Economic growth – Water Valley Chamber http://watervalleychamber.info/ Fri, 07 Jan 2022 23:46:34 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.2 https://watervalleychamber.info/wp-content/uploads/2021/11/wat.png Economic growth – Water Valley Chamber http://watervalleychamber.info/ 32 32 Pakistan to achieve over 4% economic growth despite challenges: PM https://watervalleychamber.info/pakistan-to-achieve-over-4-economic-growth-despite-challenges-pm/ Fri, 07 Jan 2022 15:41:18 +0000 https://watervalleychamber.info/pakistan-to-achieve-over-4-economic-growth-despite-challenges-pm/ ISLAMABAD: Prime Minister Imran Khan said on Friday that despite the worst balance of payments crisis in 2018, economic problems due to COVID-19, high commodity prices in the international market, as well as the direct and indirect impact of the humanitarian crisis in Afghanistan, Pakistan was expected. to achieve economic growth of over 4 percent […]]]>

ISLAMABAD: Prime Minister Imran Khan said on Friday that despite the worst balance of payments crisis in 2018, economic problems due to COVID-19, high commodity prices in the international market, as well as the direct and indirect impact of the humanitarian crisis in Afghanistan, Pakistan was expected. to achieve economic growth of over 4 percent in the current fiscal year, which is a great success.

“Since we inherited a huge circular debt, bad export policies, unstable financial conditions, a less competitive business environment and policies of lower incentives for the private sector, the last three years of government current are an economic success, ”he said. added.

The Prime Minister expressed these views while chairing a meeting of the Macroeconomic Advisory Group. The meeting was attended by Federal Ministers Shaukat Tarin, Hammad Azhar, Chaudhry Fawad Hussain, Asad Umar, Makhdoom Khusro Bakhtiar, Syed Fakhar Imam, Minister of State Farrukh Habib, Advisor to Prime Minister Abdul Razzak Dawood, Special Assistants to the Prime Minister Dr Sania Nishtar, Dr Shehbaz Gill, SBP Governor Reza Baqir and other relevant senior officials.

He said the government’s policy on smart lockdowns, incentives for the construction industry, social protection program and subsidies for small and medium-sized enterprises (SMEs) had helped move the economy forward. at a sustainable rate – a fact appreciated by analysts globally.

The article continues after this announcement

The meeting was devoted to a comprehensive review of the overall economic situation of the country, measures taken by the government to minimize the impact of the increase in the price of essential items and its economic achievements over the past three years.

The meeting was informed that due to the strong measures taken for economic stabilization after successfully emerging from the fiscal crisis inherited from the previous government, Pakistan has made more economic progress even during a pandemic compared to other countries. of the region.

It was said that with 25% growth in exports and the largest ever 38% increase in tax revenue, the country also saw a 27% increase in remittances.

Moreover, it was said at the meeting that with record incomes in the agricultural sector – transfer of additional income of 1.1 trillion rupees to farmers, 900 trillion rupees of record profits in the industrial sector, development of the Information technology (IT) sector through policies as well as successful tariff negotiations with independent power producers (IPPs), a decline was also observed in the monthly accumulation of circular debt.

In addition to the above, the government kept its promise of a welfare state by launching the largest social security program under Ehsaas, made institutional reforms and successfully complied with the terms of the Action Group. financial institution (FATF) which saved the country from entering the blacklist. , the meeting was informed.

The meeting participants were presented with proposals to mitigate the transfer of the effects of high world commodity prices to the common people, including increased incomes, increased purchasing power of the population, subsidies focused on middle and lower income classes and expansion of the social safety net.

Following the meeting, Prime Minister Imran Khan called on the relevant departments to coordinate and implement long and short term plans for further improvement of the macroeconomic situation of Pakistan in addition to improving the the economic situation of the common man.

]]>
New House Position Aims To Promote Economic Growth | News, Sports, Jobs https://watervalleychamber.info/new-house-position-aims-to-promote-economic-growth-news-sports-jobs/ Fri, 07 Jan 2022 06:24:43 +0000 https://watervalleychamber.info/new-house-position-aims-to-promote-economic-growth-news-sports-jobs/ TR PHOTO BY SUSANNA MEYER Kyle Hall is the new Workforce Development Coordinator at the Marshalltown Area Chamber of Commerce. Hall is a longtime member of the community and has worked in sales before. John Hall, president and CEO of the Marshalltown Regional Chamber of Commerce (MACC), is making progress to tackle the staffing issues […]]]>

TR PHOTO BY SUSANNA MEYER Kyle Hall is the new Workforce Development Coordinator at the Marshalltown Area Chamber of Commerce. Hall is a longtime member of the community and has worked in sales before.

John Hall, president and CEO of the Marshalltown Regional Chamber of Commerce (MACC), is making progress to tackle the staffing issues facing local businesses by developing a new position focused solely on the workforce. of work.

Kyle Hall, unrelated to John Hall, assumes the title of Workforce Development Coordinator. John and Kyle look forward to the potential this position offers to the community.

This week is Kyle Hall’s first at work, so he’s taking the time to familiarize himself with all the national and local resources available to him, as well as connecting with business and school leaders to start build important relationships.

