The Lastest Macroeconomic News
22.11.2017 23:19 Britain crashes out of world`s top 5 economies
Britain has officially abandoned its claim to be the world`s fifth largest economy. Treasury chief Philip Hammond acknowledged the slide on Wednesday, noting the new ranking in a series of statements meant to highlight the economy`s strength. "Britain is the world`s sixth largest economy," Hammond said in his closely-watched budget speech. While there are several ways to measure the size of an economy, the U.K. Treasury pointed to GDP forecasts published by the International Monetary Fund in October to back up his statement. The numbers show that France will narrowly squeak ahead of Britain in the group`s 2017 ranking of global economies, with its advantage predicted to widen considerably in 2018. This year will be the first time since 2013 that France has topped the U.K. in the ranking, according to the IMF.
20.11.2017 20:32 Russian economy expands 1.6 pct in January-September
Russia`s gross domestic product (GDP) grew 1.6 percent year-on-year in the first nine months, the country`s official statistic service Rosstat said Monday, citing preliminary data. Russia`s GDP declined 0.4 percent year-on-year in the same period compared a 1.8 percent rise in the third quarter this year, Rosstat said in a release. Russia`s central bank currently puts the country`s GDP growth at 1.7-2.2 percent for the year of 2017, while the Russian Economy Ministry expects it to be 2.1 percent.
17.11.2017 17:08 Tuberculosis to cost world economy $1 trillion by 2030
Tuberculosis will cost the world economy close to $1 trillion in lost economic output by 2030, unless countries step up efforts to fight the disease, according to a report launched today by the Global TB Caucus, a group of over 2,300 parliamentarians from 130 countries. The disease cost the world more than $600 billion from 2000 to 2015. The study launches ahead of the first World Health Organization Global Ministerial Conference on Ending TB, which will take place in Moscow on November 16-17. The event will convene 1,000 participants from 100 states, including 74 ministers of health from the top 40 highest TB and multi-drug-resistant TB burden countries. Leaders from U.N. agencies, civil society, the private sector, and donors will also be in attendance. The conference will result in a ministerial declaration with commitments to accelerate efforts in ending TB and will inform the first ever U.N. high-level meeting on TB in 2018.
15.11.2017 16:34 Russia Feels GDP Growth Limits Again
Russia`s economy grew by 1.8 per cent in the third quarter compared with the same period last year, a marked slowdown from the 2.5 per cent the Federal Statistics Service had reported for the second quarter. The agency`s first estimate for the September quarter does not include any detail, but monthly data published earlier indicates that the deceleration was due to weaker growth in industrial production. In a Bloomberg survey, economists forecast a reading of 2 per cent. In late 2016, the country emerged from a two-year recession which had been sparked by the drop in global oil prices and western sanctions. The Russian government expects gross domestic product for the full year of 2017 to increase by at least 2 per cent. Industrial production had been the first indicator to recover, but it slowed to 1.2 per cent year-on-year in the three months to September 30 from 3.8 per cent in the preceding quarter. Most other indicators, however, point to a broader recovery ahead. Retail sales, which only stopped shrinking in the second quarter, picked up pace in the September quarter, and construction was flat for the first time after more than a year of contraction.
13.11.2017 14:54 World economic outlook for 2017 and beyond
The year 2017 can be chalked down as a prosperous one for the world economy. Wherever we live, as we celebrate the end of a good year, we also welcome the incoming year, which, by all indications, we hope, will be a better one. The most common measures of economic health viz. output, inflation, employment, and cost of borrowing, all portend that 2018 might be one of the best in this decade, and perhaps, even since the dawn of this century. The change in mood among the forecasters is evident if we compare the state of uncertainty at the beginning of this year with the prevailing optimism. The election of President Donald Trump, with his promises of reform and radical change in the global commitments of the US, including the Paris Climate Accord, NAFTA, and TPP, was initially viewed with disquiet. This, along with the expected turmoil as EU and UK began their much anticipated negotiations over the Brexit pullout, led to a period of “wait and see” in financial and policy circles. Even the International Monetary Fund (IMF) found itself scratching its head as evident from its July 2017 pronouncement which lowered its forecast for US growth to 2.1 percent for 2017 and 2018 from earlier projections of 2.3 percent and 2.5 percent. But as soon as it was clear that Wall Street was happy with the moves made by the new administration, there was a surge in business investment, fuelled by executive orders from the Trump administration, robust consumer spending, low interest rates, and exports boosted by a weaker dollar. The US economy grew at three percent last quarter (July-September) and business spending on new equipment went up by an annual rate of 8.65.
