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South Korea's Finance Minister, Choi Sang-mok, has hinted at a potential upward revision of the country's 2024 economic growth forecast, currently set at 2.2%.
While slightly lower than the preliminary estimate of 56.9, the final reading comfortably remained above the crucial 50 mark, indicating expansion for the sector. This streak of growth has been ongoing since June 2021, reflecting sustained momentum and economic recovery.
MAS has chosen to uphold its exchange rate-based monetary policy, announcing today its decision to keep the status quo for the third consecutive meeting.
Governor Pan Gongsheng revealed on Wednesday that the RRR would be cut by 0.5% starting from February 5, marking the most substantial reduction since December 2021. This decision is anticipated to release approximately 1 trillion yuan (£110.8bn) in the form of new loans.
The government's recent track record on fiscal consolidation is indeed commendable. From a staggering 9.2% of GDP in 2020-21, the Centre's fiscal deficit is projected to shrink to 5.9% in the current fiscal year.
The BNM's decision comes despite easing inflation, which dipped to 1.5% in November 2023, its lowest level since March 2021. This figure falls below the government's projected range of 3%-4% for 2023 and can be partly attributed to the bank's previous rate hikes.
When questioned about the easing of Bank Indonesia, the governor exclaimed that it would depend on the inflation rate, economic growth, and how quickly the rupiah can strengthen. Governor Perry Warjiyo also said, “We will remain patient to monitor domestic and global conditions.”
Asian markets face turbulence as China's economic challenges and speculation over potential rate cuts contribute to a slide in stocks, leaving investors on edge amid a volatile landscape.
The demand orders hail from Delhi, Uttar Pradesh, Andhra Pradesh, Bihar, Chattisgarh, Maharashtra, and Gujarat. While the specific details of the tax claims remain under wraps, the sheer size of the demand signals potentially significant differences in opinion between NTPC and the state tax authorities.
In its fight against persistently high inflation, the finance ministry outlines a multifaceted strategy. Plans include bringing down inflation to the 2% level within the first half of 2024 through policy measures such as tax and tariff cuts, freezing public utility costs, and other interventions.
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