Global Economy –Rundown:
China’s economy recorded a rebound in the second quarter of the year, as its GDP grew by 3.2% for the period, as against first quarter GDP contraction of 6.8%, this was attained based on lockdown easing, stimulus enhancement through fiscal spending and, cutting of lending rates and, lowering of banks reserves. Although the nation’s economy is on the path of recovery, it’s still confronted by subdued external demand, given the spikes in the spread of the virus globally, which has hindered optimal economic activities and increasing external pressure from United State, are potential downward risk element that may pullback the recent quarter gain in the remaining quarters for the year.
Domestic Economy –Rundown:
The country’s Consumer Price Index for the month of June increased by 1.29% to a new high of 12.56%, from a previous index of 12.40%, this current month elevated price level, could be traced to hikes in commodity price level within the country. The urban inflation for the month rose to 13.18%, while Rural Inflation inched up to 11.99%. The food index increased by 0.93% to 15.18%, as stable food prices were on the rise. Read More