Latest news with #ADB
Business Recorder
2 hours ago
- Business
- Business Recorder
IMF projects Pakistan's GDP growth at 3.6% for FY26, below govt target of 4.2%
ISLAMABAD: The International Monetary Fund (IMF) has projected gross domestic product (GDP) growth rate for Pakistan at 3.6% for the current fiscal year 2025-26 against the government target of 4.2%. The fund in its latest report, 'World Economic Outlook Update, Global Economy: Tenuous Resilience amid Persistent Uncertainty', upgraded GDP growth estimates for the last fiscal year 2024-25 by 0.1% to 2.7%. Finance Division in its monthly economic outlook for June 2025 claimed that real GDP grew by 2.68% in the fiscal year 2024-25. Finance ministry projects July inflation at 3.5-4.5% as price pressures ease The World Bank has projected GDP growth rate for Pakistan at 3.1% for the fiscal year 2026 and the Asian Development Bank (ADB) at 3% for FY26. In its latest report, ADB revised Pakistan's GDP growth estimate for fiscal year 2025 slightly upward to 2.7% from its earlier projection of 2.5%. IMF stated that global growth is projected at 3% for 2025 and 3.1% in 2026. The forecast for 2025 is 0.2 percentage point higher than the reference forecast of the April 2025 WEO and 0.1 percentage point higher for 2026. 'This reflects stronger-than-expected front-loading in anticipation of higher tariffs; lower average effective US tariff rates than announced in April; an improvement in financial conditions, including due to a weaker US dollar; and fiscal expansion in some major jurisdictions,' it added. The report further stated that global headline inflation is expected to fall to 4.2% in 2025 and 3.6% in 2026, a path similar to the one projected in April. The overall picture hides notable cross-country differences, with forecasts predicting inflation will remain above target in the United States and be more subdued in other large economies. Risks to the outlook are tilted to the downside, as they were in the April 2025 World Economic Outlook.
Time of India
7 hours ago
- Automotive
- Time of India
China push: In Nepal, EVs now account for 76% of all vehicles sold
The narrow streets of Kathmandu - sized for pedestrians and rickshaws - are choked with engines. Buses, motorbikes, small trucks and taxis fill the sprawling valley with horns and exhaust. For its more than 3 million residents, just getting around is a dangerous, eye-stinging ordeal. But recently, a new kind of motor has started to ease the crush. Sleek electric vehicles glide by with a quiet hum. Gleaming showrooms do a brisk business in the latest models, and charging stations on highways have turned into rest stops with cafes for drivers. Over the past year, EVs accounted for 76 per cent of all passenger vehicles and half of the light commercial vehicles sold in Nepal. Five years ago, that number was essentially zero. The EV market share in Nepal is now behind only those of a few countries, including Norway, Singapore and Ethiopia. The average for all countries was 20 per cent in 2024. The swift turnover is the result of govt policies aimed at leveraging Nepal's wealth of hydropower, easing dependence on imported fossil fuels and clearing the smog. It has been fed by an intense push from Nepal's biggest neighbour, China, world's dominant manufacturer of battery-powered vehicles. "For us, using EVs is a comparative advantage," said Mahesh Bhattarai, DG of Nepal's department of customs. "In the global market, Chinese EVs are expanding. The same is happening in Nepal." The effort stands in contrast to policies in the US and Europe, which have blocked Chinese EVs to protect their domestic auto industries. And it carries hope for other developing countries that seek to become wealthier without enduring the crucible of pollution from which many rich nations have already emerged. "We're interested in making sure this rapid growth in these emerging markets doesn't follow the same trajectory as developed markets," said the head of sustainable transportation for UN Environment Programme. But as Nepal has learned, there are obstacles. The country has spent heavily on subsidies, and getting rid of the support too quickly could derail the shift to battery power. Even if gas-powered passenger cars are phased out, cleaning the air will require public transportation to go electric as well. Asian Development Bank has been a key financier of Nepal's dams, transmission lines and charging networks. The head of ADB's resident mission in Nepa is cautious about the risk of backsliding. "Given the economic sense this EV conversion represents, I think I would see it as unlikely that we would have major policy change." Businesses and advocates are, however, concerned Nepal may already be backing off its commitment to the transition. It has had three PMs in past five years, and priorities have shifted with each of them. Nepal's central bank doubled down-payment requirements for EVs. Govt has been inching up its tariffs on EVs. And auto dealers worry faulty cars from some smaller Chinese brands could discredit the category. Rajan Babu Shrestha holds the licence to distribute cars in Nepal from Tata Motors. He has seen sales skyrocket on his EVs, but he could go back to selling gas-powered vehicles if tariffs rose or subsidies for charging stations went away. "Stability is always a question mark."
