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Economy
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Indonesia Raises Economic Recovery Budget to $39 Billion
The economy suffered its first recession since 1998 last year. The government expects the economy to grow 5% this year, far better than a forecast contraction of 1.7% to 2.2% in 2020.
Singapore December Manufacturing Expands 14.3% Year on Year, Beats Forecasts
Economists had expected an 11.5% increase in December, according to a Reuters poll. Factory output grew a revised 18.7% in November instead of the 17.9% rise previously reported, data from the Singapore Economic Development Board showed.
South Korea Fourth-Quarter GDP Beats Expectations, Sets Scene for Strong 2021
GDP grew a seasonally adjusted 1.1% in the December quarter from the September quarter, the Bank of Korea said on Tuesday, faster than the median estimate of 0.7% in a Reuters poll and following a 2.1% expansion in the September quarter.
Biden Signs ‘Buy American’ Order, Pledges To Renew US Manufacturing
Boosting U.S. manufacturing has proven a vexing challenge for previous administrations, including that of former President Donald Trump.
Biden said his stimulus package to address the economic effects of the pandemic has support from business, labor, Wall Street and Main Street.
Hong Kong Fourth Quarter 2020 Unemployment at 6.6%, Highest in 16 Years
The figure compared with 6.3% in the September-November period and was the highest since the last quarter of 2004 when unemployment hit 6.6%.
IMF Chief Sees ‘High Degree of Uncertainty’ in Global Outlook
The head of the International Monetary Fund on Monday said the global lender needed more resources to help heavily indebted countries, citing a highly uncertain global economic outlook and a growing divergence between rich and poor countries.