economics - updates

Rappler's latest stories on economics


IMF predicts worst Middle East downturn in half century

Jul 13, 2020 - 8:50 PM

The International Monetary Fund sees the Middle East and North Africa regional economy shrinking by 5.7% in 2020

Cars drive down King Fahad boulevard after the authorities eased some of the lockdown measures that had been imposed in a bid to slow down the spead of the novel coronavirus, in the Saudi capital Riyadh on June 21, 2020. (Photo by FAYEZ NURELDINE / AFP)

Without IMF bailout, is Lebanon heading for 'hell'?

Jul 11, 2020 - 9:00 AM

A Lebanese source says an International Monetary Fund rescue would help Lebanon avoid the worst, but negotiations are stalling

Lebanese anti-government protesters take part in a symbolic funeral for the country in the downtown area of the capital Beirut, on June 13, 2020, on the third consecutive day of demonstrations due to a deepening economic crisis. (Photo by ANWAR AMRO / AFP)

Quick economic rebound possible for France – stats office

Jul 08, 2020 - 7:15 PM

France's statistics office INSEE issues a more optimistic forecast for the country's economy in 2020

SAFER. People ride their bicycles on Champs Elysees Avenue in Paris, France on May 11, 2020. Photo by Bertrand Guay/AFP

Pandemic may push 50 million Africans into extreme poverty – AfDB

Jul 08, 2020 - 12:00 PM

The African Development Bank says Nigeria, the continent's most populous country, would see the greatest rise in poverty

People queue to collect food parcels distributed to cushion the effect of lockdown in the Ikorodu district of Lagos, on April 30, 2020. - President Muhammadu Buhari on Monday ordered a "phased and gradual easing" from next week of a lockdown covering Africa's biggest city, neighbouring Ogun state and the national capital Abuja (Photo by PIUS UTOMI EKPEI / AFP)

PEZA to investors: Please don't leave Philippines

Jul 07, 2020 - 4:20 PM

The Philippine Economic Zone Authority worries that export companies may close shop in the country and just focus on operations somewhere else

Deadlock? Gov't rejects revisions to NAIA rehab

Jul 07, 2020 - 12:30 PM

The NAIA Consortium says it can only move forward with the project 'under revised conditions' due to the coronavirus pandemic

NAIA REHAB. Passengers queue up outside as they wait for their flights out of the country at Manila's international airport on March 19, 2020, after the government imposed an enhanced community quarantine against the COVID-19 coronavirus outbreak. AFP file photo

South Africa economy contracts 2% in Q1 2020

Jun 30, 2020 - 9:00 PM

Mining and manufacturing are the biggest drags on South Africa's overall economic activity in the 1st quarter of 2020

KEY INDUSTRY. This aerial view shows the Sibanye-Stillwater platinum mine in Marikana, near Rustenburg, South Africa, on May 15, 2020. Photo by Michele Spatari/AFP

UK economy suffers worst quarterly slump since 1979

Jun 30, 2020 - 6:55 PM

The British government revises the gross domestic product contraction in the 1st quarter of 2020 to 2.2%, from the initial 2%

People enjoy the warm weather and sunshine on the southern bank of the River Thames in London on June 25, 2020. - Just days after lockdown ended and European travel restrictions were lifted, many were staying home in the cool as a heatwave hit the continent with temperatures touching 40 degrees Celcius. Britain was bracing for a flood of visitors to its beaches with the heatwave expected to last until Friday and temperatures set to climb into the mid-30s in the south and centre of the country. (Photo by Niklas HALLE'N / AFP)

New Zealand to host APEC 2021 as cyber-summit

Jun 30, 2020 - 3:19 PM

'We simply can't guarantee what will be possible by the end of next year... we need to provide certainty, as a host, about how we'll operate and that's what we've done,' New Zealand Prime Minister Jacinda Ardern says

JACINDA ARDERN. In this file photo taken on April 20, 2020 New Zealand Prime Minister Jacinda Ardern speaks at a post-Cabinet media conference at Parliament House in Wellington. File photo by Mark Mitchell/AFP

