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Japan to lift emergency state for Osaka, Kyoto, Hyogo

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By Sakura Murakami

TOKYO (Reuters) – Japan will lift its state of emergency in Osaka, Kyoto and Hyogo on Thursday as the number of new coronavirus infections drops, Economy Minister Yasutoshi Nishimura said, amid hopes the move will help the world’s third-largest economy to recover.

Tokyo and four other prefectures, including the northern island of Hokkaido, would remain under the state of emergency – which has already been lifted for much of the country.

“I believe it is safe to lift the state of emergency in Kyoto, Osaka, and Hyogo given that the number of new infections in recent days are under 0.5 cases per 100,000 people and medical services are under control,” Nishimura told the experts at the start of their meeting, which was open to the media.

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Nishimura made the announcement after a panel of experts, whose approval is needed, signed off on the move.

Japan has not had the explosive surge seen in many other countries, with 16,433 confirmed cases including 784 deaths as of Wednesday, according to public broadcaster NHK.

But the outbreak and restrictions on activity and business under the state of emergency have already tipped the economy into recession. Prime Minister Shinzo Abe, like other world leaders, has been striving to balance the need to contain the pathogen’s spread with the need to keep the economy running.

So far, the western prefectures of Kyoto, Osaka, and Hyogo are averaging at 0.09 infections per 100,000 people, in contrast with 0.59 for Tokyo and surrounding areas and 0.69 for Hokkaido.

The availability of tests and medical services will also be factored in to the final decision.

New cases in Tokyo have recently dropped to single digits, while the western metropolis of Osaka has seen no new cases.

The move to drop Kyoto, Osaka, and Hyogo from its list of prefectures with curbs in place to prevent the spread of the coronavirus comes a week after Prime Minister Shinzo Abe announced that the blanket state of emergency instated across Japan would be lifted in most places.

(Reporting by Sakura Murakami and Hitoshi Ishida; Editing by Chang-Ran Kim and Stephen Coates and Harry Miller)

Source:-the-guardian

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China Economy Braces for Further Slump as Covid, Protests Spread – Bloomberg

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China Economy Braces for Further Slump as Covid, Protests Spread  Bloomberg



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Mexican president says economy should grow by at least 3.5% until 2024 – SaltWire NS

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MEXICO CITY (Reuters) -Mexico’s economy should grow 3.5% over 2022, 2023 and 2024, President Andres Manuel Lopez Obrador said on Sunday in a speech to a massive crowd gathered in the country’s capital to mark his fourth year in office.

An economic slowdown, largely in the industrial sector, weighed on to Mexico’s Gross Domestic Product (GDP) growth, keeping it slightly below estimates in the third quarter this year.

Analysts have predicted GDP will grow by 2.7% this year, while the International Monetary Fund expects growth to slow to 1.2% next year.

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“The economy will increase by 3.5% this year and, I estimate, by that same percentage at least for 2023 and 2024,” he said.

Lopez Obrador has recently said we would like to see the central bank balance fighting inflation with the need to protect economic growth.

(Reporting by Diego Ore Oviedo; Editing by Daniel Wallis and David Gregorio)

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India's economy likely slowed to annual 6.2% in July-Sept – Financial Post

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BENGALURU — The Indian economy likely returned to a more normal 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter, but weaker exports and investment will curb future activity, a Reuters poll showed.

In April-June, Asia’s third-largest economy showed explosive growth of 13.5% from a year earlier thanks mainly to the corresponding period in 2021 having been depressed by pandemic-control restrictions.

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But with the Reserve Bank of India (RBI) now raising interest rates to tamp inflation running above its target range of 2% to 6% target, the economy is set to slow further.

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The 6.2% annual growth forecast for latest quarter in a Nov. 22-28 Reuters poll of 43 economists was a tad lower than the RBI’s 6.3% view. Forecasts ranged between 3.7% and 6.5%.

“The exceptionally favorable base of the April-June ’22 quarter is behind us, which will result in a normalization of the year-on-year real GDP growth rate from July-Sept ’22 onward and also make it easier to gauge the true underlying economic momentum,” said Kaushik Das, India and South Asia chief economist at Deutsche Bank.

Although business surveys indicated weakening economic activity in most major economies, where central banks are responding to soaring inflation with higher interest rates, business sentiment has remained relatively strong in India.

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Still, industrial production increased at an annual pace of only 1.5% on average last quarter, its weakest in two years, pointing towards a significant slowdown in manufacturing activity, a key driver of growth.

“GDP is expected to increase sequentially, led by continued recovery in services. Mining and manufacturing are expected to be a drag. On the demand side, lower global growth hit exports in Q2 (July-September),” said Sakshi Gupta, principal India economist at HDFC Bank, adding there were signs that consumption was uneven.

The finance ministry said on Nov. 24 a global slowdown might dampen the country’s export businesses outlook. Meanwhile, the RBI raised its key policy interest rate to 5.9% from 4.0% in May and is widely expected to add another 60 basis points by the end of March.

“Between December and February, the headwinds to growth may become more evident,” said Deutsche Bank’s Das. (Reporting by Indradip Ghosh; Polling by Vijayalakshmi Srinivasan, Veronica Khongwir and Maneesh Kumar; Editing by Hari Kishan, Ross Finley)

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