- Commodity prices, including agricultural, metals, and oil prices declined in early 2013 due to weak global demand and increased supplies. Global trade growth barely expanded over the first quarter of 2013 and slowed below 1% due to sluggish global demand.
- The US economy grew at an annualized rate of 2.5% in the first quarter, led by private consumption and investment. Unemployment fell slightly. Japan's economy exhibited some growth in the first quarter but levels remained below pre-crisis levels.
- The ECB cut interest rates and maintained unconventional monetary policies to stimulate the weak eurozone economy, which remains in recession. Economic growth was subdued or declined across many developed and emerging
This monthly briefing highlights that anaemic economic recovery is accompanied by tame inflation in developed economies; that GDP growth is stronger than expected in the United States and that currencies in some emerging economies are under pressure again.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
This monthly briefing highlights that financing conditions improve in euro area peripheral countries and in emerging economies, that the US economy bounces back after a difficult first quarter and that China’s first-quarter GDP growth is the slowest in two years.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
This monthly briefing highlights that emerging economies face renewed financial turbulence, that US economy registered robust GDP growth in the fourth quarter of 2013 and that the last quarter of 2013 revealed a heterogeneous economic performance in the developing world.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
New developments cast doubts on global recovery
This monthly briefing highlights that sequestration may lead to lower growth in the United States, continuing weaknesses in the European Union, China announcing a GDP target of 7.5 per cent, while India boosts budget spending.
For more information:
http://www.un.org/en/development/desa/policy/index.shtml
This monthly briefing highlights that anaemic economic recovery is accompanied by tame inflation in developed economies; that GDP growth is stronger than expected in the United States and that currencies in some emerging economies are under pressure again.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
This monthly briefing highlights that financing conditions improve in euro area peripheral countries and in emerging economies, that the US economy bounces back after a difficult first quarter and that China’s first-quarter GDP growth is the slowest in two years.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
This monthly briefing highlights that emerging economies face renewed financial turbulence, that US economy registered robust GDP growth in the fourth quarter of 2013 and that the last quarter of 2013 revealed a heterogeneous economic performance in the developing world.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
New developments cast doubts on global recovery
This monthly briefing highlights that sequestration may lead to lower growth in the United States, continuing weaknesses in the European Union, China announcing a GDP target of 7.5 per cent, while India boosts budget spending.
For more information:
http://www.un.org/en/development/desa/policy/index.shtml
Highlights on Global Central Bank Policy Rates as on July 2014Jhunjhunwalas
Highlights on Global Central Bank Policy Rates as on July 2014
#CentralBankOfHungary reduced BaseRate by 20 basis points to 2.10% with effect from 23rd July 2014
#Hungary #MagyarNemztiBank #MNB
#CentralBankOfRussia raised #KeyRate to 8.0 % on July 25th 2014 , #Russia #CBR #BankOfRussia
#ReserveBankOfNewZealand raised OfficialCashRate by 25 basis points to 3.50% on 24th July 2014 , #RBNZ #NewZealand
#CentralBankofNigeria retains #MonetaryPolicyRate at 12% #MPR,#MPC Monetary Policy Comittee met on 21st and 22nd July 2014.
#MonetaryPolicy of #CentralBankofTrinidadAndTobago maintains #RepoRate at 2.75%
#BankOfIsrael , As on 28th July 2014 the #MonetaryCommittee reduces the #InterestRate for August 2014 by 0.25 percentage points, to 0.5 percent, #BankIsrael #CentralBankOfIsrael #Israel
The rise in bond yields in developed economies in the past 6 weeks remains one of the over-riding themes as we head into the last seven days of the US presidential campaigns.
Markets are now fretting about the implications for global growth and asset valuations and ultimately whether elevated global risk appetite will correct more forcefully.
Higher international commodity prices, a pick-up in global GDP growth in Q3 and early Q4 and easing deflation fears suggest that interest rate policies in developed economies may have reached an important inflexion point – in line with the view I expressed six weeks ago.
Developed central banks may refrain from loosening monetary policy further near-term, with the exception of the RBNZ and possibly ECB. At the very least, policy-makers will tweak a discourse which has largely focused on doing “whatever it takes”.
Recent US data have paved the paved the way for a 14th December Fed hike, conditional on Democrat candidate Hilary Clinton wining the 8th November US presidential elections.
