The Lastest Macroeconomic News
15.12.2016 18:33 Rising Risks Could Cost Global Cities $1.17 Trillion of GDP in 2017
The costs of major shocks to the global economy from natural and manmade threats could put at risk $1.17 trillion of the total projected GDP of the world`s major cities in 2017, according to the findings of a report compiled by the Cambridge Centre for Risk Studies (CCRS) at the Cambridge University Judge Business School. Cautioning that a period of heightened risk lies ahead, the Centre for Risk Studies revealed its Global Risk Index of GDP Risk for 300 leading cities and expected losses from 22 different types of shocks is estimated to rise above a 10-year expected baseline of 1.48 percent of annual GDP to approximately 1.51 percent of the projected GDP of $77.7 trillion in 2017. And that number is expected to rise in the subsequent two years, 2018 and 2019.
13.12.2016 11:44 Migrants contributed 9.4% to global GDP in 2015
Cross border migrants, who made up 3.4 percent of the world`s population in 2015, contributed 9.4 percent ($6.7 trillion) to its GDP, a report by McKinsey Global Institute (MGI) titled `People on the move: Global migration`s Impact and Opportunity`, revealed on Thursday. The subject of migration has featured prominently in several important global events over the past year, from the Brexit vote to the American presidential elections, and spurred in part by the refugee crisis in the Middle East. “Despite the misgivings and controversy surrounding it, cross-border migration is a natural outcome of a more interconnected world and a global labour market,” the report, which also suggests that a vast majority of migrants are economic migrants and not refugees or asylum seekers, stated.
11.12.2016 12:20 IATA expects 0.9% of world GDP to be spent on air transport in 2017
Consumers benefit from lower real travel costs, more routes, and will spend 0.9% of world GDP on air transport in 2017, an IATA report said. The average return fare (before surcharges and tax) of $351 in 2017 is forecast to be 63% lower than 22 years earlier, after adjusting for inflation, IATA`s chief economist Brian Pearce said at a presentation here yesterday. Consumers will see a substantial increase in the value they derive from air transport in 2017, including a further reduction in what they pay, after allowing for inflation. New destinations are forecast to rise by 4% this year, with frequencies up too; both boosting consumer benefits. Revenue passenger kilometers (RPKs), which have been growing well above trend despite a sluggish world economy, are forecast to slow further in 2017 as the price stimulus from lower fuel prices starts to reverse.
08.12.2016 12:03 Why a strengthening dollar is bad for the world economy
THE world`s most important currency is flexing its muscles. In the three weeks following Donald Trump`s victory in America`s presidential elections, the dollar had one of its sharpest rises ever against a basket of rich-country peers. It is now 40% above its lows in 2011. It has strengthened relative to emerging-market currencies, too. The yuan has fallen to its lowest level against the dollar since 2008; anxious Chinese officials are said to be pondering tighter restrictions on foreign takeovers by domestic firms to stem the downward pressure. India, which has troubles of its own making (see article), has seen its currency reach an all-time low against the greenback. Other Asian currencies have plunged to depths not seen since the financial crisis of 1997-98.
06.12.2016 10:55 Oil-rich Russia sees economic growth ahead
The economy of oil-rich Russia could catch up with the rest of the world in about 10 years if the conditions are right, the country`s finance minister said. Russian Finance Minister Anton Siluanov said the economy could grow at around 3 percent by 2025 provided policies are in place to support lower inflation, lower interest rates and a stable tax regime. "This is a very ambitious task, since we planned the growth from zero to 1.5 percent for three years ahead," he was quoted by Russian news agency Tass as saying. "This is a new target, a new task." Central Bank Gov. Elvira Nabiullina said the rate of inflation is expected to be close to its low-end outlook of around 5.5 percent this year and the International Monetary Fund said there are prospects for "modest" recovery starting in 2017.
