Economic crisis – Water Valley Chamber http://watervalleychamber.info/ Thu, 25 Aug 2022 11:34:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://watervalleychamber.info/wp-content/uploads/2021/11/wat.png Economic crisis – Water Valley Chamber http://watervalleychamber.info/ 32 32 Egypt’s foreign exchange reserves fall by 19% due to the economic crisis caused by the Russian-Ukrainian war https://watervalleychamber.info/egypts-foreign-exchange-reserves-fall-by-19-due-to-the-economic-crisis-caused-by-the-russian-ukrainian-war/ Wed, 24 Aug 2022 04:53:33 +0000 https://watervalleychamber.info/egypts-foreign-exchange-reserves-fall-by-19-due-to-the-economic-crisis-caused-by-the-russian-ukrainian-war/ CAIRO — Egypt’s net foreign exchange reserves decreased by $236 million in July compared to June 2021, reaching $33.14 billion, according to an official statement issued by the Central Bank of Egypt. Due to the global economic crisis and Russia’s war on Ukraine, the country’s foreign exchange reserves have fallen by $7.8 billion over the […]]]>

CAIRO — Egypt’s net foreign exchange reserves decreased by $236 million in July compared to June 2021, reaching $33.14 billion, according to an official statement issued by the Central Bank of Egypt.

Due to the global economic crisis and Russia’s war on Ukraine, the country’s foreign exchange reserves have fallen by $7.8 billion over the past seven months, down 19% from 40 .93 billion dollars at the end of December 2021.

The Egyptian government had to take measures to reduce the budget deficit and deal with the declining cash reserve.

An informed political source close to decision-making circles in Egypt told Al-Monitor on condition of anonymity that the government has decided to take some measures to deal with the economic crisis, mainly postponing some national projects such as the creation of the new administrative capital and halting expansion plans and building new towns.

The source said that the government has also postponed the implementation of some decisions such as the imposition of significant fines for construction violations and squatting of public lands, as well as the postponement of a measure to increase bread prices and electricity bills.

“The government is also considering how to phase out subsidies on bread and electricity by early next year so as not to cause public outcry. The economic crisis has affected all sectors of the state,” the source said.

He added that the government had already raised the prices of drinking water and sewage for domestic consumption by 40% in May.

“On July 13, gas and fuel prices were increased by 10%, for the third time this year, following the increase in prices around the world due to the global economic crisis,” the source noted.

During a parliamentary session on May 9, MP Mustafa Bakri called on government agencies to suspend major national projects until the country can overcome the repercussions of the war in Ukraine.

“Some major national projects should be temporarily suspended despite their importance. Priorities must be taken into account as well as people’s needs, especially in a state of social tension, with the suffering of the middle class,” Bakri said.

He pointed out that the increase in the world price of a ton of wheat from 230 dollars to 490 dollars and of a barrel of oil from 60 dollars to 115 dollars has strongly affected the Egyptian public budget and created a deficit.

The anonymous source said by telephone that the government is trying to balance between two measures: the gradual lifting of subsidies and the increase in the prices of certain services without arousing the ire of citizens, and the postponement of the inauguration of certain projects. national governments, in an attempt to reduce the budget deficit and declining cash reserves.

Hassan Nafaa, a professor of political science at Cairo University, told Al-Monitor by phone: “The state’s decision to consider postponing the opening of some national projects and delaying measures to increase the prices of some government services reflect the political good sense of the state and its desire to focus on priorities, which had been lacking for years.

He said the global economic crisis resulting from Russia’s war on Ukraine and the continued interest rate hikes by the US Federal Reserve have exacerbated the economic crisis in Egypt, causing the currency to depreciate further. national and depleting cash reserves.

“This has prompted the state to try to think outside the box in an effort to mitigate the crisis, such as abandoning plans to expand cities, roads and highways and postponing the inauguration of some megaprojects in classes for years,” Nafaa noted.

He explained that some figures close to the government have publicly called for postponing the implementation of some national projects until the crisis subsides.

He noted that the inauguration of the administrative capital has already been postponed more than once before: the first time following the coronavirus pandemic in April 2020, then in June 2021 because certain construction works and infrastructure had not been completed.

Economist Hani Tawfiq told Al-Monitor that the government’s approach of postponing price increases for some services and delaying fines for construction violations “is an attempt to try to balance between strengthening the public treasury by raising the prices of public services, while not angering citizens or burdening them with more than they can bear.

He said the state believes that citizens can afford an increase in the prices of certain services, which would help it to revive its treasury which has faced a major deficit due to increased expenditure and depreciation. of the national currency, in addition to the decline in reserves and the flight of some 20 billion dollars of foreign currency, which were considered as investments in debt securities.

