than the beginning of the year and only slightly above the 50-year pre-pandemic low of 3.5 per cent seen in January 2020. Meanwhile, payrolls grew at an average monthly rate of 539,000 in the first quarter and 375,000 in the second quarter. And retail sales as defined by NRF – excluding automobile dealers, gasoline stations and restaurants to focus on core retail – were up 7 per cent year over year in the first six months of the year.Even though economic indicators remain strong, Kleinhenz said “it is now clear that the world has changed” since the beginning of the year, citing factors that could not be anticipated earlier including the persistence of COVID-19, continuing supply chain challenges, the ongoing war in Ukraine and other issues that have driven the highest inflation rates in 40 years.With the economy “clearly navigating challenging headwinds that leave us far from a safe port,” NRF has “adjusted several levers” that affect its economic outlook, he said. NRF now expects GDP to grow 2 per cent for the year rather than 3.5 per cent. Growth of the Personal Consumption Expenditures Price Index – the Federal Reserve’s favoured measure of inflation – is now expected to average 6.2 per cent for 2022, two percentage points higher than assumed earlier. The savings rate is expected to fall as consumers dip into their pandemic-era savings to pay for high food and energy costs as well as discretionary spending for travel and entertainment. NRF has also factored in revised retail sales numbers released by the Census Bureau in April, which increased NRF’s calculation of retail sales for 2021 to $4.61 trillion rather than $4.58 trillion.Even with those adjustments, NRF continues to expect that 2022 retail sales will grow between 6 per cent and 8 per cent over 2021. Fibre2Fashion News Desk (KD) More National Retail Federation News... More Retail News - United States Of America...

The Indian economy is likely to grow at over 7 per cent in the next few years and the country is set to become the third largest economy, the government has said in a report, "The Indian Economy -...

Textiles Japan's economy likely to recover, uncertainties extremely high: BOJ 29 Dec '22 2 min read Pic: Shutterstock Japan's economy is likely to recover, with the impact of COVID-19 and supply-side constraints waning, although it is expected to be under downward pressure stemming from high commodity prices and slowdowns in overseas economies, according to the Bank of Japan’s (BOJ) December 2022 statement on monetary policy. Uncertainties are extremely high for Japan's economy.Thereafter, as a virtuous cycle from income to spending intensifies gradually, Japan's economy is projected to continue growing at a pace above its potential growth rate, the statement said."The year-on-year rate of change in the consumer price index (CPI of all items less fresh food) is likely to increase towards the end of this year due to rises in prices of such items as energy, food and durable goods.Japan's economy is likely to recover, with the impact of COVID-19 and supply-side constraints waning, although it is expected to be under downward pressure stemming from high commodity prices and slowdowns in overseas economies, according to the Bank of Japan's December 2022 statement on monetary policy. Uncertainties are extremely high for Japan's economy.#"The rate of increase is then expected to decelerate toward the middle of fiscal 2022-23 as the contribution of such price rises to this CPI is likely to wane."Thereafter, it is projected to accelerate again moderately on the back of improvement in the output gap and rises in medium- to long-term inflation expectations and in wage growth," BOJ said.High uncertainties remain in developments in overseas economic activity and prices; in commodity prices; and the course of COVID-19 at home and abroad and its impact. In this situation, it is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices, the statement by the central bank suggests. Fibre2Fashion News Desk (DS) More Textiles News - Japan...

Textiles UOB projects Vietnam's economy to expand at 5.5% in Q1, 6% in 2024 13 Mar '24 2 min read Pic: Adobe Stock Insights Vietnam's economy is projected to expand at 5.5 per cent in Q1 2024 and at 6 per cent in the full year, the United Overseas Bank Ltd recently said. Inflation is projected at 3.8 per cent in 2024. Exports were worth $58 billion in the first two months this year—up by 17.6 per cent YoY. Imports were up by 17.7 per cent YoY at $54.4 billion during the period. With manufacturing and trade regaining momentum, the economy in Vietnam is projected to expand at 5.5 per cent in the first quarter (Q1) this year and at 6 per cent in the entire year, according to the United Overseas Bank Limited (UOB). Inflation is projected at 3.8 per cent in 2024.“We expect this pace to be sustained, especially in the second half of 2024, as the recovery in the semiconductor industry is firmer and global central banks are starting to operate more appropriate interest rate policies,” Vietnamese media reports quoted UOB executive director for global economics and markets research Suan Teck Kin as saying.Vietnam's economy is projected to expand at 5.5 per cent in Q1 2024 and at 6 per cent in the full year, the United Overseas Bank Ltd recently said. Inflation is projected at 3.8 per cent in 2024. Exports were worth $58 billion in the first two months this year—up by 17.6 per cent YoY. Imports were up by 17.7 per cent YoY at $54.4 billion during the period.Exports were worth $58 billion in the first two months this year—up by 17.6 per cent year on year (YoY). Imports were up by 17.7 per cent YoY at $54.4 billion during the period.Industrial production grew by 5.7 per cent during the period, while the same two-month period last year witnessed a drop of 2.2 per cent.The drops in industrial production and export in February were because Tet (new year) holidays. Production and business are returning to normal operation.The country’s manufacturing purchasing managers' index was above the 50 no-change mark with both output and new orders up for the second month straight in February. Fibre2Fashion News Desk (DS) More Textiles News - Vietnam...

