’s economy inched toward its first recession in three years as data on Wednesday showed itstrade deficit soared to a record thanks to a plunge in exports caused by a combination of long holidays and cooling global demand.by 0.4% in the October-December quarter and is now on the brink of falling into what would be its first recession since the middle of 2020 during the height of the COVID-19 pandemic.Imports fell 2.6% compared with a year earlier, less than a 3.6% drop predicted in the survey.
The increasing chances of recession – two consecutive quarters of decline in gross domestic product – also underscore growing bets in markets that the central bank’s campaign of raising interest rates since late 2021 has run its course.were a 44.5% dive in semiconductor exports and a whopping 31.4% plunge in sales to China, the trade ministry data showed.n bond yields fell across the board on the growing bets for a less restrictive monetary policy ahead, while stock .
Source: Financial Digest (financialdigest.net)
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