But with the exception of the Fed and possibly a handful of EM central banks, rate hikes are a story for the latter part of 2017 (perhaps) while further rate cuts remain on the cards in Brazil, Russia, Indonesia and India.
Higher global yields and still uncertain US election outcome are taming global equities and volatility has spiked but EM currencies have still managed to eek out modest gains.
Assuming Hilary Clinton wins next week, I would expect the initial reaction to be a rally in global equities, EM currencies and Dollar and an underperformance of safe-haven assets.
But I would also expect market pricing for a December Fed hike to rise a little further, which could in turn eventually curtail any rally in global equities and EM currencies.
In this scenario, the Dollar would likely end the year stronger, as per my January forecast of a third consecutive year of albeit more modest Dollar gains.
Whether global risk appetite avoids its early 2016 fate will depend on the interconnected factors of underlying macro data and the Fed’s credibility. In any case, market volatility could spike in the run-up to March 2017.
The self-reinforcing sell-off in Sterling and UK bonds has only very recently abated, with markets seemingly taken some comfort from a number of factors including the only modest slowdown in UK GDP growth to 0.5% qoq in Q3.
But optimism over UK GDP data is not warranted as growth has become more unbalanced and slowed in August-September despite a significant easing in UK monetary policy.
The August issue of the Monthly Briefing on the World Economic Situation and Prospects highlights that economic growth is decelerating markedly in many world regions. Equity markets have tumbled and exchange rate volatility has sharply increased as sovereign debt problems in developed economies continue. Food emergencies are affecting millions of people in the Horn of Africa and Haiti.
The recent correction in global financial markets has left developed market equities about 10% cheaper and emerging market equities 25% cheaper, removing a lot of the valuation froth that was evident.
Commenting in Novare Investments’ economic report for the third quarter of 2015, Francois van der Merwe, Head of Macro Research, said: “We expect global equities to be supported by continued accommodative monetary policies, soft inflation and a moderate global economic recovery.
Published by DESA’s Development Policy and Analysis Division, the September issue of the Monthly Briefing on the World Economic Situation and Prospects covers recent events affecting the world economy such as the connection between slowing growth in Europe and weaker exports from Asia. The recessionary environment in Europe is reducing growth prospects for some developing economies as it weakens demand for those economies’ exports. This has been felt most strongly in East and South Asia, where exports to the EU are down by 7.2 per cent year on year, and Western Asia (including Iran) where exports are down 18 per cent.
For more information: http://www.un.org/en/development/desa/policy/index.shtml
Emerging markets analysis from Emerging Markets FX at Swedbank.
This publication is forcasting currency developments for selected emerging markets countries with a time horizon of 3 months.
Read about the latest global economic forecast in this November presentation from the EIU's Global Forecasting Service. To receive regular global economic updates, or to dig deeper into the data, register for free access at www.eiu.com/gfs.
Global economic activity is projected to slowly gain momentum, but growth will continue
to be below potential and employment gains will remain weak, says the World Economic Situation and Prospects (WESP) 2013 mid-year update, launched on 23 May 2013.
For more information:
http://www.un.org/en/development/desa/policy/wesp/index.shtml
Weekly Forex News February 24th 2013 FCTO: Financial markets were rocked by the Federal Open Market Committee minutes overnight as that triggered speculation that the Fed could tune or stop the open-ended third round of quantitative easing sooner than expected. The Dow Jones dropped 108 points to close below the 14000 level at 13927. Gold was shot hard and dropped to as low as 1554 today as it finally decisively took out the 1600 psychological level. The Dollar index soared through the 81 level and is now heading to the 81.46 resistance and above. In the currency markets the dollar was broadly higher overnight and the strength carried on into the Asian session today. The Sterling is particularly weak as weighed down by the Bank of England minutes released yesterday and braking through an important medium term support level. The Japanese Yen also rebounded strongly against most major currencies but USD/JPY is still stuck in range.
