Japan to avoid recession, but Q2 growth forecasts cut sharply
Japan’s economy likely grew and avoided slipping into recession this quarter but an extension of emergency measures to stem a rise in coronavirus infections has dented the growth outlook, a Reuters poll showed.
Virus outbreaks at Thai factories threaten export sector, recovery
A series of coronavirus outbreaks in Thai factories is raising concerns that the export sector could be hit hard, threatening to further undermine an economy as it struggles to recover from the pandemic’s crippling blow to the crucial tourism industry.
Saudi first quarter GDP shrinks 3%, hit by oil sector decline
Saudi Arabia’s gross domestic product fell 3% in the first quarter, slightly less than official estimates and compared with a 1% contraction last year, as a sharp fall in the oil sector pulled back the economy, data showed.
UK recovery quickens in April as economy posts record annual jump
Britain’s recovery from the COVID-19 pandemic sped up in April as lockdown measures eased, with the fastest monthly growth since July leaving output a record 27.6% higher than a year earlier, when the virus was rampant and lockdown tightest.
U.S. household wealth jumps to record $136.9 trillion, Fed says
U.S. household wealth jumped to a record $136.9 trillion at the end of March, a report from the Federal Reserve showed on Thursday, suggesting plenty of dry tinder for economic growth as the coronavirus pandemic recedes and the nation reopens.
EXCLUSIVE Mexico not eyeing tax hikes in fiscal reform -deputy finance minister
Mexico’s government does not envisage tax increases in an upcoming fiscal reform plan, but will consider closing loopholes, improving taxing efficiency and expanding the taxable base, Deputy Finance Minister Gabriel Yorio said on Tuesday.
Japan upgrades Q1 GDP on smaller hit to domestic demand
Japan’s economy shrank less than initially reported in the first quarter on smaller cuts to plant and equipment spending, but the coronavirus pandemic still dealt a huge blow to overall demand.
World Bank slashes GDP growth forecasts for the Philippines
The World Bank has slashed its Philippine growth projection for this year due to a deeper-than-expected contraction in the first quarter and the reimposition of stricter quarantine measures in the capital region to contain a surge in COVID-19 cases.
Australia business activity climbs to fresh highs in May-survey
A measure of Australian business conditions extended its blistering run to reach all-time highs in May with sales, profits and employment all up strongly, a sign the economy has the momentum to cope with a coronavirus lockdown in Victoria.
Don’t mention the T word: Five questions for the ECB
The European Central Bank meets on Thursday and will review the pace of emergency bond buys that it jacked up in March to prevent a rise in borrowing costs hurting a recovery.
