economy - updates

Rappler's latest stories on economy


Virus strikes another blow at religious tourism in Iraq

Feb 27, 2020 - 6:00 PM

In 'normal' times, income from pilgrims creates jobs for Iraqis and brings in billions of dollars per year. But with the novel coronavirus, visitor numbers are plunging.

Pilgrims wearing masks walk through the courtyard of the shrine of Imam Ali on February 25, 2020 in the holy Iraqi central city of Najaf, where the first case of coronavirus COVID-19 has been documented in Iraq. - Iraq on February 24 confirmed its first novel coronavirus case in an elderly Iranian national in Najaf, according to health officials. A country with a dilapidated healthcare system, Iraq often hosts pilgrims and religious students from Iran, where at least a dozen people have died of the novel coronavirus since an outbreak there was first reported last week. Iraq had blocked travel to and from the Islamic republic days before announcing a seminary student in Najaf was the country's first confirmed case. (Photo by Haidar HAMDANI / AFP)

Mixed day for global stocks as coronavirus continues to spread

Feb 26, 2020 - 11:40 PM

(UPDATED) 'We don't know what stage of this we're in and we don't know how much economic damage will be done,' says analyst Art Hogan

A pedestrian walks past an electronic quotation board displaying share prices of the Nikkei 225 Index (R, top) and other Asian stock markets in Tokyo on February 26, 2020. - Tokyo stocks opened lower on February 26 extending losses on Wall Street, as the coronavirus continued to spread and public officials warned of the increasing likelihood of a pandemic. (Photo by Kazuhiro NOGI / AFP)

Hong Kong to give big cash handouts as economy reels from virus

Feb 26, 2020 - 3:10 PM

Hong Kong permanent residents aged 18 or above will each get HK$10,000 ($1,280)

CORONAVIRUS. People wear masks on a train on the first day of the Lunar New Year of the Rat in Hong Kong on January 25, 2020. Photo by Dale De La Rey/AFP

Trump economic advisor sees no U.S. recession ahead

Feb 26, 2020 - 2:30 PM

United States National Economic Council Director Larry Kudlow says the US economy is 'holding up nicely' amid the novel coronavirus outbreak

AMERICAN ECONOMY. The United States' gross domestic product in the 2nd quarter of 2019 slows to 2.1%. Photo from Shutterstock

Italy's fragile economy strained by coronavirus measures

Feb 25, 2020 - 2:20 PM

Plunging stock prices in Milan, canceled trade shows, and threats to tourism hurt the already sluggish Italian economy

Tourists wearing protective facemasks visit the Piazza San Marco, in Venice, on February 24, 2020 during the usual period of the Carnival festivities which the last two days have been cancelled due to an outbreak of the COVID-19 the novel coronavirus, in northern Italy. - Italy reported on February 24, 2020 its fourth death from the new coronavirus, an 84-year old man in the northern Lombardy region, as the number of people contracting the virus continued to mount. (Photo by ANDREA PATTARO / AFP)

Novel coronavirus puts 'fragile' global recovery at risk – IMF to G20

Feb 24, 2020 - 12:35 AM

(3rd UPDATE) 'Even in the case of rapid containment of the virus, growth in China and the rest of the world would be impacted,' warns International Monetary Fund chief Kristalina Georgieva

This photo taken on February 20, 2020 shows a estaurant worker wearing protective clothing as a preventive measure against the COVID-19 coronavirus passing a bag of food to a customer on the street outside their restaurant in Beijing. - Restaurants are taking a huge hit as many people across the country of 1.4 billion have been either under some form of quarantine or are reluctant to venture outside since late January over fears of contagion. (Photo by GREG BAKER / AFP) / TO GO WITH: China health virus economy food, FOCUS by Beiyi SEOW

Virus hits shipping, spreading global economic strain

Feb 23, 2020 - 5:05 PM

As the novel coronavirus spreads, figures provided by cargo ship traffic paint a gloomy picture

A cargo ship loaded with containers makes its way at a port in Qingdao in China's eastern Shandong province on January 14, 2020. - China's trade surplus with the United States narrowed last year as the world's two biggest economies exchanged punitive tariffs in a bruising trade war, official data showed on January 14, on the eve of a deal to ease tensions. (Photo by STR / AFP)

