The European Union has bledged billion of dollars to embrace the idea of a "blue economy" to protect the world's oceans from damage caused by human activity. The European Union has pledged €3.5 billion ($3.71 billion) to protect the world's oceans and promote sustainability through a series of initiatives this year, the EU's top environment official said on Tuesday. Virginijus Sinkevicius, the European Commissioner for Environment, Oceans and Fisheries, said the "ocean is part of who were are, and it is our responsibility" while announcing the initiatives at the "Our Ocean" conference in Athens. The annual conference, attended by about 120 countries, include supporting 14 investments and one reform in sustainable fisheries in Cyprus, Greece, Poland, Portugal worth about €1.9 billion. Another €980 million under the EU's Recovery and Resilience Facility will be used in in Cyprus, Finland, Greece, Italy and Spain's to support four investments and two reforms to fight marine pollution. The aim of the conference is to promote and support the idea of the "blue economy" which the World Bank defines as “sustainable use of ocean resources to benefit economies, livelihoods and ocean ecosystem health.” Greece strongly embraces idea given its location Greece, which includes thousands of islands and which has the longest Mediterranean coastline of any littoral state, also plans to present its national strategy on marine biodiversity protection at the conference. The European Union's Copernicus Climate Change Service said last month that ocean temperatures hit a record high in February, in a dataset that goes back to 1979. Overfishing and plastic pollution are also major threats to oceans. Plastics entering the world's oceans could nearly triple by 2040 if no further action is taken, research has shown. 

Finance Minister Abul Hassan Mahmood Ali has said that there is nothing to be disappointed about the country's economy. He said this while talking to reporters after the Finance Ministry session at the  Deputy Commissioners' (DC) conference at Osmani Memorial Auditorium in the capital on Monday (March 4) at 12:15 pm. "Under the leadership of PM Sheikh Hasina, all the indicators of our country's development and economy are increasing. In February, on Sunday (March 3) Bangladesh saw the highest remittance inflow in the past eight months amounting to $2.16 billion. Responding to a question, Mahmood Ali said, "We are moving forward with Sheikh Hasina's Delta Plan 2100. You can see the development that has taken place in the country and instilled hope among the people of the country.  

Amid falling growth rates, low business sentiment, and international investors pulling out due to the crisis-stricken property market, subdued export earnings, and crackdowns on private industry, China is currently facing a critical moment to revive its economy, Al Jazeera reported, citing the analysis of several experts. In 2023, China was able to narrowly beat its economic growth target of 5 per cent, one of its lowest benchmarks in decades. Looking ahead, analysts are expecting the economy to face stiff headwinds in the 'Year of the Dragon'. As business sentiment continues to falter, economists broadly agree that Beijing needs to roll out measures to stimulate more domestic consumption. While some analysts are calling for radical measures to jolt China's economy, expectations are subdued owing to Beijing's aversion to broad-based social spending, according to Al Jazeera. On the other hand, some experts see grounds for optimism beyond the current strains. China is experiencing its longest deflationary run since the 2008 Global Financial Crisis. Consumer prices fell in January for a fourth straight month and declines look likely to extend into 2024. "China didn't see the boost most people expected after COVID restrictions were removed in late 2022," Kevin P Gallagher, the director of the Boston University Global Development Policy Centre, told Al Jazeera. "Authorities are now keenly aware of the threat of falling prices." Falling prices risk turning into a self-reinforcing cycle if households and businesses postpone purchases in the hope that goods will keep getting cheaper. Deflation also squeezes debtors as the real cost of borrowed money rises. In China's case, where the debt-to-GDP ratio, including local government liabilities, reached 110 per cent in 2022, the situation poses a growing headache for policymakers. Notably, in recent months, Beijing authorities have ramped up support measures to try and stem falling prices - mortgage rates on home purchases have been lowered, and banks have been allowed to hold smaller cash reserves to spur increased lending, Al Jazeera reported. Much of China's deflationary woes can be traced back to its beleaguered real-estate sector, which accounts for 20-30 per cent of GDP. After the 2008 Global Financial Crisis, local governments encouraged a debt-fueled construction boom to boost growth. But after decades of rapid urbanisation, housing supply has run ahead of demand. Amid several high-profile