Textiles EU economy set to avoid recession; headwinds remain strong 15 Feb '23 3 min read Pic: Shutterstock The European Union (EU) economy entered 2023 on a healthier footing than expected, and looks set to escape recession, European Commission’s commissioner for economy Paolo Gentiloni recently said. It is forecast to expand by 0.8 per cent this year, 0.5 percentage points above the Autumn projection, and EU headline inflation is forecast to fall from 9.2 per cent in 2022 to 6.4 per cent in 2023 and 2.8 per cent in 2024, he said. Headwinds, however, remain strong.This compares with the Autumn projections of 7 per cent in 2023 and 3 per cent in 2024.The EU economy entered 2023 on a healthier footing than expected, and looks set to escape recession, European Commission's commissioner for economy Paolo Gentiloni said. It is forecast to expand by 0.8 per cent this year, and headline inflation is forecast to fall from 9.2 per cent in 2022 to 6.4 per cent in 2023, he said. Headwinds, however, remain strong.EU gross domestic product (GDP) growth for 2022 is now estimated at 3.5 per cent, 0.3 percentage points higher than projected in Autumn, he said.“Overall, the growth forecast for 2023 has been revised up to 0.8 per cent in the EU and 0.9 per cent in the euro area. For 2024, GDP growth is expected at 1.6 per cent in the EU and 1.5 per cent in the euro area, unchanged compared to the Autumn Forecast,” Gentiloni told a press conference on the Winter 2023 Economic Forecast.Following robust expansion in the first half of 2022, growth momentum abated in the third quarter, although slightly less than expected. Despite exceptional adverse shocks, the EU economy avoided the fourth-quarter contraction projected in the Autumn Forecast.Continued diversification of supply sources and a sharp drop in consumption have left gas storage levels above the seasonal average of past years, and wholesale gas prices have fallen well below pre-war levels.In addition, the EU labour market has continued to perform strongly, with the unemployment rate remaining at its all-time low of 6.1 per cent until the end of 2022. Confidence is improving and January surveys suggest that economic activity is also set to avoid a contraction in the first quarter of 2023.Headwinds, however, remain strong. Consumers and businesses continue to face high energy costs and core inflation (headline inflation excluding energy and unprocessed food) was still rising in January, further eroding households' purchasing power.As inflationary pressures persist, monetary tightening is set to continue, weighing on business activity and exerting a drag on investment, the EU said in a release.While uncertainty surrounding the forecast remains high, risks to growth are broadly balanced, the EU noted. Domestic demand could turn out higher than projected if the recent declines in wholesale gas prices pass through to consumer prices more strongly and consumption proves more resilient.Nonetheless, a potential reversal of that fall cannot be ruled out in the context of continued geopolitical tensions. External demand could also turn out to be more robust following China's re-opening – which could, however, fuel global inflation, the bloc added. Fibre2Fashion News Desk (DS) More European Commission News... More Textiles News - Belgium...

Textiles Fitch Ratings projects Vietnam's GDP growth to rise to 6.3% in 2024 12 Nov '23 1 min read Pic: Adobe Stock Insights Fitch Ratings has projected Vietnam's economic growth to rise to 6.3 per cent next year before reaching 7 per cent in 2025. Despite current economic turbulence, the economy is poised to recover in the near future, it forecast. The growth rate slowed to 4.3 per cent over the past nine months of the year. The economy's medium-term fundamentals stay favorable. Fitch Ratings recently projected Vietnam's economic growth to rise to 6.3 per cent next year before reaching 7 per cent in 2025. Despite current economic turbulence, the economy is poised to recover in the near future, it forecast.The country’s domestic fiscal and monetary policies have supported the national economy, it noted.Fitch Ratings has projected Vietnam's economic growth to rise to 6.3 per cent next year before reaching 7 per cent in 2025. Despite current economic turbulence, the economy is poised to recover in the near future, it forecast. The growth rate slowed to 4.3 per cent over the past nine months of the year. The economy's medium-term fundamentals stay favorable.The economy's medium-term fundamentals remain favorable and has sustained a period of economic expansion, thereby creating positive business prospects for the banking sector, the rating agency said.The gross domestic product (GDP) growth rate slowed to 4.3 per cent over the past nine months of the year.Standard Chartered Bank, too, maintained a robust 2024 GDP growth forecast of 6.7 per cent for the country, according to a report in a Vietnamese media outlet.The International Monetary Fund has expressed optimism as well about the medium-term prospects, with the GDP growth projected to reach 5.8 per cent in 2024 and 6.9 per cent in 2025. Fibre2Fashion News Desk (DS) More Textiles News - Vietnam...