Saudi G20 gathering weighs coronavirus threat to global economy

Feb 23, 2020 - 7:00 AM

G20 finance ministers and central bank governors gather amid growing alarm over the novel coronavirus

Managing Director of the International Monetary Fund Kristalina Georgieva arrives for a Welcome Dinner at the Murabba Palace in Riyadh on February 22, 2020 during the G20 finance ministers and central bank governors meeting. (Photo by FAYEZ NURELDINE / AFP)

Makati Business Club: 'Strong' U.S. ties important for PH economy, security

Feb 21, 2020 - 4:59 PM

The Makati Business Club expresses concern over the termination of the Visiting Forces Agreement with the United States, saying it may 'affect other security agreements'

ALLIES NO MORE? The Philippine and US flags during the opening ceremony of the yearly Balikatan joint military exercises in April 2016. File photo by Ted Aljibe/AFP

China cuts loan rate as it battles coronavirus impact

Feb 20, 2020 - 9:20 PM

The reduction in China's loan prime rate is the latest measure to help companies struggling through the epidemic

IMF warns China virus hitting a fragile global economy

Feb 20, 2020 - 9:15 AM

'The truth is that uncertainty is becoming the new normal,' says International Monetary Fund Managing Director Kristalina Georgieva

This photo taken on February 14, 2020 shows people walking along a street in Melbourne's Chinatown. - Bustling century-old Chinatowns from Melbourne to San Francisco have fallen quiet and businesses are struggling to survive as fears over the deadly novel coronavirus outbreak ripple around the world. (Photo by William WEST / AFP) / TO GO WITH Australia-China-virus-health-economy,FOCUS by Sean GLEESON

Singapore lowers growth forecast as virus hits economy

Feb 17, 2020 - 6:05 PM

Singapore downgrades its 2020 growth estimate to a range of -0.5% to 1.5% as it deals with the novel coronavirus

A visitor, wearing a protective facemask amid fears about the spread of the COVID-19 novel coronavirus, walks along Merlion Park in Singapore on February 17, 2020. (Photo by Roslan RAHMAN / AFP)

Japan suffers worst economic slump in 5 years

Feb 17, 2020 - 5:35 PM

Japan's gross domestic product shrinks in October-December 2019, suffering the biggest contraction since the 2nd quarter of 2014

This picture taken on January 25, 2020 shows a general view of skyscrapers in Tokyo's Shinjuku area. - Tokyo's benchmark Nikkei index dropped more than two percent January 27 on concerns over the potential impact of a new coronavirus that has killed at least 80 people in China. (Photo by Kazuhiro NOGI / AFP)

Global economy losing $8 billion daily to air pollution from fossil fuels – Greenpeace

Feb 13, 2020 - 7:14 PM

In the Philippines, air pollution from fossil fuels – primarily coal, oil, and gas – is attributed to causing an estimated 27,000 premature deaths per year

China virus threatens to hobble Gulf economies

Feb 13, 2020 - 3:15 PM

The 6 Gulf states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates – count China as their main trading partner and crude buyer

Tourists wearing surgical masks are pictured on a beach next to Burj Al Arab in Dubai on January 29 2020. - The United Arab Emirates announced the first confirmed cases of the new coronavirus in the Middle East, with a four-member Chinese family from Wuhan found to be infected. (Photo by GIUSEPPE CACACE / AFP)

Despite political risks, Fitch Ratings raises outlook for Philippines

Feb 11, 2020 - 9:00 PM

Fitch Ratings says the Duterte administration's review of allegedly onerous contracts may create some uncertainty, but will not affect the overall business environment and foreign investments

Small businesses suffer in China as novel coronavirus shuts communities

Feb 10, 2020 - 10:55 PM

As the novel coronavirus claims more lives and infects thousands of people every day, it is also taking a toll on China's small businesses

