The World Bank has cut its forecasts for growth across emerging economies this year, warning that they face a double whammy from rising US interest rates and lower commodity prices. “Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment,” said the bank’s president, Jim Yong Kim, as the anti-poverty body published its twice-yearly Global Economic Prospects document. Growth in emerging economies is expected to be 4.4% in 2015, down from the 4.8% the World Bank was expecting in December. The World Bank’s senior economist, Franziska Ohnsorge, explained that while the crash in the global oil prices since last year has hit government revenues and undermined growth in exporting countries, it has so far not provided the expected boost to oil importers. Some of the largest downgrades are for oil-exporting countries, including Nigeria, Angola and Brazil, with South America’s … [Read more...] about World Bank slashes growth forecast for emerging economies
Economy expected to see brighter prospects
Slim and soft-spoken, Venugopal S. is nearly always on the move. In the only time he has for himself — when stuck in one of Bengaluru’s notorious traffic snarls or waiting in the shade by a busy restaurant — he gets busy tweaking or sending out his resume to prospective employers. The 25-year-old graduated with a diploma in mechanical engineering, and worked on an eight-month contract on VVPATs before the Lok Sabha elections. Then Venugopal got a part-time job in a factory assembling machines where he earned ₹14,000 a month, but “I am the sole earner for my parents and younger sister,” he says. “This can’t see us through loans and expenses. I need a full-time job.” With the auto-sector in decline and mechanical engineering firms not hiring, eight months of search yielded nothing. Last month, a rather desperate Venugopal enrolled on a food delivery app. After his 6 a.m. to 2 p.m. shift ends at the factory, he changes into the black … [Read more...] about The ‘gig’ economy is creating lakhs of jobs, but workers don’t see a future
While Poland's ruling Law and Justice (PiS) party has been criticised by Brussels over judicial reforms, it's harder to find fault with its handling of the economy. Experts say the country's economy has continued to perform strongly, earning it in the nickname of the Polish Tiger. GDP growth remains robust — roughly 4.6% in 2017 — while unemployment has fallen to 3.5% and is among the lowest in the European Union. What is the driving force behind the growth? After the end of communism, the private sector started to develop in Poland. By the time the country joined the European Union in 2004, the economy was competitive enough to enjoy the benefits of the single market. “We are growing very rapidly, and the rise of GDP per capita is comparable to that of South Korea,” Rafal Benecki, chief economist at ING Bank Poland, told Euronews. Watch his explanation in the player above The country's economy is quite diversified compared to other Eastern European … [Read more...] about Poland’s parliamentary election 2019: What’s the ruling party’s record like on the economy?
HARARE (Reuters) - Government workers in Zimbabwe on Thursday announced plans for a “massive” protest march next week to press for higher wages, as the finance minister said the economy would this year fall into recession for the first time since 2008. FILE PHOTO: People queue to withdraw cash from a bank in Harare, Zimbabwe, September 9, 2019. REUTERS/Philimon Bulawayo/File Photo Zimbabweans are experiencing daily hardships with the prices of basic goods, fuel and electricity soaring, while the Zimbabwe dollar ZWL= continues to weaken against the U.S. dollar. That has dimmed hopes of a quick economic recovery under President Emmerson Mnagagwa, who took power after the late Robert Mugabe was ousted in a coup in 2017. The Apex Council of public sector unions said the government had not responded to its demands for U.S. dollar-indexed salaries to cushion workers against inflation that economists say reached 380% in September. The unions said on Oct. 15. that the … [Read more...] about Zimbabwe government workers plan pay protest as economy slumps
Last week, Deputy Prime Minister Dmitri Rogozin, responsible for the development of Russia's defense industry, announced that by 2020, the country's military-industrial complex would become the driver of the Russian economy. © Sputnik / Mikhail Mordasov 'Fantastic Results': Russian Food, Agricultural Exports Hit Record High Over Last Few MonthsAccording to the official, this will become possible "only when every defense enterprise…[is] subject to the logic of parallel development in civilian industry. And not just any production, but high tech products accompanying the production of military products." Commenting on Deputy PM Rogozin's comments in an article for the independent online news and analysis platform PolitRussia, Pskezin recalled that Rogozin's statements "did not come out of the blue, but only confirmed the government's general course." In a speech at the Congress of the … [Read more...] about Russian Military Industry Set to Become Driver of Civilian Economy