Moody’s Analytics revises downward global GDP forecasts for 2022, 2023

KUALA LUMPUR— Moody’s Analytics has revised its global real gross domestic product (GDP) forecast for 2022 and 2023 downward to 2.7 per cent and 2.3 per cent, respectively.

 

This is from forecasts of 4.2 per cent for 2022 and 3.6 per cent for 2023 in January.

 

“While the global economy is projected to grow in 2022, any policy missteps or additional risks would increase the threat of a worldwide recession in the next 12 months above its current assessment of just over even odds,” Moody’s Analytics said in a note Monday.

 

“The global economy is at a crossroads as the nascent post-pandemic recovery has quickly morphed into a darker and more fragile environment.

 

“Record-high inflation in the US and Europe from supply shortages and surging commodity prices following Russia’s invasion of Ukraine are weighing on the global expansion and are compounded by an aggressive monetary policy response.

 

“At the same time, China’s economy is facing challenges on multiple fronts, including a cooling property market and a buildup of risks in the financial sector,” it added.

 

As a result, Moody’s Analytics said global growth fell in the second quarter on an annualised basis for the first time since the depths of the virus outbreak in early 2020, driven by contractions in the US, the UK, and China.

 

“More broadly, performance remains uneven among the world’s major economies – the US, China, Japan, India, and the five largest economies in Western Europe.

 

“Outcomes will continue to diverge through 2023 due to differing trade and investment linkages to Russia and Ukraine, particularly in relation to energy products,” it said.

 

 

Source: Nam News Network

Malaysian student detained in Egypt released

PUTRAJAYA (Malaysia)— A Malaysian student at Al-Azhar University who was previously detained by the Egyptian authorities was released on the evening of Sept 24.

 

Foreign Minister Saifuddin Abdullah in a statement Sunday night said the student is in good condition and will continue his studies at the university.

 

He said that the Ministry of Foreign Affairs has worked closely with the Ministry of Foreign Affairs of Egypt through the Embassy of Malaysia in Cairo and the Egyptian Embassy in Kuala Lumpur to ensure the welfare of the student is safeguarded.

 

“The Government of Malaysia also expresses its deepest appreciation to the Government of the Arab Republic of Egypt for its close cooperation in this matter,” he said.

 

Saifuddin said the ministry constantly pay close attention to the safety and welfare of Malaysians abroad and also advised Malaysians to always be aware of and obey the laws of the country they are in.

 

 

Source: Nam News Network

Super Typhoon Noru Slammed Philippines, Killing Five people

MANILA– Super typhoon Noru, slammed Luzon island in the Philippines, with heavy rainfall and winds, since yesterday afternoon, leaving five people dead, as it blew away from the country today.

 

Bulacan province Governor, Daniel Fernando, said this morning that, a flash flood washed away five rescuers, who were conducting rescue operations in San Miguel town, north of Manila. Some parts of the town are still under muddy water.

 

The national disaster agency has yet to report the incident.

 

The state weather agency downgraded Noru to a typhoon, hours after its landfall late yesterday afternoon. The bureau said, Noru maintained its strength this morning, moving west-northward at 30 km per hour, packing 140 km per hour winds and gusts of up to 170 km per hour.

 

Today, Philippine President, Ferdinand Romualdez Marcos, conducted an aerial inspection of three provinces north of Manila, hit by the cyclone. He is also expected to visit Quezon province, where Noru made landfall yesterday afternoon, to check on the damage.

 

“The whole range of assistance is prepared and ready to go,” he told a news conference.

 

Noru is the 11th and the most powerful cyclone to enter the Philippines this year.

 

The Philippines is one of the most disaster-prone countries globally, mainly due to its location in the Pacific Ring of Fire and Pacific typhoon belt. On average, the country experiences 20 typhoons yearly, some of which are intense and destructive.

 

Source: Nam News Network

S.Korea Reported 14,168 New COVID-19 Cases

SEOUL– South Korea reported 14,168 new COVID-19 cases, as of midnight, compared to 24 hours ago, raising the total number of infections to 24,634,296, the health authorities said today.

 

The daily caseload was down from 25,792 in the previous day and lower than 19,389 tallied a week earlier, according to the Korea Disease Control and Prevention Agency.

