ECONOMY

Rail, bus and airport workers have walked out one after another amid bitter salary negotiations in a country that usually prides itself on good labor relations.

Beijing has pledged more funding for the Maldives since pro-China President Mohamed Muizzu took power in November. Muizzu thanked China last month for its "selfless assistance" for development funds after a visit to Beijing.

The OECD now expects a 2.9 percent expansion, up from 2.7 percent in its previous forecast in November, as it sharply lifted the outlook for the United States, the world's top economy.

The US Federal Reserve, the European Central Bank (ECB) and others have held interest rates elevated in recent months in an attempt to bring inflation back down toward target, following a post-pandemic surge in prices.

The world's second-largest economy last year saw some of its slowest growth in decades, as a debt crisis in the property sector added to geopolitical tensions and weakening global demand.

After a much-anticipated meeting, Fed policymakers acknowledged that inflation was going in the right direction and that they expected to begin lowering borrowing costs this year from their two-decade highs.

Following a post-pandemic surge in inflation, the Fed rapidly hiked interest rates in a bid to bring the price-increase measurement back down towards its goal of two percent -- with surprising success.

The eurozone economy narrowly avoided a technical recession in the second half of 2023 but stagnated in the final three months of the year, official data showed Tuesday.

The European Central Bank is expected to stand pat Thursday and call for patience in the ongoing battle against inflation, pushing back against market hopes of rapid interest rate cuts.

The figures were in line with expectations and even beat Beijing's target but will likely pile fresh pressure on officials to unveil more stimulus measures to kickstart business activity and get the country's army of consumers spending again.

AI will affect 60 percent of jobs in advanced economies, the International Monetary Fund's managing director, Kristalina Georgieva, said in an interview in Washington, shortly before departing for the annual World Economic Forum in Davos, Switzerland.

The German economy shrank slightly in 2023, official data showed Monday, as costly energy, high interest rates and cooling foreign demand took their toll on Europe's export giant.

The annual rate of inflation in the eurozone rose to 2.9 percent in December mainly due to energy costs, official data showed Friday.

US Federal Reserve officials expect interest rates will need to remain high "for some time" to tackle stubborn inflation, according to minutes of the most recent rate decision published on Wednesday.

President Xi Jinping said Sunday the Chinese economy had grown "more resilient and dynamic" in 2023, despite financial figures continuing to disappoint as the post-Covid recovery stalls.

After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a European Union embargo on its seaborne oil deliveries.

Britain's economy unexpectedly shrank in the third quarter and flatlined in the previous three months, official data showed Friday, raising fears of a recession before an election due next year.

Turkey's central bank announced a smaller interest rate hike than in previous months on Thursday, signalling it is nearing the end of its monetary tightening as it battles double-digit inflation.

Argentina's new leader Javier Milei unveiled Wednesday a series of measures to deregulate the country's struggling economy, eliminating or changing more than 300 rules via presidential decree, including on rent and labor practices.

US companies have long complained about what they see as an unfair business environment in China, with limited protection for intellectual property and preferential treatment afforded to domestic competitors.

Brazil's central bank cut its key interest rate by half a point for the fourth straight time Wednesday, continuing the easing President Luiz Inacio Lula da Silva hopes will spur Latin America's biggest economy.

The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to the weakening of the global economy and increases in output outside the bloc.

Turkey's annual inflation rate ticked up slightly in November, the state statistics agency said on Monday, showing further signs of levelling off following a series of sharp interest rate hikes.

German output shrank in the third quarter, official data published Monday showed, adding to a continued gloomy picture for Europe's largest economy despite falling inflation.

US Federal Reserve officials agreed last month they should hold interest rates high "for some time" in their ongoing fight against inflation, according to minutes of the meeting published Wednesday.

The US Federal Reserve's fight against inflation seems to be heading in the right direction, while the US economy remains resilient, a senior Fed official said Wednesday.

The German government slashed its growth forecast Wednesday, predicting Europe's top economy will shrink this year as it battles high inflation, elevated energy prices and a manufacturing slump.

Governor of the South African Reserve Bank, Lesetja Kganyago admitted that load shedding and logistics constraints also played a role in increasing business expenses and the cost of living in the country.

"Without swift and fitting consequences, we risk eroding public trust in our capacity to manage public funds effectively, with less and less funding available to deliver much-needed services to our people," Minister of Finance of South Africa, Enoch Godongwana said.