Highlights on Global Central Bank Policy Rates as on July 2014Jhunjhunwalas
Highlights on Global Central Bank Policy Rates as on July 2014
#CentralBankOfHungary reduced BaseRate by 20 basis points to 2.10% with effect from 23rd July 2014
#Hungary #MagyarNemztiBank #MNB
#CentralBankOfRussia raised #KeyRate to 8.0 % on July 25th 2014 , #Russia #CBR #BankOfRussia
#ReserveBankOfNewZealand raised OfficialCashRate by 25 basis points to 3.50% on 24th July 2014 , #RBNZ #NewZealand
#CentralBankofNigeria retains #MonetaryPolicyRate at 12% #MPR,#MPC Monetary Policy Comittee met on 21st and 22nd July 2014.
#MonetaryPolicy of #CentralBankofTrinidadAndTobago maintains #RepoRate at 2.75%
#BankOfIsrael , As on 28th July 2014 the #MonetaryCommittee reduces the #InterestRate for August 2014 by 0.25 percentage points, to 0.5 percent, #BankIsrael #CentralBankOfIsrael #Israel
The rise in bond yields in developed economies in the past 6 weeks remains one of the over-riding themes as we head into the last seven days of the US presidential campaigns.
Markets are now fretting about the implications for global growth and asset valuations and ultimately whether elevated global risk appetite will correct more forcefully.
Higher international commodity prices, a pick-up in global GDP growth in Q3 and early Q4 and easing deflation fears suggest that interest rate policies in developed economies may have reached an important inflexion point – in line with the view I expressed six weeks ago.
Developed central banks may refrain from loosening monetary policy further near-term, with the exception of the RBNZ and possibly ECB. At the very least, policy-makers will tweak a discourse which has largely focused on doing “whatever it takes”.
Recent US data have paved the paved the way for a 14th December Fed hike, conditional on Democrat candidate Hilary Clinton wining the 8th November US presidential elections.
But with the exception of the Fed and possibly a handful of EM central banks, rate hikes are a story for the latter part of 2017 (perhaps) while further rate cuts remain on the cards in Brazil, Russia, Indonesia and India.
Higher global yields and still uncertain US election outcome are taming global equities and volatility has spiked but EM currencies have still managed to eek out modest gains.
Assuming Hilary Clinton wins next week, I would expect the initial reaction to be a rally in global equities, EM currencies and Dollar and an underperformance of safe-haven assets.
But I would also expect market pricing for a December Fed hike to rise a little further, which could in turn eventually curtail any rally in global equities and EM currencies.
In this scenario, the Dollar would likely end the year stronger, as per my January forecast of a third consecutive year of albeit more modest Dollar gains.
Whether global risk appetite avoids its early 2016 fate will depend on the interconnected factors of underlying macro data and the Fed’s credibility. In any case, market volatility could spike in the run-up to March 2017.
The self-reinforcing sell-off in Sterling and UK bonds has only very recently abated, with markets seemingly taken some comfort from a number of factors including the only modest slowdown in UK GDP growth to 0.5% qoq in Q3.
But optimism over UK GDP data is not warranted as growth has become more unbalanced and slowed in August-September despite a significant easing in UK monetary policy.
The August issue of the Monthly Briefing on the World Economic Situation and Prospects highlights that economic growth is decelerating markedly in many world regions. Equity markets have tumbled and exchange rate volatility has sharply increased as sovereign debt problems in developed economies continue. Food emergencies are affecting millions of people in the Horn of Africa and Haiti.
The recent correction in global financial markets has left developed market equities about 10% cheaper and emerging market equities 25% cheaper, removing a lot of the valuation froth that was evident.
Commenting in Novare Investments’ economic report for the third quarter of 2015, Francois van der Merwe, Head of Macro Research, said: “We expect global equities to be supported by continued accommodative monetary policies, soft inflation and a moderate global economic recovery.
Published by DESA’s Development Policy and Analysis Division, the September issue of the Monthly Briefing on the World Economic Situation and Prospects covers recent events affecting the world economy such as the connection between slowing growth in Europe and weaker exports from Asia. The recessionary environment in Europe is reducing growth prospects for some developing economies as it weakens demand for those economies’ exports. This has been felt most strongly in East and South Asia, where exports to the EU are down by 7.2 per cent year on year, and Western Asia (including Iran) where exports are down 18 per cent.
For more information: http://www.un.org/en/development/desa/policy/index.shtml
Emerging markets analysis from Emerging Markets FX at Swedbank.
This publication is forcasting currency developments for selected emerging markets countries with a time horizon of 3 months.