“I’m just excited to be here. I think this is a great opportunity for Marshalltown and a great opportunity for me, ”said Kyle Hall. “At the end of the day, it’s a position that I consider a bit like planting a tree. You don’t get a shadow of it right away. I get to work and cultivate it, and as things go, I hope Marshalltown grows.

While Kyle Hall’s background is primarily in sales, John Hall believes his diverse sales experience and long-standing presence in the community will be invaluable. Kyle Hall brings an industry perspective and was previously a member of the GMG School Board. This position is one of the first of its kind statewide, so finding someone with experience specifically geared toward workforce development is a challenge in itself.

“The truth is, there aren’t a lot of people who have done workforce development in the state at large. This is a very new field, ”said John Hall.

The main goal will be to strengthen the Marshalltown workforce through initiatives such as brainstorming new strategies to attract people to the community and encourage people already in the Marshalltown workforce to stay there and advance in their careers. John Hall particularly hopes to cultivate MACC’s relationships with public schools and the business sector.

“There are some of the basic things that we’re going to cover first,” said John Hall. “So whatever we can do with our school systems across the county and integrate them into the business community to make sure graduates understand that there are great job opportunities here. ”

Whether or not these people want to enter the workforce immediately after graduation or choose to continue their education, John Hall is keen to point out that there are many options open to Marshalltown that will not only provide a good job in the short term, but also room for growth in the future.

“Having someone here who is focused on that allows us to be quick and adapt to the needs and the changing tools and resources coming from the state and the federal government,” said John Hall. “This allows us to be adaptive and ready to use whatever cards we receive on a daily basis for the workforce. ”

The position of Workforce Development Coordinator is still in its infancy at MACC. While John Hall covered some workforce projects prior to Kyle Hall’s integration, his involvement was generally minimal. Now that Kyle Hall is in the job, John Hall hopes to expand those efforts.

“(The job is to) keep people here. It’s about recruiting new people and training the people we have here for better employment opportunities, ”said John Hall.

With some jobs offering starting wages between $ 17 and $ 19 an hour, John Hall is keen to help people who still work near minimum wage improve their quality of life and earn more money to invest. in the local economy.

Another workforce dilemma that the MACC seeks to resolve is population growth. According to John Hall, if the MACC were looking to hire a company that needed 1,000 employees, there would not be enough people to staff it without “landing” in the existing job base.

“If we want to do real economic development, if we want to get back to the recruiting and business expansion table, we have to work on workforce development in order to prove that we have the base of jobs needed. to facilitate business growth in our community, ”said John Hall.

Kyle Hall is still learning the many ins and outs of his new role, but John Hall is confident that with some training and the resources available, Kyle will become a phenomenal Workforce Development Coordinator.

——

Contact Susanna Meyer at 641-753-6611 or

meyer@timesrepublican.com.

The latest news today and more in your inbox

]]>
Exploring the stressed SME sector for faster economic growth https://watervalleychamber.info/exploring-the-stressed-sme-sector-for-faster-economic-growth/ Wed, 05 Jan 2022 14:15:03 +0000 https://watervalleychamber.info/exploring-the-stressed-sme-sector-for-faster-economic-growth/ Officials and business experts have insisted on exploring the potential of the small and medium-sized enterprise (SME) sector to create employment opportunities for unemployed youth for faster economic growth. They saw this during the launching ceremony of a 10-day “BSCIC Entrepreneur Fair-2022” held on the grounds of the Metropolitan Public Library on Tuesday afternoon. Bangladesh […]]]>

Officials and business experts have insisted on exploring the potential of the small and medium-sized enterprise (SME) sector to create employment opportunities for unemployed youth for faster economic growth.

They saw this during the launching ceremony of a 10-day “BSCIC Entrepreneur Fair-2022” held on the grounds of the Metropolitan Public Library on Tuesday afternoon.

Bangladesh District Administration and Small Craft Industries
Corporation (BSCIC) jointly organize the fair where 51 stands were
set up by local entrepreneurs exhibiting their high quality products.

A wide range of ready-to-wear, crafts and hand-looms
leather and jute products, agricultural products, electrical products
and electronic products, design and fashion items and other SME products are
exhibited and sold at the fair.

Rangpur Chamber of Commerce and Industry (RCCI), Metropolitan Rangpur
Chamber of Commerce and Industry (RWCCI), Rangpur Women’s Chamber of Commerce
and industry (RMCCI) and other organizations provide assistance for
the organization of the fair.

The fair is organized to promote the local chalet, micro, small
and medium-sized enterprises and create jobs, improve the production of
international standard products, exhibition and introduction of SME products for
expansion of business, commerce and commerce.

The Divisional Commissioner of Rangpur, Md. Abdul Wahhab Bhuiyan, officially
inaugurated the fair as guest of honor.

Rangpur Deputy Commissioner of Police (Headquarters and Administration)
Metropolitan Police Md. Mohidul Islam, Rajshahi Regional Director of BSICIC
Rezaul Alam Sarker, President of RCCI Mostafa Sohrab Chowdhury Titu and Rangpur
The president of the press club, Mahabub Rahman, was present as a special guest.

