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IMF sees Ukraine's economy shrinking faster than feared KIEV: The International Monetary Fund warned Friday that the pro-Russia uprising engulfing Ukraine's vital industrial east had dealt a "notable" blow that would shrink its economy faster than feared.The Fund said in its latest review of Kiev's compliance with terms of a $17.0-billion (12.6-billion-euro) rescue that Ukraine faced new headwinds that were not envisioned when the programme was unveiled in early May.It said this year's growth would probably contract by 6.5 rather the 5.0 percent initially forecasted because of revenue collection shortfalls in crisis-hit regions and higher spending on defence.The IMF added that success of the two-year programme now hinged not only on Kiev's ability to adopt urgent but unpopular belt-tightening measures but also "crucially on the assumption that the conflict will begin to subside in the coming months."The Fund's country mission chief complimented Prime Minister Arseniy Yatsenyuk's government for meeting commitments that could see the quick release of a ...

Canadian inflation ticks up to 2.4pc OTTAWA: Canadian consumer prices rose 2.4 percent in June, inching up from the 2.3 percent annual rate in May, Statistics Canada said Friday.The June uptick in the consumer price index (CPI) was based on across-the-board price increases, and met analyst expectations.Higher prices for housing, food and transportation played the biggest part, with the province of Ontario posting the biggest hit to people's wallets, according to the government agency.Consumers paid more for natural gas and property ...
IMF chief says low inflation can hit European growth PARIS: IMF chief Christine Lagarde warned on Friday that low inflation could damage growth in Europe and urged the European Central Bank to maintain a flexible policy."Obstinately low inflation can seriously undermine growth," said Lagarde, who recently hinted that the 3.6 percent global growth forecast for 2014 may have to be trimmed.Copyright AFP (Agence France-Presse), 2014 ...
Business leaders urge G20 reforms to boost global growth by $3.4trn SYDNEY: Business leaders in Australia Friday called on G20 leading economies to implement recommendations on structural reforms and free trade that could boost global growth by US$3.4 trillion and create millions of jobs.The business chiefs, who are in Sydney for a two-day B20 summit, said their list of 20 recommendations -- if adopted by G20 leaders -- would help them exceed the 2.0 percent additional GDP target over five years that finance ministers agreed to ...
IMF says Ukraine economy to shrink 6.5 instead of 5.0pc in 2014 KIEV: The International Monetary Fund said on Friday it expected Ukraine's economy to shrink by 6.5 percent in 2014 instead of the 5.0 percent it forecast earlier this year because of the escalating eastern uprising."The conflict is putting increasing strain on the (Fund's assistance) programme," the IMF said in a statement. "Economic prospects have deteriorated notably, and GDP is now expected to contract by 6.5 percent this year, compared to 5.0 percent when the programme ...
South Korea lifts rice import caps, but vows high tariffs SEOUL: South Korea announced Friday it would scrap rice import caps from next year, but said high tariffs would be imposed to prevent a damaging surge that would hurt local farmers.The decision to open the market up was forced by the imminent expiry of a two decade-old deal on rice import quotas that South Korea had secured with the World Trade Organization (WTO).Even though the move was expected, it remains a divisive and extremely sensitive ...
Japan's child poverty hits record high TOKYO: Japan's child poverty rate has hit a record high, according to a government survey, prompting criticism that Tokyo wasn't doing enough to fix the problem.The welfare ministry report showed the child poverty rate rose to 16.3 percent in 2012, the worst result since the survey started nearly three decades ago and one of the highest levels among the 34 countries in the Organisation for Economic Co-operation and Development (OECD).The rate measures the percentage of ...

 



 
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