developer defaults, including the failure of Evergrande Group, new home sales fell by 10-15 per cent in China last year, according to the Fitch Ratings agency. In turn, Chinese households have become cautious about spending money, especially on property, while a weak social safety net encourages families to save for emergencies. In 2022, household consumption accounted for just 38 per cent of China's GDP. On the other hand, private spending made up 68 per cent of the GDP in the United States that same year. "Households ran down savings during the pandemic," Sheana Yue, a China economist at Capital Economics said. "The real-estate crash undermined consumer confidence even further. China also has an ageing population, and, typically, spending declines with age." The upshot is that gross national savings exceeded 40 per cent in 2023, more than double the US level. "Looking ahead, getting people to spend their savings won't be easy. For decades, economists have encouraged the government to rebalance the economy away from investment in favour of consumption," Yue said. At 42 per cent of GDP, China's rate of investment dwarfs that of other emerging economies, let alone advanced economies - which average 18-20 per cent. In addition to housing stock, Beijing has invested heavily in roads, bridges and train lines. As with housing, however, years of overinvestment have resulted in spare capacity. Revenues at China Railway, for instance, regularly fall short of costs. At the end of 2022, the state-backed agency was 6.11 trillion yuan (USD 886 billion) in debt. "We're seeing the limitations of China's capital-intensive infrastructure model," Yue said. "And given that interest rates are already quite low, Beijing will need to start stimulating consumption to generate high and stable growth." Yue said policymakers should remove incentives to hoard savings by spending more on education, healthcare, and pension provisions. Analysts expect the National People's Congress--China's rubber-stamp parliament -- to again set an annual growth target of about 5 per cent when it meets in March, as reported by Al Jazeera. While many economists have exhorted Beijing to stimulate growth through household transfers, Victor Shih, an expert on the Chinese economy at the University of California, San Diego, expects investment-driven growth to continue to hold sway. "Marxist ideology, which valorises industrial production, remains the fundamental basis for policymaking in Beijing," Shih said. "In all likelihood, the government will continue to subsidise manufacturing. Consumption, by contrast, is viewed as indulgent," Shih added. "There are 1.4 billion people in China, so comprehensive social assistance would be extremely expensive, especially in a deflationary context." Shih said Beijing could raise household consumption by urging companies to pay higher wages but that "China's manufacturing edge is partly based on subdued worker income". As such, "higher wages would undermine Chinese exports, which is an important source of output," he said. "I don't think the government will shift budgetary priorities in favour of the Chinese people... which will likely result in a period of economic weakness." Gary Ng, a senior Asia Pacific economist at Natixis in Hong Kong, said that Beijing has other strategic priorities. "President Xi [Jinping] appears less keen on stimulating rapid growth than he is on optimising the economy for security and resilience," Ng said. In recent years, Beijing has invested heavily in strategic industries like artificial intelligence and advanced computer chips. By moulding industrial policy on the basis of national security, Beijing has set its sights on reducing its reliance on foreign technology and supporting its long-term geopolitical ambitions. At the same time, Ng said, "Beijing has shown a new willingness to invest in more consumer-facing tech sectors, like renewable energy and electric vehicles." "Unlike property, these industries have the capacity to create jobs and promote economic self-sufficiency," he said. Ng also stressed that economic transformation takes time and that "there's no magic pill for lightning-quick growth". "Investment in high-tech sectors should, slowly, reform China's economic base," he said. "Incidentally, private consumption is already on an upward trend." Gallagher, of Boston University, said China's economic growth trajectory is healthier than sometimes portrayed. "It's easy to forget about China's economic development since the 1990s. Growth has slowed from high levels lately but it still tallied at 5.2 per cent last year," Gallagher said. "Forecasts are equally solid for this year." "Hawks have been predicting the demise of China's growth model for decades," Gallagher added. "It is true, however, that to build on China's remarkable success, Beijing has to shake off its timidity about the investment-consumption pivot." Gallagher said 2024 is likely to underscore the urgency of reform amid the possibility of Donald Trump's return to White House, who in his previous term had unleashed a strong trade war against China, Al Jazeera reported. "If Donald Trump is re-elected (in the US) and chooses to engage in a new trade war, Beijing will want to be more self-reliant. The Year of the Dragon could be ideal for China to step up its efforts to unleash domestic consumption," he said.  Source: ANI