Additional Deputy Commissioner (General) Md. Golam Rabbani chaired
the inaugural ceremony followed by a debate.

BSCIC Deputy General Manager for Rangpur Shameem Hossain delivered
welcome speech recounting the importance, goals and objectives of the organization
the just one.

The speakers attach particular importance to the promotion of the local SME sector
involve more women entrepreneurs to create jobs in order to accelerate
pace of national development and economic growth.

They insisted on the need to make the process of granting loans to SMEs more flexible in
lower interest rates and skills development of local entrepreneurs to ensure
production of SME products to international standards.

The guest of honor spoke about various pragmatic measures taken by the
government to promote the local SME sector for job creation and self-employment.
employment to ensure faster economic growth to accelerate progress.

HM

]]>
Business and economic growth difficult in the event of a pandemic | Business https://watervalleychamber.info/business-and-economic-growth-difficult-in-the-event-of-a-pandemic-business/ Wed, 05 Jan 2022 02:27:00 +0000 https://watervalleychamber.info/business-and-economic-growth-difficult-in-the-event-of-a-pandemic-business/ Illustrative photo. It has also exerted considerable pressure on innovation, institutional reform and efforts to improve the quality of the business environment in order to rapidly revive economic growth. Inevitable change The Covid-19 pandemic has caused a global crisis for the past two years. Although the extent of the pandemic’s impact on different countries varies […]]]>
Illustrative photo.

It has also exerted considerable pressure on innovation, institutional reform and efforts to improve the quality of the business environment in order to rapidly revive economic growth.


Inevitable change

The Covid-19 pandemic has caused a global crisis for the past two years. Although the extent of the pandemic’s impact on different countries varies widely, its effects are far-reaching and extremely damaging. The fact that new viral strains are constantly appearing puts the entire world population in serious danger. It also clearly shows the accelerated, strong and high-speed development efforts of digital 4.0 technology and the digital economy.

The attempt to do so must not be delayed. Now is the time to bring many factors together that will force us to make gradual change. Vietnam has done well in controlling the pandemic and maintaining a stable, modest and successful economic growth rate. Therefore, if we do not accelerate our pace of development, we will miss the world pace, slow down and risk falling behind many nations.

It is this pressure to change that has created a new wave of reform and development, which is rapidly moving towards innovation and modern technology. By 2025, our goal in all developing countries must be to adopt modern industry and move from low to middle income level. By 2030, developing countries need to move towards modern technology and higher middle income. Our aspiration in Vietnam must be to become a developed and high-income country by 2045. Therefore, without the implementation of extraordinary solutions, we will not be able to achieve the goal set by the 13th Party Congress, and we will be further removed from our aspirations, goals and objectives.

It is becoming evident that 2022 will be the year of openness to further reforms. We believe that we will continue to be resilient, and also economically viable. We will no longer have to follow a large-scale blockade, or face major disruptions in the supply chain. The bright spot for 2022 is that the macroeconomics will continue to be stable; inflation will remain within target limits; the exchange rate will remain stable; and the major balances of the economy, in particular the external balances, will continue to be maintained.

According to the target and some recent forecasts, economic growth in 2022 is expected to be around 6% to 6.6%. The coming year will also be a year of unprecedented demands and pressures for the achievement of the 2021-2025 long-term objectives and the 2021-2030 socio-economic development strategy.

If we want to achieve these goals and aspirations, we must be stronger, innovative and adopt more drastic solutions to support the solutions already implemented in the five-year socio-economic development plan for the years 2021 to 2025, as part of the economic restructuring project to transform the growth model over the period 2021-2025 and the socio-economic development plan 2022. These solutions are eagerly awaited so that the economic recovery and development program can be implemented quickly.

Currently, institutional reform, administrative procedures and improvement of the business environment are strongly encouraged, as well as legislation for digital transformation and digital economy. It’s what businesses and individuals need and expect most.

Reform needed

In recent years, it seems that reform has slowed down. In order to reform institutions and improve the quality of the business environment over the period 2021-2025, it is necessary to continue reforming regulations and business management methods; reduce and narrow the list of conditions imposed on businesses; and abolish or simplify regulations on the conditions of industry and commerce.

We need to move towards state application and management of enterprises as part of risk management and post-inspection plans, and apply more digital technologies. In terms of management, you have to be flexible and find a balance throughout the mandate rather than annually. In this sense, the budget deficit for the entire term can remain at the target of 4% of GDP, but it can be adjusted to around 6% to 7% in 2022, 5% in 2023, and then gradually decrease. at 3% per year. Likewise, if the inflation for the entire term is 4%, the year 2022 may accept a higher level than the rest of the years. By operating in this direction, we will create room for a stimulus program and accelerate growth for at least two years from 2022 to 2023.

In 2021, exports have been a major contributor to economic growth. However, imports and exports also face many difficulties due to stricter management and inspection of import and export goods. Therefore, it is necessary to further reduce the list of goods subject to more stringent management and inspections, and to fully cover all aspects of risk management, while moving to post-inspection. At the same time, we need to connect and share data and perform administrative procedures for strict management of inspections on the national one-stop-shop portal.

