The US economy grew at a slower pace in the first quarter of 2023, driven by a decline in consumer spending and a surge in imports. However, economists predict a rebound in the current quarter, fueled by continued consumer spending.
Results for: GDP
Cuba is experiencing a period of economic growth driven by a booming tourism industry and strategic visa-free travel policies. This analysis explores the impact of these factors on Cuba’s GDP, tourism sector, and economic future.
Britain’s economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an election.
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed a remarkable upsurge in Qatar’s Travel & Tourism sector. Last year witnessed unprecedented highs in GDP contribution, job creation, and domestic traveler expenditure, surpassing previous records. In 2023, the sector’s GDP contribution soared by 31%, reaching a historic QAR 81.2BN, constituting 10.3% of Qatar’s total economic output. Employment in the sector burgeoned with over 20,300 new positions, totaling nearly 286,000 jobs nationwide, accounting for one in every eight jobs across the country. Domestic visitor spending surged to QAR 1.4BN. Despite hosting the FIFA World Cup the preceding year and experiencing a 40% surge in spending by foreign visitors to QAR 60.4BN, it still trailed the previous peak by QAR 1.2BN.
This week’s economic calendar features key events in various regions. In the eurozone, inflation and GDP data will be released, while Canada, the United States, New Zealand, and Switzerland will publish important economic indicators. Additionally, the Federal Reserve’s FOMC meeting and a BoC governor’s testimony will attract attention.
Despite recent improvements in economic growth, deflation persists in China, raising concerns about its potential impact on export destinations. However, analysts suggest that this impact has been minimal, with Chinese goods representing a small portion of final consumption in export markets and destination countries experiencing service price inflation that overshadows any disinflationary effects.
India is projected to become the world’s second-largest economy by 2075, surpassing the United States. According to a Goldman Sachs report, India’s GDP will reach $52.5 trillion, just behind China’s $57 trillion and above the US’s $51.5 trillion. This growth is primarily driven by India’s labor force, technological advancements, and increasing capital investment. Despite some challenges, India’s economic potential is significant due to its low per capita income and growing innovation and technology sector.