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ECONOMY - page 6

Spain will respond with “proportionality and reciprocity to Venezuela”

in AMERICAS/ECONOMY by

The Spanish Foreign Minister, Alfonso Dastis, announced that Spain will respond ” with proportionality and reciprocity”, after Venezuela declared as persona non grata the Spanish ambassador in Caracas, Jesús Silva Fernández. The statements were made in the Swiss city of Davos, where Dastis attends the World Economic Forum. The head of Spanish diplomacy rejected accusations of “interference” proffered by the Venezuelan government, since the only thing that Spain has done since the beginning is “help the process” of negotiations between government and opposition, reported Efe.

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IMF expects Mexico’s inflation to slow ‘drastically’ in 2018

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The International Monetary Fund (IMF) said on Thursday that the improvement of the Mexican economy expected for 2018 will include a deceleration of inflation and highlighted the exit of the recession in Brazil, but warned about the electoral uncertainty and projected a new collapse in Venezuela this year. The IMF gave more details of an advance of its updated prospects for Latin America that it published this week, in which it raised its economic estimates for Mexico and Brazil based on the expansion in the United States and the rise in the prices of raw materials. In Mexico, the Washington-based agency said that “inflation is projected to drop drastically in 2018 as the effect of the increase in domestic prices for fuel last year fades.” The Fund did not provide projections of price developments.

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Trade between Afghanistan and Pakistan drops

in ECONOMY/MIDLE EAST by

Bilateral trade between Afghanistan and Pakistan has dropped by almost 2 billion US dollars.
Sarhad Chamber of Commerce and Industry (SCCI) President Zahidullah Shinwari said the trade volume between the two countries was $2.5 billion as he blamed the strained relations between Kabul and Islamabad behind the reducing trade volume between the two countries. Tensions between Kabul and Islamabad remains because the two countries blame each other of no fight against terrorist group. Furthermore, the Afghan government is searching for alternative routes to gain access to international markets to boost trade as the key Chabahar Port in Iran started operations during the recent months besides Kabul and New Delhi have launched the air corridor to help Afghan traders gain access to international markets.

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FMI has projected India’s growth at 7.4 per cent in 2018

in ASIA/ECONOMY by

The International Monetary Fund has projected India’s growth at 7.4 per cent in 2018 as against China’s 6.8 per cent, making it the fastest growing country among emerging economies following last year’s slowdown due to demonetisation and the implementation of the GST. This comes a day before Prime Minister Narendra Modi’s address at the SWorld Economic Forum in Davos. In its latest World Economic Outlook (WEO) update released on Monday, the IMF has projected a 7.8 per cent growth rate for India in 2019. Growth rate projections for both 2018 and 2019 remains unchanged since its October 2017 WEO projections. The IMF said that China, during the same period is expected to grow at 6.6 per cent and 6.4 per cent respectively. The IMF said, the aggregate growth forecast for the emerging markets and developing economies for 2018 and 2019 is unchanged, with marked differences in the outlook across regions. It projected India to grow at 7.4 per cent in 2018 as against China’s 6.8 per cent. Emerging and developing Asia will grow at around 6.5 per cent over 2018–19, broadly the same pace as in 2017,” it said, adding that the region continues to account for over half of world growth. “Growth is expected to moderate gradually in China (though with a slight upward revision to the forecast for 2018 and 2019 relative to the fall forecasts, reflecting stronger external demand), pick up in India, and remain broadly stable in the ASEAN-5 region”, the IMF said. In the year gone by, China (6.8 per cent) was ahead of India (6.7 per cent), giving China the tag of being the fastest growing emerging economies, as has been the case for major parts of the past several decades. Notably, with a growth rate of 7. 1 per cent, India was the fastest growing country among emerging economies in the year 2016. But due to the demonetisation in late 2016 and implementation of the Goods and Services Tax (GST), India’s economy slowed down a little bit to 6.7 per cent in 2016. In 2017, India’s growth rate dropped to 6.7 per cent. According to Maurice Obstfeld, IMF Economic Counsellor and Director of Research, the two biggest national economies driving current and near-term future growth are predictably headed for slower growth.