Read about the latest global economic forecast in this November presentation from the EIU's Global Forecasting Service. To receive regular global economic updates, or to dig deeper into the data, register for free access at www.eiu.com/gfs.
Global economic activity is projected to slowly gain momentum, but growth will continue
to be below potential and employment gains will remain weak, says the World Economic Situation and Prospects (WESP) 2013 mid-year update, launched on 23 May 2013.
For more information:
http://www.un.org/en/development/desa/policy/wesp/index.shtml
Weekly Forex News February 24th 2013 FCTO: Financial markets were rocked by the Federal Open Market Committee minutes overnight as that triggered speculation that the Fed could tune or stop the open-ended third round of quantitative easing sooner than expected. The Dow Jones dropped 108 points to close below the 14000 level at 13927. Gold was shot hard and dropped to as low as 1554 today as it finally decisively took out the 1600 psychological level. The Dollar index soared through the 81 level and is now heading to the 81.46 resistance and above. In the currency markets the dollar was broadly higher overnight and the strength carried on into the Asian session today. The Sterling is particularly weak as weighed down by the Bank of England minutes released yesterday and braking through an important medium term support level. The Japanese Yen also rebounded strongly against most major currencies but USD/JPY is still stuck in range.
- Grim prospects for world economy
- Premature fiscal austerity in developed countries is hampering recovery
- Developing countries remain vulnerable to downturns in the developed economies
The full report presents a post-crisis world economy still struggling with continued weakening growth of 2.2 per cent in 2012. It projects disappointing global growth of 2.4 per cent in 2013 and 3.2 per cent in 2014 in the face of major uncertainties and downside risks and it also foresees a much slower pace of poverty reduction in many developing countries and narrowing fiscal space for investments in the many critical areas needed for achieving the Millennium Development Goals. The report calls for more forceful and concerted policy action at the global level, identifying fiscal and employment policies, financial market stability, development assistance and green growth as key challenges.
For more information: http://bit.ly/WESP
This monthly briefing highlights how the world economy is struggling to gain momentum, emerging economies facing policy dilemma in trying to stabilize currencies and the G20 meeting making a call for new measures to lift growth and create jobs.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
This monthly briefing highlights that global manufacturing production has improved. Economic recovery is slowly strengthening in developed economies; and public fiscal stimulus programmes have been a determinant factor in economic growth in many developing countries.
For more information:
http://www.un.org/en/development/desa/policy/index.shtml
Macroeconomic Developments Report. December 2019Latvijas Banka
The Macroeconomic Developments Report is published on a semi-annual basis. This publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
In this issue of Economy Matters, we analyse the recent Fed rate hike and Euro Zone economic prospects, in the section on Global Trends. We have covered data trends in GDP, IIP, Inflation, Monetary Policy and Trade in the Domestic Trends section. Find out the results of 2QFY16 In Corporate Performance section. Taxation section covers the views of Sumit Dutt Mazumder, former Chairman of CBEC on GST. The Sectoral Spotlight for this issue is on Financial Conditions Index for 3QFY16. Read Focus of the Month, to know about ‘Skilling India’, wherein experts from diverse areas present their views.
De acuerdo con el último informe difundido por Crédito y Caución, las insolvencias de muchas de las economías europeas se mantendrán muy por encima de los niveles de 2007 en 2014 y 2015.
El panorama económico mundial se ha deteriorado en los últimos seis meses. El ritmo de crecimiento en la zona euro y China ha sido más débil de lo esperado y la intensificación de la crisis geopolíticas referentes a Rusia y al Estado Islámico en Oriente Medio han minado la confianza internacional.
Swedbank Economic Outlook - 2010, September 21Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Cover Story China Running out of Breath
Outlook Crude Oil
Stats India Trade Deficit FY-2014
Emerging Country Russia
In Focus Land Acquisition Bill- A Snapshot
Today, 54 per cent of the world’s population lives in urban areas, a proportion that is expected to increase to 66 per cent by 2050. Projections show that urbanization combined with the overall growth of the world’s population could add another 2.5 billion people to urban populations by 2050, with close to 90 percent of the increase concentrated in Asia and Africa, according to a new United Nations report launched on 10 July 2014.
Millions of people’s lives have improved due to concerted global, regional, national and local efforts to achieve the Millennium Development Goals (MDGs), which serve as the foundation for the next global development agenda, according to the report launched by the Secretary-General on 7 July 2014.
