RIYADH: As the global economy is rebounding from the effects of the pandemic, remittances are set to bounce back by $34 billion this year and $31 billion in 2022, according to the Asian Development Bank.
This will be reflected in a 4.8 percent growth in the global remittances this year, partly due to last year’s low base effects. Migrants are also set to send more money home to reverse the low remittances made in the previous year, Bloomberg reported.
UAE surplus
The UAE recorded a surplus of about 6.1 billion dirhams ($1.7 billion) in the first three quarters of this year, going up by 80 percent when compared to the same period last year, Al-Bayan reported citing a report it obtained from the UAE’s Ministry of Finance.
The country recorded revenues of 42.3 billion dirhams whereas expenses remained at 36.2 billion dirhams. Some 16.4 billion dirhams were spent on workers’ compensations and 10.1 billion dirhams on goods and services.
Japan’s economy
The jobless rate in Japan rose to 2.8 percent in November, slightly up from 2.7 percent in the previous month, data from the Statistics Bureau of Japan showed.
Among males, the unemployment indicator increased by 0.2 percent to hit 3 percent while for females the jump was just 0.1 percent to stand at a lower 2.6 percent.
Observing joblessness among different age groups, those aged between 15 and 24 experienced the highest rise, reaching a rate of 5.2 percent in November compared to 4.1 percent in October.
Relieving bottlenecks in the global supply chain helped car production jump 7.2 percent in Japanese factory output in November, the biggest jump since 2013, raising the prospects for a strong economic recovery in the fourth quarter of 2021.
But the persistent shortage of global semiconductors and new risks from the coronavirus omicron variant are expected to obscure the outlook for the world's third-largest economy, as improved manufacturing conditions provide some comfort to policymakers.
China’s fiscal policy
China’s central bank has said that the bank is determined to use appropriate monetary policy to stabilize the country’s economy.
The People’s Bank of China stated that it will make sure that financing costs remain low for firms and that it will introduce several monetary policies to secure a stable growth of credit, the bank said in a statement on its website.
Among its targets is also the satisfaction of buyers’ need for housing and a healthy development for the property sector. In addition, it will try to focus financial support in key areas such as small and micro loans, as well as green finance.
