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economy

UK economy suffers record 9.9% slump in 2020 after COVID-19 hit

UK economy suffers record 9.9% slump in 2020 after COVID-19 hit

  • Britain’s coronavirus-ravaged economy slumped by 9.9% in 2020, the biggest annual crash in output in more than 300 years, but it avoided heading back towards recession at the end of last year and looks to be on course for a recovery in 2021.
  • Britain’s economy grew 1.2% in December alone, after a 2.3% fall in output in November when there was a partial lockdown, leaving output 6.3% lower than in February before the start of the pandemic, the Office for National Statistics said.
Published 12 Feb, 2021 03:46pm
‘Mission Economy’
Opinion

‘Mission Economy’

‘The bungled response of the government to the pandemic – from the failure to enforce lockdown early enough to...
Updated 05 Feb, 2021 11:48pm
Japanese shares gain
Markets

Japanese shares gain

TOKYO: Japanese shares rose on Monday, erasing early losses, led by tech and pharma stocks as US futures rose on...
Published 26 Jan, 2021 05:05am
Pakistan's Prosperity Index reaches all-time high in November 2020: Report
Pakistan

Pakistan's Prosperity Index reaches all-time high in November 2020: Report

  • On Monday, the Policy Research Institute of Market Economy (PRIME) released a report that stated that Pakistan's Prosperity Index continues to follow an upward trend, reaching an all-time high of 116.3 in November 2020.
  • Despite inflationary pressures and the second wave of the COVID-19 pandemic, over a 12-month period improvements in trade volume and output of large-scale manufacturing coupled with a modest increase in private sector lending led to an uptick in economic prosperity.
Updated 19 Jan, 2021 05:36pm
PM launches Pakistan's first instant Digital Payment System 'Raast'
Business & Finance

PM launches Pakistan's first instant Digital Payment System 'Raast'

  • Use of cash promotes informal economy and helps illegal activities, on the other hand by using the Raast one is doing the right thing by transacting using formal digital Financial Service and contributing to Pakistan's economy.
  • SBP along with Karandaaz Pakistan has developed this new system for processing instant payments.
  • The Prime Minister in his address said a cash-based economy is the biggest hurdle in tapping the true potential of Pakistan.
Updated 11 Jan, 2021 06:17pm
Japan declares state of emergency for Tokyo area as COVID-19 cases surge
World

Japan declares state of emergency for Tokyo area as COVID-19 cases surge

  • Japan declared a limited state of emergency in the capital, Tokyo, and three neighbouring prefectures on Thursday to stem the spread of the coronavirus.
  • Prime Minister Yoshihide Suga’s government is seeking to limit damage to the world’s third-biggest economy while striving to defeat the virus once and for all as it looks ahead to staging the postponed summer Olympics.
Updated 07 Jan, 2021 05:58pm