Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
New Zealand Business Confidence Hits 30-Year High as Economic Outlook Improves 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
EU Approves €90 Billion Ukraine Aid as Frozen Russian Asset Plan Stalls 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
Precious Metals Rally as Silver and Platinum Outperform on Rate Cut Bets 
BOJ Poised for Historic Rate Hike as Japan Signals Shift Toward Monetary Normalization 
Asian Markets Rebound as Tech Rally Lifts Wall Street, Investors Brace for BOJ Rate Hike 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
The South African Treasury Department has widened its forecast for the budget deficit for the fiscal year 2016-17, governing concerns over the country’s declining rate of economic growth that has in turn, reduced tax revenue estimates.
The country’s budget deficit is forecasted at 3.4 percent of GDP from 3.2 percent previously, estimates released by South Africa’s Department of Treasury showed Wednesday.
Additional revenue measures and further spending cuts over the medium term should see net national debt stabilize at 47.9 percent of GDP in 2019-20, the report added.
Moreover, the department added that aggressive measures to cut down spending may revive investor as well as business confidence but will definitely lead to degradation in the country’s credit rating, higher interest rates and capital outflows.
Meanwhile, in its medium-term budget statement, Treasury said efforts to reduce borrowing had been frustrated by consistent downward adjustments to growth forecasts and tax revenue as household consumption and private sector investment fell, Reuters reported.