What needs to be done, and also needs to be done, is to follow a step-by-step reform of regulations and administrative procedures related to investment in construction, including laws on investment, construction, housing, real estate, land and the environment. In which, we must review and abolish administrative procedures which are unnecessary, inappropriate and have no management objective.

For example, approving investment policies for private investment projects, offshore investment licenses and investment policies, and investment decisions for public investment. We must remove unnecessary repetitive documents, concretize the content of files, abolish overlapping regulations and processes. This is a difficult area to reform because it affects the territory of the ministries concerned. Therefore, this method cannot rely on the administrative apparatus for administrative reform, but requires independent research, evaluation and recommendations outside of the ministries with relevant interests.

The strategic competition between the superpowers and the evolution of globalization will put pressure on national strength and competitiveness. Digital transformation is inevitable and it will force individuals, organizations and the whole country to adapt to a further transformation.

Saigon Investment

]]>
Highlights of Nigeria’s 2022 Economic Growth and Sustainability Budget https://watervalleychamber.info/highlights-of-nigerias-2022-economic-growth-and-sustainability-budget/ Tue, 04 Jan 2022 08:33:50 +0000 https://watervalleychamber.info/highlights-of-nigerias-2022-economic-growth-and-sustainability-budget/ Tuesday, Jan 4, 2022 / 9:26 AM / by PwC Nigeria / Header image credit: Aso Rock Villa Nigeria’s President Muhammadu Buhari presented the 2022 budget on October 7, 2021, to the joint session of the National Assembly. Strong points The 2022 budget has a deficit of about 6.25 billion naira, or about 3.39% of […]]]>

Tuesday, Jan 4, 2022 / 9:26 AM / by PwC Nigeria / Header image credit: Aso Rock Villa

Nigeria’s President Muhammadu Buhari presented the 2022 budget on October 7, 2021, to the joint session of the National Assembly.

Strong points

  • The 2022 budget has a deficit of about 6.25 billion naira, or about 3.39% of GDP. This is slightly above the 3% cap set by the 2007 Fiscal Responsibility Act (FRA). However, the president alluded to the fact that the level of spending was necessary to help overcome current security challenges and accelerate post-recession growth. The president insists that Nigeria only has an income problem and not a debt sustainability problem.
  • The deficit is expected to be financed by new borrowing, the proceeds of privatizations and drawdowns on loans guaranteed for specific projects.
  • Recurrent non-debt expenditure of 6.83 billion naira is the largest expenditure item, with 60% related to personnel costs at 4.11 billion naira.
  • The capital expenditure budget of 4.89 billion naira represents an increase of 18% from 2021, and about 30% of total expenditure in 2022.
  • Debt service expenditure is estimated at 3.61 billion naira, which represents about 35.6% of expected revenue for the year.
  • The president stressed that the loans would be used to finance essential development projects and programs, and highlighted plans to increase the income-to-GDP ratio from around 8 percent currently to 15 percent by 2025.
  • The president announced his intention to strengthen the frameworks for concessions and public-private partnerships (PPP). He also referred to exploring innovative approaches to mobilize infrastructure finance in a sustainable manner, such as the implementation of the sovereign green bond program and debt-for-climate swaps.

Revenue mobilization

  • The president highlighted 4 strategies to improve income, including:
  • increase tax and excise revenue;
  • review the effectiveness of tax exemption and relief policies;
  • increase customs revenue through technology; and
  • preserve revenues from the oil and gas sector.

Petroleum Industry Act

The President congratulated the National Assembly on the adoption of the Petroleum Industry Law (PIA), stressing its hopes to attract investment in the sector.

2021 finance bill

The 2021 finance bill would then be sent to the National Assembly after the consultations. The bill aims to support the achievement of the 2022 financial projections.


To take with

Nigeria’s growing debt profile has raised concerns, particularly the debt service-to-income ratio as well as foreign currency liquidity constraints, both of which have been exacerbated by the COVID-19 pandemic.

While some of the income-generating initiatives in the budget are laudable, a key area of ​​focus may be exploring ways to diversify sources of export income away from crude oil, which currently accounts for over 80% of revenue. total in foreign currencies.

It is also important to close gaps in government spending, such as revising the current oil subsidy regime for complete removal or to ensure it only targets the most vulnerable Nigerians. In addition, concerted and coordinated efforts are needed to improve the political environment and combat insecurity in order to stimulate domestic investment and attract foreign direct investment.

The government must also ensure the swift ratification and strategic implementation of the African Continental Free Trade Agreement (AfCFTA) to position Nigeria as a premier investment destination in Africa.

A strong implementation of the PIA is expected to foster significant investment in the oil and gas sector, boost economic growth and sustainable development.

Proshare Nigeria Pvt.  Ltd.

