In a bid to boost tourism, Sri Lanka’s cabinet has reduced the cost of a single-entry tourist visa to $50. The decision aims to make travel to the island nation more accessible and appealing to international tourists. The move comes after a previous increase to $100 and amidst signs of recovery and progress in the tourism sector.
According to preliminary estimates from the Reserve Bank of India (RBI), India has witnessed a remarkable increase in employment opportunities, with an estimated 30 million new jobs created in the financial year 2022-23. This significant growth, primarily attributed to the low job base during the pandemic years, has pushed the total number of employed individuals to 580 million. The data, derived from the Periodic Labour Force Survey (PLFS), forms part of the RBI’s KLEMS database, which offers insights into key production inputs like capital, labor, energy, materials, and services. The KLEMS data, which is expected to be released in the coming months, is crucial for developing informed economic policies. It provides granular information on the inputs used in production processes and the output generated by the economy, while PLFS data provides valuable insights into the size and composition of the labor force, employment trends across various sectors and demographic groups, and unemployment rates.
Hong Kong’s tourism industry is facing significant hurdles in its post-COVID-19 recovery, as neighboring regions have outpaced its recovery and the city sees a net outflow of travelers. This trend could hinder the city’s economic growth as local businesses, particularly in retail and hospitality, rely heavily on tourism revenue. The Tourism Board has reported a sharp decline in visitor arrivals, particularly from mainland China, which has shifted to alternative destinations with lower costs and a wider range of activities.
India’s exports of gems and jewellery, a major category in its export basket, have fallen to their lowest levels in three years, ending FY24 with a significant decline. According to data from the commerce ministry’s Niryat portal, gems and jewellery exports totaled $32.71 billion in FY24, down from $37.96 billion in FY23 and $38.94 billion in FY22. The pandemic had a significant impact on the industry, leading to a sharp drop in exports. However, the sector showed signs of recovery in FY21, with exports reaching $26.02 billion. Despite setting an ambitious export target of $40 billion for FY24, the industry faced challenges due to a downturn in key markets like China and the US. While rising inflation and interest rates have contributed to the decline, there are expectations of improvement in FY25 as the global economy is anticipated to perform better.
The Federal Reserve’s recently released money supply data reveals a significant decline in M2 since its peak in April 2022. This decline, coupled with a recovering economy and higher interest rates, has absorbed the excess growth in M2. The resulting decrease in inflation is expected to continue as money demand normalizes. The charts presented in this article provide a visual representation of the historical growth of M2, currency in circulation, and money demand.
– The Baron Emerging Markets Fund underperformed its benchmark during the first quarter of 2024.
– The fund’s performance aligns with the firm’s prediction of a shift in relative performance toward emerging markets (EM) and international equities.
– Certain sectors and themes contributed positively to the fund’s performance, such as Materials and Communication Services.
– Country allocations had a mixed impact, with strength in Brazil and Taiwan being offset by challenges in China.
– The fund managers remain optimistic about the long-term prospects of EM equities and see opportunities in markets like India and Korea.
Consumer confidence in Germany has risen for the third straight month, reaching its highest level in two years. The increase, driven by rising wages and declining inflation, has led to increased purchasing power for German households. However, consumer spending remains below pre-pandemic levels due to lingering concerns about inflation and the energy crisis.
A staff report recommends the return of free on-street parking in London’s core area for economic recovery. The proposed program would offer a free 1-hour on-street parking program for the core area and a free 1-hour parking pilot program for two Old East Village lots until the end of 2024. The initiative, funded from the Economic Development Reserve Fund, aims to support businesses and improve parking plans in the core.
Following a major contraction in the wake of October 7 attacks, the Israeli economy is showing signs of recovery. Labor market data and credit card transactions indicate a rebound, despite ongoing fighting. The return of reservists and influx of foreign workers have helped alleviate labor shortages in some sectors, while construction remains impacted by the absence of Palestinian workers. The government’s budget deficit has increased significantly, but authorities maintain they have the capacity to manage it.
Germany’s economic sentiment is on the rise, according to the latest Ifo index, which has increased for the third consecutive month. The index, which measures business confidence, rose to 89.4 in April from 87.9 in March, indicating that the German economy may have passed the lowest point of its economic cycle and could experience further recovery. The improvement in the Ifo index was attributed to better assessments of both current conditions and future expectations. Despite the positive signs, analysts caution that the German economy still faces challenges, including rising oil prices, ongoing unrest in the Middle East, and structural issues that have long plagued the economy.