11.11.2017 19:13 Automation Could Increase Global GDP by More Than $1 Trillion
Technological advances such as automation could increase global GDP by more than $1.1 trillion over the next 10-15 years, according to a new report from analysts at JPMorgan Asset Management seen exclusively by Business Insider. The asset management arm of banking giant JPMorgan believes that technological advances across all areas of society could lead to big productivity gains, which in turn will likely boost economic growth. “Technology will affect economic growth rates and capital market returns in ways that are difficult to foresee,” the report, authored by a team of strategists headed by John Bilton, JPMAM`s Head of Global Multi-Asset Strategy, argues. “Workforce automation and AI have the potential to deliver significant overall productivity gains, and some nations facing growth challenges from aging populations could see an additional boost to trend growth rates.”
08.11.2017 23:07 Unbalanced global growth
It is only too obvious that global capitalism is stagnant and relatively unstable. But nonetheless there is much hype currently being created around the recent “recovery” in some major advanced economies. In some cases, the desperation to suggest that economic activity is picking up has even relied on the fact that some previous projections are being slightly revised upwards. Consider, for example, the latest World Economic Outlook of the IMF (October 2017): “The pickup in growth projected in the April 2017 World Economic Outlook (WEO) is strengthening. The global growth forecast for 2017 and 2018 —3.6 per cent and 3.7 per cent, respectively — 0.1 percentage point higher in both years than in the April and July forecasts. Notable pickups in investment, trade, and industrial production, coupled with strengthening business and consumer confidence, are supporting the recovery.” It may seem a bit weird to celebrate a global rate of growth of output of 3.6 per cent when that is exactly the same as the rate achieved in 2014, when the IMF itself was so concerned about the secular stagnation that its managing director, Christine Lagarde, described as “the new normal”. But perhaps we are simply supposed to be relieved that this new normal persists and has not yet dissolved further or erupted into a crisis.
07.11.2017 23:13 EBRD lifts growth forecasts for Eastern Europe, Turkey and Russia
The European Bank for Reconstruction and Development sharply raised growth forecasts on Tuesday for the 37 countries in which it operates, saying improving exports, a revival in investment and firmer commodity prices were supporting a broad upswing. Average economic growth for the group, which ranges from Morocco to Mongolia, is now expected to hit 3.3 percent this year, compared to 2.4 percent the multilateral lender had forecast in May and 1.9 percent last year. Turkey and Poland, which have become two of the EBRD`s biggest markets since it stopped lending in Russia in 2014 in response to the Ukraine crisis, are seen among the biggest drivers of growth. The EBRD now sees Turkey growing at 5.1 percent this year and 3.5 percent in 2018. This year`s projection is almost double May`s forecast, which was lowered following April`s power grab by Turkish President Tayyip Erdogan. Russia, the largest economy the development bank looks at and a major influence on many of its others, has now pulled out of recession after a cumulative contraction of 3 percent over the last two years. The country is expected to see GDP growth of 1.8 and 1.7 percent in 2017 and 2018 respectively, though it could be more as Guriev said the forecasts did not capture the most recent leg up in prices for oil, Russia`s main export.
04.11.2017 00:23 Russian Economy Lost 18 Billion Rubles This Year Due to Lack of ICO Regulation
The Russian presidential adviser on Internet development, Herman Klimenko, has revealed that his country has lost approximately 18 billion rubles (roughly $310 million) due to a lack of ICO regulation so far this year, Tass reported on Thursday. The estimate came from the Russian Association of Blockchain and Cryptocurrency (Rabik). Klimenko announced the formation of this association back in August. It was created to unite participants in the cryptocurrency and blockchain space, including miners and investors. Rabik has estimated the loss to the Russian economy from the absence of legislative regulation of ICOs since early 2017 at 18 billion rubles, and 3.5 billion rubles have not been received to the federal budget since the beginning of the year as tax revenues. He explained that these calculations are based on ICOs conducted by Russian residents in foreign jurisdictions between January and October. “This money would be enough, for example, for new parking lots and tow trucks in Moscow,” he noted.
01.11.2017 15:22 UK economic growth dwarfed again by eurozone in third quarter
The eurozone`s economy once again grew faster than the UK`s in the third quarter of 2017, according to the latest data, confirming the divergence in economic fortunes between Britain and the continent as Brexit approaches in 2019. Eurostat estimated on Tuesday that the collective GDP of the 19 states of the single currency area grew by 0.6 per cent in the three months to September, faster than the 0.4 per cent growth registered by the UK over the same period. This follows eurozone GDP growth of 0.7 per cent in the second quarter, when the UK grew by just 0.3 per cent, also the weakest rate in the G7. On an annual basis the GDP growth divergence was even more stark, with the eurozone expanding by 2.5 per cent in the third quarter while UK growth was just 1.5 per cent. The eurozone is experiencing a cyclical recovery, after years of rolling financial crisis, while the UK has been hit this year by a rise in inflation stemming from the slump in sterling in the wake of last year`s Brexit vote.
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