For more information:
http://www.un.org/en/development/desa/publications/mdg-report-2014.html#more-873
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/08.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/07.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/06.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/05.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/04.html
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/03.html
E-government—digital interactions between governments and people—varies greatly among and within regions, but most countries are making progress on providing greater access, according to the 2014 UN E-Government Survey launched today. The findings show that the Republic of Korea tops the global e-government ranking, and that Europe remains first among regions.
The report also shows that many countries are expanding electronic participation, utilizing more mobile and social media tools, expanding usage and making more government data available online. However, challenges remain, such as lack of resources, digital inequalities and a lack of leadership for e-government.
“E-government holds tremendous potential to improve the way that governments deliver public services and enhance broad stakeholder involvement in public service,” said Wu Hongbo, Under-Secretary-General for Economic and Social Affairs and Secretary-General for the International Conference on Small Island Developing States.
For more information: http://unpan3.un.org/egovkb#.U7HG_PldVlq
The World Youth Report 2013—Youth Migration and Development is the product of the efforts, contributions and support of many people and organizations. From the outset, the process of developing the Report involved a range of participatory
consultations designed to draw on the perspectives of youth on how migration affects them. These consultative sessions
included a five-week e-consultation process, a survey on youth migration and development, a call for visual art
illustrating the daily life experiences of young migrants as well as youth initiatives on migration and development,
and a Google+ Hangout held on 6 March 2013 to identify sustainable solutions for addressing youth migration challenges.
For more information: http://www.unworldyouthreport.org/
The global economy is expected to strengthen over the next two years, despite a downgrade of growth prospects for some developing economies and economies in transition, according to the UN World Economic Situation and Prospects (WESP) 2014 mid-year update, launched on 21 May, 2014. Global growth has been revised slightly lower from the forecasts presented in the WESP 2014. Growth of world gross product (WGP) is now projected at 2.8 per cent in 2014 and 3.2 per cent in 2015, up from 2.2 per cent in 2013. However, this pace of expansion is still low compared to the growth path before the 2008 global financial crisis.
For more information: http://www.un.org/en/development/desa/policy/wesp/index.shtml
The slides contain the detailed maps and graphs of World Fertility Patterns 2013 wall chart which presents the latest data available on indicators of fertility patterns at the national, regional and world levels.
For more information:
http://www.un.org/en/development/desa/population/publications/fertility/fertility-patterns-2013.shtml
The slides contain the detailed maps and graphs of World Contraceptive Patterns 2013 wall chart which presents the latest data available on two of the indicators under Millennium Development Goal 5 to improve maternal health: contraceptive prevalence and unmet need for family planning. Estimates of specific contraceptive methods used in major areas and sub-regions of the world are also presented.
For more information: http://www.un.org/en/development/desa/population/publications/family/contraceptive-wallchart-2013.shtml
This monthly briefing highlights that global employment remains a challenge; the United States Federal Reserve faces challenges in adjusting its monetary policy and that financial markets in emerging economies attempted to stabilize.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
The Economic and Social Council will hold its Special high-level meeting with the World Bank, International Monetary Fund, the World Trade Organization and the United Nations Conference on Trade and Development on 14 and 15 April at the United Nations Headquarters, New York. The overall theme of the meeting will be “Coherence, coordination and cooperation in the context of financing for sustainable development and the post-2015 development agenda”.
For more information:
http://www.un.org/esa/ffd/ecosoc/springmeetings/2014/index.htm
Published by the Division for Social Policy and Development (DSPD) of UN DESA, the report places special focus on policy and disadvantaged social groups, in addition to examining the consequences of high inequality. “Much can be learnt from those countries that managed to reduce inequality even under an uncertain and volatile global environment,” said Mr. Wu Hongbo, UN DESA’s Under–Secretary-General. “The international community can play a role in providing support to policies that help reduce inequality.”
A unique contribution of the report is that it brings special attention to the disparities that are experienced by five specific social and population groups – youth, indigenous peoples, older persons, persons with disabilities and migrants – and also illustrates how such disparities intersect with and reinforce one another.
The report illustrates that growing inequalities can be brought to a stop by integrated policies that are universal in principle while paying particular attention to the needs of disadvantaged and marginalized populations. It reminds world leaders that, in addressing inequalities, policy matters.
