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Malaysia’s 17.1% GDP contraction in 2Q20 the worst so far in ASEAN

KUALA LUMPUR (Aug 14): The massive 17.1% gross domestic product (GDP) contraction in the second quarter 2020 (2Q20) has so far made Malaysia the worst-performing economy in ASEAN. For Malaysia, the figure is the worst double-digit quarterly contraction since 1998, or about 22 years, following the unprecedented lockdown imposed to stem the spread of Covid-19.…

EMERGING MARKETS-Asia stocks, currencies fall as China data dents recovery hopes

* Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA * South Korea stocks fall most * China data disappoints, but analysts still see a recovery By Nikhil Nainan Aug 14 (Reuters) - A surprise fall in Chinese retail sales knocked Asia's emerging market stocks and currencies on Friday, on fading hopes the world's second-largest economy could…

Charts show how a shrinking economy hurts SA banks

Investors will be more focused on understanding how well banks are positioned to recover: Jan Meintjes. Roxanne Henderson, Bloomberg 14 Aug 2020  06:59  Image: Mike Hutchings, Reuters South Africa’s moribund economy is dealing a hammer blow to the country’s banks, which are facing profit declines of as much as 85%. The true extent of that…

The UK Has Plunged Into a Recession Due to COVID-19. The Poorest Will Be Hit the Hardest.

Finance & InnovationThe economy fell by a record 20.4% during the COVID-19 lockdown.Why Global Citizens Should CareThe United Nations’ Global Goal 10 calls for reduced inequalities and inclusive economies. The latest data on the UK’s economic recession — and the worrying impact it looks set to have on the country’s most financially and food insecure…

Malaysia economy agreements 17.1%in 2nd quarter, worst depression considering that 1998 monetary crisis

KUALA LUMPUR: Hard hit by the COVID-19 pandemic, Malaysia's gross domestic product fell by 17.1 per cent in the second quarter of 2020.According to the Department of Statistics, this was the Malaysian economy’s worst performance since the height of the Asian financial crisis in 1998. Central bank governor Nor Shamsiah Yunus said in a press conference…

These charts show how a diminishing economy harms South African banks

South Africa’s moribund economy is dealing a hammer blow to the country’s banks, which are facing profit declines of as much as 85%. The true extent of that pain will be laid bare when the lenders start releasing results next week in what is shaping up to be the worst earnings slump in at least…

China’s domestic costs slows as economy recuperates from COVID-19 outbreak

Business FILE PHOTO: People wearing face masks walk in front of an Apple store at a shopping mall in Beijing, China Feb 18, 2020. (REUTERS/Carlos Garcia Rawlins/File Photo) 14 Aug 2020 10:43AM(Updated: 14 Aug 2020 10:50AM) BEIJING: China's retail sales dropped in July, official data showed on Friday (Aug 14), indicating that sluggish consumer spending…

NAB boss warns economy will be weak until 2022

which this week said it expected the majority of people who deferred loans could resume repayments, Mr McEwan said he would not make a prediction on how many of these customers would recover. The bank has in recent months been calling clients with deferred loans, and Mr McEwan said it had contacted 24,000 of the…