Global Scans · Decent Work and Growth · Weekly Summary

In September 2015, 193 world leaders agreed to 17 Global Goals for Sustainable Development. If these Goals are completed, it would mean an end to extreme poverty, inequality and climate change by 2030.
Goal 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.

  • [New] Thailand's first Climate Change Act will be enforced in the next few years and that the Department of Climate Change and Environment has been set up to oversee work against climate change in Thailand. The Star
  • [New] We expect urban passenger volume to maintain annualized growth rate of 3-4% (daily passenger volume in the US grew at a CAGR of 3.0% as per capita GDP increased from US$13,000 to US$36,000). SpringerLink
  • [New] Singapore expects growth in key exports to come in at the lower end of its 4% to 6% growth forecast in 2024 due to a disappointing start to the year. The Straits Times
  • [New] The stickiness of advanced economy inflation so far this year has reduced the likelihood of rapid policy rate cuts by central banks in 2024, which could negatively impact growth rates in 2025 and 2026. Forex Factory
  • APAC will remain the largest region over the forecast period due to strong demand in the construction and building sector, numerous DINP applications in the building sector that have been developed and innovated as a result of rising end-use industries and population growth. Yahoo Finance
  • We can expect to see Gen AI revolutionizing Indian businesses across sectors and unlocking new avenues for growth and significantly increasing productivity. Techcircle
  • The Finance Ministry has highlighted four challenges facing the Indian economy: AI's threat to the services sector, the trade-off between energy security and economic growth, the impact of global developments, and the availability of a skilled workforce. The Economic Times
  • Factors such as the projected acceleration in global growth and trade volumes, as well as an expected above-normal monsoon, are seen as positive indicators for India's economic growth. The Economic Times
  • While the Asian Development Bank (ADB) and Fitch Ratings have estimated India's growth at 7%, the International Monetary Fund (IMF), S&P Global Ratings and Morgan Stanley projected a 6.8% growth rate for FY25. Economic Times
  • Significant growth in renewables, storage, hydrogen and carbon capture provides the best pathway to net zero by 2045 and will deliver secure, affordable and clean energy supplies for Scotland's households, business and communities. Yahoo News
  • There is a lagged relationship between economic growth and asset quality, and GDP growth is expected to strengthen in the second half of 2024, albeit at very different rates across countries, in the light of which default rates are likely to deteriorate in countries with weak expected growth. European Central Bank
  • As the respective equity markets are deeply integrated, financial stability risks for the euro area might relate mostly to spillovers from the United States or to potential negative earnings surprises, particularly if subdued economic growth continues. European Central Bank
  • In parallel, although economic growth in 2024 is likely to be weaker than previously hoped, there is less likelihood of the euro area experiencing a severe downturn. European Central Bank
  • Improving access to clean cooking is about improving health outcomes, reducing emissions, and creating opportunities for economic growth. IEA
  • In 2025, we now expect growth to accelerate to 6.1%, thanks to a lower statistical base, robust copper production growth, lower inflation, and looser monetary conditions. Fitch Solutions
  • The National Hydrogen Strategy, which maps Australia's clean hydrogen potential for growth outlining infrastructure planning, social license and industry safety training and regulation, received $17.1 million over four years from 2024-2025. pv magazine Australia
  • The Australian economy will remain weak over the forecast period and only start to return to rates of economic growth similar to long term averages in 2027-28. KPMG Australia
  • With production growth expected to outpace consumption, ending stocks worldwide are forecasted to rise by 2.5 million bales to 83.0 million bales. TEXtalks | let's talk textiles...
  • Oil will likely decline in demand in the years to come, so diversifying into other areas offering growth might pay dividends in the future. The Star
  • Africa has a significant opportunity for growth but urgently needs more global collaboration and investment. The Sun Nigeria
  • Software and IT services in MENA are projected to experience significant growth, with software spending expected to grow by 12.3% and IT services by 11.1% in 2024. Splunk
  • Electricity demand in the US will increase by nearly 5%, a substantial increase compared with the estimated annual growth rate of 0.5% over the past decade. ECO Magazine
  • The digital screen production industry holds tremendous growth potential in Victoria, but faces numerous challenges, including a shortage of expertise stemming from a gap in training. Newsroom

Last updated: 26 May 2024

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