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Emerging Economies Lead Davos Talk

Most people at the World Economic Forum meeting, an elite annual jamboree for top executives and officials that ended Sunday, expected Western Europe and Japan to grow at a feeble pace, thanks to high public debt, overcapacity in industry and other problems.

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The business and government leaders who gathered here in recent days are pinning high hopes on developing countries to keep the world economy growing, amid widespread worry about the strength of recovery in advanced economies.

Most people at the World Economic Forum meeting, an elite annual jamboree for top executives and officials that ended Sunday, expected Western Europe and Japan to grow at a feeble pace, thanks to high public debt, overcapacity in industry and other problems.

The year ahead “is going to be a better year than 2009, but still not the year we were hoping for,” said Carlos Ghosn, chief executive of car makers Renault SA in France and Nissan Motor Co. in Japan.

Many participants also weren't convinced that the U.S. recovery is bouncing back just yet, despite the fast pace of economic growth posted in the fourth quarter.

via Emerging Economies Took Center Stage in Davos – WSJ.com.

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Economics

Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

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Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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