Related news

  1. President Buhari signs budget N17.13trn 2022 and worries about changes
  2. The FG publishes its national development plan 2021-2025
  3. House of Representatives pass 2022 budget
  4. Top 21 Changes to Nigeria’s Finance Bill for 2021 from 2022
  5. The president submits the 2021 finance bill to the National Assembly for examination and adoption
  6. NDP or ERGP plan: the key to success lies in the execution
  7. The FG publishes the medium-term expenditure framework and the 2022-2024 budget strategy document
  8. Another ambitious turnover target for fiscal year ’22
  9. Budget proposal 2022: increase in the budget deficit due to defense spending
  10. Budget 2022: Economic growth and sustainability budget
  11. Nigerian bond issue 4 times oversubscribed but expensive
  12. A lower deficit masked by delayed budget releases
  13. $ 4 billion eurobond: implications for currency and fiscal position
  14. Senate approves medium-term expenditure framework
  15. Nigeria raises $ 4 billion through Eurobonds; 30-year Eurobonds increased to 8.25%
  16. Aggressive fiscal policy in 2021
  17. Finding a way out of Nigeria’s high cost of debt – Ayo Teriba
  18. External borrowing plan: the presidency lists the projects, the beneficiaries
  19. Fitch assigns Nigeria’s proposed ‘B’ rating to USD bonds
  20. Nigeria returns to international capital market with Eurobond offer

Proshare Nigeria Pvt.  Ltd.

Proshare Nigeria Pvt.  Ltd.

]]>
Whitewater park proposed in West Carrollton set to boost economic growth https://watervalleychamber.info/whitewater-park-proposed-in-west-carrollton-set-to-boost-economic-growth/ Mon, 03 Jan 2022 11:39:01 +0000 https://watervalleychamber.info/whitewater-park-proposed-in-west-carrollton-set-to-boost-economic-growth/ “Our hope is that we will have amenities, like restaurants, that people can access from these docks, and that would be in the area that we plan to redevelop along Dixie Drive, just off the freeway,” La luck said. To exploreWest Carrollton creates mixed-use neighborhood to drive economic growth The project will also improve the […]]]>

“Our hope is that we will have amenities, like restaurants, that people can access from these docks, and that would be in the area that we plan to redevelop along Dixie Drive, just off the freeway,” La luck said.

To exploreWest Carrollton creates mixed-use neighborhood to drive economic growth

The project will also improve the safety of the South Montgomery Dam, including the reestablishment of a small craft dock and marina, to the benefit of those who use this segment of the river for boating, flotation and the paddle.

West Carrollton has pledged $ 1.5 million to the $ 7.5 million project and is asking that the remaining $ 6 million be solicited through the established Dayton Area Priority Development and Advocacy Committee. by the Dayton Development Coalition. The creation of the channel and the whitewater park is estimated at 5.2 million dollars, while the reduction of the risk of dams and the creation of the wharf and the marina are estimated at 1.8 million dollars and 500,000 dollars. $, respectively.

The project is the next phase of a long term plan that has taken place over the past 10+ years. West Carrollton has established a Tax Increase Funding District for the project area, which covers the 21 acres the city acquired for the project and has signed a TIF agreement with the West Carrollton School District.

Lucking said the city would like to make some sort of announcement on the project in the first quarter of this year and could see construction activity in and around Exit 47 by spring 2023.

Entities submitting letters of support for the project include the Dayton Convention & Visitors Bureau, Five Rivers Metroparks, Great Miami Riverway, Montgomery County Commission, Town of Moraine, and South Metro Regional Chamber of Commerce.

“Waterfront development is a proven catalyst for development, and this project can stimulate the reinvestment and revitalization of the City of West Carrollton’s waterfront,” said Jacquelyn Powell, President and CEO of Dayton CVB. “Funding and building this project would not only provide a convenience that would boost West Carrollton waterfront development, but it has the potential to increase tourism by attracting visitors from out of town and state to the city. the area and allows the The Greater Dayton area has the potential to host whitewater kayaking competitions and events.

To exploreLicense plate fee increase will pay for West Carrollton repaving

The improvements are part of the last steps in a multi-agency effort to rid Montgomery County of “dangerously low dams” and open rivers for paddles, according to Carrie Scarff, planning and project manager at Five Rivers Metroparks.

“The low dams north of the Great Miami River have been removed over the past five years in downtown Dayton and at Tait Station,” Scarff said. “During this time, paddling along this stretch of the Great Miami River has increased dramatically, and new outdoor recreation markets are opening up in stand-up paddleboarding and river surfing. This next step in opening up our rivers will allow paddlers to continue south through West Carrollton to Miamisburg. “

Scarff said the project offers additional amenities not found in other river improvements in the region: a course to attract regional and national competitions.

Dan Foley, Director of the Great Miami Riverway, said, “West Carrollton is in an optimal geographic location, as much if not more than any other Riverway community, to stimulate our regional outdoor recreation economy with a whitewater feature. “

“The outdoor feature will allow recreational paddlers to pass safely, which they can’t do now,” Foley said. “With the recently removed low dam north of West Carrollton at Tait Station and the impending low dam removal near the former Hutchings Station coal plant in Miamisburg, paddlers will be able to start in downtown Dayton and travel to Middletown before to see another one. contain. This will attract more people to each of these Riverway communities.