04.12.2016 11:30 OPEC Deal Could Be a Boon to World Economy Amid Shifting Dynamics
Traditional economics says a boost in oil prices - they rose more than 9% to over $49 a barrel Wednesday after the Organization of the Petroleum Exporting Countries agreed to cut output - is bad for global growth because it erodes consumer buying power, especially in the world`s largest economies. But that view is built on experiences of the past. This time may be different, given changing dynamics in the world economy. “Higher oil prices are good for growth,” said Jeffrey Currie, head of commodity research at Goldman Sachs. First, higher prices should help stimulate growth in the world`s largest economic engine, the U.S. It is one of the top three oil producers in the world, pumping more than nine million barrels a day, or 10% of global consumption. As prices fell over the last two years, investment in the sector pulled back and output sank by roughly a million barrels a day. But as prices picked up in recent months in anticipation of an OPEC deal, investment in the industry has risen. That should help push down unemployment further, pressure wages and fuel the U.S. economic expansion.
02.12.2016 11:40 Could Trump help revive Russia`s economy?
The cornerstone of Vladimir Putin`s strategy for political longevity has been his projection of Russia as a besieged fortress fighting off the menacing encroachment of the US and other western powers. By presenting himself as the only leader capable of protecting Russia from those who seek to undermine her, the authoritarian president has skilfully managed to distract his people from the rapidly deteriorating economic conditions that would doubtless sink the leader of a more democratic country. But the cost of maintaining a war footing is considerable, with massive spending on defence depriving the rest of the economy of much needed state support. Putin understands this well and Donald Trump`s election might provide him with an opportunity to rebalance public expenditure. When Putin came to office, there was little sign of the anti-western rhetoric that now so dominates his leadership and public discourse in Russia. Indeed, in 2001, just a couple of years after becoming leader, Putin said that Russia should either be allowed to join Nato or the alliance should be replaced by a new organisation that includes all of Europe and Russia. But his desire for integration did not last long.
30.11.2016 12:28 U.S. Economy Grew at 3.2% Rate in 3rd Quarter
The United States economy in the third quarter grew at the fastest pace in two years, according to a revised report that showed stronger consumer spending than first estimated. The gross domestic product, the country`s total output of goods and services, expanded at an annual rate of 3.2 percent in the July-September period, the Commerce Department reported on Tuesday. That is up from a previous estimate of 2.9 percent. The revision was significantly better than the meager gains of 0.8 percent in the first quarter and 1.4 percent in the second, when the economy was being held back by a strong dollar and weak business investment. The 3.2 percent increase was expected to be the best showing for the year. Economists say they believe growth has slowed to around 2 percent in the current quarter. At the moment, they are forecasting growth of 2 to 2.5 percent for 2017.
28.11.2016 11:06 The cost of climate change: World`s economy will lose $12tn unless greenhouse gases are tackled
Preventing global warming from rising above 1.5 degrees Celsius will mean the world`s economy is at least 10 per cent bigger by 2050 than it would be if action is not taken to reduce greenhouse gases, according to a new report. The planet`s average temperature has already risen about 1C in about 130 years, with scientists admitting that restricting this to just 0.5C more will be difficult. However the report – released by the United Nations Development Programme and a group of 43 developing countries which are highly vulnerable to climate change – argued doing so would be worth it. As a result, the world`s gross domestic product would fall by $21 trillion by 2050, compared to $33 trillion under a `business-as-usual` approach that allows global warming of 2.5 degrees. This saving of $12 trillion (about £9.6 trillion) represents about 10 per cent of global GDP.
26.11.2016 11:28 World economy needs Trump to build bridges, not burn them
President-elect Donald Trump`s big-spending plan to revitalize US infrastructure could be just the ticket to drag the world economy out of its post-crisis torpor, experts say. Experts warn benefits from President-elect Donald Trump`s big-spending plans could be eroded if he sticks to his aim of putting "America first" and tearing up trade pacts. But there is a huge caveat, they warn: the plan`s benefits would be eroded if Trump executes his avowed aim of putting "America first" and tearing up commercial pacts, potentially igniting a trade war. The Republican property tycoon`s team says he will devote $550 billion to rebuilding decrepit highways, bridges, tunnels, airports, schools and hospitals -- something that President Barack Obama failed to persuade Republicans in Congress to back.
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