SEOUL -- South Korea's economy recorded the first contraction in 22 years last year as the COVID-19 pandemic weakened both export and consumer spending, central bank data showed on Tuesday.

Real gross domestic product (GDP), adjusted for inflation, contracted 1.0 percent in 2020 from a year ago, according to the Bank of Korea (BOK). (S.Korea-GDP)

- - - -

LONDON -- China overtook the United States as the world's top destination for foreign direct investment (FDI) in 2020, showing China's growing influence on the world economic stage, the BBC reported Monday.

Experts said the figures "underline China's move toward the center of the global economy which has long been dominated by the U.S., the world's biggest economy," said the BBC in its report, noting that the U.S. still dominates when it comes to total foreign investments. (China-Economy-U.S.)

- - - -

LUANDA -- The Angolan government and Dubai Ports (DP) World, a United Arab Emirates (UAE) company, signed on Monday a contract of 190 million U.S. dollars to modernize the multipurpose terminal of the Port of Luanda.

DP World will invest overall 190 million dollars during the next 20 years, the company's chairman and chief executive Sultan Ahmed bin Sulayem said at the end of an audience with Angolan President Joao Lourenco. (Angola-UAE-Port)

- - - -

KAMPALA -- Uganda's trade deficit in November 2020 increased to 294.48 million U.S. dollars from 251.12 million dollars registered in the previous month, said Uganda's Ministry of Finance on Monday.

The increase was mainly due to a higher import bill, the ministry said in its monthly report for December 2020 released here. (Uganda-Trade-Deficit) Enditem

Related

Go to Forum >>0 Comment(s)