Labor protests in China have increased rapidly since August of last year, according to rights groups, especially in the lead-up to Lunar New Year, which began late last week. Labor protests more than tripled in the fourth quarter of 2023 compared with the same period in 2022, according to data collected by New York-based international rights group Freedom House’s China Dissent Monitor, which tracks protests in China. Analysts say this unrest is linked to poor working conditions and China’s ongoing economic difficulties. The China Dissent Monitor recorded 777 labor protests in China between September and December 2023, compared wiith 245 in the same period of 2022. Independent data from the Hong Kong-based China Labour Bulletin, which promotes Chinese workers’ rights, recorded an additional 183 protests between January 1 and February 3, including 40 in Guangdong province alone. Kevin Slaten, who leads the China Dissent Monitor, said worker protests are often linked to wage disputes and occupational safety. “The long-term problems underlying these disputes in China are poor enforcement of labor protections and a complete lack of independent and effective labor unions,” Slaten told VOA in an emailed statement. Slaten said most of the protests that China Dissent Monitor has analyzed are small in size, with half having less than 10 participants and 40% more having between 10 and 99 protesters. Li Qiang, founder and executive director of New York-based China Labor Watch, which advocates for the Chinese labor movement, said that in addition to China’s economic slowdown, an “implosion” in the real estate sector and reduced manufacturing was also a factor. “China's high-level economic problems ultimately set the foundation of the increase in labor protests this year,” Li told VOA in an emailed response. “Due to the decrease of manufacturing orders, among other things, a lot of companies face financial challenges that trickle down to workers.” Construction workers are particularly likely to protest, Slaten said, especially considering the major difficulties facing the Chinese real estate sector, most notably the bankruptcy of major property developer Evergrande Group. “China’s relative economic slowdown and particularly an ongoing crisis in the property sector and its impact on construction workers is contributing to this surge in labor dissent,” Slaten wrote. Migrant construction workers, who Li said often do not have legally binding contracts with their employees, have been hit particularly hard by the property sector’s collapse. Late last year, China State Councilor Shen Yiqin warned of “severe” punishments for employers who intentionally delayed paying their workers and urged local governments to make sure all workers received their pay on time. Shen made her remarks at a national teleconference on wage arrears ahead of the Lunar New Year holiday.   Liu Jun, a migrant from Sichuan province who works in construction in Xinjiang, said he has been waiting nearly two months for his paycheck. “It’s almost the end of the year, and I haven't been given any money yet,” Liu told VOA Mandarin Service. “This is all the hard-earned money of the construction workers, and they should be paid after the work is done.” Ma Hui, a construction worker from Hebei province who also works in Xinjiang, said her boss did not pay workers for a three-month period last year, only providing workers with noodles, salt and light soy sauce to eat. "During that period, I had no living expenses for several months, and my boss wouldn't lend me any money,” Ma told VOA Mandarin. “I didn't even have money to buy basic daily necessities such as toilet paper and toothpaste.” Li said local governments’ budget shortfalls are preventing them from stepping in to aid migrant workers. “In the past, the Chinese government has been investing capital annually to alleviate companies' liquidity pressure and reduce the overall numbers of wage arrears towards the end of the year,” Li wrote. “Additionally, they would also strengthen the implementation of their monitoring apparatus to combat labor-related disputes. But this year, the situation shifted as the Chinese government [especially on the local level] faces financial pressures.” Zhang Chao, a worker from Zhejiang province who helped build facilities in Beijing for the 2022 Winter Olympics, said he hopes construction workers’ benefits can increase commensurate with the difficult, dangerous work they do. “Migrant workers have limited abilities and can only do the hardest and most tiring work, exchanging life and health for money,” Zhang told VOA Mandarin. “My biggest wish in our industry is not to be afraid of hardship and sweat, and I just hope that I can get the salary I deserve.”

