Connect with us

Business

World economic output to top $100 trillion in 2022 for first time

Avatar

Published

on

China will become the world’s top economy in dollar terms in 2030, British consultancy Cebr predicted in a report.

The world’s economic output will exceed $100 trillion for the first time next year and it will take China a little longer than previously thought to overtake the United States as the No.1 economy.

British consultancy Cebr predicted on Saturday that China will become the world’s top economy in dollar terms in 2030, two years later than forecast in last year’s World Economic League Table report.

READ MORE: OECD: Omicron threatens global economic recovery

India looks set to overtake France next year and then Britain in 2023 to regain its place as the world’s sixth-biggest economy, Cebr said.

“The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8 percent in the US,” said Cebr deputy chairman Douglas McWilliams.

“We hope that a relatively modest adjustment to the tiller will bring the non-transitory elements under control. If not, then the world will need to brace itself for a recession in 2023 or 2024.”

READ MORE: No recovery in global jobs market forecast until 2023 due to Covid

The report showed Germany was on track to overtake Japan in terms of economic output in 2033.

Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.

Source: TRTWorld and agencies

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

Maldivian regional fleet grows with fourth ATR arrival

FI

Published

on

By

Maldivian, the national carrier of the island nation on Wednesday, announced the arrival of its newest addition to the fleet, a fourth ATR 42-600 aircraft.

The new aircraft added to the carrier landed at Velana International Airport some time on Wednesday.

In order to commemorate the milestone, a special ceremony was held at VIA which was attended by distinguished guests, officials and key partners.

The new aircraft, Maldivian added, will enhance the airline’s capacity to serve more routes and provide increased connectivity for both locals and tourists. Moreover, this fleet expansion also reflects Maldivian’s commitment to offering exceptional service and convenience to its passengers.

At Wednesday’s event to welcome the new ATR aircraft, Maldivian’s Managing Director Ibrahim Iyas emphasized the importance of the new aircraft in the company’s growth strategy.

“We have made great strides toward achieving both operational excellence and a greater passenger experience with the addition of this brand-new ATR aircraft to our fleet,” Iyas commented.

“This aircraft offers an unprecedented level of comfort thanks to improved interior humidity control and much lower noise levels. Modern avionics and exceptional fuel economy which further support our dedication to sustainability while maximizing performance throughout our expanding network.”

Maldivian fleet currently has 25 aircraft which include an Airbus A320 commercial carrier, four ATRs, nine Dash-8 series aircraft and eleven Twin Otter seaplanes.

Source(s): sun.mv

Continue Reading

Business

Economic growth slowed down 4.7% in 2023.: MMA

FI

Published

on

By

Maldives Monetary Authority (MMA) reports the economic growth slowed down 4.7% in 2023.

In its annual report, the central bank reported economic growth slowed owing to muddied performances in the tourism and construction industries.

While last year economic growth slowed 4.7%, it rose by 13.9% in 2022.

Tourism industry activity slipped last year because of the decline in the average duration of stay.

While tourism and construction industries, two of the major economic sectors, observed decline, other major sectors such as financial, fisheries, and private sector credit had gone up.

The Maldives government is taking corrective measures to rectify the economic growth, while President Dr. Mohamed Muizzu’s vision is to elevate the country’s national GDP to USD 12 billion, according to the Minister of Economic Development and Trade Mohamed Saeed.

Source(s): sun.mv

Continue Reading

Business

TMA becomes first Asian operator to receive Havilland Certificate

FI

Published

on

By

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, receives De Havilland Canada’s endorsement certificate, making it the first operator in Asia to achieve the recognition.

At the official endorsement ceremony held last Sunday, De Havilland’s Chief Executive Officer Brian Chafe awarded the endorsement to TMA Chief Executive Officer A.U.M Fazy.

De Havilland owners Sherry Brideson and Robert McDonald, along with senior representatives of the Canada’s aerospace company and TMA officiated the ceremony.

TMA Chief Fauzy had thanked De Havilland’s continued support with its Twin Otters, elevating the operator’s success.

De Havilland CEO highlighted TMA’s success of completing two million flight cycles, which he added is unprecedented anywhere else.

The Canadian aerospace company affirmed continued support to TMA in future as well.

Source(s): sun.mv

Continue Reading

Trending