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IMF chief urges Arab states to cut spending

DUBAI: IMF chief Christine Lagarde on Saturday urged Arab countries to slash public wages and subsidies in order to rein in spending, achieve sustainable growth and create jobs. Speaking at the one-day Arab Fiscal Forum in Dubai, Lagarde welcomed “promising” reforms adopted by some Arab countries, but insisted much more was needed to overcome daunting…

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China will not set target to double GDP from 2021: party official

BEIJING: China will not set a target to double gross domestic product (GDP) from 2021, a senior Communist Party official said on Thursday, as top leaders look to high-quality growth in the long term, reported Reuters. Yang Weimin, vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, told a…

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PML-N ready to sign charter of economy with opposition parties: SAPM

ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Economic Affairs Dr Miftah Ismail has said the country’s Gross Domestic Product (GDP) is much better as compared to past due to the PML-N government economic prudent policies. Talking to PTV, he said PML-N is ready to sign Charter of Economy with opposition parties as like…

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CERN and Pakistani Students

By Maemuna Sadaf CERN, the European organization for nuclear research, is named after the world’s biggest machine straddling the French-Swiss border. It is $9 billion complex that is buried at a depth of 575 feet. The scientists are working on theory of Big Bang in complex. The scientists, physicists and engineers are probing the fundamental…

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Pakistan eyeing to become top 25th economy by 2025

ISLAMABAD: Pakistani nation has travelled a long way, going through so many ups and downs in its 70 years, but it is still staying strong and moving ahead as the sixth most populous country of 200 million people. In 70 years, although the country has exhibited significant economic growth with a phenomenal increase in the…

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Finance Minister lauded for clearing refund claims of Rs 23 bln

ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) lauded Finance Minister Ishaq Dar for clearing pending refunds of Rs 23 billion, terming is a step which will encourage exporters and taxpayers. “The government has fulfilled its promise to the business community for clearing their refunds dues where Refund Payment Orders were issued…

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Post-Brexit UK will not slash taxes: finance minister

LONDON: Britain will not cut tax and regulations after Brexit in an attempt to undercut its European rivals, finance minister Philip Hammond has said, after previously threatening to do just that. Hammond said Britain’s economic, social and cultural model would remain “recognisably European” after it left the European Union. His comments to French newspaper Le…

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Countries must avoid protectionism ‘at all costs’: IMF

WASHINGTON: The International Monetary Fund warned world leaders Friday to avoid resorting to protectionist measures “at all costs” due to the damage it would cause to their own and the global economy. At a time when President Donald Trump has repeatedly blamed trade for US economic woes, and threatened to impose barriers to imports, the…

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Govt making efforts to revive economy: President Mamnoon

ISLAMABAD: President Mamnoon Hussain said the government is giving equal importance to the revival of economy and elimination of the menace of terrorism.       He was addressing a function hosted by Lahore Chamber of Commerce and Industry in Islamabad. The President said Pakistan has entered into a bright period of economic progress due to prudent…

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IMF lauds Pakistan’s economy with favorable outlook

ISLAMABAD: The International Monetary Fund has termed Pakistan’s economic outlook as “favorable” with improved availability of energy, and growth-supporting structural reforms. According to latest report released by IMF, confidence of investors in Pakistan is growing as its economy has stabilized after completing a bailout program. It cited Chinese infrastructure investments as one of the reasons…

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IMF says Pakistan outlook ‘favourable’, warns of risks

Islamabad: The International Monetary Fund (IMF) said the outlook for Pakistan’s economy was “favourable”, citing Chinese infrastructure investments among reasons for growth, but warned of risks to recent progress. Confidence in insurgency-hit Pakistan is growing, with the IMF saying last year that the country had emerged from crisis and stabilised its economy after completing a…

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A foreign investor who never lost hope in Pakistani market

ISLAMABAD: After six months of Osama Bin Laden’s killing, a foreign investor in Pakistan set up the country’s first foreign equity fund. Pakistan was again in the bad news after the killing of Al-Qaeda leader in Abbottabad. However, the Swede investor named Mattias Martinsson invested $1 million of his own money and that of his…

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India loses fastest growing economy tag after sharp growth slowdown

NEW DELHI:  India’s gross domestic product data shocked again on Wednesday as economic growth unexpectedly slumped to its lowest in more than two years in the March quarter, stripping the country of its status as the world’s fastest growing major economy. Annual economic growth at 6.1 percent in the January-March period was even lower than…

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India’s economic growth slows to lowest in more than 2 years

NEW DELHI: India’s economic growth unexpectedly slowed to its lowest in more than two years, dragged down by construction, manufacturing and trade services, and stripping the country of its status as the world’s fastest growing major economy. Annual gross domestic product (GDP) growth for the January-March period came in at 6.1 percent, compared with a…

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Public sector development spending increases to Rs 800 bln from Rs 348.27 bln

ISLAMABAD: The government, with a focus on increasing public sector development spending, has ensured raise in this domain from Rs 348.27 billion during 2013 to Rs 800 billion in 2017.     A number of massive infrastructure, power and other projects have been initiated which will remain instrumental in attracting private sector investment. Sources at Finance…

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GDP growth rate estimated at 6 percent in next fiscal year: Ahsan Iqbal

Planning Minister Ahsan Iqbal says economic indicators of the country are highly positive and growth of GDP in the next fiscal year is estimated to be at 6 percent. Briefing the news persons in Islamabad on Friday, he said agriculture sector has performed significantly during the current financial year with a 3.5 percent growth and…

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Cultivating creative minds

  By: Muzammil Ahmed Ferozi Education is considered as the most powerful tool for overall progress of a nation, but it is crucial to know first what “Education” means in its real sense. In this contemporary and competitive world just to have a degree is not enough! Degree can never ascertain progress and development or…

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India’s claims about fastest growing economy are bogus, says American scholar

WASHINGTON: According to a leading American economist who has been studying Asian economics and trends, India has not been telling the whole truth regarding its economic growth over the past couple of years. In a recent article, Derek Scissors, who is a resident scholar at the American Enterprise Institute (AEI) claimed that India raised its…

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Mexico economy survives Trump’s first 100 days

MEXICO CITY: The Mexican economy has fared better than expected under the uncertainty caused by US President Donald Trump’s first 100 days in office, with GDP up 0.6 percent in the first quarter. The gross domestic product growth, announced Friday by the Mexican

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PWC forecasts Pakistan to exceed Canada’s economy by 2050

ISLAMABAD: The economies of emerging market minnows Egypt and Pakistan could surpass the Canadian economy by 2050, according to a “brave” new report by management consultancy PricewaterhouseCoopers (PWC). “By 2050, emerging economies such as Mexico and Indonesia are likely to be larger than the UK and France, while Pakistan and Egypt could overtake Italy and…

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Pakistan’s economy to continue growth in 2017: Report

ISLAMABAD: Pakistan’s economy is all set to grow further during current year due to government’s pro-growth policies. A report carried by a section of press said 2017 may be the best year in the country’s 70-year-long history. The annual Gross Domestic Product may increase from 270 billion dollars to around 300 billion dollars. In 2016,…

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