According to figures from the Bank of Korea, South Korea's gross domestic product (GDP) growth in 2022 was 2.6 percent, less than half the 4.1 percent increase in 2021. Imports and exports decreased, and building investment slowed even further. The South Korean central bank reported on Thursday that the country's GDP increased by 2.6 percent in 2022 as opposed to 4.1 percent annually in 2021. It...

According to the UN report, due to the energy crisis and inflation, the European Union's economic production will only increase by 0.2% in 2023. "Economic output in the European Union is forecasted to expand by only 0.2 percent in 2023 as the region battles with an energy crisis and a cost-of-living crisis made worse by the war in Ukraine," the report reads. The UN believes that this abrupt...

Ignazio Visco of ECB warned against excessive rate increases. Ignazio Visco, a member of the Governing Council of the European Central Bank, stated on Monday that he did not agree that it would be preferable for the bank to tighten monetary policy excessively rather than inadequately. In a speech in Rome, Bank of Italy Governor Visco, who is often seen as a supporter of soft policy on the ECB's...

President of WB Malpass anticipated weak global economic growth in 2023–2024. In 2023–2024, the world economy is expected to develop at a modest rate, according to World Bank President David Malpass. "It (will be) a protracted slowdown, in my opinion. If you go one or two years ahead, it's difficult to anticipate a major recovery due to the persistence of inflation and the fall in new...

According to the World Tourism Organization’s study (UNWTO), more than 900 million tourists traveled internationally in 2022 - twice as many as in 2021, but 37% fewer than in pre-pandemic 2019. The UNWTO specialists reports that their expectations were exceeded by the dynamics of the global tourist market's rebound in 2022. All parts of the world had an increase in international arrivals of...

The price of oil would increase if China's economy starts to revive in 2023, according to Fatih Birol, president of the International Energy Agency (IEA). China is now the biggest uncertainty in the world oil market. "China, if you ask me, is the area where there is the most uncertainty. It's easy to understand why. Chinese consumption for oil and gas fell in 2022, for the first time in 40 years....

The Bank of Japan revised its projection for the country's GDP growth down to 1.9 percent while increasing the anticipated inflation rate to 3 percent. The Bank of Japan (BOJ) raised projections for inflation by 0.1 percentage points to 3% from 2.9% while lowering its forecast for the country's GDP growth for the current fiscal year (April 1, 2022 to March 31, 2023) from the expected 2%. In...

Several consulting firms calculated that Iran's oil shipments in November and December 2022 were the greatest in years. Iran exported 1.095 million barrels per day (bpd) in total in November, and that number increased to 1.137 million in December, according to Reuters, which cited statistics from energy consultancy SVB International. Iranian shipments were pegged at 1.23 million bpd in November...

According to information from the Department of Labor, the consumer price index (CPI) in the US decreased by 0.1% at the end of December. Since May 2020, the country's consumer goods prices haven't decreased month over month. A press release from the ministry claims that cheaper gasoline in the US is the main cause of the decline in commodities prices. Additionally, while the month-end food price...