This photo taken on February 7, 2020 shows a closed restaurant opposite a section of the Great Wall of China at Huanghuacheng, north of Beijing. - As the virus claims more lives and infects thousands of people every day, it is also taking a toll on the country's small businesses that rely on spending from China's growing middle-class. (Photo by GREG BAKER / AFP) / TO GO WITH China-health-virus-economy,FOCUS by Beiyi Seow

China inflation rises as coronavirus disrupts supply chains

Feb 10, 2020 - 10:20 PM

Consumer prices in China increase at their highest rate since October 2011, partly due to the novel coronavirus outbreak

This photo taken on February 9, 2020 shows people wearing protective masks buying meat in Hangzhou in China's eastern Zhejiang province. - China consumer prices rose at their highest rate in more than eight years, official data showed February 10, with inflation more than expected on the back of Lunar New Year demand and a deadly virus outbreak. (Photo by STR / AFP) / China OUT

China offers $43-billion boost to firms fighting novel coronavirus

Feb 09, 2020 - 10:25 PM

The People's Bank of China offers special funding in the battle against the novel coronavirus outbreak

A worker (L) wearing a protective suit carries a fogging machine as others prepare to disinfect a business establishment in Shanghai on February 9, 2020. - The new coronavirus that emerged in central China at the end of last year has killed more than 800 people and spread around the world. (Photo by NOEL CELIS / AFP)

To boost economy, Bangko Sentral cuts interest rates by 25 basis points

Feb 06, 2020 - 8:20 PM

Amid the global economic slowdown and the novel coronavirus spooking markets, the Philippines' central bank aims to shore up the economy by trimming interest rates

Venezuela 2019 inflation close to 10,000%, says central bank

Feb 06, 2020 - 3:05 AM

Venezuela's central bank says inflation reached 9,585% in 2019. The opposition-controlled parliament puts it at 7,374%.

View of a tree decorated with banknotes which are worthless -as a result of inflation- as people queue at a gas station in Caracas, on March 10, 2019, during a power outage. - National Assembly leader Juan Guaido said Sunday he will ask the Venezuelan legislature to declare a "state of alarm" in order to request international aid amid a massive power outage. (Photo by YURI CORTEZ / AFP)

Coronavirus is 'new layer of uncertainty' for European economy

Feb 06, 2020 - 2:10 AM

European Central Bank chief Christine Lagarde's remarks place the novel coronavirus on the same level of menace to growth as trade tensions and geopolitical flashpoints

A military personnel (Front) sits in coach transporting Italian citizens (Rear) repatriated from the coronavirus hot-zone of Wuhan, leaves the Mario De Bernardi military airport in Pratica di Mare, south of Rome, on February 3, 2020 after landing from China, to be placed in quarantine at the nearby Cecchignola center. (Photo by Andreas SOLARO / AFP)

China's stuttering economy braces for impact of deadly virus

Feb 05, 2020 - 8:20 PM

Analysts warn that the economic impact of the novel coronavirus could surpass the SARS epidemic

An empty shopping mall is seen in Beijing on February 5, 2020. - China's struggle to contain the deadly coronavirus is deepening concerns about the impact on the world's number-two economy, as factories stay closed and millions of consumers remain holed up at home. (Photo by GREG BAKER / AFP)

World Bank to lower global growth forecast over virus outbreak

Feb 05, 2020 - 3:55 PM

The World Bank says it will revise its estimates downward 'for at least the first part of 2020,' as the novel coronavirus outbreak threatens global supply chains

TRADE TENSIONS. A container ship sits in the San Francisco Bay on May 13, 2019, in Oakland, California. The United States and China are locked in an escalating trade dispute. File photo by Justin Sullivan/Getty Images/AFP

[ANALYSIS] Will novel coronavirus also infect the Philippine economy?

Feb 05, 2020 - 10:35 AM

In this uber-globalized world, we have to accept that when China sneezes we will all likely catch a cold. But how can we minimize the risk?

