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Global economic crisis felt in Pakistan: Daily

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Islamabad: The international impact of the stock market collapse was felt in Pakistan, said a daily here on Tuesday.

us-Stock1An editorial “Black August” in the News International said that following the panic in the international stock markets created by a slowdown of the Chinese economy, the Karachi Stock Exchange (KSE-100) plummeted by 1,300 points near the close of trading on Monday, down around 4 percent on a single day.

Analysts have blamed the panicking small investors and the exit of foreign investors from the market. Some suggest foreign investors made profits by selling Pakistani stocks as they suffered serious losses in other emerging markets.

The daily said that market capitalization fell by Rs.300 billion.

“In addition to the Chinese slowdown, the international downturn is also being attributed to the fall in international commodity prices, uncertainty over when US Federal Reserve might raise interest rates and the Greek economic collapse.”

The editorial said that the crisis started when the Chinese government decided to devalue the yuan by around 2 percent two weeks ago which sparked concerns over low growth in Chinese exports. Experts have now predicted that the devaluation of the Chinese currency is likely to flood the market with cash.

“The biggest impact was felt by Chinese stock markets where the Chinese Shanghai Composite index came down by 8.5 percent on Monday. This is the biggest one-day slump in China since 2007.”

“…The impact of what is being called ‘Black Monday’ is being felt across the globe with KSE-100 being a small part of the global collapse… While some observers are calling it a ‘correction’ in the global markets, Monday has shown an underlying instability in the global financial system,” said the daily.

The editorial went on to say that the three key nodes of the global economy are in a steady crisis. “Europe, the US and China are all facing serious problems.”

“There are no immediate remedies available in the stock market as the international impact of the collapse will be felt in Pakistan.”

It added that the month of August has wiped at least $5 trillion off the global economy.

“Is this a full-blown economic crisis?,” the daily asked and added: “It is too early to say.”

“But it does say something about the volatility of the global economy that a decrease in the value of the Chinese currency has set off questions about the entire economic recovery story that has been painted since the last global economic crisis in 2007,” it said.

(IANS)

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Real Estate Companies in India, China Adopting Artificial Intelligence

Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth, said the report

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Artificial Intelligence Bot
Artificial Intelligence Bot. Pixabay

The real estate companies in India and China are fast adopting Artificial Intelligence (AI) technology in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures.

Asia Pacific that contributes nearly 40 per cent in the global construction market, is estimated to be the fastest growing “AI-in-construction” market by 2024, Zion Market Research said on Monday.

The growth in Asia-Pacific “is owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India”.

Additionally, the development of creating information modelling is software that gives information on a construction project, warranty details regarding material used, and commissioning data.

This has resulted in increased AI adoption by most of the construction start-ups globally for various applications, the findings showed.

According to the report, the global “AI-in-construction” market was valued at $312 million in 2017 and is expected to reach $3,161 million by 2024.

artificial intelligence, nobel prize
“Artificial intelligence is now one of the fastest-growing areas in all of science and one of the most talked-about topics in society.” VOA

“The construction sector is adopting AI to obtain precise data and insights to increase productivity, operational efficiency, and ensure safety at work. AI operates on algorithms related to image recognition to find out search criteria,” said the report.

In addition, the need for safety measures on construction sites is also projected to drive this market’s growth.

“Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-in-construction market,” the findings showed.

Also Read: Tech Giants to Face US House Hearings on Anti-trust, Cryptocurrency

Europe is projected to witness a remarkable rate of growth in the global “AI-in-construction” market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform.

Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth, said the report. (IANS)