Browsing: Business

Russia’s gold holdings hit a record $207.7 billion in October, with gold now making up 32.9% of international reserves, reflecting a shift in strategy by the Bank of Russia.

IATA reports global air cargo demand grew 9.4% in September 2024, continuing a robust trend of 14 consecutive months of growth, driven by high international operations.

The IMF forecasts Austria’s economy to rebound with a projected 1.1% growth in 2025 following a contraction of 0.6% this year, aligning with Austrian economic institutions’ cautious optimism.

Eurozone’s inflation at 2% raises caution around ECB rate cuts, ING’s Pesole notes EUR looks expensive as markets weigh wide rate gap between ECB and U.S. Fed.

UNCTAD’s report reveals global growth will stagnate at 2.7% in 2024-2025, posing risks to development and climate goals while impacting the Global South’s debt levels and overall economic resilience.

The UAE is projected to see GDP growth of 3.3% in 2024 and 4.1% in 2025, driven by a robust non-oil sector, according to the World Bank’s latest MENA Economic Update released today.

Russia’s GDP grew by 4.2% in the first eight months of 2024, driven by expanding international trade and stronger economic partnerships with ‘friendly’ nations.

OPEC has revised its 2024 global oil demand growth forecast down by 106,000 barrels per day, citing weaker-than-expected demand in non-OECD regions, impacting overall oil demand.

WTO forecasts global merchandise trade growth of 2.7% in 2024 and 3.0% in 2025, citing easing inflation, declining interest rates, and risks from geopolitical tensions.

The IMF has reduced member borrowing costs by 36%, cutting annual surcharges by $1.2 billion. Five countries, including Argentina and Egypt, will benefit from the new policy starting November 1.