Latest news with #GrossNationalIncome
The Star
5 hours ago
- Business
- The Star
A high target – can we meet it?
Growth needed: The next five years will thus be crucial for Malaysia if it is to become a high-income nation. — FAIHAN GHANI/The Star HERE'S the good news – the World Bank has declared Kuala Lumpur, Labuan, Penang, Sarawak and Selangor to be high-income states. The bad news, though, is that Malaysia as a whole is not there yet. This is the latest high-income data based on Gross National Income (GNI), which is the total amount of factor incomes earned by the residents of a country. The country's GNI per capita of RM53,400 annually falls short of the high-income threshold of RM63,000. Cancel anytime. Ad-free. Full access to Web and App. RM 13.90/month RM 9.73 /month Billed as RM 9.73 for the 1st month, RM 13.90 thereafter. RM 12.39/month RM 8.63 /month Billed as RM 103.60 for the 1st year, RM 148 thereafter. Follow us on our official WhatsApp channel for breaking news alerts and key updates! Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 35 years in various capacities and roles. He is now group editorial and corporate affairs adviser to the group, after having served as group managing director/chief executive officer. On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.
Kuwait Times
15-06-2025
- Business
- Kuwait Times
Germany sees limited financial leeway on the next EU budget
FRANKFURT: A man walks under the trees of a public garden in front of the banking district skyline with the Commerzbank building (left) in Frankfurt am Main, western Germany.- AFP BERLIN: Germany wants the European Union's next seven-year budget to keep a lid on spending, according to a policy paper seen by Reuters on Saturday, with Berlin arguing members do not have room to boost the scope of their contributions. The German economy, Europe's largest, has contracted for the past two years and forecasts for 2025 are modest. That has dragged on growth in much of the bloc and meant the German government is entering the budget talks cautiously. 'For the foreseeable future, member states' financial leeway will remain limited. There is no basis for increasing the (EU budget's) volume relative to GNI (Gross National Income),' the policy paper from the bloc's biggest budget contributor says. A German government source confirmed the paper was sent to Brussels on Thursday. Negotiations are just starting on the next EU budget period from 2028 to 2034, which covers a sum of about 1.2 trillion euros ($1.4 trillion). EU Commission chief Ursula von der Leyen said last month the budget must be more flexible and focused. Budget talks are contentious within the 27-nation EU, pitting the biggest net budget contributors against poorer net beneficiaries and traditional sectors like agriculture against the need to develop cutting-edge new technologies. The German paper said the next budget should reinforce EU security and defense powers as well as competitiveness. 'The EU and its member states must assume greater responsibility for security and defense,' it said, noting that the budget must continue support for Ukraine. The document also underlined Germany's aversion to jointly issued debt, saying repayments to the so-called Next Generation EU (NGEU) program, a pandemic recovery scheme financed by jointly backed bonds, should begin as of 2028. 'The federal government rejects a perpetuation of this extraordinary and temporary instrument; an extension is legally excluded,' it said. — Reuters
RTÉ News
11-06-2025
- Business
- RTÉ News
The Irish economy has performed well and entered 2025 in a strong position
The Irish economy has performed well, with the domestic economy, as measured by the Modified Gross National Income, estimated to have grown by about 4% in 2024, according to the International Monetary Fund's annual review of the Irish economy. The IMF Staff Report for the 2025 Article IV Consultation said the domestic economy is projected to continue growing, albeit at a slower pace in a highly uncertain global environment. It also noted there are significant external downside risks to growth and public finances, which are vulnerable to external trade and tax policy shifts. Ireland's 2025 Article IV Consultation was set against the backdrop of Budget 2025 which was framed in the context of a continued need to improve public services and accelerate infrastructure to support a growing population and the competitiveness of the Irish economy. The Report sets out the views of the IMF on the current position of the Irish economy and identifies key structural factors that will have a bearing on domestic living standards in the years ahead. The Minister for Finance Paschal Donohoe said he welcomed the IMF's assessment of the results achieved and noted the risks highlighted in the report. "I note and share the IMF's assessment of external risks, notably the reversal of globalisation, the ongoing disruption caused by regional conflicts, domestic capacity constraints, and the uncertainty in relation to corporation tax receipts," said Minister Donohoe. "While I acknowledge Ireland's vulnerability to the rise in global uncertainty, our economy has demonstrated resilience in the face of consecutive large shocks. "I acknowledge the IMF's recommendation of a broadly neutral fiscal stance for the upcoming budget and five-year fiscal plan." Minister Donohoe said the Programme for Government has committed to delivering a clear and credible macroeconomic and fiscal framework and one that would prioritise continued economic resilience through investment in capital spending and funds for future needs. "I welcome the IMF's strong support for the two savings funds which the Government has established. By the end of this year, I expect a total of €16 billion to be saved in the funds."
