Rajasthan Chief Minister Ashok Gehlot on November 18 asked the Centre to take steps to control the "deteriorating economic condition" in the country. He alleged that the Union government did not implement the Goods and Services Tax (GST) properly, resulting in reduction in revenue collection of the Centre and states were facing its repercussions."The economic condition of the country is deteriorating. Both the Centre and states are heading towards a crisis situation. The Centre should take steps to control this in time," Gehlot told reporters in Ajmer."They are being arrogant that everything is going well. Their thought is that when people are travelling by air, in cars, paying toll tax, where is the economic slowdown. But our thought is that the economy is suffering.Close "Economists are saying this too. Even the husband of the Union finance minister is saying that the government has no understanding of the economy," the chief minister said. related news Will Agra be … [Read more...] about Centre should take steps to stem deteriorating economy: Ashok Gehlot
Economy
Iran’s economy is a house of cards
Just how durable is the Iranian economy, really? As the Trump administration’s “maximum pressure” campaign against Iran marks its one-year anniversary, that’s the question many policymakers in Washington are asking.Iranian officials have been eager to supply the answer. According to the country’s Supreme Leader, Ali Khamenei, U.S. pressure has foundered in the face of Iran’s heroic revolutionary resistance. America, Khamenei recently intoned, was deluded in thinking that it “will bring Iran to its knees by focusing on maximum pressure, particularly through economic sanctions.” Other top Iranian decisionmakers have said much the same, taking pains to minimize the impact that U.S. pressure has had on the country’s economic health.Look a bit closer, however, and it becomes clear that the Islamic Republic is profoundly ailing. This summer, the World Bank estimated that the country’s gross domestic product (GDP) is … [Read more...] about Iran’s economy is a house of cards
Greek economy shows signs of recovery but banks are reluctant to invest
Greece's creditors are returning to Athens on Monday (September 23) for a fourth post-bailout evaluation to review whether Prime Minister Kyriakos Mitsotakis' planned tax cuts will affect Greece's economic results. A key factor to Mitsotakis' plans to lead his Greece's economy to a viable growth path, is attracting investors. The fact that bond rates are at historic lows suggests that the tide has taken a major turn in Greece's favour. "The government's initiatives towards reducing taxes,” says Konstantinos Kollias, president of the Economic Chamber of Greece, “Especially concerning businesses, abolishing capital controls in full and the willingness to continue reforms all these things send a sign to our partners and the markets, which is reflected in the five- and 10-year bond rates, falling. I think they are building a package that makes for an appealing investment environment." But investments need bank financing and it’s not certain that the Greek banking system … [Read more...] about Greek economy shows signs of recovery but banks are reluctant to invest
The Brief: how is Italy’s political crisis impacting on the country’s economy?
The political turmoil in Italy, may indeed have consequences for the country's economy. The question is: how far reaching ? According to the financial newspaper Il Sole 24 Ore, Italy's political uncertainty will over two years cost the country an extra 5 billion euros in interest on its debt. A public debt that is already colossal; exceeding 2.3 trillion euros, 134 per cent of Italy's Gross Domestic Product. After Greece, Italy's debt is the largest in the euro zone in proportion to its output. The country's economy has stalled. Despite margin growth in the first quarter of the year, between April and June it stagnated. The vice-prime minister and leader of Italy’s far-right League party, Matteo Salvini, wants to boost the economy. He promises that, if the country goes to the polls and his party wins, he'll give Italy 50 billion euros to provoke a "shock" fiscal stimulus. A promise that is hard to square with demands by the European Commission for a 2020 budget deficit that will … [Read more...] about The Brief: how is Italy’s political crisis impacting on the country’s economy?
Hong Kong’s unemployment rises as unrest takes toll on economy
Video PlayerClose HONG KONG, Nov. 18 (Xinhua) -- The seasonally adjusted unemployment rate in China's Hong Kong in August-October 2019 increased to 3.1 percent, as most sectors including consumption and tourism were affected by the ongoing social unrest, according to the latest labor force statistics released on Monday. The seasonally adjusted unemployment rate ranging from August to October rose by 0.2 percentage point to 3.1 percent compared to that from July to September, with underemployment rate also up by 0.2 percentage point to 1.2 percent during the same period, showed the statistics provided by the Census and Statistics Department of China's Hong Kong Special Administrative Region (HKSAR) government. Total employment dropped by around 11,600 from 3,855,400 in July-September 2019 to 3,843,800 in August-October 2019. Meanwhile, the labor force decreased by around 6,400 from 3,975,700 to 3,969,300 over the same period, according to the released figures. "The unemployment rate … [Read more...] about Hong Kong’s unemployment rises as unrest takes toll on economy
Gov’t no longer thinks economy is ‘sluggish’
The Finance Ministry’s latest monthly economic assessment replaced the phrase “economic sluggishness” with “restricted growth,” a hint that the economy may be bottoming out.The ministry claimed that the wording of the green book released last week does not mean a complete turnaround of its perception on the economy, but it is clearly a step back from its previous pessimism.It marked the first time the term “sluggish” has been replaced in seven months. Hong Min-seok, head of the Finance Ministry’s economic analysis department, on Friday told reporters that the removal of the word “sluggishness” does not translate to the government changing its view on the current economic status such as the economy starting to rebound or exports and investment improving.Hong said it indicates the optimism that the economy could improve next year once the global economy and the semiconductor situation turn around. This aligned with an earlier … [Read more...] about Gov’t no longer thinks economy is ‘sluggish’
