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12.08.2015 19:34 Kyrgyzstan joins Eurasian Economic Union

Kyrgyzstan has officially become a member of the Eurasian Economic Union (EEU) after passing an accession process by the parliaments of the other membersRussia, Kazakhstan, Belarus and Armenia. "The most important step was the ratification of the Treaty on the Kyrgyzstan Accession to the EEU by the parliaments of the five countries, so all parliaments have expressed their will," Kyrgyz Economy Minister Oleg Pankratov stated on July 9. Pankratov added that there are no substantial barriers to Kyrgyzstan`s accession to the EEU as full member. Currently, according to the procedure of the EEU accession, the ratified documents were signed by the presidents of member states, which would then be sent to the Eurasian Economic Commission depositary. Kyrgyzstan`s membership in the EEU assures deepening integration between Kyrgyzstan and the EEU member states, providing a free movement of goods, services, capital, and labor.

11.08.2015 20:15 India has potential to become multi-trillion dollar economy

India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 if it manages to grow at seven per cent annually for the next 30-35 years, a top World Bank official has said. "If we can manage to grow at seven per cent for next 35 years, we will not only be the second largest economy in the world at that time but we will be prosperous and people will be rich enough," World Bank Executive Director for Bangladesh, Bhutan, India and Sri Lanka Subhash Chandra Garg said. Addressing the Indian-American community at the Indian Consulate, Garg said India has the potential to become a multi-trillion dollar economy with a per capita income of about $40,000 by 2050 as against the current $2,000 but to achieve that it will have to grow at seven per cent annually for the next 30-35 years. However, he said that achieving and sustaining a seven per cent growth rate for 35 years is "very difficult" and "would require a lot of transformation in the way we manage our economy". He underlined that India will have to transform its agriculture completely, grow its services and manufacturing sectors and give a boost to healthcare and tourism.

08.08.2015 13:06 Industrial Production Slumps in Eurozone`s Engine Room

Industrial production fell in the eurozone`s three largest economies in June, a sign that economic activity in the region failed to gain much momentum in the second quarter. The drop was most severe in Germany, the region`s industrial powerhouse, where output, adjusted for calendar effects and seasonal swings, slumped 1.4% from May, data from the economics ministry showed Friday. Industrial production dropped by 1.1% on the month in Italy and slipped by 0.1% in France, highlighting a diverging trend between the eurozone`s core and its southwestern periphery. Industrial production in Spain, which accounts for roughly one-tenth of eurozone gross domestic product, rose 0.4% in June from the previous month, the INE statistics institute said Friday, another sign that Spain remains one of the fastest-growing economies in the region.

06.08.2015 20:30 Russia expects to see positive growth in economy next year

Russia is expected to see a positive growth of 2.3 percent in its economy next year, said a leading Russian official. The prediction was given by Russian Economic Development Minister Alexei Ulyukayev while addressing a joint meeting of Russian and Belarusian ministries of economic development held at the Belarusian port city of Brest. Ulyukayev made the prediction based on the average oil price standing at 60 U.S. dollars per barrel, according to an online version of his speech posted at the website of the Russian Economic Development Ministry. The Russian official also said the decline of inflation rate indicated improvement in Russian economy. "We think that the inflation rate will range between 10-10.5 percent at the end of this year, and by the end of the first quarter of 2016, according to our forecast and the forecast of the Central Bank, it will be back to 7 percent," said Ulyukayev. The minister was confident that the economic situation in Russia is getting better and the month-on-month recession is almost over. "We estimate that the economic drop would be 3.4 percent in the first half and 4.4 (percent) in the second half of this year," Ulyukayev said. "We assume this is probably the lowest point."

04.08.2015 11:24 Western sanctions are hitting Russia harder than anyone realized

Sanctions linked to the Ukraine crisis could end up costing Russia 9pc of its gross domestic product, the International Monetary Fund has said. Russia`s economy is showing signs of stabilization after slumping under pressure from Western financial sanctions and Russian counter-measures. Low international prices for its oil exports have added to pressure on the rouble and government finances. "The effects of sanctions in terms of external access to financial markets and new investment technology will linger," the fund said, summing up the findings of a mission in May. Last year Western countries imposed restrictions that limit international financing for major Russian banks and energy companies, and also hi-tech exports to the energy sector. Russia retaliated by banning imports of most Western food products. The fund estimated the immediate effect of sanctions and counter-sanctions had been to wipe between 1pc and 1.5pc off GDP, rising to 9pc over the next few years. These model-driven results were subject to significant uncertainty, it cautioned. The IMF also forecast "weak" economic growth of around 1.5pc annually in the medium term. Russia`s economy was growing around 7pc a year before the 2008 global financial crisis.