Pakistan is grappling with a crippling economic crisis, losing a staggering USD 23 billion per year due to the pervasive issues of black marketing and smuggling, according to a recent report by ACE Money Transfer, a UK-based company.  These illicit activities encompass a wide range of clandestine operations, including black market currency trading, oil smuggling, gold smuggling, and circumvention of import controls.  The impact of these activities is not only causing significant financial losses but also posing a severe threat to Pakistan’s economic stability, government revenue, and overall financial health. The ACE report underscores the profound consequences of these underground economic activities. They not only foster a shadow economy, making it increasingly challenging to monitor and regulate financial transactions, but also distort exchange rates.  This distortion, in turn, leads to currency devaluation and soaring inflation as imported goods become prohibitively expensive for ordinary citizens. Perhaps more worrying is the erosion of trust and confidence in Pakistan’s financial system, as these illicit operations undermine the effectiveness of monetary policies.  In recent years, Pakistan has witnessed significant fluctuations in exchange rates, exacerbating its economic woes.  To address these pressing issues and pave the way for economic recovery, experts unanimously stress the immediate need to eradicate smuggling in key sectors. Rashid Ashraf, CEO of the ACE group of companies, emphasizes that improved governance is the linchpin for achieving this objective.  He asserts that a concerted effort to combat smuggling and enhance regulatory measures will not only restore stability to financial markets but also foster economic and financial growth in Pakistan. The ACE report provides a breakdown of the staggering losses incurred by Pakistan. Dollar smuggling alone siphons off approximately USD 150 million per month, resulting in an annual loss of around USD 2 billion.  The gold smuggling racket is another major concern, with only a mere 1.32 percent of the total gold market value of PKR Rs 2.2 trillion (equivalent to USD 7.1 billion) being officially declared to tax authorities. A grave concern is the rampant smuggling of Iranian oil, which accounts for over 30 percent of Pakistan’s diesel market. This nefarious trade deprives the government of more than USD 1 billion in revenue each year, further exacerbating Pakistan’s economic woes. The report also underscores the unintended consequences of import bans, which, though well-intentioned, have led to the emergence of a shadow economy. Smuggling, misreporting, and product substitution have become commonplace methods to bypass import restrictions. This disruption in economic activity is poised to escalate unemployment figures, with projections exceeding 2 million people unemployed by the end of 2023 if corrective measures are not taken urgently. To chart a course towards economic stability, Pakistan must prioritize a comprehensive crackdown on smuggling in key sectors, bolster governance, and put an end to illicit activities.  Only through these concerted efforts can Pakistan hope to surmount its economic challenges and establish a foundation for sustainable growth. The time to act is now, as the economic well-being of the nation hangs in the balance. Source: Khalsa VOX

Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif on Saturday lamented how Pakistan's economy is in dire straits with very high inflation, dangerously low foreign exchange reserves and vowed to redirect the country on the path of growth, Pakistan-based Dawn newspaper reported. Nawaz compared how roti, petrol cost way higher today than when he was in power. "Was I ousted for this reason? What is this decision? You are the public, you tell, do you agree with this decision?" He said that if Pakistan was run on his 1990 economic model, "not a single person would have been unemployed, there would be nothing like poverty [...] but today, the condition is so bad that one has to think if they can feed their children or pay electricity bills". The PML-N supremo made the remarks while addressing a massive crowd of supporters at the Minar-e-Pakistan rally in Lahore. Nawaz clarified that these tough economic conditions weren't created during the Shehbaz Sharif-led government but traced back to a long time. The PML-N supremo also waved two copies of electricity bills which he claimed were from his tenure and after he was ousted. "Do you remember how dharnas were held? But we kept doing our work." While addressing his supporters, Nawaz said, "I am meeting you today after several years, but my relationship of love with you is the same. There is no difference in this relationship," he said. "The love I am seeing in your eyes, I am proud of it." He said he never betrayed his supporter nor did he shy from any kind of sacrifice. He recalled how fake cases were framed against him and his party leaders. "But no one abandoned the PML-N flag." "Tell me, who are they who separated Nawaz Sharif from his nation? We are those who built Pakistan. We made Pakistan an atomic power. We brought an end to load-shedding," he said, highlighting how he produced and provided cheap electricity to the people. Responding to the crowd cheering, Nawaz said, "I know you want to hear that I love you too." "Today, trust me, after seeing your love, I have forgotten all my grief and pain. I don't even want to remember. But, there are some wounds that can't ever heal." Nawaz said he had lost his mother and wife "to politics". He recalled how he couldn't pay the final respects to his mother, father or wife despite repeated requests in jail, as per Dawn. The PML-N supremo further recalled the impediments he faced at the time of the atomic bomb launch. "There will be record present in the Foreign Office that Clinton offered me USD 5 billion [...] this happened in 1999 [...] I could have been offered USD 1 billion too, but I was born from the land of Pakistan and it did not give me permission to accept what is against Pakistan's favour." "Tell me, if someone else would have been in my place, you know who, could he have said this in front of the American President? So, do we get punished for this? Are verdicts announced against us for this reason?" he said.