Inflation inches up to 2.9% in January 2020

Feb 05, 2020 - 9:02 AM

(UPDATED) Inflation picks up in January, but remains within the Philippine government's target range

Novel coronavirus could also sicken global economy

Feb 04, 2020 - 10:10 PM

With China 'at the heart of many global supply chains,' analysts warn the novel coronavirus outbreak could put a dent in the world economy

A general view shows buildings in the Chinese city of Shenzhen, as seen from the Lo Wu MTR station, hours before the closing of the Lo Wu border crossing in Hong Kong, on February 3, 2020, amid an outbreak of a deadly SARS-like virus which began in the Chinese city of Wuhan. - Hong Kong announced it was closing all but two land crossings with the Chinese mainland on February 3 to slow the spread of a deadly new coronavirus as medics staged strikes calling for the border to be completely sealed. (Photo by Anthony WALLACE / AFP)

Hong Kong economy shrinks for first time in a decade

Feb 03, 2020 - 10:30 PM

The United States-China trade war and months of protests take their toll on Hong Kong's economy in 2019

TOURISM DECLINING. A shot of the Mong Kok district in Hong Kong. Photo from Shutterstock

Chinese central bank to pump $173 billion into economy in virus fight

Feb 02, 2020 - 6:20 PM

The People's Bank of China says it will maintain 'reasonable and abundant liquidity' in the banking system, as well as a stable currency market, during the novel coronavirus outbreak

RENMINBI. China says it will not devalue its currency. Photo from Shutterstock

[ANALYSIS] Why did Philippine growth drop to an 8-year low?

Jan 31, 2020 - 11:56 AM

Why is there disappointing growth, given the country's potential? Let's talk about lower investments and the weakening of industry.

Finance team says PH economy 'can handle' coronavirus effects

Jan 30, 2020 - 9:35 PM

Philippine officials do not see the novel coronavirus putting a major dent in the economy

MINIMAL ECONOMIC EFFECT. Chinese nationals arriving from Guangzhou, China are seen wearing face mask at the arrival area of Ninoy Aquino International Airport Terminal 1 in Pasay City. File photo by Ben Nabong/Rappler

Virus crisis adds pressure on slowing Chinese economy

Jan 30, 2020 - 7:15 PM

The novel coronavirus outbreak is expected to deliver a fresh blow to the world's No. 2 economy

A customer (R) buys dried sausages at a market in Beijing on January 15, 2020. - China's trade surplus with the United States narrowed last year as the world's two biggest economies exchanged punitive tariffs in a bruising trade war, official data showed. (Photo by NICOLAS ASFOURI / AFP)

U.S. Fed watching global economy for signs of infection from virus

Jan 30, 2020 - 2:45 PM

The United States Federal Reserve says 'there will clearly be implications' for Chinese output, but it is still 'very uncertain' how far it will spread

Philippines misses GDP growth target for 2019

Jan 23, 2020 - 10:00 AM

(UPDATED) GDP growth picks up in the 4th quarter of 2019, but the impact of the budget impasse proves to be too much as the overall target is not met

[ANALYSIS] The economic lies in ‘Duterte Legacy’

Jan 22, 2020 - 12:03 PM

Ranking officials of the Duterte government will do well to know a memorable quote in HBO’s Chernobyl: 'Every lie we tell incurs a debt to the truth. Sooner or later that debt is paid'

'Green Swan': Bankers warn of climate change risks

Jan 21, 2020 - 9:28 AM

Climate risks could generate a 'green swan' – a reference to the concept of an unpredictable and devastating 'black swan' event developed by philosopher Nassim Nicholas Taleb

Demonstrators hold placards during a protest against climate change on April 6, 2019 in Lausanne. Photo by Fabrice Coffrini/AFP

IMF trims global growth estimates 2020-21 but sees improving outlook

Jan 21, 2020 - 9:07 AM

The Washington-based global lending institution cautions that outcomes 'depend to an important extent on avoiding further escalation' between Washington and Beijing

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund (IMF) is seen at the IMF headquarters in Washington, DC. (Photo by Jim Watson/AFP)

Chinese economic growth hits three-decade low

Jan 17, 2020 - 2:44 PM

The figures are released days after Vice Premier Liu He and Donald Trump signed a much-vaunted 'phase one' pact that marks a truce in their nearly two-year-old trade war

LABOR. This file photo taken on September 24, 2019 shows employees producing down coats at a factory for Chinese clothing company Bosideng in Nantong in China's eastern Jiangsu province. (Photo by STR/AFP)

Hong Kong protest shoppers show their true colors

Jan 15, 2020 - 12:39 PM

Pro-democracy protesters reward shops and restaurants that support their cause, tagging them 'yellow'. Pro-government and pro-China businesses are tagged 'blue' and frequent targets for vandalism or boycotts.