IMF warns pandemic set to undo decade of progress in Africa

Jun 30, 2020 - 12:05 PM

The International Monetary Fund sees the economy of sub-Saharan Africa contracting by 3.2% in 2020

Sparse visitors walk on a warm winter day at the marina of the V&A Waterfront in Cape Town, on June 15, 2020. - Usually busy throughout the year and bustling with patrons and tourists both local and international, the eateries and restaurants of this prime shopping centre have been hit hard by the lockdown and are currently closed. (Photo by MARCO LONGARI / AFP)

Argentina economy tanks in April 2020 as virus bites

Jun 30, 2020 - 10:00 AM

Argentina's gross domestic product falls by over 26% in April 2020, with construction the worst-hit industry

A woman walks past a closed pizza restaurant which facade remains covered with papers of claims from the former employees, in Buenos Aires, on June 17, 2020, amid the new coronavirus pandemic. - After two years of economic recession and three months of compulsory confinement due to the COVID-19 pandemic, several stores and restaurants in Buenos Aires are auctioning their furniture and implements, convinced they will not be able to reopen. (Photo by RONALDO SCHEMIDT / AFP)

Vietnam economy unexpectedly expands, bucking global plunge

Jun 29, 2020 - 9:35 PM

Vietnam's gross domestic product rises by 0.36% in the 2nd quarter of 2020, the lowest growth since 1991 but still better than expected

(FILES) In this file photo taken on June 18, 2020 a vegetable vendor sorts limes while waiting for customers at her shop in Hanoi. - Vietnam's economy unexpectedly expanded in the second quarter, shrugging off a coronavirus pandemic-caused global downturn, but was still the country's slowest growth in nearly three decades. (Photo by Manan VATSYAYANA / AFP)

Bangko Sentral sees sharper GDP contraction in Q2 2020

Jun 27, 2020 - 2:32 PM

Bangko Sentral ng Pilipinas Governor Benjamin Diokno says the country's gross domestic product is seen to contract by 5.7% to 6.7% in the second quarter due to the adverse impact of the coronavirus pandemic

STANDSTILL. An almost lifeless Araneta Center in Cubao, Quezon City, hours after the government enforced the Luzon-wide lockdown on March 17, 2020. Photo by Lisa Marie David/Rappler

Tunisia premier says virus-hit economy to contract 6% in 2020

Jun 26, 2020 - 12:30 AM

'All state enterprises are in bankruptcy,' Tunisian Prime Minister Elyes Fakhfakh tells parliament

TOURISM PLUNGE. Tunisians spend time at the beach in La Marsa, on the outskirts of the capital Tunis on May 16, 2020, amid the COVID-19 pandemic. Photo by Fethi Belaid/AFP

South Africa says economy to shrink 7.2%, deepest slump in 90 years

Jun 25, 2020 - 9:50 AM

The South African economy could suffer its worst contraction in 90 years due to the coronavirus pandemic

(FILES) This file photograph taken on November 2, 2018, shows a general view of the Central Business District of Johannesburg. - South Africa's economy is projected to shrink to a record 90-year low of 7.2 percent due to the fallout from the coronavirus pandemic, the finance minister said June 24, 2020. Presenting a supplementary budget in parliament, Tito Mboweni said the continent most developed economy "is now expected to contract by 7.2 per cent in 2020," adding: "This is the largest contraction in nearly 90 years." (Photo by Guillem Sartorio / AFP)

IMF sharply cuts Saudi forecast as oil, virus hit economy

Jun 24, 2020 - 10:45 PM

The International Monetary Fund predicts Saudi Arabia's economy will contract by 6.8% in 2020

A picture taken on March 23, 2020, shows the empty King Fahd road in the Saudi capital Riyadh after authorities imposed a curfew for 21 days to curb the spread of the COVID-19 coronavirus pandemic. (Photo by FAYEZ NURELDINE / AFP)

