Latest Economic growth News

PM: Polish economy may shrink less than 3.5% this year

Sep. 28, 2020 1:03 PM EDT

WARSAW, Poland (AP) — Poland's economy could decline less than 3.5% this year even despite the coronavirus pandemic, while next year should see a definite rebound, the country's prime minister declared Monday. Prime Minister Mateusz Morawiecki spoke after a government meeting that amended this...

Diners eat lunch before the closure of restaurants and bars, in Marseille, southern France, Sunday Sept. 27, 2020. As restaurants and bars in Marseille prepared Sunday to shut down for a week as part of scattered new French virus restrictions, Health Minister Olivier Veran insisted that the country plans no fresh lockdowns. (AP Photo/Daniel Cole)

France to release $49 billion in economic stimulus next year

Sep. 28, 2020 10:03 AM EDT

PARIS (AP) — France's government presented its 2021 budget on Monday, a plan that aims to rescue the country's beleaguered economy from the impact of the coronavirus pandemic by injecting a 42 billion-euro ($49 billion) stimulus next year. Finance Minister Bruno Le Maire said “we are convinced that...

Migrant laborers from other states looking for work gather on a street on the outskirts of Jammu, India, Sunday, Sept.27, 2020. The nation of 1.3 billion people is expected to become the coronavirus pandemic's worst-hit country within weeks, surpassing the United States. (AP Photo/Channi Anand)

Asia Today: Melbourne eases lockdown, schools, work resume

Sep. 27, 2020 8:03 AM EDT

CANBERRA, Australia (AP) — Australia’s second-largest city, Melbourne, has further eased lockdown restrictions imposed after a surge in coronavirus cases, allowing most children to return to school from next month and sending more than 125,000 people back to work. Melbourne and surrounding parts of...

In this UNTV image, Evariste Ndayishimiye, President of Burundi, speaks in a pre-recorded video message during the 75th session of the United Nations General Assembly, Thursday, Sept. 24, 2020, at UN headquarters in New York. The U.N.'s first virtual meeting of world leaders started Tuesday with pre-recorded speeches from heads-of-state, kept at home by the coronavirus pandemic. (UNTV via AP)

The Latest: UN panel says corruption hits the poor hardest

Sep. 24, 2020 8:16 PM EDT

UNITED NATIONS (AP) — The Latest from the U.N. General Assembly (all times EDT): 8:08 p.m. A U.N. panel says tax abuse, corruption and money laundering are draining hundreds of billions of dollars from governments that could help the world’s poor. A report from the high-level panel on International...

FILE - In this April 19, 2018 file photo, trainees work at Snowtex garment factory in Dhamrai, near Dhaka, Bangladesh. After months of decline in exports of its garment products, Bangladesh’s economy is showing signs of recovery. The Asian Development Bank in a new report said Tuesday, Sept. 15, 2020, the country's economy's comeback was encouraging and it is expected to grow by 6.8 percent in the current fiscal year ending in June if this recovery sustains. (AP Photo/A.M. Ahad, File)

Bangladesh economy shows early signs of pandemic recovery

Sep. 18, 2020 12:42 AM EDT

DHAKA,Bangladesh (AP) — A rebound in garment orders after demand crashed during spring shutdowns is helping to revive the Bangladesh economy. Apparel makers, the country’s main export industry, say they are looking ahead to Christmas orders from the U.S. and other major markets. Remittances from...

Romania's military gets first U.S. Patriot missile shipment

Sep. 17, 2020 12:10 PM EDT

BUCHAREST, Romania (AP) — Romania’s armed forces received their first shipment of U.S. Patriot surface-to-air missiles on Thursday, part of efforts to upgrade the country’s military capabilities. The missiles made by defense contractor Raytheon, as well as recent purchases of F-16 fighter...

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 17, 2020. Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. (AP Photo/Ahn Young-joon)

Asian stocks retreat on lack of new Fed action

Sep. 16, 2020 11:28 PM EDT

Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. Market benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all retreated. Wall Street's benchmark S&P 500 index...

A driver prepares to tie a load of logs to his truck at the Port of Lyttelton near Christchurch, New Zealand, Thursday, Sept. 17, 2020. New Zealand's economy shrank by a record 12.2% in the second quarter due to a strict coronavirus lockdown, but forecasts show some bright spots among the gloom. (AP Photo/Mark Baker)

New Zealand economy shrinks record 12% due to virus lockdown

Sep. 16, 2020 11:03 PM EDT

WELLINGTON, New Zealand (AP) — New Zealand's economy shrank by a record 12.2% in the second quarter due to a strict coronavirus lockdown, but forecasts indicate activity is bouncing back. Statistics New Zealand released figures Thursday showing GDP had fallen far more than ever previously recorded and...

FILE - In this June 30, 2020, file photo Federal Reserve Board Chairman Jerome Powell, reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services, speaks during a hearing on oversight of the Treasury Department and Federal Reserve pandemic response on Capitol Hill in Washington.  The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come.  The Fed on Wednesday, Sept. 16,  also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March.  (Bill O'Leary/The Washington Post via AP, Pool)

Fed sees rates near zero through 2023, perhaps longer

Sep. 16, 2020 6:55 PM EDT

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer. Fed chair Jerome Powell said at a press...

FILE - In this May 3, 2017, file photo, a farmer gathers grass for livestock in Hirado, Nagasaki Prefecture, southwestern Japan. Among the challenges awaiting newly appointed Japanese Prime Minister Yoshihide Suga is the urgent challenge of how to keep the world’s third-largest economy growing as its population ages and shrinks. (AP Photo/Eugene Hoshiko, File)

End of Abe era leaves Japan still searching for way forward

Sep. 16, 2020 9:31 AM EDT

MITO, Japan (AP) — Among the challenges awaiting newly appointed Japanese Prime Minister Yoshihide Suga is the urgent challenge of how to keep the world’s third largest economy growing as its population ages and shrinks. Yoshihide Suga, Abe’s former chief spokesman, was appointed prime...