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21.11.2016 18:17 IMF`s Lagarde sees Russian economy heading toward stable growth

The managing director of the International Monetary Fund (IMF) Christine Lagarde said Russia has done a good job maintaining macroeconomic stability given declining crude prices. “Against the backdrop of falling oil prices, Russia had proceeded to, or would precede, she hopes, on the track of sustainable growth,” Russian Deputy Minister of Economic Development Stanislav Voskresensky quoted Lagarde after the APEC leaders` meeting with the IMF managing director. Voskresensky also spoke about Lagarde`s meeting with Russian President Vladimir Putin. Responding to President Putin`s question about Russia`s financial sector, Lagarde said the country`s authorities, including the central bank, have been doing a fantastic job. Putin cited the latest macroeconomic data and asked for Lagarde`s advice concerning the banking system. Lagarde said the banking system is stable but very passive and is not contributing much to economic growth as there is little active lending.

19.11.2016 12:17 The Russian economy: Is the glass half-full or half-empty?

A sharp drop in oil prices in the winter of 2014 vividly revealed the structural economic problems in Russia, triggering an economic recession from which the country still has not fully recovered. The new reality of lower oil prices and sanctions has forced the Russian government to undertake certain steps aimed at adapting the economy to these new financial conditions. As experts point out, Russia`s economic decline also coincided with a global economic development trend of lower growth. In general, the world is experiencing weak economic growth. According to World Bank data, global growth slowed down to 2.2 percent in 2016 from 2.6 percent in 2013. This slowdown coincided with the stagnation in global trade in 2016, the lowest it has been since 2013. Moreover, oil prices remain low, averaging $44.7 per barrel (bbl). As a result, Russia is currently experiencing a sustained fall in real incomes, which keeps domestic demand depressed. In 2016 Russia experienced the most significant fall in real incomes since 2008, when the global economic crisis struck.

18.11.2016 17:26 Global GDP growth forecast at 2.8 pct in 2017 amid uncertainties, disruptions

The global GDP is forecast to grow at 2.8 percent in 2017, a very modest improvement from 2.5 percent in 2016, a research group said Wednesday. Although a projected stabilization in energy and commodity prices may lift resource-rich economies up a little next year, the medium-term trend continues to be dominated by weaker growth in key inputs, notably investment and labor supply, the Conference Board said in its Global Economic Outlook 2017. In the short term, geopolitical tensions, policy uncertainty, financial market volatility, and rapid changes in technology will pin the world economy to a slow-growth path, the report said.

17.11.2016 17:54 Eurozone GDP up by 0.3 pct in Q3 2016

The gross domestic product (GDP) in the 19-country eurozone grew by 0.3 percent in the third quarter, compared with the previous quarter, official estimate showed Tuesday, suggesting the bloc`s recovery maintained its pace. The single currency zone`s GDP rose as well by 0.3 percent in Q2 quarter-on-quarter, said Eurostat, the statistical agency of the European Union (EU). For the wider EU, the GDP expanded by 0.4 percent in both the second and third quarters. There are disparities at a country level. Germany, the powerhouse of the bloc, posted its smallest quarterly expansion in a year with 0.2 percent increase. Meanwhile, the French GDP increased by 0.2 percent following contraction in the second quarter, and growth in Spain remained strong.

15.11.2016 14:24 Russia`s recession isn`t over

Preliminary estimates from the Federal State Statistics Services show that Russian GDP contracted by 0.4% year-over-year in the third quarter. Economists had forecast a drop of 0.5%, according to the Bloomberg consensus. Monday`s reading marks the smallest drop in seven quarters, and was a slight improvement from the prior quarter`s 0.6% contraction. The GDP figure is consistent with a "very shallow" seasonally-adjusted drop of about 0.2% quarter-over-quarter, according to estimates from William Jackson, senior emerging markets economist at Capital Economics. "That serves to highlight that, even though GDP fell at a shallower pace in year-over-year terms last quarter, the Russian economy remains extremely fragile," he wrote in a note to clients.

14.11.2016 11:40 How will the world economy react to Trumponomics?

Three days into the Trump election victory it is becoming clear that this is not just a seismic political shock. It is also an economic shock of equal magnitude. It signals the end of ultra-loose monetary policy but offset by looser fiscal policy. The ruling orthodoxy that has swept right across the developed world since 2009, that governments should cut their budget deficits and instead rely on cheap money to boost the economy, is in its turn being swept away. That will happen in America and it will happen in the UK. That will put pressure on Europe. But quite what the various EU governments and European Central Bank will do in response is quite unknowable.

12.11.2016 13:52 Can Clean Energy Boost Global GDP?

The world economy continues to be in a state of uncertainty, and how to spur growth remains a hot political and economic topic. The role that green infrastructure has to play in this growth should be a considerable one according to some experts and analysts. The New Climate Economy, an international initiative which focuses on how countries can achieve economic growth while reducing climate change risks, believes green infrastructure is a crucial feature of achieving growth. In a recent report entitled The Sustainable Infrastructure Imperative, the New Climate Economy outlined their plans for how green energy infrastructure can propel economic growth. The group envisions that green energy sources have the potential to create sustainable growth and eliminate poverty.

10.11.2016 14:40 Trump`s win gives the global economy a new level of worry

The election of Donald Trump as U.S. president creates new uncertainties for a world economy that`s already fragile, said investors and economists who wonder how far he will take his promises to tear up trade deals and restrict immigration. The real estate billionaire struck a conciliatory tone in his victory speech, arguing he would seek good relations and partnership with other countries. That has helped world markets and U.S. stock futures to recover some of the huge losses suffered earlier. But Trump`s trashing of trade agreements -- including his promise to back out of the Trans-Pacific Partnership with Asian countries -- and the general lack of detail on key issues leave many uncertain about the direction of the world`s biggest economy and market. “We simply can`t know what type of President Trump will be,” said Paul Ashworth, chief U.S. economist for Capital Economics.

09.11.2016 11:20 Is A Russia-China Economic Alliance On The Horizon?

As Russia continues to contend with sanctions from the United States and European Union after annexing Crimea in 2014, it has cast its eye on a new ally: China. The two countries are already aligning themselves for security purposes, a prime example being their position against the U.S. missile shield deployment plans in South Korea. Both China and Russia have stated that the Terminal High Altitude Area Defense (THAAD) anti-missile system situated in South Korea to contain North Korea harms their relations with the U.S. Combine this with China`s potentially shaky relations with America (depending on the results of the election), and a stronger economic alliance between China and Russia may be on the horizon.

07.11.2016 18:27 How the oil crisis wrecked Russia and obliterated Venezuela

The future is not rosy for Russia and Venezuela. The Kremlin faces a big budget deficit, which it`s trying to close with cuts to health and education spending, and a massive 27 percent reduction in its military. Meanwhile, Russia`s economy is in recession, and projected to slightly shrink for the third year in a row. If that sounds bad, check out Venezuela, which is in utter economic pandemonium: Its GDP is projected to shrink 10 percent this year, and it`s grappling with triple-digit inflation rates. Mass strikes and protests are breaking out, and its authoritarian government is threatening to crack down. On the surface, these may seem like two very different countries with two very different sets of problems. But underneath, their woes actually share a common source: oil.


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