Rappler's latest stories on economy
IMF predicts worst Middle East downturn in half century
The International Monetary Fund sees the Middle East and North Africa regional economy shrinking by 5.7% in 2020
Kenya wildlife reserves threatened as tourists stay away
The Kenyan tourism ministry says the sector has lost $750 million in 2020 – roughly half of the total revenue in 2019
[ANALYSIS] How ABS-CBN’s exit will hurt the PH economy
It will seem our laws and regulations can be easily weaponized against certain business interests, at the President’s whim
Coronavirus leaves Spain's interior a tourist desert
The plunge in tourism, a sector that accounts for 12% of Spain's economy, will be felt like a body blow
Without IMF bailout, is Lebanon heading for 'hell'?
A Lebanese source says an International Monetary Fund rescue would help Lebanon avoid the worst, but negotiations are stalling
Canada unemployment drops in June 2020, nearly 1 million jobs created
Canada's unemployment rate is down to 12.3% in June 2020, but this remains much higher than the 5.6% in February 2020
EU chief makes bid to break recovery fund deadlock
Finland, Sweden, Hungary, and the Netherlands all voice concerns over the European Union's proposed 750-billion-euro fund to recover from the coronavirus pandemic's economic impact
IMF warns cutting spending too soon could derail recovery
(UPDATED) The 'massive fiscal response' to the coronavirus pandemic leads to 'global public debt reaching its highest level in recorded history.' But the International Monetary Fund says the spending shouldn't be stopped too soon.
Virus-hit Afghanistan gets $200-million World Bank grant
World Bank funds will be used to help mitigate the impact of the coronavirus pandemic on Afghanistan's war-ravaged economy
Dubai counts on pent-up demand for tourism comeback
With its advanced medical facilities and infrastructure, Dubai is betting it will be an attractive option for tourists
South African manufacturing drops by half as lockdown bites
Manufacturing production in South Africa decreases by 49.4% in April 2020 compared with April 2019
Challenging Trump on economy, Biden unveils $700 billion recovery plan
Biden presents the sweeping 'Build Back Better' proposal, a contrast to Trump's 'America First' agenda, during a speech at a metal works plant in Pennsylvania
Another 1.3 million workers file for U.S. jobless benefits
The pace of layoffs in the United States continues to slow down, but the level remains far higher than any pre-pandemic week
German exports rise in May 2020 as lockdowns ease
German exports climb 9% to 80.3 billion euros ($91 billion) in May 2020, a month after suffering their biggest plunge since records began
Sri Lanka slashes key interest rates to aid virus-hit economy
(UPDATED) The Central Bank of Sri Lanka says it wants to 'aggressively enhance lending to productive sectors of the economy,' which would boost support for businesses hit by the coronavirus
China's factory gate deflation eases as economy recovers
China is working to bounce back from a historic economic contraction in the 1st quarter of 2020, but it faces a threat from weakening global demand
Virus crisis sends Canada deficit soaring to all-time high
The Canadian government's debt is seen to surge from $765 billion in March 2020 to $1.236 trillion by March 2021
Venezuela's year-on-year inflation down to 3,500%
An opposition legislator says Venezuela's economic crisis could worsen with the depreciation of the bolivar
Merkel calls for swift agreement on EU virus package
'Our common objective is to find a quick agreement as time is running out due to the economic crisis. We must not waste time. The poorest are paying the price,' says German Chancellor Angela Merkel
Britain focuses on youth in $37-billion virus package
The UK government pledges £1,000 for firms to take on trainees, and £2 billion to subsidize placements for 16- to 24-year-olds from lower-income families
Quick economic rebound possible for France – stats office
France's statistics office INSEE issues a more optimistic forecast for the country's economy in 2020
Argentina formalizes new debt offer to creditors
Creditors have until an August 4 deadline set by Argentina to agree to the restructure plan – an exchange offer to bondholders under foreign law
EU sees eurozone economy crashing 8.7% in 2020
'The economic impact of the lockdown is more severe than we initially expected,' says European Commission Vice President Valdis Dombrovskis
German industrial output shows modest recovery in May 2020
Despite the 7.8% increase in Germany's industrial output, the figure falls short of the 10% rise predicted by analysts
Malaysia slashes rates to record low to fight virus impact
Bank Negara Malaysia cuts its key rate by 25 basis points to 1.75%, its 4th straight reduction
Dubai reopens doors to tourists after long shutdown
(UPDATED) The Gulf emirate of Dubai again welcomes foreign visitors, as it seeks to boost its ailing economy
Finns turn to berry-picking as coronavirus job losses bite
Seasonal workers handling Finland's berry harvests usually come from abroad, but the coronavirus pandemic prompts farmers to seek help from locals
In Duterte's 4th year, COVID-19 causes highest unemployment on record
The last quarter of 2019 saw the lowest unemployment and underemployment rates in 14 years. But the pandemic brought unemployment to unprecedented levels.