The International Monetary Fund (IMF) has observed that, Bangladesh economy is on the right track.  On Friday, October 13, IMF Director for the Asia and Pacific Department (APD) Krishna Srinivasan said it on mentioning various measures of the government to address macroeconomic challenges. Krishna Srinivasan said,  "I think, the economy is on right track in terms of meeting the objective of programme, getting inflation under control and addressing macroeconomic challenges given in difficult global environment." He said this at a press conference on 'Economic Outlook for Asia Pacific' as part of the Annual Meetings of the World Bank Group and IMF.   "They have tightened monetary policy to reduce inflation. They have allowed more flexible exchange rate." Also mentioned that, every countries of the region including Bangladesh has been facing challenges due to global crisis.  "In coming years, strengthening multilateral and regional cooperation and mitigating the effects of geo-economic fragmentation are vital for Asia's economic outlool," he added.  He said, lower nontariff trade barriers, boost connectivity, and improve business environments are essential to attract more foreign and domestic investment across the region

Prime Minister Narendra Modi said India’s economy will be among the top three in the world within five years, as he marked 76 years of independence from British rule on Tuesday. Wearing a flowing, multi-colored turban, Modi addressed the country from New Delhi’s 17th century Mughal-era Red Fort, saying his government had lifted over 130 million people out of poverty and that India’s growing prosperity was an opportunity for the world. “When poverty decreases in a country, the power of the middle class increases considerably,” he said. “In the next five years, I promise India will be among the top three economies in the world.” His statement comes after reports last year from S&P Global and Morgan Stanley forecast that India’s economy would overtake Japan and Germany’s to become the world’s third largest by 2030. They said India’s economic boom will be driven by offshoring, investment in manufacturing, growing digital infrastructure and energy transition. India’s $3.5 trillion economy surpassed the United Kingdom’s last year to become the fifth largest. Modi said he was confident that when India marks 100 years of independence in 2047, it will do so as a developed nation. The government forecasts India to grow by 6-6.5% this fiscal year, putting it among the world’s fastest-growing large economies. But despite steady economic growth, the Modi government has struggled to quash unemployment concerns and is under pressure to generate enough jobs, especially as it faces a general election in 2024, which Modi’s Hindu nationalist Bharatiya Janata Party is favored to win. The unemployment rate has grown over the last year, reaching 8% last month, according to the Center for Monitoring the Indian Economy. Modi did not address these concerns in his speech, instead lauding India’s journey over the decades. We are lucky to have demography, democracy and diversity,” he said, after noting that India was now the most populous country in the world according to some estimates. The Indian government is yet to release official population data, and its last census is from 2011. Modi highlighted India’s rise on the global stage and said a new world order was emerging after the COVID-19 pandemic. “India is becoming the voice of the global South. We are bringing the promise of stability to the world,” he said, adding that all eyes would be on India as it hosts the G-20 Summit in New Delhi next month. The prime minister also reiterated calls for peace in the northeastern state of Manipur, where a near civil war has raged for months and killed over 150 people. He said the country stands with the people of Manipur and that resolution can only be achieved through peace. Since clashes between two dominant ethnic groups erupted in early May, residents in Manipur have protested against the state government, ruled by Modi’s party, and called for the firing of its chief minister. Over 50,000 people have fled the state, where violence has persisted despite a heavy army presence. Armed mobs have torched buildings, massacred civilians and looted weapons from state armories. But for three months, the strongman leader was largely silent on the conflict in Manipur. His role, or lack thereof, sparked a no-confidence motion against his government in Parliament. Modi defeated the motion last week, after appealing for peace in Manipur for the first time since the conflict began. India celebrates its Independence Day a day after its neighbor Pakistan. The two separate states came into existence as a result of the bloody partition of British India in 1947. The process sparked some of the worst communal violence the world has seen and left hundreds of thousands dead. It triggered one of the largest human migrations in history and some 12 million people fled their homes Source: Washingtonpost

