ILEA001127668: Malaysian economy to moderate in 2023: economists

World Bank cuts 2024 growth forecast for Japan

STORY: World Bank cuts 2024 growth forecast for Japan SHOOTING TIME: Recent footage DATELINE: June 13, 2024 LENGTH: 00:01:06 LOCATION: Tokyo CATEGORY: ECONOMY SHOTLIST: 1. various of street views in Tokyo STORYLINE: The World Bank has cut its economic growth forecast for Japan for 2024 to 0.7 percent from 0.9 percent, while lifting the global growth outlook for the year to 2.6 percent from 2.4 percent, local media reported. The Japan growth forecast fell 0.2 percentage point from the previous estimate in January due to sluggish consumption growth and slowing exports, as well as a halt in growth in demand from foreign tourists, Jiji Press said Tuesday, citing the World Bank's latest Global Economic Prospects report. Japan's economic growth is projected to rise to 1.0 percent in 2025, as consumption is expected to improve moderately, it added. Meanwhile, the global economy would avoid a third consecutive drop in real GDP growth since a major post-pandemic jump in 2021, with 2024 growth stabilizin

Italy's growth forecast for 2024 revised up to 1 pct: ISTAT

STORY: Italy's growth forecast for 2024 revised up to 1 pct: ISTAT SHOOTING TIME: June 7, 2024 DATELINE: June 8, 2024 LENGTH: 00:00:41 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of Italy STORYLINE: The Italian economy is expected to grow by 1 percent this year, the country's National Institute of Statistics (ISTAT) said on Thursday, revising up a previous 0.7 percent projection. The country's gross domestic product (GDP) growth rate "will be supported by the contribution of both domestic net demand of inventories and net foreign demand," ISTAT said in its report. Italy, the third largest economy in the European Union after Germany and France, will then expand by 1.1 percent in 2025. Overall, ISTAT said that private consumption in the country continues to be supported by the strengthening of the labor market and an increase in real wages. "These dynamics will lead to a growth of 0.4 percent in household consumption in 2024 and of 1 percent in 2025," it said. The labor market is also expected

OECD revises up Türkiye's 2024 growth forecast to 3.4 pct

STORY: OECD revises up Türkiye's 2024 growth forecast to 3.4 pct SHOOTING TIME: Recent footage DATELINE: May 3, 2024 LENGTH: 00:01:15 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of a port in Türkiye (recent footage) 2. various of a textile factory in Türkiye (recent footage) 3. various of a customs gate in Türkiye (recent footage) STORYLINE: The Turkish economy is expected to grow at 3.4 percent this year and 3.2 percent in 2025, the Organization for Economic Cooperation and Development (OECD) said Thursday, revising up its February projection of 2.9 percent for 2024. In its economic outlook report, the OECD said Türkiye's real GDP growth was projected to slow from 4.5 percent in 2023 to 3.4 percent in 2024. Tighter financial conditions and the adverse impact of inflation on purchasing power in the country will subdue household consumption, the report said, reminding that inflation peaked at the beginning of this year but will remain elevated over 2024 and 2025. Despite tighter financial con

China taps consumption potential to sustain high-quality growth

STORY: China taps consumption potential to sustain high-quality growth SHOOTING TIME: File DATELINE: Jan. 21, 2024 LENGTH: 00:02:15 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. various of China-related footage 2. various of a McKinsey report "China consumption: Start of a new era" STORYLINE: The past few weeks have witnessed the rise to stardom of Harbin, China's "ice city" with a record influx of visitors. Over 3 million visitors flocked to the city during the New Year holidays, and tourism revenue rocketed 791.92 percent to over 5.9 billion yuan (about 820 million U.S. dollars). This wooing of tourists once again shows the huge momentum of domestic consumption in China's huge market. Data show 135 million domestic tourist trips were made in China during the three-day New Year holiday, up 155.3 percent year on year, and tourist revenue surpassed 79.73 billion yuan (about 11.08 billion U.S. dollars). Physical stores across the country are also introducing novel consumption scenarios to at

Vibrant consumption fuels China's economic recovery

STORY: Vibrant consumption fuels China's economic recovery SHOOTING TIME: FILE DATELINE: Dec. 19, 2023 LENGTH: 00:01:27 LOCATION: NANCHANG, China CATEGORY: ECONOMY SHOTLIST: 1. various of China 2. various of JD logistics 3. various of scenic spots in China STORYLINE: The annual Central Economic Work Conference held earlier this month noted that China's economy has achieved a recovery and made solid progress in high-quality development in 2023. Consumption has become an increasingly important engine of China's economy, which contributed 83.2 percent to the GDP growth in the first three quarters of the year, compared with 77.2 percent in the first half of the year. Encouraging growth in the over two-week-long "Double 11" shopping extravaganza has testified the robust recovery of China's domestic consumer market. A total of 7.51 billion packages were sent during the period, representing a 30.9-percent growth compared with the same period in 2022. Robust consumption has also been reflected in other sectors