“The government does not wish to irritate the citizens, especially in the current period. That is why he is opting to stop some major national mega-projects, including the inauguration of the administrative capital and the construction of new cities,” Tawfiq said.

He concluded: “Egyptian citizens are suffering greatly from the dire economic conditions and the high cost of living, as well as the floating of the pound which has led to a considerable reduction in the salaries and savings of the citizens. This is why the government has decided to take another approach to try to alleviate the crisis.”

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Ghana’s economic crisis kills more people than Covid – NDC National Chairman https://watervalleychamber.info/ghanas-economic-crisis-kills-more-people-than-covid-ndc-national-chairman/ Tue, 23 Aug 2022 16:16:35 +0000 https://watervalleychamber.info/ghanas-economic-crisis-kills-more-people-than-covid-ndc-national-chairman/ National Democratic Congress (NDC) National Chairman Samuel Ofosu-Ampofo said the current economic situation in the country is killing more people than the COVID-19 pandemic. According to him, the magnitude of the suffering experienced by Ghanaians cannot be compared to the ravages of the pandemic. Speaking in an interview on Kumasi-based Oyerepa TV on Monday, he […]]]>

National Democratic Congress (NDC) National Chairman Samuel Ofosu-Ampofo said the current economic situation in the country is killing more people than the COVID-19 pandemic.

According to him, the magnitude of the suffering experienced by Ghanaians cannot be compared to the ravages of the pandemic.

Speaking in an interview on Kumasi-based Oyerepa TV on Monday, he lamented the decline of the country’s economy and lamented the government’s inability to ease the plight of Ghanaians.

“Right now we have a pandemic of economic hardship that is killing even more people than COVID. We have always known that the President visits our homes to say ‘fellow Ghanaians’.

“But now the problem we have is more than COVID. [That is]the challenges we face, [and] stress in the system. Pressure kills people. The current economic difficulties have even given people high blood pressure,” he noted.

Mr. Ofosu-Ampofo’s comments add to the sentiments of many prominent Ghanaians who have spoken out against the country’s economic difficulties.

Ghana is currently going through a tough time, with the country’s currency steadily declining against the US dollar and other major trading currencies.

This subsequently contributed to increases in fuel prices as well as the persistent increase in the cost of living.

Against this backdrop, a concerned group, the Ghana Traders Association (GUTA), has threatened to close all its shops on Monday, August 29, to stage a protest against the hardships in the country.

Addressing a press conference on Monday, the group’s management explained that the depreciation of the Cedi had an impact on their businesses, and therefore the need for the government to take active measures to deal with the crisis.

GUTA members also urged the government to consider making the Chinese yuan the import currency, to minimize the adverse effects of cedi depreciation.

Meanwhile, the government continues to assure citizens of its desire to alleviate the plight of citizens by deploying measures to put the country on a better economic footing.

Ghana is also expecting a bailout from the International Monetary Fund (IMF), after approaching the global lender on July 1, for economic assistance.

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How India can benefit from China’s economic crisis https://watervalleychamber.info/how-india-can-benefit-from-chinas-economic-crisis/ Tue, 23 Aug 2022 12:22:48 +0000 https://watervalleychamber.info/how-india-can-benefit-from-chinas-economic-crisis/ How India can benefit from China’s economic crisis Due to the strict containment measures imposed by the Covid-19 in the main manufacturing centers, there are fears of a collapse of the Chinese economy and banking system. A Chinese crisis offers India a chance to position itself as a global manufacturing hub. Global economies are facing […]]]>

How India can benefit from China’s economic crisis

Due to the strict containment measures imposed by the Covid-19 in the main manufacturing centers, there are fears of a collapse of the Chinese economy and banking system. A Chinese crisis offers India a chance to position itself as a global manufacturing hub.

Global economies are facing high inflation and rising interest rates while dealing with another shock. Chinese banks and economy are in danger of collapsing. Several reports indicate that Chinese depositors are rushing to withdraw their money from banks in anticipation of an impending crisis. China’s economic growth is seen as an engine of global growth. How did it get there and what impact does it have on the global economy? Moneycontrol explains.

What is China’s place in the global economy?

In 2001, China joined the World Trade Organization, which led to greater integration of its economy with the rest of the world. As a result, the country has overtaken the United States as the center of world trade. Apple and Tesla are among the global companies with large factories in China. Between 2001 and 2021, China’s share of world exports has quadrupled. On the other hand, the share of the United States fell from 12% to 8%. The United States has been overtaken by China as the world’s largest economy based on purchasing power parity.

