NEW DELHI -- An Indian business leader has called for major stimulus to boost demand as the country's economy had witnessed a sharp contraction in the April-June quarter of this year.

"The contraction seen in India's gross domestic product in the first quarter (April-June 2020) of the current fiscal is a matter of great concern, and it clearly underlines the need for a major stimulus to energize and strengthen demand in the economy," said Sangita Reddy, the president of the Federation of Indian Chambers of Commerce and Industry (FICCI) in a statement on Wednesday. (India-Economy)

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MANILA -- The Asia and Pacific region has become the biggest contributor to global gross domestic product, reaching a 34.9 percent share in 2019 from 26.3 percent in 2000, according to a new Asian Development Bank report released on Thursday.

"The Asia and Pacific region has made tremendous development progress over the last two decades, becoming the biggest contributor to global GDP while lifting millions of people out of poverty," ADB Chief Economist Yasuyuki Sawada said in a statement. (Philippines-ADB-Asia-Pacific)

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MONTEVIDEO -- Uruguay's largest livestock and agribusiness exposition, Expo Prado, opened Wednesday in the capital Montevideo with strict social distancing measures in place to prevent the spread of COVID-19.

Gabriel Capurro, president of the Rural Association of Uruguay, the trade group that organizes the expo, said the 115th edition of the expo has "a greater presence of agricultural companies" because many firms were able to participate in the fair after other traditional agricultural expos were suspended due to the pandemic. (Uruguay-COVID-19)

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RIO DE JANEIRO -- Brazil registered 0.24 percent inflation in August, the highest rate for that month since 2016, when prices rose 0.44 percent, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Wednesday.

According to the IBGE, August inflation was lower than July (0.36 percent) but more than double the rate seen in August of last year (0.11 percent). (Brazil-Inflation)

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MEXICO CITY -- Mexico's public debt will remain stable over the coming years despite the damage to the economy in 2020 from the COVID-19 pandemic, the government estimated on Wednesday.

President Andres Manuel Lopez Obrador's administration has submitted a budget proposal for 2021 that aims to reduce the so-called Historical Balance of the Public Sector Financial Requirements to 53.7 percent of the gross domestic product, down from the 54.7 percent expected for 2020. (Mexico-COVID-19) Enditem

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