For more information:
http://undesadspd.org/ReportontheWorldSocialSituation/2013.aspx
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information:
http://www.un.org/en/development/desa/newsletter/desanews/2014/02.html
The World Economic Situation and Prospects 2014 reports that the global economy is improving but remains vulnerable to new and old headwinds. Global economic growth is forecast to accelerate from a sluggish 2.1 per cent in 2013 to 3.0 per cent in 2014 and 3.3 per cent in 2015. The report warns of the risks associated with the upcoming unwinding of quantitative easing programs in major developed economies.
For more information: http://bit.ly/WESP
This monthly briefing highlights that the world economy is expected to improve in 2014; that unemployment rates remain a major challenge; and downside risks to the baseline scenario persist.
For more information:
http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
DESA News is an insider's look at the United Nations in the area of economic and social development policy. The newsletter is produced by the Communications and Information Management Service of the United Nations Department of Economic and Social Affairs in collaboration with DESA Divisions. DESA News is issued every month.
For more information: http://www.un.org/en/development/desa/newsletter/desanews/index.html
More from Department of Economic and Social Affairs (UN DESA) (20)
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
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May 2013 World Economic Situation and Prospects
1. Global issues
Commodity prices under downward pressures;
global trade continues to be subdued
The global economy continued to expand at a subdued pace in the first
quarter of 2013. The euro area is still in a recession and the recovery has
been feeble in most other developed countries. In addition, many emerg-
ing economies, including Brazil, China, India and the Russian Federation,
are growing below pre-crisis levels and exhibiting major difficulties. The
weak global demand is affecting the performance of trade and the evolu-
tion of world market prices for primary commodities.
Primary commodities prices decreased in early 2013, though they re-
main at comparatively high levels in historical terms. Agricultural commodities prices fell by almost 5 per cent between March 2013
and December 2012, following relatively feeble global demand and higher supply for some key staples. Expected further improve-
ments in harvests in the next months may soften commodities prices further this year, particularly in maize, soybeans and wheat.
Prices for minerals and metals fell by 3 per cent between March 2013 and December 2012, driven by the slowing demand from
China. In the near term, downward pressures on prices are likely to intensify as supplies increase more significantly (especially by the
end of 2013 for items like copper and aluminium) and investment demand in China moderates further. Oil prices also decreased early
this year, particularly in March and April, supported by Saudi Arabia’s activation of significant spare capacity in 2012, rising supply
from the United States and Iraq, and weak oil demand.
The global merchandise of trade barely expanded over the first quarter of 2013, with the three-month average growth decelerat-
ing below 1 per cent—a consequence of a sluggish global aggregate demand. After growing slightly in January, global goods trade
fell again in February as import demand contracted in the
euro area as well as Central and Eastern Europe and United
States. Chinese data indicated a strong rebound in March af-
ter a two-month decline in import demand, which also illus-
trates the unstable push provided by emerging economies to
global trade. In the near term, import demand is expected to
gradually improve in developed countries and to moderately
pick-up in most developing regions, particularly in East Asia
and Latin America and the Caribbean. Global trade is pro-
jected to recover, though only modestly this year, and as such
will not be a strong engine of growth for the global economy.
Developed economies
The United States: noticeable growth
for the first quarter
The advance estimate for the gross domestic product (GDP)
of the United States shows an annualized growth of 2.5 per
cent in the first quarter of 2013, a noticeable improvement
from the 0.4 per cent for the fourth quarter of 2012. Pri-
vate consumption and gross private investment were the two
1
Note for the Secretary-General prepared under the general guidance of ASG Shamshad Akhtar by the Global Economic Monitoring Unit including Pingfan
Hong (Chief), Sebastian Vergara (coordinator), Clive Altshuler, Grigor Agabekian, Hung-Yi Li, Matthias Kempf, Ingo Pitterle, Pierre Kohler and John Winkel,
supported by Mary Lee Kortes, Nancy Settecasi, Leah C. Kennedy, Cordelia Gow, and Ann D’lima.