AfDB to provide Tunisia financing totaling 1,140 MD in 2018

in AFRICA/ECONOMY by

The African Development Bank (AfDB) will make available to Tunisia 1,140 Million Dinars (MD) intended to support the State budget in 2018 and finance some projects in sanitation, electricity and integrated agricultural development in Zaghouan and strengthening the private sector.This amount was revealed at a meeting between Tunisian Minister of Development, Investment and International Co-operation Ziad Ladhari and AfDB Vice President, Regional Development, Integration & Business Delivery Khaled Sherif on Monday.The meeting focused on future areas of co-operation between the two parties, including industrial development, support for private investment and strengthening public-private partnership.Co-operation between Tunisia and AfDB had focused on the sectors of agriculture, communication technologies, infrastructure, education and budget support with financing totaling 1,200 MD in 2017.

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IMF’s last report

in ECONOMY/MIDLE EAST by

The economic reforms held by the heir prince Bin Salman, are in line with the economic provisions set this Monday by the International Monetary Fund. It is making growth provision throughout the middle east. However, the dependence to the oil market, which in this particular moment is favouring the exporting countries, is in the end perceived as a weakness that the prince is trying directly to face. The International Monetary Fund has raised its growth projection for the deficit-hit Saudi economy on the back of higher oil prices but retained its estimates for the region. In its World Economic Outlook update, the IMF said the Saudi economy — which shrank 0.7 percent last year — is expected to grow by 1.6 percent in 2018, up 0.5 percent on its October estimates. The Saudi economy is also projected to grow by 2.2 percent next year, up 0.6 percent on the previous estimate, it said. However, the IMF maintained its October projections for growth in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region at 3.6 percent and 3.5 percent for this year and 2019, respectively. IMF’s representatives stated that: “While stronger oil prices are helping a recovery in domestic demand in oil exporters, including Saudi Arabia, the fiscal adjustment that is still needed is projected to weigh on growth prospects”. It said oil prices rose 20 percent between August and October of last year. The Saudi economy, the largest in the region, contracted last year for the first time since 2009 when it dove into negative territory due to the global financial crisis. The kingdom has posted budget deficits in the past four fiscal years since oil prices began to plunge. It is projected to remain in the red until 2023. Thus, Riyadh has introduced a series of austerity measures to boost non-oil income, raising the prices of fuel and power, imposing fees and charges on expatriate labor and introducing a value-added tax (VAT) of five percent.

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Good news for Russian economy

in ASIA/ECONOMY by

The statement made by the International Monetary Fund that Russia will be among sources of global GDP acceleration reflects objective realities and the Russian economy will be one of the most attractive for investments in coming years, chief executive of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told reporters on Monday. The International Monetary Fund (IMF) improved the estimate of Russia’s GDP growth in 2018 to 1.7% in the report released earlier today. Russia is among primary sources of global GDP acceleration, IMF Economic Counsellor Maurice Obstfeld said when presenting the report.

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Big efforts being paid to scientific farming in DPRK

in ASIA/ECONOMY by

The agricultural field of the DPRK has been pushed to do progress in scientific ambit, as part of the efforts to attain the target of grain production this year, the third year in implementing the five-year strategy for national economic development. Ri Kyong Rok, Vice Department Director of the Ministry of Agriculture, told that the Ministry and provincial, city and county agricultural guidance Organs are directing big efforts to producing good strains of seeds and expanding their cultivation area, while paying deep attention to planting dry-field rice highly resistant to lower temperature and drought in arable lands lack of water or not kind for maize cultivation in order to raise per-hectare yield. Meanwhile, many efforts have been paid to producing high-performance farm machines for potato and livestock farming,  laying a foundation for raising the rate of mechanization in farm work.

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Surplus of employees in Montenegro’s state administration

in ECONOMY/EUROPE by

The state administration of Montenegro registers between 50000 and 60000 employees, 40000 of which, according to Branko Radulović (DF- Democratic Front), are identified as being surplus. This excess is estimated to cost €450 million. According to Dragutin Papović, member of the Democratic Party of Socialists (DPS), instead, the state administration should be evaluated positively given that Montenegro is the leading state in the Western Balkans in the process of EU integration.

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500 jobs open to Canton Sarajevo citizens

in ECONOMY/EUROPE by

The Government of Canton Sarajevo (CS) has approved a proposal for the adoption of incentives for employment. The five programs, totaling 9.239.615 BAM, will allow 500 people in CS to find employment as well as encouraging the improvement of the labor market and providing the necessary training and formation. One of the programs has been planned for the co-financing for the employment of unemployed doctors in CS, for which 1.092.000 BAM were allocated.

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