Pakistan, a cash-strapped country is witnessing a downfall in the productive and services sectors as the companies are scrambling to cut expenses and weighing the option of job cuts, salary freeze or reduction in salaries, The News International reported. Pakistan is already struggling to keep up with IMF policies and these losses in production and services sectors are like an additional issue for the country, the report said. Companies generally are trying to keep the workforce that worked with them during high economic growth. However, the economic realities have now forced them to consider their options of either sacking the employees or taking measures that reduce their cost of employment. Entrepreneurs that want to retain their workforce are paying a high retention price as the decline in production in many cases ranges from 20-40 per cent or even more. Both exporting companies and domestic suppliers have been impacted by the recession. Most companies may not be able to sustain the financial burden for long, as per The News International. The situation is not new for most entrepreneurs as the Pakistani economy has gone through frequent cycles of boom and bust. In earlier bust cycles, most of them targeted the pruning of their workforce as the first cost-cutting measure. But when the economy started growing, these companies found it difficult to attract talented human resources and could not properly benefit from the boom. In fact, a culture has developed in the labour market where retrenchers are looked down upon. Moreover, the industrialists involved in mass-scale retrenchment are looked down upon by their peers in that sector. Looking at the situation, experts said that managing employee morale is one of the biggest challenges and as the country's economy is falling day to day, it becomes harder for them to manage their anxiety, reported The News International. Anxiety and discontent are bound to exist at such times. Strong employee-engagement initiatives, including robust communication mechanisms, open channels between managers, their teams and HR, and training programmes to keep employees relevant are some of the measures organisations can take to address this issue. Many multinationals have tried to put the “lay off” mindset into their employees and there is much greater awareness that those jobs can be terminated at any time. However, the employees do not really believe it can happen to them. It is still seen as just a clause in their appointment letters. This is true even from the management side. Wherever terminations do take place, there is tremendous discomfort among the managers. We must also recognise that a large percentage of our population is the first generation in the workforce from agriculture. There is, therefore, an underlying expectation of loyalty, according to The News International.

Pakistan, a cash-strapped country is witnessing a downfall in the productive and services sectors as the companies are scrambling to cut expenses and weighing the option of job cuts, salary freeze or reduction in salaries, The News International reported. Pakistan is already struggling to keep up with IMF policies and these losses in production and services sectors are like an additional issue for the country, the report said. Companies generally are trying to keep the workforce that worked with them during high economic growth. However, the economic realities have now forced them to consider their options of either sacking the employees or taking measures that reduce their cost of employment. Entrepreneurs that want to retain their workforce are paying a high retention price as the decline in production in many cases ranges from 20-40 per cent or even more. Both exporting companies and domestic suppliers have been impacted by the recession. Most companies may not be able to sustain the financial burden for long, as per The News International. The situation is not new for most entrepreneurs as the Pakistani economy has gone through frequent cycles of boom and bust. In earlier bust cycles, most of them targeted the pruning of their workforce as the first cost-cutting measure. But when the economy started growing, these companies found it difficult to attract talented human resources and could not properly benefit from the boom. In fact, a culture has developed in the labour market where retrenchers are looked down upon. Moreover, the industrialists involved in mass-scale retrenchment are looked down upon by their peers in that sector. Looking at the situation, experts said that managing employee morale is one of the biggest challenges and as the country's economy is falling day to day, it becomes harder for them to manage their anxiety, reported The News International. Anxiety and discontent are bound to exist at such times. Strong employee-engagement initiatives, including robust communication mechanisms, open channels between managers, their teams and HR, and training programmes to keep employees relevant are some of the measures organisations can take to address this issue. Many multinationals have tried to put the “lay off” mindset into their employees and there is much greater awareness that those jobs can be terminated at any time. However, the employees do not really believe it can happen to them. It is still seen as just a clause in their appointment letters. This is true even from the management side. Wherever terminations do take place, there is tremendous discomfort among the managers. We must also recognise that a large percentage of our population is the first generation in the workforce from agriculture. There is, therefore, an underlying expectation of loyalty, according to The News International.