To exploreDrones at West Carrollton Police and Fire Departments
]]>
Qatar – Asean-5’s economic growth could be lower than that of the IMF in October … https://watervalleychamber.info/qatar-asean-5s-economic-growth-could-be-lower-than-that-of-the-imf-in-october/ Sat, 01 Jan 2022 19:21:34 +0000 https://watervalleychamber.info/qatar-asean-5s-economic-growth-could-be-lower-than-that-of-the-imf-in-october/ (MENAFN- Gulf Times) * The Association of Five Southeast Asian Nations (Asean-5) includes Indonesia, Malaysia, Thailand, the Philippines and Vietnam, representing the major emerging economies in Southeast Asia. The growth of the Asean-5 economies is expected to be slower than forecast by the International Monetary Fund in its October World Economic Outlook, QNB said in […]]]>

(MENAFN- Gulf Times)

* The Association of Five Southeast Asian Nations (Asean-5) includes Indonesia, Malaysia, Thailand, the Philippines and Vietnam, representing the major emerging economies in Southeast Asia.
The growth of the Asean-5 economies is expected to be slower than forecast by the International Monetary Fund in its October World Economic Outlook, QNB said in an economic commentary.
Since the start of the pandemic, the majority of countries in emerging Asia have been able to overcome its effects better than the rest of the world in 2020 thanks to effective measures of social distancing, contact tracing and border control, QNB said.
“Nonetheless, due to a slow start and the progress of the vaccination rollout, this region was more vulnerable to new viral variants in 2021,” QNB said.

After the development of effective vaccines in late 2020, the pace of vaccination was remarkably fast in advanced economies (EAs), while vaccine deployment was much slower in Asia.
This, combined with reduced monetary and fiscal room for maneuver to stimulate their economies, has created obstacles to economic growth in ASEAN-5 countries in 2021.
The Association of Five Southeast Asian Nations (Asean-5) includes Indonesia, Malaysia, Thailand, the Philippines and Vietnam, representing the major emerging economies in Southeast Asia.
The emergence of the Delta variant has caused an increase in the number of new cases of Covid-19 in Asean-5 countries. Fortunately, this forced the ASEAN-5 countries to dramatically step up their vaccination campaigns. This, combined with lockdown measures and social distancing, has reduced new cases in Asean-5 countries from a peak of 153 per million people in August to less than 40 now.
QNB’s analysis looked at three headwinds for economic growth prospects in Asean-5 countries: the emergence of the new Omicron variant, the fallout from the slowdown in China, and the lingering constraints of the Supply Chain.
First, the number of new cases is likely to increase, given the low levels of vaccination in some countries and the emergence of the new Omicron variant. Although the Asean-5 countries have made significant progress in vaccination campaigns since July 2021, the region has administered significantly fewer vaccines than the G7 countries.
Indeed, since the identification of the new Omicron variant at the end of last month, all Asean-5 countries have reintroduced stricter social distancing measures and tightened international entry requirements. Measures in Indonesia and the Philippines have been strengthened by more than in Malaysia and Thailand, possibly because they have lower immunization levels.
A resurgence of new cases would hamper economic growth in Asean-5, QNB noted. Countries may need to maintain stricter social distancing measures and / or stricter international entry requirements for longer.
“We predict that countries with low vaccination rates, like Indonesia and the Philippines, will be more vulnerable to the latest headwinds from Covid-19. “
Second, the slowdown in the Chinese economy is having an impact on the ASEAN-5 countries, as the reduction in exports to China negatively affects the region’s economy. Despite the recent easing of monetary policy, Chinese economic growth continues to slow after the withdrawal of fiscal stimulus by the Chinese authorities in late 2020 and early 2021.
The deleveraging of large real estate developers is also contributing to the economic slowdown. This translates into low demand in China for imports from ASEAN-5 countries. The exports of Malaysia and Vietnam are the hardest hit, as these two countries export more to China than their peers, relative to the size of their economies.
Malaysia’s and Vietnam’s exports to China represent 11% and 14% of GDP respectively, compared to only 3-6% in the other three ASEAN-5 countries.
Third, persistent supply constraints are a drag on the growth of the manufacturing sector, which is an important sector for ASEAN-5 countries. Long delivery times, labor shortages at factories and plant closings are contributing to persistent bottlenecks in the region.
Despite the onset of a gradual recovery in global supply chains, this disruption of Asean-5 industrial activity will act as a headwind for the economy as a whole. This, QNB said, will lead to lower investment and consumption via reduced profits and wages.
“Overall, headwinds from the likely increase in the number of new cases caused by the Omicron variant, the fallout from the Chinese economic slowdown, and persistent supply constraints are clouding the outlook for growth in countries. of Asean-5.
“As a result, we expect the growth of these economies to be slower than forecast by the International Monetary Fund in its October World Economic Outlook (2.9% in 2021 and 5.8% in 2022). ) “, noted QNB.

MENAFN01012022000067011011ID1103473058

Legal warning: MENAFN provides the information “as is” without warranty of any kind. We accept no responsibility for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this item, please contact the supplier above.

