ECONOMICS US-China trade hits record high despite current tensions. Despite the recent spy balloon incident, imports and exports between the two countries totalled $690.6 billion in 2022. The US and China are still reliant on each other, even after years of trade conflict. Sri Lanka may return to growth by the end of the year. According to President Wickremesinghe, Sri Lanka is expected to return to growth by the end of 2023, with the aim of exiting bankruptcy by 2026. It has been struggling with its worst economic crisis since its independence from Britain in 1948. Peru central bank said protests are affecting growth and inflation. Peru's economy and inflation have likely been hit by the ongoing social upheaval that has rocked the country, since protests over the removal and arrest of former President Pedro Castillo began. Nigeria’s Supreme Court suspends deadline for cash swap. Nigeria’s Supreme Court prevented the government from enforcing a Friday deadline for citizens to swap old banknotes for new ones, as the IMF flagged disruptions to trade and payments. Devaluation run in emerging markets is just getting started. A round of IMF bailouts is underway, and some of the world’s most indebted nations will have to sacrifice their currencies to get them. The year has already seen Egypt, Pakistan and Lebanon drop their exchange rates to unlock assistance.
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