 

For the past week, the daily average number of confirmed cases was 31,513.

 

Among the new cases, 220 were imported from overseas, lifting the total to 66,050.

 

The number of infected people who were in a serious condition stood at 427, up 11 from the previous day.

 

Thirty-three more deaths were confirmed, bringing the death toll to 28,246. The total fatality rate was 0.11 percent.

 

Source: Nam News Network

Malaysia Reported 1,608 New COVID-19 Infections, Two New Deaths

KUALA LUMPUR– Malaysia reported 1,608 new COVID-19 infections as of midnight, bringing the national total to 4,831,822, according to the health ministry.

 

There are two new imported cases, with 1,606 cases being local transmissions, data released on the ministry’s website showed.

 

Another two deaths have been reported, pushing the death toll to 36,350.

 

The ministry reported 2,352 new recoveries, bringing the total number of cured and discharged to 4,770,940.

 

There are 24,532 active cases, with 51 being held in intensive care and 29 of those in need of assisted breathing.

 

The country reported 1,173 vaccine doses administered yesterday, and 86 percent of the population have received at least one dose, 84.2 percent are fully vaccinated, and 49.7 percent have received the first booster, and 1.5 percent have received the second booster.

 

 

Source: Nam News Network

Powerful Typhoon Hits North Philippines, Thousands Evacuated

A powerful typhoon slammed into the northeastern Philippines on Sunday and was barreling across the main Luzon island toward the capital in a densely populated path where thousands have been evacuated to safety.

Typhoon Noru hit the coastal town of Burdeos on Polillo Island in Quezon province shortly before nightfall.

With sustained winds of 195 kilometers (121 miles per hour) and gusts of up to 240 kph (149 mph), it was expected to weaken slightly when it hits the Sierra Madre mountain range but will remain dangerously ferocious, forecasters said.

“The typhoon is strong and we live by the sea,” said Marilen Yubatan, who left her shanty in Manila with her two young daughters. “If we fall into the water, I don’t know where I will end up with my children.”

The typhoon gained considerable strength from a storm with sustained winds of 85 kph (53 mph) on Saturday into a super typhoon just 24 hours later in an “explosive intensification” over the open sea, Vicente Malano, who heads the country’s weather agency, told The Associated Press.

Thousands of villagers were evacuated — some forcibly — from the typhoon’s path, as well as from mountainside villages prone to landslides and flash floods. Coastal communities could be hit by tidal surges as high as 3 meters (about 10 feet) in Quezon province, including Polillo island and nearby Aurora province.

“The combined effects of storm surge and high waves breaking along the coast may cause life-threatening and damaging inundation or flooding,” the weather agency warned.

In Manila’s seaside slum district of Tondo, some residents left their homes with bags of belongings and hurriedly walked to a nearby evacuation center as the sky darkened and rains started to fall.

Melchor Avenilla Jr., who heads Quezon’s disaster-response office, said law enforcers were under orders to forcibly move people who refuse to leave their homes. “But so far we’ve been able to do this by just appealing to people,” Avenilla told AP by phone.

Several provinces and cities, including the densely populated capital Manila, suspended classes and government work Sunday and Monday. The typhoon’s eye could pass about 40 to 50 kilometers (25 to 30 miles) from metropolitan Manila, “which is nearly a direct hit,” Malano said.

Fishing boats and inter-island and cargo ferries were restricted to port as a precaution, the coast guard said, stranding cargo trucks and more than 2,500 passengers. More than 30 flights at Manila’s airport, mostly bound for domestic destinations, were canceled.

The typhoon is forecast to sweep through the main Luzon Island overnight and into the South China Sea on Monday. It’s on track to hit Vietnam later in the week still maintaining its powerful winds.

About 20 storms and typhoons batter the Philippines each year. The archipelago also lies in the “Pacific Ring of Fire,” a region along most of the Pacific Ocean rim where many volcanic eruptions and earthquakes occur, making the Southeast Asian nation one of the world’s most disaster-prone.

In 2013, Typhoon Haiyan, one of the strongest recorded tropical cyclones in the world, left more than 7,300 people dead or missing, flattened entire villages, swept ships inland and displaced more than 5 million in the central Philippines — well to the south of Noru’s path.

 

 

Source: Voice of America