Amid grim outlook, IMF says things could get better, or worse

Jun 24, 2020 - 10:20 PM

(UPDATED) The International Monetary Fund acknowledges the high levels of uncertainty as the coronavirus pandemic ravages the global economy

Children sell facemasks on a street after the government eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Rawalpindi on May 16, 2020. (Photo by Farooq NAEEM / AFP)

Coronavirus sinks global economy in 2020, collapsing GDP 4.9% – IMF

Jun 24, 2020 - 10:00 PM

(UPDATED) The International Monetary Fund estimates the coronavirus crisis will destroy $12 trillion over two years, leaving lasting scars on employment, businesses, and trade

An employee clears a tray at a food court in The Shoppes at Marina Bay Sands shopping mall in Singapore on June 19, 2020 as retail shops reopen in Singapore following the further easing of restrictions that were in place due to the COVID-19 novel coronavirus. (Photo by Roslan RAHMAN / AFP)

Switzerland facing 6% contraction in 2020 – central bank

Jun 18, 2020 - 11:15 PM

The Swiss National Bank predicts Switzerland's economy would suffer its 'strongest decline since the oil crisis in the 1970s'

VIRUS CRISIS. A man wearing a mask is seen in front of the Swiss House of Parliament on March 13, 2020. Photo by Fabrice Coffrini/AFP

Sweden sees first 'positive signals' for virus-hit economy

Jun 18, 2020 - 10:45 PM

The Swedish government now expects the economy to shrink by 6% in 2020, instead of by around 7% as earlier projected

People sit in a restaurant in Stockholm on May 29, 2020, amid the coronavirus COVID-19 pandemic. - Sweden's two biggest opposition parties called Friday for an independent commission to be appointed within weeks to probe the country's response to the new coronavirus. (Photo by Jonathan NACKSTRAND / AFP)

New Zealand takes biggest economic hit in 29 years

Jun 18, 2020 - 8:50 PM

New Zealand's gross domestic product shrinks 1.6% in the 1st quarter of 2020, the biggest fall since early 1991

BACK IN BUSINESS. A bartender works at the bar on the first day of reopening after establishments were shut for two months due to the coronavirus outbreak in Wellington, New Zealand, on May 21, 2020. Photo by Marty Melville/AFP

Chile central bank predicts worst GDP fall in 35 years

Jun 18, 2020 - 12:35 AM

The Central Bank of Chile predicts the country's gross domestic product would shrink by 5.5% to 7.5% in 2020

Aerial view of the 400m-high Costanera Center Tower, considered to be the highest in Latin America, and one of the main tourist spots in Santiago now closed due to the COVID-19 coronavirus outbreak in Santiago, on June 12, 2020. - Chile registered the worst daily figures so far in the current coronavirus pandemic on Friday, with 6,754 new infections in the last 24 hours and 222 more deaths, totaling up to now 2,870 fatalities, local authorities reported. (Photo by MARTIN BERNETTI / AFP)

Virus-hit Peru GDP plummets 40% in April 2020

Jun 16, 2020 - 8:45 AM

Mining production falls sharply in Peru, one of the world's largest producers of copper, gold, and silver

People queue outside a bank to collect government aid bonuses, in the Amazon city of Iquitos, in the Peruvian Loreto region, on June 15, 2020, amid the COVID-19 coronavirus pandemic. - Peru's GDP registered a historical fall of 40.49% year-on-year in April due to the semi-paralysis of its economy caused by the drastic confinement imposed by the coronavirus pandemic, the government reported on Monday. (Photo by Cesar Von BANCELS / AFP)

UK economy shrinks a fifth on virus lockdown

Jun 12, 2020 - 6:45 PM

Britain's gross domestic product nosedives by a record 20.4% in April 2020

(FILES) In this file photo taken on March 19, 2020 A pedestrian walks along an empty street outside York Minister in the centre of York, northern England, as the novel coronavirus pandemic continues. The UK government said on June 7,2020, it will reopen places of worship "for private individual prayer" on June 15 as it continues to progressively ease coronavirus restrictions. Prime Minister Boris Johnson's office said services and worship groups will still be banned for the time being due to concern that the virus spreads more quickly in enclosed spaces. OLI SCARFF / AFP