Italy's economic growth to slow to 0.7 pct in 2024: OECD

STORY: Italy's economic growth to slow to 0.7 pct in 2024: OECD SHOOTING TIME: Nov. 29, 2023 DATELINE: Dec. 1, 2023 LENGTH: 00:00:48 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of street views in Rome STORYLINE: The Organization for Economic Cooperation and Development (OECD) forecast Wednesday that Italy's economy will grow by 0.7 percent this year and next, before expanding by 1.2 percent in 2025. OECD's estimate for this year was in line with the prediction of both the Bank of Italy and Italy's National Institute of Statistics (ISTAT). However, in its latest report, the Bank of Italy forecast the economy would grow 0.8 percent next year, and 1 percent in 2025. Meanwhile, ISTAT said a month ago that the economy could see its growth rate slow to 0.6 percent next year. ISTAT data shows Italy's economy has failed to grow in three of the last four economic quarters. According to the most recent data, the third quarter of this year saw flat growth compared to the previous quarter. We

World Bank says Indian economy to grow at 6.3 pct in FY 2023-24

STORY: World Bank says Indian economy to grow at 6.3 pct in FY 2023-24 DATELINE: Oct. 5, 2023 LENGTH: 00:01:39 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of wholesale market 3. various of crop fields and crop harvesting STORYLINE: The World Bank Tuesday said the Indian economy is projected to grow at 6.3 percent in the current financial year. The international financial institution, in its report, said India continues to show resilience against the backdrop of a challenging global environment. India Development Update (IDU), the World Bank's half-yearly report on the Indian economy, observes that despite significant global challenges, India was one of the fastest-growing major economies in FY22-23 at 7.2 percent. "India's growth rate was the second highest among G20 countries and almost twice the average for emerging market economies. This resilience was underpinned by robust domestic demand, strong public infrastructure investment and a strengthening financial s

Malaysia's wholesale, retail trade grows 6.6 pct in May

STORY: Malaysia's wholesale, retail trade grows 6.6 pct in May DATELINE: July 14, 2023 LENGTH: 00:02:47 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Malaysia's national flag and Kuala Lumpur City view 2. various of customers spending at retails and exhibitions 3. various of crowds on streets and shopping at a mall 4. various of foods and customers doing their grocery shopping at a supermarket STORYLINE: Malaysia's wholesale and retail trade recorded monthly sales value of 138 billion ringgit (29.68 billion U.S. dollars) in May, up 6.6 percent year-on-year, official data showed Wednesday. The Department of Statistics of Malaysia (DOSM) said in a statement that the growth was attributed to the motor vehicles sub-sector, which surged 22 percent to 17 billion ringgit. Meanwhile, retail trade expanded 5 percent to 58.8 billion ringgit and wholesale trade increased 4.4 percent to 62.2 billion ringgit. For month-on-month comparison, sales value of wholesale and retail trade rebounded 1.5 pe

Malaysia's manufacturing sales rise 3.3 pct in May

STORY: Malaysia's manufacturing sales rise 3.3 pct in May DATELINE: July 13, 2023 LENGTH: 00:02:51 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Malaysia's national flag and Kuala Lumpur Twin Towers 2. various of workshops and factories 4. various of container vessels at Port Klang, Selangor STORYLINE: Malaysia's manufacturing sales value returned to a positive growth of 3.3 percent in May, after recording a decline of 2 percent in the preceding month, official data showed on Wednesday. The Department of Statistics of Malaysia (DOSM) said in a statement that the sector's sales value reached 146.8 billion ringgit (31.58 billion U.S. dollars) in May. The expansion was bolstered by a strong 17.3-percent growth registered in transport equipment and other manufactures coupled with the continuously increasing trend in non-metallic mineral products, basic metal and fabricated metal products (8.7 percent); and electrical and electronics products (8.2 percent). On month-on-month comparison, th

Malaysia to see stable consumer growth across H2 and 2024: research house

STORY: Malaysia to see stable consumer growth across H2 and 2024: research house DATELINE: July 13, 2023 LENGTH: 00:01:30 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Malaysia's national flag and Kuala Lumpur Twin Towers 2. various of crowds at an exhibition hall 3. various of crowds doing their grocery shopping at a supermarket 4. various of customers paying at the counter STORYLINE: BMI, a unit of Fitch Solutions, said Wednesday that it holds a positive outlook for consumer spending in Malaysia over the rest of 2023, as the economic recovery feeds into strong real consumer spending growth over the full year. The research house said in a note that it expects the Southeast Asian country's household spending to grow 5 percent in 2023. It opined that easing inflation will feed into the consumer spending outlook over the second half of this year. It noted that real household spending in 2023 will improve to 866.6 billion ringgit (186.29 billion U.S. dollars), beyond pre-pandemic levels

Malaysian economy to moderate in 2023: economists

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