Fibre2Fashion
7 hours ago
- Business
- Fibre2Fashion
US retaliatory tariffs could reduce Bangladesh's GDP growth: ADB
The Asian Development Bank (ADB) recently cautioned that Bangladesh's gross domestic product (GDP) growth could be affected by the proposed 35-per cent US retaliatory tariff. The growth forecast for fiscal 2025-26 (FY26) has been revised downward, primarily due to a slowdown in the export and industrial sectors, as well as the potential effects of the US tariffs, the bank said without specifying a projected growth rate. The ADB recently cautioned that Bangladesh's GDP growth could be hit by the proposed 35-per cent US retaliatory tariff. The growth forecast for FY26 has been revised downward, primarily due to a slowdown in the export and industrial sectors, as well as the potential effects of the US tariffs, the bank said without specifying a projected growth rate. It noted a slight decline in inflation in FY25. On inflation, the July edition of ADB's Asian Development Outlook noted a slight decline in the outgoing fiscal, attributing it to stable global commodity prices and tighter fiscal and monetary policies. For these reasons, the inflation outlook for FY26 has been kept unchanged. In its previous outlook published in April, ADB had projected Bangladesh's GDP growth for FY26 at 5.1 per cent and average inflation to ease to 8 per cent in FY26. Fibre2Fashion News Desk (DS)
The Sun
9 hours ago
- Business
- The Sun
Bursa Malaysia confident securities trading will pick up in second half of 2025
KUALA LUMPUR: Bursa Malaysia Bhd is optimistic that securities trading activity will improve in the second half of 2025 on the back of strong domestic liquidity and improved sentiment. CEO Datuk Fad'l Mohamed said Malaysia has 'very strong domestic liquidity', with asset managers currently holding substantial cash positions. 'So they will want to deploy that cash. We expect the second half to be more optimistic, with higher levels of ADB (average daily trading value) being traded. 'If you look at where consensus is, analyst consensus remains at about RM2.6 billion in terms of ADB. So we still hold to that,' he said at a media briefing on the group's first-half 2025 financial results today. He added that current market valuations also support the outlook for a recovery in the latter half of the year. 'Also, with valuations where they are today, we certainly are very optimistic about the market having a better second half of 2025,' Fad'l said. Securities trading contributed 42% to Bursa Malaysia's total earnings in the first half of 2025. The drop in operating revenue was largely due to a 24.8% decline in average daily value (ADV) for On-Market Trades, which fell to RM2.5 billion from RM3.3 billion a year ago. Fad'l said the decline in securities trading volume was cyclical rather than structural. 'Like every other market, quite clearly, we go through cycles of optimism and correction. We have to accept that. For us, we are clearly looking ahead,' he said. He noted that investor optimism and capital deployment in 2025 are being driven by expectations of stronger earnings recovery in 2026. 'We expect 2025 growth to be driven by forward-looking catalysts. With current valuations, this is the time when you will see capital being deployed to capture the upside in 2026,' he said. He added that this anticipated shift in sentiment and capital flows could help spark a recovery in trading activity in the near term. 'So we hope that some of the elevated cash holdings will also be channelled into the market to help propel it forward,' Fad'l said. As a result of weaker trading revenue, Bursa Malaysia posted a 19.3% drop in net profit to RM125.5 million for the first half of 2025. The stock exchange's total revenue for the first half stood at RM356.96 million, down 7.8% from RM387.14 million a year earlier. It has declared an interim dividend of 14 sen per share for the financial year ending Dec 31, 2025. This amounts to RM113.3 million, corresponding to a dividend payout ratio of 90.3%.
Business Recorder
18 hours ago
- Business
- Business Recorder
Pakistan, neighbouring countries: ADB appoints Leah Gutierrez as DG
ISLAMABAD: The Asian Development Bank (ADB) has appointed Leah Gutierrez as Director General for its Central and West Asia Department. As Director General, Gutierrez will deliver ADB's strategic agenda in the Central and West Asia region. She will lead ADB's engagement with 11 countries: Afghanistan, Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Pakistan, Tajikistan, Türkiye, Turkmenistan, and Uzbekistan. Her appointment takes effect July 28. 'I am honoured to serve in this position and will continue to engage with developing member countries and stakeholders to promote inclusive growth, regional cooperation, and sustainable development across the region,' said Gutierrez. Gutierrez has over four decades of professional experience, including 25 years at ADB. Prior to her appointment, Gutierrez was the Director General for ADB's Sectors Department 3, where she managed operations for finance, human and social development, and public sector management and governance. She is also a former Director General of the Pacific Department. She has held senior positions in ADB's Strategy, Policy, and Partnerships Department; Southeast Asia Department; and Office of the Secretary. A national of the Philippines, she holds a PhD and Master's in Economics from the University of Pennsylvania, in the United States, and a Bachelor's degree in Business Economics from the University of the Philippines. Copyright Business Recorder, 2025
