Economic Crisis

Bethlehem Faces Somber Christmas as War and Economic Crisis Devastate Tourism, Businesses | N18G

Bethlehem, traditionally a major pilgrimage site, faces a dire Christmas season for the second year in a row due to the ongoing Gaza war. The city’s tourism, which once fueled 70% of its economy, has collapsed, with hotel occupancy dropping to 3% and visitor numbers plummeting from 2 million in 2019 to under 100,000 in 2024. Manger Square is empty, businesses are struggling, and local handicraft industries are at risk as families emigrate in search of work. Bethlehem's unemployment rate is 50%, and many traditional workshops may close permanently, impacting Palestinian heritage and culture. Christmas celebrations have been cancelled to highlight the crisis.

Sri Lanka’s Prasanna Vithanage: ‘Making an Indian language film is the highest achievement of my life’

Third-generation Sri Lankan cinema pioneer Prasanna Vithanage on living through civil war, economic crisis, Ramayana tours & 2023 Kim Jiseok win for Malayalam film Paradise.

Sri Lankan flees country, arrives in India

Ever since the neighbouring country began witnessing an economic crisis over a year ago, many Sri Lankan Tamils have fled their country and illegally emigrated to India.

World Bank approves $700 million for crisis-hit Sri Lanka

In 2022, the economy had contracted by over seven per cent as the economic difficulties forced people to take to the streets with protests across the island nations that also led to the ouster of Sri Lanka’s powerful Rajapaksa family from politics.

Pakistan PM Sharif hopes to strike IMF deal as 'all conditions met' despite economic hardship

The premier's remarks came as Finance Minister Ishaq Dar presented a PKR 14 trillion budget for the fiscal year 2023-24, which the government claims to have shared with the International Monetary Fund (IMF).

Imran Khan’s arrest: Pak plunges into further chaos

The army has tried to sideline Imran Khan several times in the past. By arresting him, the army may not be able to silence his voice and end the popular support he enjoys. Khan’s relentless attack on the govt for its failure to check rising food and fuel prices has made him very popular.

Crisis-hit Pakistan government set to hike petrol price for next fortnight

The federal government may increase the price of petroleum products attributing to rising oil prices in global markets, The News International quoted the industry sources as saying.

Russia-Ukraine war | One year on, how the conflict crippled Europe and the World? | Explained

On 24th February 2022, Russian President Vladimir Putin announced a military operation on Ukraine. The war has since not just impacted Ukraine but created a domino effect on the world. A year after the war, Ukraine stands strong, attempting to defend its country and stand by its people. On the other hand, despite the West’s sanctions, Russia hasn’t backed off from the invasion. From the UN to the Oscars, the war has been debated everywhere, but there is no end in sight. On the completion of 365 days of war, we bring you a round-up of key events from the Russia-Ukraine crisis.

‘Modi is a great man,’ says Pakistani man in viral interview. Watch

A Pakistani man was heard praising India Prime Minister Narendra Modi’s leadership across the border. In an interview with YouTuber Sana Amjad, the man said he regretted the partition had ever happened.

Sri Lanka must correct its 'errors and failures': President Ranil Wickremesinghe says at 75th Independence Day

The main Independence Day event was attended by foreign dignitaries, including India’s Minister of State for External Affairs V Muraleedharan. Wickremesinghe presided over the ceremony which featured a military parade with a 21-gun salute.

Pakistan's deepening politico-economic crisis, IMF terms could fuel instability in region: Experts

Amid this economic crisis, the Shahbaz Sharif government will begin crucial negotiations with the Washington-based IMF (International Monetary Fund) for a bail-out package on Tuesday which may come with "tough and possibly politically risky" pre-conditions of austerity, feeding into a bigger political crisis, they said.

Tech contagion spreads to US media, Vox latest to cuts jobs after CNN, Washington Post

Vox will be firing 7 percent, or around 130, of its 1,900 employees. This comes weeks after CNN said it will be letting go hundreds of its staffers and The Washington Post, too, announced job cuts

Foreign shipping lines may stop services for cash-strapped Pakistan: Report

The state-owned Pakistan National Shipping Company (PNSC) only handles imports of crude oil and other petroleum fuel through its 12 vessels. Analysts say the reserves are just enough for one month of imports.

Pakistan's Failing Economy | Shahbaz Sharif Pleads For Help | Why Pak May Go Bankrupt?

Pakistan is facing a serious economic crisis. A failing economy along with sinking currency and decades-high inflation has further been worsened by energy and food shortages. The devastating floods wrecked parts of the country last year and impacted the lives of millions of people in the country. Prime Minister Shahbaz Sharif has sought help from international bodies and hopes to put off dire economic challenges but that might not be enough. Here's why Pakistan may be staring at a grim future. Watch the video to know more!

Tourist arrivals in Sri Lanka on rise despite economic crisis

This marks a significant increase from the pandemic hit in 2021. In 2021, the tourist arrivals were under 195,000, according to Sri Lanka's Tourism Development Authority (SLTDA).

The worst is yet to come: The curse of high inflation

While wealthier consumers can rely on savings built up during pandemic lockdowns, others struggle to make ends meet and a growing number rely on food banks

COP27 | Debt-for-climate swaps in times of economic crisis

Developed economies could write off a developing economy’s debts, unburdening them of repayments and interest, allowing them to redirect the money towards supporting their own loss, and damage costs

Hundreds march in crisis-hit Sri Lanka protesting tax hikes, crackdowns

The anti-government protest, jointly organized by opposition political parties, trade unions and civil society groups, was blocked by police as marchers attempted to reach a central part of the city where the president's house and other ministries are located.

Oil holds losses as economic slowdown concerns hang over market

A strong US dollar has added to bearish headwinds, making commodities priced in the currency less attractive to investors

Sunak faces dose of reality as economic and political woes mount

The new premier’s economic policy is set to face scrutiny as the Bank of England delivers what could be its biggest interest-rate hike in more than 30 years, and the government looks to fill the multi-billion hole in the nation’s finances

Sri Lanka receives medicine consignment from Puducherry for Tamil workers in hill plantation areas

The consignment, which was coordinated by the trade union cum political party of the plantation Tamils of Indian-origin, Ceylon Workers Congress, was received by President Wickremesinghe

Rishi Sunak to become the next UK prime minister after months of turbulence

The first real test of unity will come on October 31, when finance minister Jeremy Hunt - the fourth person in the role in four months - is due to present a budget to plug a black hole in the public finances that is expected to have ballooned to up to 40 billion pounds

Xi says China economy is ‘resilient,’ will deepen global links