Virus cuts G20 GDP by record 3.4% in 1st quarter – OECD

Jun 11, 2020 - 8:00 PM

The steepest declines come in China, France, and Italy, which were among the first countries to impose drastic lockdowns against the coronavirus

This aerial photo taken on March 10, 2020 shows an empty street in Wuhan in China's central Hubei province. - China said on March 10 the epicentre of the new coronavirus outbreak Hubei would relax travel restrictions to allow healthy people to move within the hard-hit province. (Photo by STR / AFP) / China OUT

Virus to slice at least 6% off world economy – OECD

Jun 10, 2020 - 11:45 PM

The Organisation for Economic Co-operation and Development says the global economy could shrink by as much as 7.6% if a second wave of contagion happens later in the year

CORONAVIRUS TESTING. Sample testing devices are checked on a production line as they are prepared to be included in testing kits for shipment at SD Biosensor near Cheongju, South Korea, on March 27, 2020. Photo by Ed Jones/AFP

Pandemic drives broadest economic collapse in 150 years – World Bank

Jun 08, 2020 - 11:25 PM

(3rd UPDATE) The World Bank sees the global economy shrinking by 5.2% in 2020, with the coronavirus pandemic to drive up to 100 million people into extreme poverty

Robert King Geiser, 35 years-old, after 2 years living on the street, stands outside his tent next to the 110 Freeway, during the novel Coronavirus, COVID-19, pandemic in Los Angeles California on May 25, 2020. - On May 22, 2020 a federal judge issued a preliminary order requiring that homeless people living under Los Angeles freeway overpasses and underpasses, be relocated for health and safety reasons. (Photo by Apu GOMES / AFP)

Japan economy better than feared but still in recession

Jun 08, 2020 - 8:05 PM

Japan's gross domestic product contraction in the 1st quarter of 2020 is revised from 0.9% to 0.6%

People walk across Shibuya crossing in Tokyo on June 8, 2020. (Photo by CHARLY TRIBALLEAU / AFP)

P1.3-trillion economic stimulus vs coronavirus 'not fundable,' says NEDA

Jun 05, 2020 - 4:50 PM

Economic managers say the government can only afford P130 billion for spending programs. Lawmaker Stella Quimbo says that is 'a pitiful response to the biggest economic catastrophe since the World War.'

FUNDING. Acting NEDA Secretary Karl Kendrick Chua. Photo by Angie de Silva/Rappler

House passes P1.5-trillion infra stimulus package to curb unemployment

Jun 05, 2020 - 1:38 PM

Under House Bill No. 6920, the government can tap into the fund for 3 fiscal years upon enactment. If passed this year, the funds will be valid until the end of the Duterte administration in 2022.

CONSTRUCTION IN A PANDEMIC. A worker carries mattresses during the construction of the back-up Barangay Isolation Center for coronavirus patients in Cebu City on May 27, 2020. Photo by Gelo Litonjua/Rappler

Switzerland economy shrinks 2.6% in Q1 2020

Jun 03, 2020 - 10:35 PM

The Swiss service sector is particularly affected by business closures and restrictions in the 1st quarter of 2020

This photograph taken on March 18, 2020, shows pedestrians as they walk in the near empty streets of the Alpine resort of Zermatt, near The Matterhorn Mountain, amid the spread of the COVID-19 caused by the novel coronavirus. - The Swiss government on March 16, 2020, declared a state of emergency lasting until April 19 in a bid to combat the coronavirus pandemic. All shops, restaurants, bars, entertainment and leisure facilities had to shut down, with the exception of grocery stores, pharmacies and health facilities. (Photo by VALENTIN FLAURAUD / AFP)

Australia heading for recession after economy contracts

Jun 03, 2020 - 8:55 PM

Australia's gross domestic product shrinks 0.3% in January-March 2020. It is now on track to enter its first recession since 1991.

