world economic news

Economic News Daily – Tuesday 26/04/2022

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SOUTH KOREA

South Korea’s gross domestic product (GDP) grew a seasonally adjusted 0.7 per cent in the first quarter from the last quarter of 2021, preliminary data from the Bank of Korea (BOK) showed on Tuesday (April 26). That exceeded expectations for an increase of 0.6 percent following the 1.2 percent expansion in the previous three months.

JAPAN

Japan’s unemployment rate stood at 2.6% in March on a monthly seasonally adjusted basis, according to a report by the nation’s Statistics Bureau, released on Tuesday. Meanwhile, the jobs-to-application ratio was at a near 2-year high of 1.22 in March, in line with market expectations.

CHINA

In just about a week, several investment banks have cut their China growth expectations as prolonged lockdowns in Shanghai have snarled supply chains. The new median forecast among nine financial firms tracked by CNBC predicted 4.5% China GDP growth for the full year. At the low end of predictions was Nomura with a forecast of 3.9%, down from 4.3% previously.

CHILE

Housing shortage in Chile. A study carried out by Déficit Cero (a study center of the Techo Foundation) and the Public Policy Center of the Catholic University, showed that there is a lack of 641,721 homes in Chile, the highest figure recorded in the last 30 years in the country.

. SOUTH AFRICA

Almost 30% of South Africa’s super rich have a postgraduate law degree, according to the latest Africa Wealth Report, published by Henley & Partners and New World Wealth.