Xinhua world economic news summary at 1040 GMT, Nov. 30

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BIKITA, Zimbabwe -- Zimbabwean President Emmerson Mnangagwa on Wednesday officially commissioned China's Sinomine Resource Group's new spodumene processing plant and an expanded petalite processing plant at Zimbabwe's Bikita Lithium Mine.

"I commend Sinomine Resource Group for taking heed of my government's call for beneficiation and value addition of lithium ores by investing over 300 million U.S. dollars into the various stages of the project," said Mnangagwa. (Zimbabwea-China-Plant)

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SINGAPORE -- Singapore residents' real median income fell 2.3 percent in 2023 due to high inflation, according to Labour Force in Singapore Advance Release 2023 from the Ministry of Manpower on Thursday.

Nominal incomes continued to increase, but at a more moderate pace compared to most years in the last decade. The median gross monthly income from employment of full-time employed residents increased 2.5 percent in 2023. This increase was lower than the annualized average rate of increase from 2013 to 2023. (Singapore-Resident Income)

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ROME -- The Organization for Economic Cooperation and Development (OECD) forecast Wednesday that Italy's economy will grow by 0.7 percent this year and next, before expanding by 1.2 percent in 2025.

OECD's estimate for this year was in line with the prediction of both the Bank of Italy and Italy's National Institute of Statistics (ISTAT). (Italy-OECD Forecast)

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BERLIN -- Real wages in Germany in the third quarter (Q3) of 2023 rose by 0.6 percent compared to the previous year, the sharpest increase in over two years, the Federal Statistical Office (Destatis) said on Wednesday.

This continued the trend of wage development from the second quarter of 2023, when a slight increase of 0.1 percent was recorded, according to Destatis. Nominal wages in Q3 rose by 6.3 percent, therefore more strongly than consumer prices. (Germany-Real Wage) Enditem

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