The Central Bank of Egypt kept its interest rate unchanged at a record high of 27.25% on Thursday (Nov. 21), a decision correctly predicted by all eight economists surveyed by Bloomberg. The hold was the fifth consecutive hold and followed a cumulative hike of 1,900 basis points since March 2022. “Considering developments at the domestic and global levels, the committee views the
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The European Central Bank (ECB) lowered its three key interest rates by 25 bps on Thursday (Oct. 17), as expected, following similar moves in September and June. The deposit facility, main refinancing operations, and marginal lending facility rates will now be 3.25%, 3.40%, and 3.65%, respectively. The Governing Council, led by ECB President Christine Lagarde, stated its decision was based on the
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The global economy could be exposed to losses of $14.5 trillion USD over a five-year period from the threat of a hypothetical geopolitical conflict causing widespread disruption to global trade patterns and supply chains, Lloyd’s of London research revealed. Geopolitical conflict is the fifth scenario in Lloyd’s systemic risk series which aims to equip risk managers, governments, and insurers with data-driven impact
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The Organization for Economic Cooperation and Development (OECD) said on Wednesday (Sept. 25) that the world economy is turning the corner as growth remained resilient through the first half of 2024, with declining inflation, though significant risks remain. With robust growth in trade, improvements in real incomes and a more accommodative monetary policy in many economies, the OECD’s latest Interim Economic Outlook
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Indonesia’s central bank decided on Wednesday (Sept. 18) to cut its interest rate by 25 bps to 6%, marking the first such move since early 2021. Only three out of 33 economists polled by Reuters had forecast a cut, while the others had expected Bank Indonesia (BI) to keep rates unchanged. The overnight deposit facility and lending facility rates were also lowered
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The Bank of Canada lowered its benchmark interest rate for a third consecutive time, reducing its trend-setting policy rate to 4.25% on Wednesday (Sept. 4). The central bank explained that it made the decision because the Canadian economy increased by 2.1% in the second quarter, a stronger growth than the institution had projected. Additionally, Canada’s annual inflation rate fell to 2.5% in
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The Austrian economy contracted 0.6% in the second quarter of 2024 on an annual basis, the latest data from Statistics Austria showed. “Austria’s economy is sliding from recession towards stagnation. In the second quarter of 2024, gross domestic product fell for the fifth time in a row, declining by 0.6% compared to the same quarter of the previous year. Industrial production and
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The Indian economy expanded by 6.7% from the previous year in the June quarter of 2024, slowing from the 7.8% increase in the earlier period, preliminary figures from the country’s statistical office showed Friday. The Reserve Bank of India (RBI) had forecast 7.1% growth for the quarter while economists had forecast 6.9% expansion. It was the slowest expansion in five quarters, as
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Total global military expenditure increased by 3.7% in real terms in 2022, to reach a new high of $2.24 trillion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years. The three largest spenders in 2022—the United States, China and Russia—accounted for 56% of the world total, according to new data published today by the Stockholm International Peace
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Brazilian President Luiz da Silva, sworn in on January, will visit China between April 11 and April 14, according to a report from AFP news agency. Lula and business representatives from Brazil were scheduled to visit Beijing last weekend. However, the trip was postponed after the president was diagnosed with pneumonia. Earlier this week, Brazil and China stroke a trade deal agreement to carry
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