02.08.2015 11:57 Economic Growth Picks Up With U.S. GDP Gaining 2.3% In Second Quarter 2015

The Bureau of Economic Analysis released its advance estimate of real gross domestic product for the second quarter of this year - covering April, May and June. The release showed output in the U.S. increasing at a rate of 2.3%. This is a major acceleration from the first quarter when real GDP increased 0.6%. The advance estimate of second quarter GDP confirmed what was broadly expected: the economy bounced back after stumbling out of the gate to start the year, wrote Jim Baird, chief investment officer for Plante Moran Financial Advisors, in a note on the results. While economists on average were anticipating growth of 2.5% in Q2 Baird recommends focusing on the solid improvement. Another positive is the revision to the first quarter GDP reading which now shows expansion rather than a contraction as BEA previously estimated. The second quarter uptick reflects higher rates of personal consumption expenditure, state and local government spending, residential fixed income and more exports. These gains were partially offset by lower federal government spending, private inventory investment and nonresidential fixed investment. Meanwhile imports, which negatively impact GDP, increased.

30.07.2015 12:20 IMF`s Lagarde: World economy is recovering but fragile

International Monetary Fund chief Christine Lagarde says the world economy is recovering but fragile and "faces some downside risks." In an online press conference Wednesday, Lagarde described the United States "a strong performer" and China "resilient" despite a recent drop in Chinese stock prices. She also expressed optimism for the 19 countries that use the euro. The IMF expects the eurozone economy to grow 1.5 percent this year and 1.7 percent in 2016; it expanded just 0.8 percent in 2014. "The euro area is beginning to turn the corner ... We have a more upbeat forecast than we have in a long time," she said. Lagarde called again for Greece`s creditors to reduce its debt burden. She said Greece needs to enact reforms that will make its economy more efficient and expressed confidence the IMF can work with Greece`s left-wing government, which has criticized IMF policies. "There are lots of things that you say (in politics)," she said. "What matters at the end of the day is what you do." Lagarde noted that a drop in worldwide commodity prices is likely to hurt emerging market economies. And the global economy could face fallout if the Federal Reserve raises short-term U.S. interest rates, which it has kept near zero since late 2008.

28.07.2015 15:49 Russian economy decline slows, but recovery elusive

The sharp decline in Russia`s economy may have almost run its course, official data showed on Tuesday, slowed by a huge devaluation of the rouble and heavy government spending on anti-crisis measures. Recovery prospects are cloudy, however, with many analysts warning of a sluggish rebound at best. The economy has slumped as a result of Western sanctions linked to the Ukraine conflict and last year`s collapse in the price of oil. But the decline now appears to arrested. While gross domestic product continued to decline in year-on-year terms in June - down 4.2 percent compared with 4.8 percent in May - seasonally-adjusted output fell just 0.1 percent month-on-month. The figure tallies with other recent data, leading analysts to conclude the decline is close to a bottom - a silver lining to data which still show most macroeconomic indicators sharply down compared with a year earlier. "It is kind of premature to speak about the recovery in sequential terms, which actually lies ahead," said Alexander Isakov, economist at VTB Capital in Moscow. "But in terms of year-on-year comparisons - the headline figure that everybody focuses on - we are bottoming out."

24.07.2015 15:06 Global economy begins second half of 2015 on shaky note

The global economy started the second half of the year on shaky ground as business activity in the euro zone was weaker than expected and China`s vast factory sector appeared to be contracting at the fastest pace in 15 months in July. The surveys come just months after the European Central Bank embarked on a 60 billion euro a month bond-buying programme and as Beijing said it would allow its yuan currency to fluctuate more widely within its trading band as a way to support trade. Markit`s purchasing managers` indexes (PMI) are one of the earliest monthly economic indicators and could dampen hopes that ECB bond-buying and the tumbling euro are boosting growth and driving inflation higher in Europe. Although Athens has accepted the conditions imposed on it by its international lenders, and on Thursday approved a second package of reforms required to start talks on a financial rescue deal, Greece`s brush with bankruptcy meant July was a turbulent month for the euro zone. The euro has sunk more than 9 per cent against the dollar since the start of the year, hit by the ECB`s massive cash injection and fears a Greek exit from the bloc would bring the whole union crashing down. That has made the bloc`s goods cheaper abroad but done little for demand.

21.07.2015 20:07 Iran deal a mixed economic win for Russia

The landmark deal on Iran`s nuclear program that Russia helped steer through marathon talks is a diplomatic fillip for Moscow which will boost trade with Tehran but could also hit much-needed energy revenues, analysts say. Iran and the P5+1 group -- Russia, the United States, China, Britain, France and Germany -- struck an agreement on Tuesday that would progressively lift economic sanctions against Tehran in exchange for limitations on its nuclear program. As an Iranian ally, Moscow appears to have been central in securing the deal and experts say it could help burnish Russia`s international image that has taken a beating over the crisis in Ukraine. US President Barack Obama pointedly praised his counterpart Vladimir Putin for his help, a rare hint of goodwill between the two men locked in a standoff over Russia`s meddling in its ex-Soviet neighbour. "Russia`s biggest victory in the deal is one of prestige," said Sergei Seregichev, a Middle East scholar at the Russian State Humanitarian University. "Who made Iran agree with the United States? It was Russia. Without Russia, there would have been no deal." And once Iran`s sanctions are lifted, Russia -- which has seen its own economy suffer due in part to Western sanctions over Ukraine -- could likely be first in line to win lucrative contracts in key sectors such as energy and transport.


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