As we are at the beginning of the year 2024, it is never too early to start thinking ahead to what may be around the corner. One thing we know for sure is that the business world is continually evolving and changing. The challenges and opportunities that businesses face are dynamic and constantly sh

Textiles BCC expects UK economy to plunge into recession before 2022 end 05 Sep '22 2 min read Pic: Shutterstock The British Chamber of Commerce (BCC) expects the UK economy to plunge into recession before the end of this year, with inflation spiking to 14 per cent and lingering weakness in growth expected to continue into 2024. The chamber again downgraded its expectations for gross domestic product (GDP) growth for 2022 to 3.3 per cent (from 3.5 per cent in the second quarter) against a deteriorating economic outlook.UK inflation is now expected to reach 14 per cent in Q4 2022, an upwards revision of four percentage-points from its previous projection of 10 per cent, BCC said in a release.The British Chamber of Commerce expects the UK economy to plunge into recession before the year-end, with inflation spiking to 14 per cent and lingering weakness in growth expected to continue into 2024. It again downgraded its expectations for 2022 GDP growth to 3.3 per cent (from 3.5 per cent in the second quarter) against a deteriorating economic outlook.In the short term, the chamber is now forecasting a recession for the UK economy with three consecutive quarters of contraction between Q2 and Q4 in 2022. The country recorded 7.4 per cent growth in 2021.However, unlike the Bank of England, the BCC expects the economy to grow in 2023, albeit at a very low 0.2 per cent, with a slight increase to 1 per cent in 2024.These ‘anaemic predictions’ for GDP growth are in light of deteriorating economic conditions; rising energy costs, a decline in household spending and real wages; weaker export prospects and a pessimistic global economic outlook; poor investment conditions and weakening business confidence and cashflow, BCC said in the release.Many of these issues were initially caused by the global response to COVID-19 and have been further compounded by the war in Ukraine, it noted.Businesses and consumers will continue to face exceptionally high costs as rampant inflation spirals upwards in 2022.Increased and more sustained inflationary pressure is now forecast for Q4 2022, as the consumer price index (CPI) inflation rate is expected to reach a peak of 14 per cent. This is up from the previous, already high, projected rate of 10 per cent.The CPI rate is expected to slow to 5 per cent in 2023, and finally return to the Bank of England’s target of 2 per cent in 2024, BCC said.Business investment is set to grow at 2.7 per cent this year, an upward revision from the Q2 forecast of 1.8 per cent. Overall investment is expected to grow by 4 per cent this year but shrink by 0.4 per cent in 2023 before rebounding to 1.1 per cent in 2024.Consumer spending is now forecast to grow at 3.8 per cent in 2022, a fall from the 4 per cent predicted in Q2, BCC added. Fibre2Fashion News Desk (DS)un More British Chamber of Commerce News... More Textiles News - United Kingdom...

