New Delhi, May 21 (IANS) Germany risks repeating the United States’ early‑2000s deindustrialisation if it continues to admire China’s export success, a report has said and warned Europe’s largest economy about a sharp rise in bilateral trade imbalances and targeted Chinese industrial policies.“Germany remains hesitant, even as China has already eaten much of German industry’s lunch and is preparing to start on dinner,” the Brussels-based think tank Centre for European Reform (CER) sa…
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New Delhi, May 19 (IANS) India is steadily improving in terms of industrial depth to become a global superpower, a report has said.”The challenge before India is to become a more technologically capable, industrially mature and structurally resilient one. It will have to enhance its ability to manufacture precision and high-end industrial machinery that can produce other machines, the report from India Narrative said.It further highlighted that it has a long way to go in developing dense, vertic…
New Delhi, May 19 (IANS) Field Marshal Asim Munir is in complete control of Pakistan. The country may be ruled by a democratic government, but the fact is that the Pakistan Army under Munir is in complete control. However, even as Prime Minister Shehbaz Sharif and Asim Munir put up a united front, in reality there are tensions brewing over massive military spending.For the outside world, it appears as though everything is hunky-dory between the government and the Pakistan Army.While to a certain…
Colombo, May 16 (IANS) The Pakistani government’s pompous display of diplomatic prowess may help secure quick last-minute loans, but is unlikely to remain sustainable in the long run.Unless the leaders commit to austerity measures, curb wasteful spending, and focus on addressing structural issues through reforms, the economy risks becoming all “noise and no substance”, a report said on Saturday.”Many things are not alright with Pakistan’s economy: the deepening foreign exchange crisis, p…
New Delhi, May 16 (IANS) Pakistan’s latest GDP data points to a fragile and uneven recovery, with the economy growing 3.7 per cent in the current fiscal year, below the government’s 4 per cent target and marginally under the nation’s State Bank projection range, a report has said.The report published in Dawn highlighted that the growth underscores the country’s continued struggle to break out of a prolonged low-growth trap shaped by structural weaknesses, external financing pressures and r…
Washington, May 8 (IANS) A bipartisan group of US senators has reintroduced a resolution backing the US dollar’s status as the world’s reserve currency, warning that China is accelerating efforts to build an alternative global financial system centred around the yuan.The resolution, introduced by Ted Budd and Jeanne Shaheen, says Beijing’s push to internationalise the yuan poses economic and national security risks to the United States and its allies.“Continued cooperation and sustained …
New Delhi, May 7 (IANS) Pakistan could face an economic shock of up to $68 billion if the conflict in the Middle East persists and the Strait of Hormuz remains closed for an extended period, according to a presentation by the Policy Research Institute of Market Economy (PRIME) to the National Assembly Standing Committee on Finance.The report cited by Business Recorder outlined three possible scenarios to assess the economic fallout of the war on Pakistan.In the first scenario, where hostilities …
New Delhi, May 5 (IANS) Pakistan is perhaps the only country in the world where individual debt has become the nation’s burden as those who borrow do not pay back and loan write-offs are common together with defaults, according to a new report.Then there are kickback projects which are built on borrowed money with no framework for payback. IMF has recently observed that there is no check on government spending, says the report in Business Recorder. “There is no parliamentary oversight or deb…
New Delhi, May 5 (IANS) The conflict between the United States and Iran has triggered a severe energy price shock through Pakistan’s economy which is in dire straits with rising inflation, dwindling foreign exchange reserves and a fast depreciating currency.According to an article in India Narrative, this is not merely a transient shock for Pakistan, one of South Asia’s most fragile states, but a structural blow to the economy. It points out that Pakistan is the “primary casualty” in the…
Seoul, May 3 (IANS) South Korean Finance Minister Koo Yun-cheol on Sunday called for strengthening regional cooperation in responding to growing external economic uncertainty from the US-Israeli war against Iran, the country’s Finance Ministry said.Koo made the call during the 29th meeting of ASEAN+3 Finance Ministers and Central bank governors held on Sunday in Samarkand, Uzbekistan, according to the Ministry.ASEAN+3 involves member states of the Association of Southeast Asian Nations (ASEAN) a…