]]>
Election season, continued recovery to boost economic growth in 2022 https://watervalleychamber.info/election-season-continued-recovery-to-boost-economic-growth-in-2022/ Fri, 31 Dec 2021 13:52:43 +0000 https://watervalleychamber.info/election-season-continued-recovery-to-boost-economic-growth-in-2022/ COMING from a roller coaster ride in 2021 due to a second wave of Delta-fueled Covid-19 infections and catastrophic Typhoon Odette at the end of December, Cebu business leaders are hopeful still a better 2022 despite the risks on the horizon. “ Steven Yu, president of the Mandaue Chamber of Commerce and Industry, said the […]]]>

COMING from a roller coaster ride in 2021 due to a second wave of Delta-fueled Covid-19 infections and catastrophic Typhoon Odette at the end of December, Cebu business leaders are hopeful still a better 2022 despite the risks on the horizon. “

Steven Yu, president of the Mandaue Chamber of Commerce and Industry, said the business community expects the six to eight percent growth this year to be fueled by increased consumer spending in the country. during the May 2022 election season.

“We look to the year 2022 with a lot of hope and some uncertainty,” Yu said.

The Asian Development Bank has raised its gross domestic product (GDP) projections for 2022 to 6%, down from 5.5% previously.

AfDB Country Director Kelly Bird said the Philippine economy has shown “impressive resilience”.

He said that “public spending on infrastructure and continuing to immunize the population will help the country accelerate recovery in 2022”.

At the recent Development Budget Coordination Committee (DBCC) meeting, the country’s economic officials expressed optimism that the country’s GDP “will return to its pre-pandemic level by 2022”.

He kept the GDP targets at seven to nine percent for 2022 and six to seven percent for 2023 and 2024.

The DBCC also said inflation will hit two to four percent from 2022 to 2024.

The assumption for Dubai crude oil price per barrel, on the other hand, has been revised up to $ 60 to $ 80 per barrel from 2022 to 2024, mainly due to the optimistic outlook for oil demand then. that the world economy gradually rebounds in the medium term. .

May elections

Rey Calooy, president of the Filipino-Cebuano Business Club Inc. (FCBI), said the upcoming election fever will make businesses vibrant in 2022.

Election related businesses such as printing and advertising among others will surely thrive during the season.

The FCBI, which represents micro, small and medium-sized enterprises (MSMEs), has also based its hope for this year on the intensification of the vaccination campaign to counter the threats of Covid-19. The group expects that as the country moves closer to collective immunity, it would lead to a faster economic recovery.

Calooy also attributed the group’s optimism this year to the new set of leaders who will be elected in May.

“We will have a new elected president who will bring more hope to the business world,” he said.

According to reports, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the GDP “bump” in spending for the May 2022 national elections is estimated at 0.50%.

The previous elections contributed 1% to the total GDP.

Diokno expects this year’s elections to not be as costly as previous ones due to efforts to contain the pandemic.

But economists expect government spending, especially on infrastructure, to increase before the election spending ban.

Year that was

Cebu’s economy was on track for a somewhat rapid recovery in 2021 until Delta-fueled second wave and catastrophic Typhoon Odette clouded the province’s economic recovery.

“Our recovery from the coronavirus in terms of mobility will continue; however, the recovery from the economic losses (caused by Typhoon Odette) is certainly delayed and much more delayed, ”Yu said.

Compared to 2020, the year 2021, according to Yu, has been more difficult economically.

“This is a year of declining purchasing power, decreasing the speed of money, and quite unexpectedly high inflation, especially in the United States,” he said.

Yu also noted a shortage of some items like semiconductors, which has impacted the supply of cars and electronics, and surprisingly enough, cargo containers are also in short supply.

“Costs were increasing for businesses and the market slowed down further due to the lower financial capacity of consumers,” he said.

Calooy, on the other hand, said MSMEs’ physical activities are being outclassed by e-commerce sites or online marketplaces.

But as competition in the retail trade has become more intense, Yu said traditional brick-and-mortar businesses have adapted to the new or altered normal to stay in business. The activities of consumers and businesses had adapted better to the pandemic.

2021 was also a year when Covid-19 vaccines were rolled out and new cases of Covid-19 have declined significantly.

“Overall, the community has accepted the impact of the pandemic. They are moving forward with caution and hope, despite a still unfavorable business climate in most sectors. They are happy to be alive, and for many, they are still about to start picking up the pieces of their damaged livelihood, ”Yu said.

Opportunities

In 2022, business leaders continue to see many opportunities.

Besides the election-induced increase in consumer spending, Yu said that more foreign direct investment and election-related inflow of funds will enter the country. The return of international air travel, more mobility and lower inflation are also expected this year.

Alfred Reyes, president of the Cebu Hotels, Resorts and Restaurants Association, said the hospitality industry will see big actions from 2023 and beyond.

“The busy 2022 activities will not return until the trip is complete,” he said. But he noted that this year’s performance will determine the fate of the industry going forward.

However, it is feared that the wrath of Typhoon Odette could derail the “full recovery” of the sector as billions of tourist properties have been bulldozed whose rehabilitation could take some time.

Retailer Robert Go, on the other hand, said industry players are hopeful that retail sales experience unhindered growth in this brand new year thanks to a yo-yo performance in 2021.

“Our outlook is optimistic but cautious as Covid-19 Omicron and other variants could wreak havoc. We expect that slow investment will only be reflected with the help of election spending, ”said Go, spokesperson for the Philippine Retail Association-Cebu.

Meanwhile, urban agriculture, e-commerce, collaborative workspaces, cloud cooking, hybrid events, and agriculture, among others, will dominate businesses this year, according to Calooy.

