Breaking News :

OIA Announces Social Investment Policy, Launches “Qimam” Platform

POPS Supervisory Committee Holds First Meeting in 2024

Bank Muscat’s Sayyarati Auto Finance Option Comes with the Best Financing Facilities for Customers

“Ooredoo Oman Welcomes Khawla Al-Amiri as Chief People Officer, Reinforcing Commitment to Local Leadership Empowerment”

Bank Muscat Launches EAGLEs Programme: A Pioneering Leadership Engagement Across Branch Network

“Forging Tomorrow: A Global Imperative for Advanced AI Infrastructure”

“High-Paying Careers in Artificial Intelligence: Securing Your Future in the Evolving Job Market”

HM The Sultan Issues Two Royal Decrees

Unlocking New Horizons for Entrepreneurs: The Fourth Industrial Revolution

Royal Army of Oman Celebrates Passing Out of Officer Cadets, University Officers

HM The Sultan Offers Condolences on the Death of Kuwaiti Emir

HM The Sultan Gives Audience to Business People in India

HH Sayyid Theyazin Conveys HM The Sultan’s Greetings to Russian President

First Muscat Dialogue Sessions Begin

Oman and Switzerland Strengthen Bilateral Cooperation with Multiple Memoranda of Understanding

Empowering Coastal Women in Oman: “Mina” Project Unveiled

Information Minister Affirms Keenness to Strengthen Communication with International Media Institutions

“Oman’s Education and Innovation Drive: Sultan Haitham’s Vision”

UAE Space Agency launches National Space Academy to develop national cadres

HM The Sultan Presides over 8th Term Convening of Council of Oman

Selecting Topics Phase Launched of “Together we Make Progress” Forum

HM The Sultan Issues 2 Royal Decrees

Interior Minister visits Operations Chamber of Shura Council Elections

Omanis Cast Ballots for Shura Council’s 10th Term Membership

“Navigating Talent Challenges in Oman’s Telecom Sector”

“Bank Merger in Oman: A Human Resources Transformation Story”

Omantel’s 5G Excellence Recognized with “Samena Communications Award”

NHS scientist awarded £58,000 after being named ‘Paininarse’ on spreadsheet

‘Kill list’ | Mystery doc shows list of LinkedIn staff facing redundancy, days before HR announcement

HM The Sultan Receives Ambassadors’ Credentials

“Empowering Omani Women: A Message of Hope and Progress”

Mohammed bin Rashid opens GITEX GLOBAL

HH Sayyid Bilarab Chairs Meeting of Omani Startups’ Supervisory Committee

“Dhi Yazan bin Haitham Al Said Inaugurates Duqm Economic Forum “

Omani Woman: Clear Vision & Remarkable Achievements

“Strategies for Cultivating a Healthy and Productive Work Environment”

“Essential Reading for HR Professionals: 17 HR Books You Can’t Miss in 2023”

“Future-Proofing Your Career: Essential Skills for Tomorrow’s Job Market”

MAWARED annual book

Transformational Leadership: Inspiring Change and Achieving Excellence

“al sulaam Program (Episode four) with Dr. Aamal al bussaidi .”

“al sullam Program (Episode Two) with Dr. Ahmed Al-Ghusani.”

Nama Group and Omani Society for Human Resource Management (OSHRM) announce strategic partnership in Human Resources development

Saudi Oil Giant Aramco Announces $121 Billion Profit in 2023

Tender Board Signs Agreements with Karwa Motors on Government Procurement, School Bus Purchase

Najahi Business Banking from Bank Muscat: Empowering Small Businesses

His Majesty Exchanges Ramadan Greetings With Arab, Islamic Leaders

A’Rustaq Hospital Diagnoses Child with Gastric Wall Vein Bleeding

QCB Launches ‘FAWRAN’ Instant Payment Service

National Development Fund Partners with World Economic Forum

Qatar Chairs 49th Meeting of GCC Standing Committee for Combating Harmful Practices in International Trade

Saudi Arabia’s Air Connectivity Program Signs Deal with Eurowings to Enhance Air Connectivity between Saudi Arabia and the EU

HM King presented unique development model: Omani Ambassador

April 16, 2024

“Record High Youth Unemployment Plagues China’s Second-Largest Economy”

The unemployment rate among young people in China has reached a new record level. According to Sky News, the unemployment rate among youth in China rose to 20.8% in May, marking a new record in the world’s second-largest economy.

The National Bureau of Statistics in China stated on Thursday that their data indicates a continuous rise in youth unemployment in urban areas over the past few months, reaching 20.8% last month. This rate was 20.4% in April.

As for the overall unemployment rate, it remained at 5.2% in May, the same level as in April, according to the same source.

The new record level of youth unemployment, along with a series of disappointing economic indicators in China, released on Thursday, indicates a faltering recovery in the country. This has prompted some economists to call for an adoption of a stimulus plan.

The long-awaited recovery, following the lifting of health restrictions imposed to curb the spread of COVID-19 at the end of 2022, seems to be weakening in the past few weeks in the world’s second-largest economy, with no visible effects in some sectors.

According to the released data, retail sales, a key indicator of household consumption, experienced a setback in May.

The markets closely monitor this indicator, which increased by 12.7% on a yearly basis last month, but at a slower pace than in April (18.4%).

Analysts surveyed by Bloomberg Financial News agency expressed their expectations for a more moderate slowdown (13.7%), despite the return of customers to shopping centers and restaurants since the lifting of health restrictions in December.

Industrial production growth slowed down to 3.5% on a yearly basis in May, compared to 5.6% in the previous month when factories gradually resumed their operations at full capacity.

Fixed asset investment also slowed down, recording a 4% increase on a yearly basis during the first five months of the year (compared to 4.7% previously).

This is an indicator of spending on real estate, infrastructure, equipment, and machinery, which are sectors relied upon by the government to stimulate economic activity.

The authorities aim to achieve a growth rate of “around 5%” this year, which would be one of the lowest in decades for the giant Asian country. In order to support growth, the People’s Bank of China reduced the benchmark interest rate for medium-term loans on Thursday.

Read Previous

“Tunisian President Holds Talks with EU Leaders on Combating Irregular Migration and Economic Cooperation

Read Next

“Intensive Academic Session on Grammar and Islamic Jurisprudence Held in Dhofar”

Most Popular