Mon, 23 Nov 2020

ABUJA, Nov. 21 (Xinhua) -- Nigeria's economy has slipped into recession for the second time in four years as oil prices plunged amid the COVID-19 pandemic, official data released on Saturday shows.

The country's gross domestic product (GDP) contracted by 3.62 percent year-on-year in real terms in the third quarter of 2020, the National Bureau of Statistics (NBS) reported. (Nigeria-Economy-Recession)

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CAIRO -- The signing of the Regional Comprehensive Economic Partnership (RCEP), which establishes the world's biggest free trade bloc, would inject impetus into teetering global economy, Egyptian experts said.

The experts stressed that the agreement will be a locomotive for the global trade, investment and economic activities, which have suffered from acute recession and slowdown caused by the outbreak of the COVID-19 pandemic, accelerate the building of the Association of Southeast Asian Nations (ASEAN) economic community, and allow ASEAN to become dynamic and strong partners in promoting cooperation for shared prosperity. (RCEP-Trade)

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RIYADH -- Saudi Arabian King Salman bin Abdulaziz Al Saud on Saturday called for supporting the global economy and reopening economies and borders to facilitate trade and mobility of people, the Saudi Press Agency reported.

King Salman made the remarks during his opening speech in the virtual 15th Group of 20 (G20) Leaders' Summit, where he also highlighted support for developing countries in a coordinated manner to maintain what has already achieved over the past decades. (Saudi-G20-Economy)

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RIYADH -- Saudi Arabia announced on Saturday it will launch a national investment strategy next year, the Saudi Press Agency reported.

The Saudi Minister of Investment Khalid Al-Falih revealed in Riyadh at a media briefing ahead of the Group of 20 (G20) Leaders' Summit that the strategy grants full ownership rights to Saudi and foreign investors. (Saudi-Investment)

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BUENOS AIRES -- The president of Argentina, Alberto Fernandez, on Saturday called for greater global integration to tackle the challenges caused by the novel coronavirus (COVID-19) pandemic.

"The world is moving towards alarming levels of inequality" due to the economic impact of the pandemic and lockdown measures, Fernandez told a Group of 20 (G20) leaders' summit via video link. (Argentina-G20-Pandemic)

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