UK stagflation fears rise after grim growth and inflation forecasts; house prices jump in January – business live
Rolling coverage of the latest economic and financial news, as UK economic picture darkens…and house prices hit record highHong Kong will file a complaint with the World Trade Organisation over tariffs imposed by Donald Trump earlier this week.The Hong Kong Special Administrative Region (HKSAR) government today said it was unfair that the US was imposing an additional 10% on products of Hong Kong, so it has decided to complain to the WTO.“The US’ measures are grossly inconsistent with the relevant WTO rules and ignore our status as a separate customs territory as stipulated in Article 116 of the Basic Law and recognised by the WTO. The HKSAR Government will formally launch procedures in accordance with the WTO Dispute Settlement Mechanism against the US’ unreasonable measures to defend our legitimate rights.”The global economy is growing below the historical average even though high frequency indicators suggest resilience amidst continued expansion in world trade. The world economic landscape remains challenging with slower pace of disinflation, lingering geopolitical tensions and policy uncertainties. The strong dollar, inter alia, continues to strain emerging market currencies and enhance volatility in financial markets.On the domestic front, as per the First Advance Estimates (FAE), real gross domestic product (GDP) is estimated to grow at 6.4 per cent (y-o-y) in 2024-25 supported by a recovery in private consumption. On the supply side, growth is supported by the services sector and a recovery in agriculture sector, while tepid industrial growth is a drag. Continue reading...
Rolling coverage of the latest economic and financial news, as UK economic picture darkens…and house prices hit record high
Hong Kong will file a complaint with the World Trade Organisation over tariffs imposed by Donald Trump earlier this week.
The Hong Kong Special Administrative Region (HKSAR) government today said it was unfair that the US was imposing an additional 10% on products of Hong Kong, so it has decided to complain to the WTO.
“The US’ measures are grossly inconsistent with the relevant WTO rules and ignore our status as a separate customs territory as stipulated in Article 116 of the Basic Law and recognised by the WTO. The HKSAR Government will formally launch procedures in accordance with the WTO Dispute Settlement Mechanism against the US’ unreasonable measures to defend our legitimate rights.”
The global economy is growing below the historical average even though high frequency indicators suggest resilience amidst continued expansion in world trade. The world economic landscape remains challenging with slower pace of disinflation, lingering geopolitical tensions and policy uncertainties. The strong dollar, inter alia, continues to strain emerging market currencies and enhance volatility in financial markets.
On the domestic front, as per the First Advance Estimates (FAE), real gross domestic product (GDP) is estimated to grow at 6.4 per cent (y-o-y) in 2024-25 supported by a recovery in private consumption. On the supply side, growth is supported by the services sector and a recovery in agriculture sector, while tepid industrial growth is a drag. Continue reading...
