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Jeddah - Yasmine El Tohamy - US jobless claims fall; Turkey’s central bank slashes interest rate again: Economic wrap
Americans applying for jobless benefits declined to 290,000 in the week ending 16 October, compared to the previous seven day's 296,00 claims, official data showed.
This is the lowest level since March 2020 as job hirers hold on to their employees as a result of worker shortages.
Turkish interest rate falls once more
The Turkish Central Bank decided to cut its interest rate again from 18 percent to 16 percent, despite rising inflation and a depreciating currency.
This decision came after the president renewed calls to alleviate borrowing costs to promote economic growth. Economists considered this confirmation of the bank's loss of independence as the president sacked the last three central bank governors.
South Korea's exports
Based on data released by its customs agency, South Korea's exports jumped in the first 20 days of October by 36.1 percent compared to a year earlier, while imports soared by 48 percent, causing a provisional trade deficit of $2.49 billion.
Exports rose the most for petroleum products and vessels as they leapt by 128.7 percent and 93.5 percent respectively.
The data showed that exports to China, the United States and the European Union increased during this period by 30.9, 37.1 and 42.1 percent respectively.
Sub-Saharan Africa’s recovery at risk
The IMF said that the weak vaccination rollouts in sub-Saharan Africa could setback the region’s economic recovery in the coming period.
While higher commodity prices and favorable harvests were beneficial for some countries, the overall outlook is pessimistic as the region is likely to considerably lag behind developed countries.
The international organization expects sub-Saharan economic growth to be 3.7 percent in 2021 and 3.8 percent in 2022.
Russia’s producer prices
Russian producer prices went up by a 26.3 percent annual rate in September, official data revealed. This is the lowest level since March and was mainly driven by a 41.4 percent surge in costs of raw materials extraction and a 25.4 percent jump in manufacturing costs.
China’s investments abroad
China's non-financial outbound direct investment (ODI) grew by 2.4 percent in the first nine months of 2021 compared to the same period last year to reach $80.78 billion, the commerce ministry said.
Ukraine’s interest rate
The Central Bank of Ukraine kept the interest rate on hold at 8.5 percent. However, the bank said there was a possible chance to increase the rate in December if needed to manage rising inflationary pressures.
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