AUSTRALIA ECONOMY. People queue outside a benefits payment center in Sydney on March 23, 2020. Photo by Peter Parks/AFP

House OKs on 2nd reading P1.5-trillion infra spending bill vs pandemic

Jun 03, 2020 - 12:43 AM

The bill is designed to complement the Balik Probinsya program to help address unemployment caused by the coronavirus crisis

COVID-19 RESPONSE. Construction workers build a back-up Barangay Isolation Center (BIC) in Cebu City on May 27, 2020, that can house 320 asymptomatic COVID-19 patients Photo by Gelo Litonjua/Rappler

Thailand approves $9-billion airport project by Bangkok's skytrain operator

Jun 02, 2020 - 10:55 PM

BTS Group Holdings, which operates Bangkok's skytrain, leads a consortium of companies approved to develop the Eastern Airport City project

Passengers check in to an AirAsia flight at U-Tapao Airport in Rayong on February 4, 2020, where Thais nationals who had been evacuated from Wuhan, the epicentre of the novel coronavirus outbreak, are expected to arrive. (Photo by Lillian SUWANRUMPHA / AFP)

Canada's economy shrinks 8.2% in Q1 2020

May 30, 2020 - 6:30 AM

The drop in Canada's gross domestic product in the 1st quarter of 2020 is the sharpest since the 1st quarter of 2009

NO CUSTOMERS. The restaurant at the Constantin Gregoire sugar shack is seen empty in Saint-Esprit, Quebec, Canada, on March 31, 2020. Photo by Benedicte Brocard/AFP

India quarterly growth worst in 2 decades as lockdown bites

May 29, 2020 - 11:15 PM

India, Asia's 3rd largest economy, expands by just 3.1% in January-March 2020

DISINFECTION. A health worker sprays disinfectant on a fruit cart as it comes out of a market during a government-imposed nationwide lockdown in Chennai, India, on March 27, 2020. Photo by Arun Sankar/AFP

Brazil GDP shrinks 1.5% in Q1 2020 due to pandemic

May 29, 2020 - 11:00 PM

The 1st quarter drop in Brazil's gross domestic product only reflects the early effects of the coronavirus crisis, with 2nd quarter numbers expected to be much worse

SHOPS CLOSED. An empty popular shopping street in downtown Sao Paulo, Brazil, on March 24, 2020. Photo by Nelson Almeida/AFP

House panel OKs P1.5-trillion infra spending bill to curb unemployment

May 28, 2020 - 12:40 PM

The bill is designed to provide jobs to Filipinos affected by the lockdown imposed due to COVID-19

UNDER CONSTRUCTION. Workers rush to finish the COVID-19 quarantine facility at the Philippine International Convention Center in Pasay City on April 7, 2020. File photo by Alecs Ongcal/Rappler

House stimulus package eyes P20-B fund to test Filipino workers

May 26, 2020 - 8:42 PM

If passed into law, the proposed Philippine Economic Stimulus Act would finance the COVID-19 rapid tests of Filipino laborers in 2020 and 2021

RAPID TESTING. A health worker gets a blood sample from a resident in Sta. Rosa City, Laguna for a rapid test for COVID-19 on May 21, 2020. Photo by ary Grace dela Cerna/Rappler

Russian economy seen to shrink 9.5% in Q2 2020

May 22, 2020 - 9:00 AM

After sluggish growth in the 1st quarter of 2020, Russia expects its 2nd quarter gross domestic product to plummet as coronavirus restrictions bite

A woman walks on a deserted street past the Vysoko-Petrovsky Monastery in downtown Moscow on April 16, 2020, during a strict lockdown in Russia to stop the spread of the COVID-19 coronavirus. (Photo by Dimitar DILKOFF / AFP)

Latin America jobless to increase by 11.5 million due to virus – U.N.

