The International Monetary Fund on Wednesday forecast that lower oil prices and higher taxes would slow Russian economic growth in 2019 and said Moscow’s medium-term growth outlook would remain modest unless it tackled deeper structural reforms. “Russia’s economy continues to show moderate growth, under sound macroeconomic policies but with structural constraints and the effects of sanctions,” the IMF said in a report on the Russian economy. It said Russia’s gross domestic product growth would slow to 1.2% in 2019 from 2.3% in 2018, dragged lower by a weaker first-quarter estimate, lower oil prices and the impact of a higher value-added tax rate on private consumption. Growth was seen expanding to 1.9% next year and could be boosted by public spending on infrastructure, but would settle in at a moderate 1.8% in the longer-run, absent deeper structural reforms, the IMF said. Inflation, which picked up in the second half of 2018 after reaching historic lows … [Read more...] about IMF sees slowdown in Russian economic growth; urges reforms
Russian economy forecast
Russian Deputy Minister lauds digital cooperation with ASEAN
Illustrative image (Source: Accountancy Europe) Hanoi (VNA) – Cooperation in digital technology between Russia and ASEAN is promising, said Russian Deputy Minister for Digital Development, Communications and Telecommunications Alexey Volin at the Valdai discussion club in Kuala Lumpur, Malaysia on November 22. Volin said Russia sees the potential of cooperation with the bloc in the fields of cyber security, digital television, and software development. According to him, the digital landscape in ASEAN is booming, particularly in the gaming and television industries. Regional governments are seeking foreign partners to create a range of top-quality products. The ASEAN digital economy is forecast to be worth 240 billion USD by 2025, 88 billion USD of which will be funded by e-commerce. Statistics from Singapore Temasek Holdings show that the ASEAN digital economy was worth 50 billion USD last year, with e-commerce revenue nearing 10.9 billion USD.–VNA … [Read more...] about Russian Deputy Minister lauds digital cooperation with ASEAN
Government News 15/11
PM Nguyen Xuan Phuc backs ASEAN-China cooperation ASEAN leaders posed together with Chinese Premier Li Keqiang (fifth from left) at the 21st ASEAN-China Summit held in Singapore on November 14 Prime Minister Nguyen Xuan Phuc said he supports the efforts of China and ASEAN in developing their foundation of connectivity in terms of mutual trust, physical connection, and human connection. PM Phuc made the statement at the 21st ASEAN-China Summit held in Singapore on November 14, as part of the 33rd ASEAN Summit framework. The event also celebrated 15 years of strategic partnership between the two sides. Highlighting the importance and huge benefits of the partnership for both parties involved and for peace, stability, and cooperation in the region, Phuc agreed that ASEAN and China should increase dialogue efforts and collaboration, as well as build mutual trust and uphold international law, contributing to the formation of codes of conduct for an open, transparent, and rule-based … [Read more...] about Government News 15/11
BUSINESS NEWS IN BRIEF 7/11
Japanese investors explore Ha Nam’s investment environment Ha Nam province will create favourable conditions to attract more Japanese businesses to invest in local projects, said Vice Chairman of the provincial People’s Committee Truong Quoc Huy. During his working session with a business delegation from Japan’s Nagahama city on November 5, Huy affirmed that Ha Nam always considers Japan an important partner in cooperation and investment attraction. Enterprises investing in Ha Nam will be supported in terms of electricity, water, worker recruitment and security, he said. The province has earmarked Dong Van III Industrial Park, which has a favourable location and well-built infrastructure, for Japanese investors, the official said. Huy told his guests that Ha Nam highly evaluated Japanese companies’ investment capacity and cooperation, adding that Japanese firms have always observed their investment commitments to the province, had good working environments and … [Read more...] about BUSINESS NEWS IN BRIEF 7/11
Trump makes final push in US midterm elections
US President Donald Trump arrives for a 'Make America Great Again' campaign rally at McKenzie Arena, in Chattanooga, Tennessee. (Nicholas Kamm/AFP) Cleveland, Ohio; Fort Wayne, Indiana; then Cape Girardeau, Missouri: it will be well after midnight before the real estate billionaire and populist showman gets back to the White House - and only a few hours more before polls open on Tuesday across the world's largest economy. "Don't fall for the Suppression Game. Go out & VOTE. Remember, we now have perhaps the greatest Economy (JOBS) in the history of our Country!" he tweeted on Monday before setting off for the furious final round of campaigning. "With turnout predicted to spike compared to previous cycles, and US networks rolling out wall-to-wall coverage, Trump told a cheering crowd in Cleveland the media were "making a fortune" thanks to him and his supporters. "The midterm elections used to be, like, boring," he quipped. "Now it's like the hottest thing." Trump is not on the … [Read more...] about Trump makes final push in US midterm elections