In this picture taken on January 8, 2020 shows stickers of Pepe the frog and other protest related animals at the entrance of a cafe in North Point area in Hong Kong. Seven months of unrest have taken a heavy toll on many Hong Kong businesses, but pro-democracy protesters are now seeking to reward shops and restaurants that support their cause by building a "yellow" economy. Philip FONG / AFP

Iraq warns of economic 'collapse' if Trump blocks oil cash

Jan 13, 2020 - 1:57 PM

'We're an oil-producing country. Those accounts are in dollars. Cutting off access means totally turning off the tap,' an first Iraqi official says

US President Donald Trump speaks from the White House on January 8, 2020 in Washington, DC. (Photo by Win McNamee/Getty Images/AFP)

Global economy faces fragile recovery beset by risks – World Bank

Jan 09, 2020 - 6:25 PM

The World Bank projects the global economy will grow by 2.4% in 2020. But forecasts for nearly every country are cut compared to previous estimates.

China inflation flattens as surge in pork prices slows

Jan 09, 2020 - 5:10 PM

China's inflation is steady at 4.5% in December 2019, but pork prices remain high due to the African swine fever outbreak

SURGING INFLATION. A customer shops for pork at a market in Beijing on October 15, 2019. Photo by Wang Zhao/AFP

2020 budget: A year of compromises

Jan 09, 2020 - 4:01 PM

Part 2: This year's budget is far less controversial than 2019, but to achieve that, compromises were made. Will it be worth it?

2020 budget: Where will the money go?

Jan 08, 2020 - 9:53 PM

Most departments gain substantial increases in 2020's P4.1-trillion national budget, as the government recuperates from the effects of the 4-month budget delay in 2019

France's pension reform: What's on the table?

Jan 07, 2020 - 9:09 AM

The reform would boost the minimum pension to $1,110, while offering bonuses to parents as well as women who stop working to look after children

People take part in a demonstration on December 17, 2019 in Rennes, as part of a third countrywide day of protests over a government pensions overhaul, with the government showing no signs it will give in to union demands to drop the plan. Unions have been striking since December 5 in their biggest show of strength in years against plans for a single pensions system. Damien MEYER / AFP

Inflation jumps to 2.5% in December, overall 2019 figure within target

Jan 07, 2020 - 9:07 AM

(UPDATED) Transportation expenses go up, but low rice prices keep inflation within target in December 2019

Prospect of U.S.-Iran conflict threatens Gulf economies

Jan 06, 2020 - 10:10 PM

Saudi economist Fadhl al-Bouenain says a US-Iran war would further dampen economic growth in Gulf Cooperation Council states, just as many of them are attempting to diversify towards a post-oil future

GULF ECONOMIES. This file photo taken on September 20, 2019, shows employees of Aramco oil company working in Saudi Arabia's Abqaiq oil processing plant. File photo by Fayez Nureldine/AFP

Rice tariffication: Birth pains force farmers' kids out of school

Jan 06, 2020 - 5:05 PM

They're ditching farming as their children drop out of school. Will there still be Filipino rice farmers left in this new decade?

Filipina chemist wins international metrology award

Jan 03, 2020 - 5:47 PM

The award is proof that the Philippines, while a developing country, is investing in metrology

INVESTING IN METROLOGY. Benilda Ebarvia wins the prestigious 2019 Developing Economies National Metrologies Institute Award. She is the first winner of the award from the Philippines. Photo from RRUDela Cruz/DOST

[ANALYSIS] 2020s: Can we sustain the stellar growth of the 2010s?

Jan 03, 2020 - 11:14 AM

There’s a lot to be thankful for in the 2010s when more Filipinos became more prosperous and healthy, so much so that the 2010s might be considered our economy’s true 'golden age.'