Latest Economic growth News

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...

FILE - In this April 14, 2020, file photo, a foreign tourist walks along an empty road lined with closed shops in Bali, Indonesia. The Asian Development Bank has forecast Tuesday, Sept. 15, 2020 that developing economies in the region will contract in 2020, the first such downturn in nearly 60 years.  (AP Photo/Firdia Lisnawati, File)

ADB forecasts developing Asian economies in recession in '20

Sep. 15, 2020 3:04 AM EDT

Developing economies in Asia will contract in 2020, the first such downturn in nearly 60 years, the Asian Development Bank said Tuesday in an update to its forecasts. The update of the ADB’s outlook estimates the regional economy will contract 0.7% this year, recovering to 6.8% growth in 2021. Conditions...

Freshmen Lauren Tamborini and Bailey Donahue move out of Sellery Residence Hall Thursday, Sept. 10, 2020, the University of Wisconsin in Madison, Wis. The students plan on attending class online. Citing rapidly rising COVID-19 cases including two straight days in which one in five student tests came back positive, University of Wisconsin-Madison Chancellor Rebecca Blank locked down the state's largest university campus for two weeks. (Mark Hoffmann/Milwaukee Journal-Sentinel via AP)

The Latest: Wisconsin university eliminates spring break

Sep. 14, 2020 7:31 PM EDT

MADISON, Wis. — The University of Wisconsin-Madison decided Monday to eliminate spring break next semester in an effort to curb the spread of the coronavirus. The university’s Faculty Senate voted 140-7 to erase the nine-day break from the 2021 spring calendar. Officials said the move is designed...