Turkish Economy Contracts, Posing Challenge for Erdogan

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ISTANBUL—The Turkish economy, hit hard by the coronavirus pandemic, contracted sharply in the second quarter, jeopardizing President Recep Tayyip Erdogan’s central political pledge of rapidly reviving the nation’s economic prosperity. Turkey’s output shrank 9.9% in the second quarter compared with the same period a year earlier, and 11% compared with the first quarter of 2020, … Read more

Indian Economy Shrank Record 23.9% Last Quarter

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NEW DELHI—India’s economy shrank by a record 23.9% last quarter—the biggest blow the coronavirus pandemic has dealt to a major economy so far—as a nationwide lockdown and fear of the fast-spreading pandemic strangled spending. Gross domestic product took a beating in the April-through-June quarter compared with the same quarter a year earlier, according to government … Read more

View: How India can get its growth back on track after the coronavirus pandemic

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A subdued global economy further impacted growth. The pandemic has rendered the outlook even more sombre. So is India’s growth story over? Synopsis With continued policy attention on reforms — which spur private investment, increase the economy’s competitiveness, promote greater integration into the global economy, and ensure an efficient financial sector — India can revert … Read more

Saudi Crown Prince Barrels Ahead With Big Projects to Boost Economy

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TABUK, Saudi Arabia—This desert kingdom is pushing ahead with multibillion-dollar plans to build a spate of new cities despite the coronavirus pandemic and depressed oil prices, betting that projects closely associated with the crown prince will kick-start its economic recovery. The developments include a futuristic city-state called Neom in the country’s remote northwest Tabuk province, … Read more

China’s Economy Is Bouncing Back—And Gaining Ground on the U.S.

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BEIJING—As the rest of the world struggles to contain the coronavirus, China’s recovery is gaining momentum, positioning it to further close its gap with the U.S. economy. Across China, restaurants and gyms are busy again. Subway cars and airport departure lounges are packed. Children are preparing to return to classrooms with few of the restrictions … Read more

Japan’s Economic Backslide Likely to Take Years to Reverse

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TOKYO—After nine months of a shrinking economy, Japan has dug itself into a deep hole that it might not emerge from for at least two years. The world’s third-largest economy after the U.S. and China was smaller in real terms in the second quarter of 2020 than it was in the final quarter of 2012, … Read more

Japan’s Economy Shrinks in Second Quarter

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TOKYO—The Japanese economy shrank less than the U.S. and European economies did in the April-June quarter, but it fared worse than Asian counterparts. Japan’s gross domestic product fell 7.8% in the second quarter of 2020 compared with the previous quarter, the worst drop on record in the period since 1980, when comparable data began to … Read more

Coronavirus Chased Off Tourists—Lots of Locals Don’t Want Them Ever Flocking Back

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KYOTO, Japan—The bustle of tourists has disappeared from this ancient capital—only to be replaced by dissension over whether they should ever be welcomed back. Mimiko Takayasu, 80 years old, is proprietress of a century-old tea house where geisha entertain wealthy Japanese with traditional music and dance. Until the coronavirus pandemic, the streets of Gion, Kyoto’s … Read more

How did we do in these seven decades of Independence? Actually better than expected

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Of course, we could have done better. But what is better than being a united and optimistic nation? Synopsis In 1947, agriculture accounted for 54% of India’s GDP. In 2019, it is at about 13%. But at the time of Independence, 60% of India depended on agriculture for a living. In 2017, it is about … Read more

UAE announces normalisation of diplomatic ties with Israel under deal brokered by Trump

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DUBAI/WASHINGTON: The UAE and Israel on Thursday agreed to establish full diplomatic relations in a deal brokered by US President Donald Trump, a breakthrough the three nations say will advance peace in the Middle East and result in Jerusalem suspending its plans to annex large parts of the occupied West Bank. “This historic diplomatic breakthrough … Read more