May 22, 2020 - 8:30 AM

The United Nations also expects Latin America's economy to shrink by an estimated 5.3% in 2020 – the worst fall since 1930

A funeral worker wearing protective clothing as a preventive measure against the novel coronavirus, COVID-19, walks through Caju cemetary in Rio de Janeiro, Brazil, on May 9, 2020. - The novel coronavirus has killed at least 276,435 people worldwide since the outbreak first emerged in China last December, according to a tally from official sources compiled by AFP at 1900 GMT on Saturday. (Photo by Carl DE SOUZA / AFP)

Lebanon PM pledges to stem devaluation, reduce food prices

May 21, 2020 - 10:10 PM

The devaluation of the Lebanese pound leads to major hikes in the price of food, much of which is imported

ECONOMIC CRISIS. An anti-government protester stands on top of a car during a demonstration in the Lebanese capital Beirut on April 22, 2020. Photo by Anwar Amro/AFP

Russia Q1 2020 economic growth slows to 1.6%

May 20, 2020 - 12:45 AM

This is lower than the Russian economy ministry's forecast of 1.8%. But the 2nd quarter figure is expected to be much worse as the full impact of the coronavirus lockdown is felt.

STOCKING UP. A woman stands by partially empty shelves at a local supermarket in Moscow, Russia, on March 17, 2020. Photo by Natalia Kolesnikova/AFP

Companies fear protracted slump – World Economic Forum

May 19, 2020 - 4:35 PM

(UPDATED) Company risk managers surveyed by the World Economic Forum fear an extended downturn and bankruptcies as a result of the coronavirus pandemic

LOCKDOWN. A woman crosses a road in front of closed shops on the outskirts of Moscow, Russia, on April 11, 2020. Photo by Kirill Kudryavtsev/AFP

Lebanon central bank official charged in currency probe

May 18, 2020 - 10:30 PM

Mazen Hamdane is accused of manipulating the Lebanese pound and 'breaching [its] stability through directly buying dollars from money changers'

Barbed wire is placed in front of the central bank headquarters in Beirut to keep protesters away from the building, on December 30, 2019. - Since September, banks have restricted the number of dollars that can be withdrawn or transferred abroad. Although no formal policy is in place, most have arbitrarily capped withdrawals at around $1,000 a month, while others have imposed tighter restrictions. (Photo by ANWAR AMRO / AFP)

[ANALYSIS] The race to build a new socio-economic system

May 18, 2020 - 8:00 PM

Who will ride the tiger? Only the Left and the Right are serious contenders in this race to replace a dying neoliberalism.

Thailand's economy contracts for first time since 2014

May 18, 2020 - 5:00 PM

Thailand suffers a 1.8% contraction in gross domestic product in the 1st quarter of 2020

THAI TOURISM HIT. An aerial photo shows unused tourist buses parked on a lot near Suvarnabhumi Airport in Bangkok on March 8, 2020. Photo by Mladen Antonov/AFP

Japan slides into recession – with forecasts of worse to come

May 18, 2020 - 12:00 PM

Japan, the world's 3rd largest economy, contracts by 0.9% in the 1st quarter of 2020

JAPAN ECONOMY. People walk along a shopping precinct in Tokyo's Ueno district on March 21, 2020. Photo by Charly Triballeau/AFP

Rappler+ Webinar: Cushioning the coronavirus impact

May 17, 2020 - 5:21 PM

Happening Thursday, May 21, 10 am

Virus pushes Germany into recession

May 15, 2020 - 10:20 PM

The German economy shrinks by 2.2% in January-March 2020, the worst quarter-on-quarter decline since the global financial crisis in 2009

People look at the tables of the reopened Cafe Prag in Schwerin, northeastern Germany on May 9, 2020 amid the ongoing Covid-19, coronavirus pandemic. - The traditional cafe and restaurant welcomed sit in customers after two months of closure as restaurants in the state of Mecklenburg Western Pomerania were allowed to reopen under strict hygiene conditions Saturday, May 9, that saw a trickle of returning customers as the north eastern state and Germany are easing corona virus restrictions. (Photo by Odd ANDERSEN / AFP)