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EU Growth Forecasts
The EU forecast section said that the EU is experiencing robust growth but that will slow down in the coming two years. The EU forecast section said, “EU economy is rebounding from the pandemic recession faster than expected. Households responded to the improving epidemiological situation and the gradual relaxation of containment measures with a…
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Pakistan PM Visits China
Pakistan’s PM, on his state visit to China, met the Chinese President, Premier and other dignitaries. The PM was there from the 3rd – 6th February 2022, and also attended the opening of the Winter Olympic games. Pakistan and China agreed to safeguard CPEC from all threats and negative propaganda and to strengthen cooperation…
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US Reinforces UAE Amidst Houthi Attacks
In the wake of Houthi attacks, the US said that it will reinforce UAE’s defenses. In this regard, US Marine General Frank McKenzie arrived in the UAE for talks. The UAE had faced a string of unprecedented drone and missile attacks launched from Houthi’s, who object to UAE involvement in the Saudi – Yemen conflict.…
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IMF Projects Pakistan Growth Rate
The IMF projected Pakistan’s real GDP growth for FY22 at 4%. The IMF said that inflation is expected to pick up this year and will ease off later in the year. The IMF said this in its Staff Report prepared for the Executive Board’s consideration on 2nd February 2022 saying it is consistent with…
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GoP Ability To Sustain Reform Momentum, Uncertain: Moody’s
Moody‘s said that the GoP’s ability to sustain reform momentum is uncertain. Moody’s said that this appears to be the case beyond the expiry of the IMF program in September 2022. Aspects that are expected to be affected are broadening the revenue base, commit to an immediate successor program (if required). This was stated…
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Pakistan July to Jan Trade Deficit Widens
Pakistan’s trade deficit for July to January FY22 widened by 92% to $28.8 billion (last: $15 billion). Pakistan’s exports increased by 24% to touch $17.71 billion (last: $14.3 billion) while imports increased by 59% to touch $46.5 billion (last: $29.3 billion). Imports have increased tremendously due to an increase in domestic consumption and ease…
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Goldman Sachs Expects Multiple Fed Rate Hikes
Goldman Sachs said that it expects multiple US Fed Rate hikes in 2022. Organizations and analysts are keen to understand the exact level of rate hikes that will occur. The US Fed said that it was likely to hike interest rates in March and reaffirmed plans to end its bond purchases that month in what…
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Potential Lockdowns and Shocks Possible: Moody’s
Moody‘s rating agency has said that potential lock downs and shocks are still possible for the Pakistan economy. Moody’s said that if lockdowns or shocks to external demand happen, Pakistan’s rating of ‘B3 stable’ come under considerable pressure. Moody’s said, in its latest report, that economies with relatively weak fiscal profiles, including India, Indonesia…
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Crude Oil Crosses $90 per Barrel
Crude oil prices crossed $90 per barrel, which is the first time since 2014. OPEC and non OPEC member intent to strengthen prices was a reason but the unrest between Russia and Ukraine was causing considerable jitters in the markets. Brent crude touched $90.4, U.S. West Texas Intermediate (WTI) touched $87.9 and the OPEC…
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July – November Trade Deficit Spikes
Pakistan’s July – November FY22 trade deficit spiked by 112% to touch $20.6 billion (last: $9.7 billion). Pakistan’s exports for the July – November period increased by 27% to touch $12.4 billion (last: $9.7 billion) while imports increased to $32.9 billion (last: $ 17.5 billion). Pakistan’s exports in goods for FY21 increased by 13%…
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IMF Lowers Global Growth
The IMF lowered its estimates for global growth for 2022 to 4.4%, which is 0.5% lower than the previous estimate. Uncertainty about COVID & Omicron, global inflation, supply disruptions and U.S. monetary tightening posed risks. Less than expected growth in developed countries was also a major reason for the revision. IMF said that growth…
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Pakistan Government Revises GDP Growth
Pakistan revised its economic growth rate for FY21, from 3.9% cent to 5.37%. The Minister for Planning and Development Asad Umar spoke about the updated growth data regarding FY21. The opposition criticized this move and refused to accept the new number.
