China Continues to Experience Housing Price Decline as Stimulus Effects Fade
In China, housing prices continued to decline in August 2024, indicating a diminishing impact of economic stimulus measures aimed at supporting the real estate market. According to the National Bureau of Statistics of China, new home prices fell by 0.2% compared to the previous month, with an annual increase of only 0.6%. This marks the most significant decline since the start of the year.
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Swedish Central Bank Considers Significant Rate Cuts Amid Inflation
Amid persistent inflation growth in Sweden, Nordea analysts concluded that the Central Bank of Sweden, known as the Riksbank, may consider a significant reduction in interest rates. According to Tomi Winsth, the chief economist at Nordea, current economic conditions make such actions quite likely. Winsth noted that the combination of rising inflation and decreasing consumer spending creates a unique situation that could prompt the Riksbank to consider sharply increasing economic stimulus.
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China’s Attempt to Stimulate Demand Faces Economic Hardships
China, currently facing economic challenges, is trying to take measures to boost domestic demand. However, these efforts are met with serious obstacles in the form of austerity and rising public discontent. Economic analysts emphasize that the government’s attempts to revive the economy often prove insufficient due to consumer uncertainty and declining confidence in economic reforms.
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New Thai Prime Minister Launches Cash Stimulus Program to Revive Economy
The newly appointed Prime Minister of Thailand, Prasokit Yaosing, is aiming to restore economic stability in the country by launching a comprehensive cash stimulus program. Amidst global instability and internal challenges that have weighed down the economy, the government is considering allocating 500 billion baht (approximately 14 billion USD) to support the population and businesses.
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ECB Rate Cut: Central Bank's Perspective
In a recent interview, Pedro Centeno, a member of the European Central Bank (ECB), expressed his confidence that the decision to cut interest rates in September would be an easy one. Centeno noted that in the current economic climate and the persistent inflationary threats, maintaining high rates is no longer prudent. He emphasized the need to support economic growth and highlighted the importance of stimulating measures for the real sector of the economy.
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Thailand's Economic Growth Quickens Amid Uncertainty in Stimulus
Recent data shows that Thailand's economy is demonstrating robust growth, increasing by 4.9% year-on-year in the second quarter of 2024. This exceeds economists' expectations, who had predicted a more modest growth of 4.7%. The main drivers of this growth include increased consumer spending and a recovery in tourist activity following the pandemic.
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