Economic News

Scope Ratings has revised up its 2023 global growth forecast modestly to 2.9% but has cut its 2024 forecast to 3%. More downside rating actions than upside are expected in the second half of this year.

Distressed African countries risk having weaker credit profiles for longer unless there are better co-ordinated debt restructurings. Any improvements need to overcome burden-sharing among more diverse creditor groups.

Turkish President Erdoğan has begun his new five-year term with unresolved economic challenges. Downside risks remain for the country’s credit ratings without a sustained change in economic governance.

New legal action by the EU against Poland highlights persistent governance challenges, which together with elevated core inflation are weakening the country’s medium-term credit outlook.

Germany’s economy will return to modest growth in the second half of this year, but elevated inflation and volatile net exports will ensure the recovery remains weak at least until 2024.

Turkey’s economy remains exposed to a disorderly adjustment following President Recep Tayyip Erdoğan’s election victory, putting pressure on the lira and the country’s external accounts.

The policy continuity stemming from an expected re-election of New Democracy and a longer-run continuation of recent progress would support Greece’s creditworthiness.

With the presidential election heading to a run-off vote, Turkey faces multiple hurdles to recalibrate post-election economic policy to prevent deeper balance-of-payments problems and stabilise the lira.

Policy reversal or consolidation? Turkey needs the former while Egypt needs the latter if the two middle-income countries are to avoid deeper balance-of-payments problems amid elevated global rates.

Ukraine will likely suspend foreign debt service again by mid-2024 while debt forgiveness is probable medium run. However, the creditworthiness of Ukraine’s domestic debt has improved.

By Andrew Mills, Ghaida Ghantous and Aziz El Yaakoubi

BEIJING (Reuters) – China foreign ministry spokesperson Wang Wenbin on Tuesday disputed U.S. claims of a Chinese “secret police station” in New York.

By Winni Zhou and Tom Westbrook SHANGHAI/SINGAPORE (Reuters) – Violet Zhu, a Shanghai-based electronic components exporter, has been attending jewellery auctions and chatting on social media forums on the subject this year, looking to invest in rubies and diamonds.

MUMBAI (Reuters) – About 200 Apple fans hoping to be among the lucky few to enter the tech giant’s first retail store in India gathered from early on Tuesday outside the shop in the commercial capital of Mumbai.

By Kevin Yao BEIJING (Reuters) – China’s gross domestic product likely gathered pace in the first quarter, data is expected to show on Tuesday, as the end of strict COVID curbs lifted the world’s second-largest economy out of a crippling pandemic slump, although some headwinds persist.

(Reuters) – Evan Gershkovich, a correspondent for the Wall Street Journal arrested in Russia on espionage charges, is a 31-year-old American who has reported on Russia for various outlets for six years.

BEIJING (Reuters) – China said a communique by the G7 meeting grossly interfered in its internal affairs, and maliciously smeared and discredited the country, the Chinese foreign ministry said on Tuesday.

MOSCOW (Reuters) – Wall Street Journal reporter Evan Gershkovich will appeal on Tuesday against his arrest and detention in Moscow’s most notorious former KGB prison on charges of espionage, according to court documents.

(Corrects throughout as January pay growth revised up)

(Reuters) – French energy company TotalEnergies’ variable cost margin for European refineries jumped to $87.8 dollar per tonne in the first quarter, the company said in a preliminary release of main indicators on Tuesday.