Relaxed coronavirus rules push inflation up to 2.5% in June 2020
(UPDATED) As the economy reopens with limited transportation options and physical distancing rules in place, tricycle fares soar in June
U.S. services sector returned to growth in June 2020 – survey
The Institute for Supply Management's non-manufacturing index rises to 57.1% in June, well above expectations
PCC raises alarm over proposed state-backed ARISE Inc
ARISE Inc would save distressed businesses by infusing them with equity and exempting them from procurement and competition laws. But this may lead to abuses, warns the Philippine Competition Commission.
Spain to create 10-billion-euro fund for firms in trouble
Companies benefiting will be those seen as of strategic importance working in sectors such as security, health, infrastructure, and communications
Virus hands Japan pension fund worst loss since 2008 crisis
Japan's Government Pension Investment Fund records losses amounting to 8.28 trillion yen ($77 billion) for the fiscal year that ended in March 2020
Trump cheers U.S. jobs surge in June 2020 despite rising virus count
(UPDATED) The United States' unemployment rate drops to 11.1% in June 2020, but economists fear the spike in coronavirus cases could hurt recovery
Top Lebanon retailers on strike as currency plummets
Some popular stores in Lebanon temporarily halt sales as the Lebanese pound reaches more than 9,000 to the dollar on the black market
Canada trade deficit shrinks as exports rebound
Exports jump 6.7% to $34.6 billion, as 8 of Canada's 11 export sectors bounce back in May 2020
U.S. trade deficit widens as virus hits exports
United States exports are down 4.4% to $144.5 billion, while imports fall 0.9% to $199.1 billion in May 2020
India opens vast railway network to private players
The Indian government invites firms to bid as it plans to allow them to run trains along 109 routes
[ANALYSIS] Return to a bleak, not better normal
'Alas, with the Rappler cases and ABS-CBN shutdown, made emphatic with the passage of a draconian anti-terror law amid still rising COVID-19 cases, the Duterte administration’s bait for investors is laced with poison'
Nasdaq ends at fresh records as European bourses retreat
The Nasdaq rises 1% on Wednesday, July 1, even as the United States confronts a worsening coronavirus outbreak in much of the country
U.S. private hiring, manufacturing recover in June 2020 after virus plunge
Data from payroll services firm ADP show private firms in the United States hired 2.4 million workers, while the Institute for Supply Management's manufacturing index jumps to 52.6%
Iraq oil exports sink to comply with OPEC cuts
Iraq drops its oil exports to 84 million barrels in June 2020, its lowest monthly sales in several years
Coronavirus turns Chile's middle classes into new poor
With high levels of debt and no state support, a significant number of the middle class in Chile are left in a vulnerable situation
Japan business confidence worst since 2009 crisis
The Bank of Japan's Tankan survey in June 2020 shows a reading of -34 among big manufacturers, the lowest since June 2009
German unemployment inches up in June 2020
Germany's labor market 'remains under pressure due to the coronavirus pandemic' but the government's shorter hours scheme 'stabilized' employment
Officials cheer signs of U.S. rebound; ponder more aid
'We have entered an important new phase and have done so sooner than expected,' says US Federal Reserve Chair Jerome Powell, but he adds the economy cannot fully recover unless COVID-19 is kept in check
Goldman Sachs: Requiring masks could save U.S. economic recovery
Goldman Sachs says a national mask mandate could 'partially substitute' for renewed lockdowns that would otherwise subtract nearly 5% from US growth
Saudi triples VAT in unpopular virus-led austerity push
Retailers in Saudi Arabia report a sharp uptick in sales this week of everything from gold and electronics to cars and building materials, as shoppers sought to stock up before VAT is raised to 15%
South Africa economy contracts 2% in Q1 2020
Mining and manufacturing are the biggest drags on South Africa's overall economic activity in the 1st quarter of 2020
Japan pandemic jobless data mask woe for millions – experts
Analysts point out Japan's low unemployment rate does not account for millions who gave up their job during the pandemic and are not counted as jobseekers
