Asia > Economy

Economy in Asia

  • Turkmenistan’s economy remains stable to regional market turbulence

    TURKMENISTAN, 2015/04/07 The International Monetary Fund said Turkmenistan’s economy remained resilient to regional market turbulence over the last year, supported by strong hydrocarbon exports and public investment. “Real GDP growth reached 10.3 percent and CPI inflation was contained to an average six percent in 2014 in spite of tariff hikes for utilities and transportation,” the IMF said in a message on April 4. The Fund added that the authorities in Turkmenistan have taken pro-active measures to increase resilience in a difficult external environment.

  • World economy poised for oil price upswing, say Davos economists

    WORLD, 2015/01/22 The world economy will receive a significant boost from lower oil prices this year despite fears of deflation and persistently weak spending, leading economists attending the World Economic Forum told the Financial Times. Ahead of the gathering at the Swiss resort, which begins today, most economists had a additional optimistic outlook than the International Monetary Fund, although they recognised that the recovery remained uneven and were less optimistic than a year ago. But there were specific worries that advanced economies had lost the ability to share the proceeds of increase additional widely across their populations, which could undermine next prospects.

  • Revised IMF forecasts signal gloom on global economic outlook

    AFGHANISTAN, 2015/01/20 Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday. In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.

  • Uzbekistan sets priorities for 2015

    UZBEKISTAN, 2015/01/05 Uzbek President Islam Karimov has set the priorities for the country’s development in 2015 in his New Year message. "Based on our own experiences and the experiences of developed democratic nations, our common goals are to expand the democratic reforms and form a civil society in the country,” the message said. “This has become our development strategy for the coming years." Karimov noted removing all obstacles and limitations, ensuring complete freedom for the development of private property and private entrepreneurship are of fundamental importance. This comes as an extra key task is to consistently expand the structural reforms in the economy. Continuous technical and technological renewal, modernization of the production sector and the widespread introduction of modern data and communication systems are as well significant, he stressed.

  • Partners agree on further development of Kashagan field

    KAZAKHSTAN, 2014/12/18 The Kazakh government, North Caspian Operating Company (NCOC) and members of the production sharing agreement for the Kashagan project have settled a number of industrial, financial and environmental issues raised over the completed few years, NCOC told Trend. “The agreement was signed recently in Astana by the energy minister, representatives of NCOC and companies participating in the PSA on the project,” the company said. “Terms of the agreement are confidential.”

  • Kazakhstan's KMG EP to cut costs

    KAZAKHSTAN, 2014/12/14 KazMunaiGas Exploration Production JSC (production subsidiary of KazMunaiGas NC JSC – KMG EP) in 2015 will reduce its production costs by 14 %, the company said. "Capital expenditures in 2015 are planned at $115 billion KZT (about $621 million), which is 14 % lower than the planned expenditures in 2015, according to the business plan approved a year before," the company reported. Cost reduction is planned mainly at the cost of decline of investment , which will not affect the level of production. "In addition, the company intends to reduce the cost for infrastructure projects, inclunding at the cost of the transfer of some long-term projects of the modernization program at a later date," the company reported.

  • Uzbekistan OKs 2015-state budget

    UZBEKISTAN, 2014/11/14 The Uzbek Senate (upper home of the parliament) approved the national budget for 2015 with a deficit of about 1.8 trillion UZS, or in the all of 1 % from the projected gross domestic product (GDP). The revenue of the national budget for 2015 will all to 36.2 trillion UZS (20.2 % of GDP), spending - 38 trillion UZS (21.2 % of GDP). The budget options were designed to meet the planned next year GDP increase by 8 %, industrial production - by 8.3 %, agricultural production - by 6 %, the volume of capital investments – by 9.6 % and projected inflation at 5.5-6.5 %, said Rustam Azimov, the Initial Vice Prime Minister and Minister of Finance of Uzbekistan.

  • Kazakhstan sees GDP growth at 4%

    KAZAKHSTAN, 2014/10/18 Kazakhstan's Gross Domestic Product grew by 4 % in January-September 2014, Chief of the Statistics Committee under Economy Ministry Alikhan Smailov said. The estimate is based on the short-term economic indicators, namely, on the six major industries and according to estimate estimates in other sectors of the economy. "There is no decline in GDP volume; however there is some slowdown in increase," Smailov said at a briefing in Astana. "We see some reduction in the industry due to the crisis developments related to the sanctions in Russia, a decline in request for exports products imported from Kazakhstan," he said. "There's as well a lag in oil production, but it is planned to reach last year's volume by the end of this year."

  • China’s Inscrutable Contraction

    CHINA, 2014/10/13 Kenneth Rogoff former chief economist of the IMF, is Professor of Economics and Public Policy at Harvard University. While virtually each country in the world is trying to boost increase, China's government is trying to slow it down to a sustainable level. As China shifts to a additional domestic-request driven, services-oriented economy, a transition to slower trend increase is both inevitable and desirable. But the challenges are immense, and no one should take a soft landing for granted. As China's economy grows relative to the economies of its trading partners, the efficacy of its export-led increase model must inevitably fade. As a corollary, the returns on massive infrastructure investment , much of which is directed toward supporting export increase, must as well fade.

  • Kazakhstan to revise forecasts for GDP growth

    KAZAKHSTAN, 2014/10/13 The Kazakh government plans to revise the forecasts for GDP increase in 2014. The news was announced by Kazakhstan's National Economy Minister Erbolat Dossayev on October 9. "The government expects results for nine months to revise the forecasts for this year. The results will be ready by October 15, and again we will take necessary decisions," he said, noting that there exist trends that have a definite impact on the economy of Kazakhstan. In August, the Kazakhs government approved the estimate of socio-economic development of the country for 2015-2019.
Trending Articles