Mon, 06 Feb 2023

NEW DELHI -- American credit rating agency S&P Global Ratings on Monday cut India's economic growth forecast for fiscal year 2022-23 from 7.3 percent to 7 percent.

It noted the domestic demand-led Indian economy will be less impacted by the global slowdown.

S&P Global Ratings' Asia-Pacific chief economist Louis Kuijs said: "The global slowdown will have less impact on domestic demand-led economies such as India. India's output will expand 7 percent in fiscal year 2022-2023 and 6 percent in next fiscal year." (India-Growth Outlook)

- - - -

BANGKOK -- Thailand's export growth in October fell for the first time since February last year as tightening monetary policy to curb high global inflation in major trading partners affected purchasing power and economic activity, data showed Monday.

The country's exports dropped 4.4 percent in October from a year earlier to 21.77 billion U.S. dollars, according to the commerce ministry.

The prolonged global economic slowdown and the Purchasing Managers' Index (PMI) decline in key trading partners were the main frictions to Thai export growth, Commerce Minister Jurin Laksanawisit told a press conference. (Thailand-Export-Decline)

- - - -

PHNOM PENH -- Cambodia attracted fixed-asset investment of 460.8 million U.S. dollars in the third quarter of 2022, up 18.4 percent from 389 million dollars in the same quarter last year, said a quarterly bulletin from the Ministry of Economy and Finance released on Monday.

The Southeast Asian nation approved 52 investment projects during the July-September period this year, up from 47 projects over the same period last year, the bulletin said, adding that those projects are expected to create 40,274 jobs.

"Those new investment projects have been focused on solar energy, health, automotive assembly, island development, and manufacturing in special economic zones," it said. (Cambodia-Investment-Q3)

- - - -

PHNOM PENH -- Some 460,000 people in Cambodia have fallen below poverty income thresholds since the onset of COVID-19 in 2020, said a World Bank report released on Monday.

Titled Poverty Assessment Report for Cambodia, Toward a More Inclusive and Resilient Cambodia, the report said Cambodia's poverty rate dropped from 33.8 percent to 17.8 percent over the 10-year period between 2009 and 2019, with almost 2 million Cambodians escaping poverty.

"Since 2020, the rate has increased by 2.8 percentage points, indicating that around 460,000 people have fallen below poverty income thresholds," the report said. (Cambodia-Poverty Line-Report)

- - - -

MAIMANA, Afghanistan -- Four commuters have been confirmed dead and 10 others injured as a car collided with a vehicle coming from opposite direction in Khawja Sabzpush district of northern Afghanistan's Faryab province, head of provincial department of information and culture Mawlawi Shamsullah Mohammadi said Monday.

The accident took place late Sunday leaving four dead, including a woman and her child, and injured 10 others, some in critical condition. (Afghanistan-Road Accident)

- - - -

DHAKA -- In an apparent bid to conserve eroding forex reserves, Bangladeshi prime minister Sheikh Hasina has directed the country's relevant authorities to squeeze imports of luxury items.

Hasina asked the country's commerce ministry to increase import tariffs on 40 luxury goods to discourage the import of such products and improve the dollar liquidity in the forex market earlier this month.

Bangladesh's forex reserves reached 34.10 billion U.S. dollars on Nov. 23, declining from 34.30 billion dollars on Nov. 17, showed the latest Bangladesh Bank (BB) data. (Bangladesh-Import)

More Bangladesh News

Access More

Sign up for Bangladesh News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!