01//Japan's GDP will fall to the fourth place in the world
According to a report by Kyodo News Agency on October 23, the International Monetary Fund (IMF) recently predicted that Japan's nominal gross domestic product (GDP) will drop from third to fourth in the world in 2023, which will be surpassed by Germany.
The economic forecast data released by the IMF shows that Japan's nominal GDP in 2023 is approximately $4.2308 trillion (approximately RMB 30.95 trillion), a decrease of 0.2% compared to the previous year. On the other hand, Germany grew by 8.4% to approximately $4.4298 trillion.
02//For the first time, the proportion of Russia's foreign debt to GDP is below 15%
According to the Russian Satellite News Agency, data from the Russian Central Bank shows that in the second quarter of this year, the proportion of Russia's foreign debt to GDP fell below 15% for the first time.
By the end of June this year, the total amount of Russia's treasury bond and corporate foreign debt was US $343.4 billion (about 29.9 trillion rubles). In the second quarter, the per capita foreign debt of Russia was $2300, a decrease of 4 percentage points year-on-year.
03//The South Korean government will release 2900 tons of cabbage to combat inflation
According to Yonhap News Agency, on October 22nd, the South Korean government decided to release 2900 tons of cabbage before the annual kimchi season. National Power Party spokesperson and Representative Park Chung hsia stated that this decision was reached during a meeting between government officials and members of the party. The government is committed to prioritizing the stability of living costs and reducing the burden on vulnerable groups.
According to data released by the South Korean food distribution department, the average retail price of a cabbage in the South Korean market is about 36 yuan, which has increased by 20% in just one month. This price has increased by 11% compared to a year ago.
04//Germany's economy continued to be sluggish in the third quarter
On October 23rd local time, a report released by the Federal Bank of Germany (Bundesbank) showed that a decline in domestic consumption, weak foreign demand, and rising interest rates in Germany led to a slowdown in the German economy during the summer.
The report points out that the slowdown in the German economy is influenced by multiple factors. Foreign demand for German industrial products continues to be weak, and the increase in financing costs has led to a slowdown in investment, thereby suppressing domestic demand, especially in the construction and industrial sectors. Most importantly, the above average increase in food prices continues to plague consumers.
05//The Bank of Israel lowers its economic growth expectations for the country
According to the Israeli Times on October 23, due to the continued weakness of the Israeli currency, the New Shekel, and the economic burden of the new round of Israeli-Palestinian conflict on local households and businesses, the Bank of Israel has decided to maintain current interest rates and lowered its economic growth forecast for 2023.
The Bank of Israel predicts that the country's economy will grow by 2.3% in 2023 and 2.8% in 2024. This is lower than the Bank of Israel's forecast of 3% economic growth for this year and the next two years released last month.
06//Singapore to launch digital refueling program
The Singapore Maritime and Port Authority recently announced that it will launch a digital refueling program on November 1st, making Singapore the first port in the world to use electronic fuel delivery orders. According to this plan, fuel suppliers, shipowners, operators, and crew members will be encouraged to use mobile and cloud applications approved by the Singapore Maritime and Port Authority to complete and issue refueling documents.
The Maritime and Port Authority of Singapore stated that launching a digital refueling program can improve the efficiency and transparency of the fuel refueling process, reduce compliance costs, and potentially simplify work processes to improve crew safety.
07//Saudi Arabia announces the launch of the esports World Cup
On October 23rd local time, Saudi Crown Prince Mohammad bin Salman announced that Saudi Arabia will launch the annual Esports World Cup, with the first tournament to be held in Riyadh next summer.
According to the statement, this event will help Saudi Arabia accelerate the implementation of its national gaming and esports strategy. The strategy aims to increase the contribution of the gaming and esports industries to Saudi Arabia's GDP by over 50 billion Saudi Riyals (approximately 13.3 billion US dollars) by 2030, and create 39000 new job opportunities.
08//Lebanon's CPI increased by 208.5% year-on-year in September
On October 23rd local time, according to data released by the Lebanese Central Bureau of Statistics, the Consumer Price Index (CPI) in Lebanon increased by 208.5% year-on-year in September, with food prices increasing by 239% and water, gas, and fuel prices increasing by 229.6%.
Data shows that the inflation rate of the country reached 171.21% in 2022, showing a three-digit increase for three consecutive years.
This article is sourced from China Banking and Insurance News