RTÉ News
15-05-2025
- Business
- RTÉ News
New economic indicator shows improvement in Ireland's competitiveness ranking
New research has shown that Ireland's international competitiveness ranking would improve if Modified Gross National Income (GNI*) is used as an economic indicator instead of Gross Domestic Product (GDP). GNI* is seen as a more accurate measure of the domestic economy as it excludes much of the impact of the multinational sector. The National Competitiveness and Productivity Council (NCPC) has published research re-estimating Ireland's performance in the IMD World Competitiveness Ranking 2024. The study shows that the country rises by one position in the ranking, with improvements in three of the four pillars, when key metrics are recalibrated to better reflect the scale of the domestic economy. The IMD World Competitiveness Ranking is a widely used international benchmark, assessing over 60 economies across four key pillars and 20 sub-pillars, and based on 250 individual measures. The estimate shows notable gains in economic performance and infrastructure, business efficiency is unchanged, while Government efficiency declines slightly. "This reassessment of Ireland's competitiveness provides a more accurate and meaningful picture of our economic strengths and vulnerabilities, and how these impact on our international competitiveness performance," said Dr Frances Ruane, the Chair of the NCPC. "This research highlights the importance of interpreting international indices critically, and ensuring that benchmarking exercises reflect the realities of our domestic economy," Dr Ruane added.
Hindustan Times
06-05-2025
- Politics
- Hindustan Times
India jumps four places to rank 130th on Human Development Index: UNDP report
India climbed four spots to the 130th position out of 193 countries in the United Nations Human Development Index (HDI) for 2023, according to the report titled 'A matter of choice: People and possibilities in the age of Artificial Intelligence' released by the United Nations Development Programme (UNDP) on Tuesday. The report is titled 'A matter of choice: People and possibilities in the age of Artificial Intelligence'. (UNDP) The country's HDI score rose from 0.644 in 2022 to 0.685 in 2023, driven by improvements in health, education, and income. Despite this, India remains in the medium human development category, sharing the same HDI value as Bangladesh, though key metrics differ. Pakistan ranks 168th with a score of 0.544 and Nepal at 145th with 0.622, while Sri Lanka holds the 89th position at 0.776. India's life expectancy also rose to 72 years in 2023 from 67.7 in 2022, while expected schooling years increased to 13 from 12.6, with average schooling years increasing to 6.9 from 6.57. Meanwhile, the per capita Gross National Income (GNI) jumped from $6,951 to $9,047 (PPP 2021). Bangladesh, with a matching HDI score, reported higher life expectancy (74.7 years), but lower GNI per capita ($8,498). The metric adjusted by inequality reveals a sharper picture, as India's HDI dropped to 0.475 when accounting for disparities in health, education, and income — a 30.66% decline. Gender gaps too persist. The Gender Development Index (GDI) stands at 0.874, with women scoring 0.631 compared to 0.722 for men. India ranks 102nd on the Gender Inequality Index (GII) at 0.403, reflecting challenges in reproductive health, political representation, and workforce participation. Among BRICS nations, India trails Brazil (89th), Russia (59th), China (75th), and South Africa (110th). Regionally, Sri Lanka leads, while Nepal and Bhutan lag. India's GNI per capita rank is seven positions below its HDI rank, indicating income remains a relative weakness compared to health and education. Global HDI progress has slowed to its weakest pace since 1990, excluding the pandemic years, as per the report. The gap between Very High and Low HDI countries has widened for four consecutive years, reversing decades of narrowing disparities. All regions face stalled HDI growth projections for 2024. 'If 2024's sluggish progress becomes 'the new normal', that 2030 milestone could slip by decades — making our world less secure, more divided, and more vulnerable to economic and ecological shocks,' said UNDP administrator Achim Steiner. The report notes the potential of artificial intelligence (AI) to accelerate development but warns infrastructure gaps and talent migration could deepen inequalities. India, which reports the world's highest self-reported AI skill prevalence, plans a shared computing facility to support AI research and startups. Current applications include real-time farm assistance, local-language subsidy access, and farmer insurance services. A global survey tied to the report shows mixed public sentiment: half of respondents fear job automation, yet six in ten expect AI to create opportunities. In low- and medium-HDI countries, 70% predict AI-driven productivity gains, with two-thirds planning to adopt the technology in education, healthcare, or work within a year. Only 13% cite job loss concerns. UNDP officials urge sustained policy focus on inclusive growth and global cooperation to address systemic gaps. 'As Artificial Intelligence continues its rapid advance across so many aspects of our lives, we should consider its potential for development,' Steiner said. 'New capabilities are emerging almost daily, and while AI is no panacea, the choices we make hold the potential to reignite human development and open new pathways and possibilities.'
