Malaysia’s economy experienced a strong rebound in the second quarter of 2024, with GDP expanding by 5.9%, exceeding initial estimates. This robust performance has led the central bank to revise its full-year growth forecast upwards, now predicting a range of 4-5% for 2024. The growth surge was driven by a combination of factors, including increased household spending, a healthy labor market, and a revival in exports and investment activities.
The latest Barclays-Hurun India report has unveiled a startling statistic, revealing the Ambani family’s wealth to be equivalent to almost one-tenth of India’s Gross Domestic Product (GDP). This remarkable figure, amounting to Rs 25.75 trillion, highlights the Ambanis’ unprecedented financial dominance and their profound impact on India’s economic landscape. The report also sheds light on other prominent family businesses, showcasing their significant contributions to the country’s economic growth.
The UK economy expanded by 4.8% in 2022, according to revised official data, driven by a stronger oil and gas sector and increased activity in the health service. The Office for National Statistics (ONS) attributed the upward revision to changes in how it weighs different sectors within the economy.
The US economy expanded at an annualized rate of 2.8% in the second quarter of 2024, fueled by strong consumer spending, particularly in healthcare, housing, and recreation services. The increase in GDP was partially offset by a decline in residential investment.
China’s economy grew at a slower-than-expected 4.7% annual rate in the second quarter, according to government data released on Monday. While growth was below forecasts, the report highlighted positive trends in factory output, income, and investment, suggesting a stabilization of the economy. Despite these improvements, weak consumer demand and reduced government spending remain key challenges for the world’s second-largest economy.
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.
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.