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Textiles Vietnam economy to grow by 6% in 2024 with strong FDI inflows: HSBC 26 Jan '24 2 min read Insights HSBC Vietnam economists foresee the country's economy to grow by 6 per cent this year, with strong FDI inflows reinforcing the manufacturing sector and a boost in exports. The economy will be strengthened by both consumer and investment spending. The Vietnamese đong is forecast to move towards VND 24,400 against the US dollar by 2024 end. HSBC Vietnam economists foresee the country’s economy to grow by 6 per cent this year, with strong foreign direct investment (FDI) inflows reinforcing the manufacturing sector.The country’s exports will receive a boost from the nascent recovery of the global trade cycle, they said.The strength of the country’s economy this year would come from a combination of consumer and investment spending, James Cheo, chief investment officer, Southeast Asia and India, global private banking and wealth, HSBC, said.HSBC Vietnam economists foresee the country's economy to grow by 6 per cent this year, with strong FDI inflows reinforcing the manufacturing sector and a boost in exports. The economy will be strengthened by both consumer and investment spending. The Vietnamese đong is forecast to move towards VND 24,400 against the US dollar by 2024 end.“Inflation is fairly stable but there could be an upside risk from higher-than-expected energy or food prices, we think that Vietnam’s monetary authority will stay vigilant and keep policy rates on hold for this year. We forecast the Vietnamese dong to move towards VND 24,400 against the US dollar by the end of 2024,” Cheo was quoted as saying by a domestic media outlet.The beginning of US Federal Reserve rate cuts in June this year, US soft landing, corporate earnings recovery and solid growth in Asia are expected to improve global risk appetite and investment outlook of equity and bond markets this year, according to HSBC Global Private Banking (HSBC GPB).HSBC GPB has adopted a mild risk-on investment strategy for the next six months, with underweight on cash, mild overweight on US treasuries and global investment grade bonds and tactical overweight on hedge funds. Fibre2Fashion News Desk (DS) More Textiles News - Vietnam...

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The story of the global economy in 2024 seems a bit like a joke we’ve all heard before. Yet I’m not sure whether to laugh or cringe. As we dive into this year, the global economy paints a picture of a plane managing a soft landing despite turbulent winds. While major economies show signs of […]

Textiles World economy projected to grow by 3.1% in 2022: UN 20 May '22 2 min read Pic: Shutterstock The world economy is projected to grow by 3.1 per cent in 2022, marking a downward revision of 0.9 percentage points from the previous United Nations (UN) forecast released in January this year, according to the mid-year update to the World Economic Situation and Prospects 2022 report, prepared by the UN department of economic and social affairs.The baseline forecast faces significant downside risks from further intensification of the war in Ukraine and potential new waves of the pandemic.Global growth prospects have significantly weakened amid the war in Ukraine, rising energy, food and commodity prices, soaring inflation and tightening monetary policy stances by major central banks, it noted.The world economy is projected to grow by 3.1 per cent in 2022, marking a downward revision of 0.9 percentage points from the previous United Nations (UN) forecast released in January this year, according to the mid-year update to the World Economic Situation and Prospects 2022 report, prepared by the UN department of economic and social affairs. #Growth forecasts for the United States, the European Union (EU) and China have been revised downward, with the EU registering the most significant downward revision. The EU economy, most directly hit by disruptions in the energy supply from the Russian Federation, is now expected to grow by 2.7 per cent in 2022, down from 3.9 per cent expected in January.The US economy is expected to grow by 2.6 per cent, while China is expected to grow by 4.5 per cent in 2022. The developing countries, as a group, are projected to grow by 4.1 per cent in 2022, down from 6.7 per cent in 2021.The broad-based slowdown of the global economy will undermine a full, inclusive and sustainable recovery from the pandemic. This slowdown, and the war in Ukraine, triggering sharp increases in food and fertiliser prices, will hit the developing countries particularly hard, exacerbating food insecurity and increasing poverty.Monetary tightening by developed countries will increase borrowing costs, undermine debt sustainability, and further constrain the fiscal space to support a full recovery of developing country economies, the UN report said.The war in Ukraine, and its effects on energy and commodity prices, may also undermine climate action. On the one hand, high oil and gas prices could incentivise more fossil fuel extraction, or greater use of coal. High nickel prices could adversely affect the production of electric vehicles, while rising food prices may impede the production of biofuel.On the other hand, these high prices are also an opportunity for countries to resolve their energy and food security concerns through accelerating the adoption of renewables and improving systemic efficiencies, thus aligning with overall sustainable development objectives and strengthening the fight against climate change, the report added. Fibre2Fashion News Desk (DS) More United Nations News... More Textiles News - United States Of America...

