Thailand: Raises 2010 growth forecast as exports surge
Thailand’s Finance Ministry raised its 2010 economic growth forecast for the second time in three months as soaring exports overshadowed the impact from the nation’s recent deadly political unrest. Gross domestic product may expand 5% to 6% in 2010, with a mid-point forecast of 5.5%, Ekniti Nitithanprapas, the ministry’s spokesman, said. The ministry in March raised the estimate to as much as 5% from a December projection of as much as 4%. (Bloomberg)
Philippines: Aquino plans ‘austerity’ to cut Philippine budget gap
Philippine President-elect Benigno Aquino will implement “austerity measures” and focus public spending on helping the poor as he seeks to narrow the budget deficit without raising taxes, his incoming officials said. Aquino’s economic team, will review in two weeks the growth and fiscal goals set by the previous government, and may reduce the 2010 budget-shortfall target, Budget Secretary-designate Florencio Abad said. The administration may cut the deficit to about 2% of gross domestic product in three years. (Bloomberg)
South Korea: Manufacturers’ confidence holds near 7-year high
South Korean manufacturers’ confidence held near a seven-year high as companies shrugged off concern that the global rebound may falter. An index measuring expectations for July stayed at 104, unchanged from June, the Bank of Korea said. The reading hit 107 in May, the highest since the fourth quarter of 2002, when the bank published its confidence survey on a quarterly basis. A measure of non-manufacturing companies’ expectations fell to 87 from 90. (Bloomberg)
Japan: Production declines, jobless rate increases
Japan’s industrial production and household spending slipped in May and the unemployment rate unexpectedly increased, in signs that the recovery of the world’s second-largest economy may slow. The jobless rate reached 5.2% in May, the third straight monthly increase and the highest level since December. Factory output dropped 0.1% from April, the Trade Ministry said. (Bloomberg)
Euro: Economic confidence unexpectedly improves
European confidence in the economic outlook unexpectedly improved in June after reviving global growth and a drop in the euro bolstered the region’s recovery. An index of executive and consumer sentiment in the 16 euro nations rose to 98.7 from 98.4 in May, the European Commission in Brussels said. Economists had projected a drop to 98.1, according to the median of 25 estimates in a Bloomberg News survey. The commission’s index is based on a survey of 130,000 managers and 40,000 consumers conducted in the first two weeks of the month. (Bloomberg)
US: Home prices in US cities rose 3.8% in year to April
Home prices in 20 US cities rose in April from a year earlier as sales got a boost from a tax credit aimed at reviving the industry that triggered the worst recession since the 1930s. The S&P/Case-Shiller index of property values climbed 3.8% from April 2009, the biggest y-o-y gain since September 2006, the group said. The increase exceeded the median forecast of economists surveyed by Bloomberg News. (Bloomberg)
US: Confidence sinks on concern over jobs
Confidence among US consumers sank in June more than forecast as Americans became distressed over the outlook for jobs and incomes. The Conference Board’s confidence index slumped to 52.9 this month, below the lowest forecast of economists surveyed by Bloomberg News, from a revised 62.7 in May, figures showed. Sentiment fell most in regions affected by the oil spill. (Bloomberg)
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