A recent pandemic has shown the impact of Chinese trade on the global economy. The global electronics supply chain has centered on China over the years. Due to the pandemic, the global economy has aggressively embraced digitalization, leading to an increase in demand for these electronic products. China’s supply of electronics has been severely disrupted by blockages and supply disruptions.

Why is China facing a crisis right now?

In key cities such as Beijing and Shanghai, the Chinese government imposed strict lockdowns after Covid-19 infections spiked. Thus, Chinese economic growth is expected to slow in 2022 and 2023. China’s GDP growth projection in 2022 has been reduced by the International Monetary Fund (IMF) from 4.4% in April 2022 to 3.3% in July 2022. According to the IMF, China’s GDP growth for 2023 will be 4.6%, down from 5.1%. The IMF noted that there will be 1.1 percentage points less growth due to closures and a worsening housing crisis.

China's economic slowdown - and how India can benefit

Do China’s woes go beyond the slowdowns caused by Covid-19?

It was the Chinese government’s response to the 2008 global financial crisis that sowed the seeds of China’s current problems. Bank credit jumped sharply around 2008 due to an implicit government guarantee. Property and real estate accounted for most of the credit. As a result, prices have risen. Economists have been predicting a crisis for years due to unsustainable bank lending. It is often seen as a crisis indicator when the credit to GDP ratio in China is so high.

The government avoided a banking crisis in 2011 and 2015 when prices fell sharply. This has turned into a crisis as the government is busy battling Covid-19 despite the recent price drop which was not as severe as in 2011 and 2015.

Why is the Chinese economy in crisis?

Besides China, the IMF lowered its growth projection for the world economy for 2022 from 3.6% to 3.2%. Chinese and Russian economic slowdowns are mainly to blame. A slowdown in China, according to the IMF, would have strong spillover effects around the world. During the pandemic, prices of consumer goods have risen around the world due to lower Chinese supply. Raw materials and intermediate goods supplied by other countries could also suffer from a drop in Chinese growth and demand.

Despite the decline in inflationary pressure, this could create problems for countries that depend on exports to China. Financial markets could also be affected by weaker global growth. Since China’s commercial sector is not as well integrated with the rest of the world as its financial markets, it may be able to cope with the situation.

Commercial channels will be the only channels of fallout. There will be a marginal impact on financial markets. In contrast, the highly interconnected financial markets of the United States led to spillovers into the financial channel during the 2008 financial crisis.

Indian Economy: Global Economy Will Go Into Recession With The Likely Exceptions Of India, China: United Nations, Automotive News, And Auto

Why is the Indian economy affected by the Chinese crisis?

The Indian economy is both struggling and in a position to benefit from the Chinese crisis. China’s trade with India has grown significantly over the years, especially with imports.

In 2020-21, China accounted for 16.6% of India’s imports, compared to 10.7% in 2013-2014. During the same period, India’s exports to China increased from 6.4% to 7.24%. Chemicals, mineral fuels and other products are India’s main exports to China, while electrical machinery, electronics and other products are its main imports. Due to the Chinese economic crisis, India’s business sector may suffer. China imports energy and growth from India, but its exports are not as crucial as China’s.

Investing in imports from other countries could help India overcome this challenge. As a result, India will become less dependent on China over time. There is also scope for India to develop local manufacturing capabilities over time. Indian production centers may be positioned following the Chinese crisis. It will be a win-win opportunity for all global investments to bring into India.

uh oh.  data shows india-china trade deficit widening, indian exports fall for first time in years

What political benefits can India derive from this situation?

Besides repositioning itself as an Asian and global power, India can also use economic challenges as opportunities. Sri Lanka, Pakistan, Nepal and Bangladesh are among the South Asian countries facing crises.

China has not provided any financial assistance given its crisis, while most of them have relied on Chinese assistance. With the exception of Pakistan, India has helped all of these struggling economies, enabling the country to assert itself in the region. Since China has become increasingly autocratic in recent years, the global political community has been unhappy with its situation. As to whether India can finally achieve its long-awaited status this time around, world leaders have kept it on the sidelines all this time.

edited and proofread by nikita sharma

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Business news live today: latest economic news, market news, economic and financial news https://watervalleychamber.info/business-news-live-today-latest-economic-news-market-news-economic-and-financial-news/ Mon, 22 Aug 2022 04:43:32 +0000 https://watervalleychamber.info/business-news-live-today-latest-economic-news-market-news-economic-and-financial-news/ Search mutual fund quotes, news, net asset values Adani Power INE814H01011, ADANIPOWER, 533096 Tata Steel INE081A01020, TATASTEEL, 500470 Yes Bank INE528G01035, YESBANK, 532648 IRCTC INE335Y01020, IRCTC, 542830 Zomato INE758T01015, ZOMATO, 543320 […]]]>















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