However, they also warned of risks that could negatively impact the optimistic outlook for the year. These include the possible surfacing of a new variant of Covid-19 and other mutations; increase in interest rates; uncertainties related to the election; threat of escalation of violence / war in Taiwan, North Korea and Ukraine; the financial collapse of Chinese real estate companies; and cybersecurity issues. (KOC)

]]>
Connectivity and infrastructure are the key to economic growth https://watervalleychamber.info/connectivity-and-infrastructure-are-the-key-to-economic-growth/ Thu, 30 Dec 2021 11:17:00 +0000 https://watervalleychamber.info/connectivity-and-infrastructure-are-the-key-to-economic-growth/ Liz Cameron: Connectivity and infrastructure are key to economic growth Calendar An icon of a desk calendar. to cancel An icon depicting a circle with a diagonal line across. Caret A block arrow icon pointing right. E-mail An icon of a paper envelope. Facebook A Facebook “f” brand icon. Google A Google “G” brand icon. […]]]>




Liz Cameron: Connectivity and infrastructure are key to economic growth


































Calendar An icon of a desk calendar.

to cancel An icon depicting a circle with a diagonal line across.

Caret A block arrow icon pointing right.

E-mail An icon of a paper envelope.

Facebook A Facebook “f” brand icon.

Google A Google “G” brand icon.

Linked to An icon of the Linked In “in” brand.

Sign out An icon representing disconnection.

Profile An icon that resembles the human head and shoulders.

Phone An icon of a traditional telephone receiver.

Check A check mark icon.

is public An icon of a human eye and eyelashes.

is not public An icon depicting a human eye and eyelashes crossed by a diagonal line.

Case An icon of a paper folder.

Case An icon of a paper folder.

Breaking An icon of an exclamation mark on a circular background.

Camera An icon of a digital camera.

Caret An icon of a caret arrow.

Clock An icon of a clock face.

Close An icon shaped like an X.

Close icon An icon used to represent where to interact to collapse or close a component

Ellipse A 3 horizontal dots icon.

Envelope An icon of a paper envelope.

Facebook An icon of a facebook logo f.

Camera An icon of a digital camera.

Homepage An icon of a house.

Instagram An Instagram logo icon.

Linked to A Linked In logo icon.

Magnifying glass An icon of a magnifying glass.

Search icon A magnifying glass icon that is used to represent the search function.

Following An arrow icon pointing to the right.

Note An explanatory mark centered within a circle.

Previous An arrow icon pointing left.

Evaluation A star icon.

Label An icon of a tag.

Twitter A Twitter logo icon.

Video camera An icon of a video camera shape.

Speech bubble icon An icon displaying a speech bubble

WhatsApp A WhatsApp logo icon.


]]>
Singapore can help China’s economic growth: DPM Heng https://watervalleychamber.info/singapore-can-help-chinas-economic-growth-dpm-heng/ Mon, 27 Dec 2021 21:00:00 +0000 https://watervalleychamber.info/singapore-can-help-chinas-economic-growth-dpm-heng/ BEIJING – As China adopts a new economic strategy of developing self-reliance and relying more on domestic consumption, Singapore can play a role in this growth, said Deputy Prime Minister Heng Swee Keat. On the one hand, Singapore can help better connect the East Asian giant to Southeast Asian markets, especially with changing global trade […]]]>

BEIJING – As China adopts a new economic strategy of developing self-reliance and relying more on domestic consumption, Singapore can play a role in this growth, said Deputy Prime Minister Heng Swee Keat.

On the one hand, Singapore can help better connect the East Asian giant to Southeast Asian markets, especially with changing global trade flows and supply chains.

Heng made the remarks in an op-ed published in the Chinese-language newspaper Lianhe Zaobao on Tuesday, December 28, as he provided an update on bilateral cooperation ahead of his virtual meeting with his Chinese counterpart Han Zheng on Wednesday.

The two leaders, along with other ministers, will discuss new areas on which to work together at the annual summit of the Joint Council for Bilateral Cooperation, the highest-level cooperation forum now in its 17th year.

Heng pointed out that the intergovernmental land-sea trade corridor project – the Chongqing Connectivity Initiative – was useful in connecting China’s less developed western region with Southeast Asia.

The project, launched in 2015, not only focuses on how goods are physically moved from China to the region, but also how the process can be faster and smoother, by speeding up customs clearance, documentation and trade finance, all of which are done digitally.

As the world grappled with disruptions to the global supply chain caused by the Covid-19 pandemic, the flow of goods along the corridor in the first half of this year increased by 35% compared to the same period last year.

In the editorial, Heng also highlighted digital connectivity and sustainable development as having significant potential for collaboration.

China’s digital economy contributing to a third of its gross domestic product and Southeast Asia’s rapidly growing digital economy which could reach US $ 300 billion (S $ 407 billion) by 2025, cooperation in this area will benefit businesses on both sides, Heng said.

He cited digital commerce activities that include blockchain solutions, which could help secure cross-border transactions and lower costs for companies operating in the two countries.

Heng also stressed the urgent need to tackle climate change.

“Sustainable development is a key priority not only for Singapore and China, but for every nation,” he wrote.

]]>