World Economy

The world economy has fallen below forecasts of even six months ago and will grow only modestly over the next two years due to "cyclical and structural headwinds," including low commodity prices…

Low wages, cheap power and a stable political situation have prompted foreign textile companies like H&M to start sourcing from Ethiopia. The country has a huge workforce and would like to…

Uncertainty about the outcome of Britain’s referendum on leaving the European Union could hurt its economy, the International Monetary Fund said yesterday, though it also praised the way the…

Ten eurozone countries agreed on Tuesday on some aspects of a harmonized tax on financial transactions and gave themselves until the middle of next year to reach agreement on remaining issues,…

Russia wants China to participate in constructing railways to transport cargo to ports on the Arctic or Northern Sea Route, according to Russian Deputy Prime Minister Dmitry Rogozin, RT reported…

Egypt will sign the final agreement on a $1 billion loan from the World Bank on the 19th of December, expecting to receive the money before this year’s end, International Cooperation Minister…

Cash fortune worth tens of thousands of euros has been found floating in the Danube River in Vienna, AFP reported. Police have been trying to determine who the money belongs to and whether or not…

South Korea expects its planned yuan-denominated sovereign bond issuance in China to be made during next week, a finance ministry official said soon after China’s central bank approved the three…

Venezuela’s opposition have vowed to revive the OPEC nation’s troubled economy and free jailed political activists after winning control of the legislature for the first time in 16 years of…

Asian economic growth is expected to normalize at 6.3% as pressures mount, debt-watcher Fitch Ratings said in its latest “Global Economic Outlook” report.

“Emerging Asia’s real gross…

Indian software market is on track to reach $5.3 billion in 2016, a 12.8% increase from 2015, according to Gartner, Inc.

Canada’s government is increasing taxes on high-income earners by four percentage points next year while conceding the move won’t raise as much revenue as initially planned.

International Monetary Fund chief Christine Lagarde has called for tax reforms to be included in a global climate deal to raise incentives for consumers to reduce their energy consumption and to…

The Turkish lira is facing its biggest annual fall since 2008 and is nearing new record-lows, as foreign investment continues to leave the country. Investors from abroad have withdrawn $7.6…

Hong Kong employees work the most overtime in Asia, 31% having to work as much as eight extra hours a week.

Japan’s latest recession turns out not to have been a recession at all. The government said on Tuesday that the economy grew at a relatively robust pace last quarter, reversing a more pessimistic…

China’s exports fell for a fifth month while a slump in imports moderated, as policymakers seek to spur domestic spending amid tepid global demand.

Asian stock markets teetered near their weakest levels in three weeks on Tuesday, as a rout in oil prices to near seven-year lows knocked global energy company shares and commodity currencies.

Economists sharply increased their estimates for Brazil’s economic contraction in 2015 and 2016 after third-quarter GDP came in lower than expected last week, a weekly central bank poll showed on…

Turkey’s economy is threatened on many fronts. A row with Russia and the prospect of the US Federal Reserve raising rates have coincided with President Tayyip Erdogan’s increasing politicization…

Sweden’s Electrolux said on Monday its deal to buy General Electric’s appliance business had fallen through after GE terminated the $3.3 billion agreement, Reuters reported. The US Department of…

Business economists are slightly less bullish about prospects for economic growth in US next year, according to a survey published Monday.

The development of the Trans-Pacific Partnership and the ASEAN Economic Community is expected to shape a new economic scenario for Malaysia in 2016, Bernama reported. Second International Trade…

A Chinese pig iron producer said it missed a bond payment, becoming at least the seventh firm to renege on obligations in the local note market this year, Bloomberg reported. Sichuan Shengda Group…

European shares started the week strongly on Monday, buoyed by a weaker euro, while the dollar rose after upbeat jobs data on Friday bolstered investor confidence in the strength of the US economy…