Textiles Fitch Ratings expects US economy to slow in H2 2022, 2023 11 Jul '22 3 min read Pic: Shutterstock Fitch Ratings recently said it expects the US economy will slow in the second half of this year and over the course of 2023, with below trend growth of 1.5 per cent in 2023 and 1.3 per cent in 2024. Fitch's 2022 and 2023 annual average inflation forecasts have risen to 7.8 per cent and 3.7 per cent respectively.Fitch expects a growth of 2.9 per cent in 2022 in the country, driven by consumption underpinned by continued labour market strength with solid growth in both employment and nominal wages.The rating agency recently affirmed the United States’ long-term foreign currency issuer default rating (IDR) at 'AAA', and has revised the rating outlook to stable from negative. The outlook revision to stable reflects the improved near-term government debt dynamics driven by the strong post-pandemic economic recovery and buoyant government revenues.Fitch Ratings recently said it expects the US economy will slow in the second half of this year and over the course of 2023, with below trend growth of 1.5 per cent in 2023 and 1.3 per cent in 2024. Fitch's 2022 and 2023 annual average inflation forecasts have risen to 7.8 per cent and 3.7 per cent respectively. It expects a growth of 2.9 per cent in 2022.#Fitch expects government revenues to grow by 19 per cent in 2022, propelled by strong personal and corporate income taxes.Fitch has substantially improved its fiscal and debt projections since its last review. It now forecasts a decline in the general government debt ratio to 113 per cent of the gross domestic product (GDP) at 2022 end from 118 per cent in 2021 (and a peak of 123 per cent in 2020) before beginning to rise again at a gradual pace in 2024.Fitch considers US debt tolerance to be higher than that of other 'AAA' sovereigns, it said in a release.A stronger-than-expected economic recovery has led public finances to outperform Fitch's expectations at the last review, generating higher tax revenues while most pandemic-related spending has wound down.Fitch forecasts a general government deficit at 5 per cent of GDP, down from an estimated 10.2 per cent of GDP in 2021. State and local governments continue to perform well, and could result in an even lower general government outturn.Headline consumer price inflation rose to 8.6 per cent YOY in May, the highest rate since the early 1980s, driven by service inflation and a jump in food price inflation. Russia's invasion of Ukraine has increased commodity prices, especially oil prices, while the lockdowns in China have exacerbated supply chain issues and pressured core goods prices.Fitch now expects the US Federal Reserve to hike rates at a more aggressive pace to restrictive levels after hiking rates by 75 basis points at its June meeting. The agency expects the Fed to hike rates at each of the next three meetings to 3 per cent by the year end. It expects further hikes in the first quarter of 2023, reaching 3.5 per cent and remaining at this level through 2024. Fibre2Fashion News Desk (DS) More Textiles News - United States Of America...

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Textiles Cambodia's economy projected to have grown by 5.3% in 2023: IMF 03 Feb '24 2 min read Pic: Adobe Stock Insights Cambodia's economy is projected to have grown by 5.3 per cent in 2023, the IMF said recently. Its fiscal deficit is expected to have widened last year and may narrow this year. Risks are skewed to the downside, with near-term threats including demand weakness from developed trade partners, recovery slowdown in China and tighter global financial conditions. Cambodia’s economy is projected to have grown by 5.3 per cent last year, fuelled by a resurgence in tourism and strong performance in non-garment exports, according to the International Monetary Fund’s (IMF) executive board, which recently concluded the Article IV consultation with the country.However, risks are skewed to the downside. Weaker-than-expected growth in the US, accounting for over 40 per cent of Cambodia's exports, and China pose significant risks, IMF noted.Additionally, US monetary tightening and high levels of private debt in Cambodia could affect the country’s growth.Cambodia's economy is projected to have grown by 5.3 per cent in 2023, the IMF said recently. Its fiscal deficit is expected to have widened last year and may narrow this year. Risks are skewed to the downside, with near-term threats including demand weakness from developed trade partners, recovery slowdown in China and tighter global financial conditions.The country’s fiscal deficit is expected to have widened last year due to a combination of factors: extended targeted social supports to households and firms affected by the COVID-19 pandemic and the cost-of-living crisis; increased spending associated with the 2023 South-East Asia Games and the general election; and the finalisation of incomplete infrastructure projects from 2022.Starting from this year, the deficit is projected to narrow in line with the authorities’ commitment to scaling back temporary support measures, while retaining targeted fiscal support to the poor through social protection system reform.Public debt to gross domestic product (GDP) is projected to increase moderately during the next decade and the risk of debt distress remains low, although there are vulnerabilities from shocks to exports and growth, the IMF executive board observed.The near-term threats to growth include continued demand weakness from advanced-economy trade partners, recovery slowdown in China, high level of private debt domestically and tighter global financial conditions.Over the medium term, geopolitical tension and trade fragmentation, structural decline in growth from China, as well as climate change may pose important challenges to growth, the IMF said in a release.To ensure sustained progress in elevating living standards over the medium term, substantial reforms are needed. Governance and anti-corruption reforms are important to attract fresh foreign direct investment and sustain high growth, the IMF added. Fibre2Fashion News Desk (DS) More International Monetary Fund News... More Textiles News - United States Of America...

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In a historic feat, Indian economy has achieved an unprecedented milestone by surpassing the $4 trillion mark for the first time in its history. This