GLOBAL ECONOMIC AND TRADE TRENDS

UN: Global growth forecast lowered to 3.1%The United Nations has lowered its forecast for global economic growth in 2022 to 3.1%, according to its website. The report said the main reason for the reduction was the rise in global food and commodity prices caused by the Conflict between Russia and Ukraine. (Source: Economic Information Daily) Indonesia: Plans to lift export ban on palm oil on May 23

Indonesia's export ban on palm oil will be lifted on May 23

 as average cooking oil prices start to fall, President Joko Widodo said in a statement Tuesday. (Source: CCTV Finance)

 

Hungary: 28 small solar power stations will be built

The Hungarian Power Group's New Energy Production company will invest in 28 small solar power stations across Hungary, the Hungarian News Agency reported recently. The project, with a planned investment of 6.7 billion forints, is scheduled to begin commercial operation in the first half of next year. (Source: Economic and Commercial Office of the Chinese Embassy in Hungary)

Iran: The central bank issued a new policy on currency sources for commodity imports

Companies are prohibited from importing goods without declaring the source of foreign currency,

Iran's central bank said in a statement, the Financial Tribune reported recently. The policy is valid until February 19, 2023, and applies to all commercial imports through special economic zones, industrial zones and free economic zones, as well as other entry points. (Source: Economic and Commercial Office of the Chinese Embassy in Iran)

 

 Philippines: Requiring government agencies to adopt digital payment systems

Philippine President Rodrigo Duterte has issued executive Order 170, requiring government agencies, national universities and state-owned enterprises to adopt digital payment methods, but requiring public services to accept cash and other traditional payment methods, Business World reported recently. (Source: Economic and Commercial Office of the Chinese Embassy in the Philippines)

 Vietnam: The rice planting area in some southern provinces has decreased sharply

According to Vietnamese media on May 19, Vietnam's Dong Tha province will only plant 375,300 hectares of rice this year, 8,305 hectares less than the same period last year, the provincial Department of Agriculture and Rural Development said. Anjiang planted 209,200 hectares of rice this summer, 600 hectares less than last year, according to the province's plant protection branch. (Source: Economic and Commercial Office of the Chinese Consulate General in Ho Chi Minh City) Thailand: Continued relaxation of foreign exchange controls

Thailand's central bank said it will continue to ease foreign exchange controls to promote the establishment of a new foreign exchange ecosystem and ensure long-term exchange rate stability, the Bangkok Post reported recently. The next step in Thailand's foreign exchange system reform will cover a wide range of services and digital platforms, which are expected to be launched by the end of the year and completed by 2024.