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Tag: growth

House price growth ‘turns negative for first time since 2012’

House price growth ‘turns negative for first time since 2012’

Business
The annual rate of house price growth has turned negative for the first time since 2012, according to a closely-watched measure.The Nationwide Building Society's monthly index covering June showed average values falling by 0.1% year on year following a 1.4% decline on the previous month. That followed a 1.7% fall during May - the largest monthly drop in 11 years as the country remained in hibernation during the second full month of the coronavirus crisis lockdown. Image: Delays in the construction of new homes are likely to help prop up prices in the months ahead The government eased restrictions on the housing market in England in mid-May but data published by the Bank of England earlier this week showed the lowest number of mortgage...
China’s 2020 military budget growth is 6.6 percent, a decline from 2019

China’s 2020 military budget growth is 6.6 percent, a decline from 2019

Business
May 22 (UPI) -- China announced Friday a 6.6 percent increase in its $ 178 billion defense budget, down from last year's increase of 7.5 percent. The announcement was made at the opening of the National People's Congress, the country's national legislature. Despite the slowing of the defense budget's growth, the lowest increase in years, it remains the world's second-largest defense budget, behind that of the United States at $ 738 billion. China's defense budget remains below 2 percent of its GDP, while that of the United States is 3.4 percent. Wei Dongxu, a Beijing-based military analyst, told the Global Times, a publication of the Chinese Communist Party, on Friday that the budget ensures that China's military programs remain unaffected by the COVID-19 virus and can go on as scheduled...
Digitizing financial services key to Africa’s post-pandemic growth, experts say

Digitizing financial services key to Africa’s post-pandemic growth, experts say

World
The COVID-19 pandemic highlights Africa's need to digitize, especially in the financial services sector, to protect the continent's primarily cash-based societies from the spread of the disease, leaders from public and private African institutions said Thursday. Speaking at an event hosted by the Woodrow Wilson International Center for Scholars, these leaders said a robust and inclusive African financial services sector also will help prepare the world's second-most populous continent to leapfrog into the post-pandemic era. "It's clear that the coronavirus pandemic is changing the way we work, changing the way we do business [and] changing the way we live," said Tim Kelly, the World Bank's lead information and communications technology policy specialist. Kelly, who is based in Kenya, sai...
World Bank warns South Asia’s economic growth to slump

World Bank warns South Asia’s economic growth to slump

Business
South Asia faces its worst economic performance in 40 years because of the coronavirus, the World Bank has said.The effects will unravel decades of progress in the region's battle against poverty.Economies such as India, Bangladesh, Sri Lanka, and Pakistan have reported relatively few virus cases but experts fear they could be the next hotspots.The South Asia region is home to 1.8bn people and some of the world’s most densely populated cities."South Asia finds itself in a perfect storm of adverse effects. Tourism has dried up, supply chains have been disrupted, demand for garments has collapsed and consumer and investor sentiments have deteriorated," said the World Bank report. It has slashed its growth forecast for the region th
Growth figures show UK economy struggling before virus lockdown

Growth figures show UK economy struggling before virus lockdown

Business
The UK economy grew 0.1% overall in the three months to February - a worrying picture of the situation before the coronavirus lockdown.GDP figures from the Office for National Statistics also show the economy contracted 0.1% during February, following gains in December and January. The figures will be concerning as they show the economy was already struggling ahead of the restrictions put in place to limit the spread of COVID-19, the illness caused by the coronavirus. The measures were implemented in mid-March and included the closure of non-essential businesses and people being told to stay home aside from a few exceptions.This has left many businesses and workers struggling, and economists are forecasting a severe recession. ...