Contact email: hong@un.org, http://www.un.org/en/development/desa/policy/wesp/wesp_mb.shtml
Development Policy and Analysis Division w Department of Economic and Social Affairs
World Economic Situation and Prospects
Monthly Briefing
Summary
• Commodity prices decline as global trade
remains weak
• The ECB cuts interest rates, returning to con-
ventional monetary policy
• Economic momentum weakens in East Asia;
another interest rate cut in India
No. 54 16 May 2013
Source: World Bank.
Figure: Commodity prices: monthly indices based on
nominal US dollars, 2002-2013
Index: 100 = 2005
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2005M01
2005M07
2006M01
2006M07
2007M01
2007M07
2008M01
2008M07
2009M01
2009M07
2010M01
2010M07
2011M01
2011M07
2012M01
2012M07
2013M01
Agricultural commodities Metals Brent oil
2. 2 Monthly Briefing on the World Economic Situation and Prospects
major contributors for the expansion. Residential investment and private consumption of durable goods have maintained a strong
growth for the past few quarters. On the other hand, the real outlay from the Government diminished by more than 4 per cent.
Spending on national defence showed the largest decrease among all types of government expenditures.
The labour market in the United States continues to recover, as non-farm payroll employment increased by 165,000 in April. The
increase was concentrated mainly in the services sector, while little increase was registered for the payrolls in the construction and
manufacturing sectors. Government payrolls continued to decline marginally. The average workweek for private non-farm workers
declined by 0.2 per cent from the previous month while the average hourly earnings increased by 0.2 per cent. The unemployment rate
decreased to 7.5 per cent against the backdrop of an unchanged labour force participation ratio. The share of long-term unemployment
declined by 2.2 percentage points to 37.4 per cent, the lowest level since 2009.
Japan: initial effects of QQME appearing in financial markets
After the Bank of Japan (BOJ) announced the “Qualitative and Quantitative Monetary Easing” (QQME) on 4 April, its impacts
have been seen in financial markets. The yields for Japanese government bonds (JGB) with more than 10 years to maturity have
declined as intended. Nevertheless, the yields for shorter-term JGB rose owing to reduced purchases by the BOJ. Meanwhile, infla-
tion expectations observed in the financial markets have also moved up, although it is still lower than the 2 per cent that the BOJ
has targeted.
The statistics for economic production for the first three months were uneven, but most of them displayed noticeable quarter-over-
quarter expansion. Industrial production increased by 1.9 per cent in the first quarter of 2013, and the export volume increased by 1.5
per cent over the same period. However, levels for those indicators were still much lower than one year ago. The unemployment rate
fell to 4.1 per cent in March, partially owing to a reduction in the labour force. In the first quarter, employment slightly increased by
0.3 per cent from both one year ago and one quarter ago. Wages for regular workers have maintained their declining trend for the past
few quarters and sustained the ongoing deflation.
Western Europe: The ECB takes further action
The economic situation in Western Europe deteriorated again in April, with confidence surveys registering another decline in senti-
ment and unemployment continuing to increase. The European Central Bank (ECB) responded by returning to conventional policy,
cutting its main refinancing rate by a quarter of a percentage point to 0.5 per cent. It also reduced its marginal lending rate by 50
basis points to 1 per cent, but kept its deposit facility rate at zero. This narrowed the corridor bounded by these two rates to 100 basis
points, where it had been only briefly during the great recession. (Typically it is 200 basis points). It also avoided experimenting with
a negative interest rate for the deposit facility. However, there was a hint that the committee was open to a negative interest rate in
the future.
There were also announcements on unconventional policies. The quantitative easing programmes of special liquidity facilities will
be maintained until at least mid-2014. It was also announced that the ECB will hold discussions with other European institutions
regarding improving credit flows to small- and medium-sized enterprises (SMEs) through the packaging of loans into asset-backed
securities. This would be designed to counteract the financial fragmentation within the region, whereby firms in the crisis countries,
particularly SMEs, are paying much higher rates of interest than firms elsewhere in the region.
New EU members: Slovenia sells bonds despite credit downgrade
In Poland, industrial output in March declined by 2.9 per cent year on year, increasing by 9.2 per cent month on month, however.
In April, consumer sentiment indexes slightly improved in Poland, while worsening in the Czech Republic. In these two countries,
car manufacturing production declined in the first quarter. Meanwhile, inflation continued to subside in March, with 1 per cent
annual inflation in Poland and only 0.1 per cent monthly inflation in the Czech Republic, which triggered fears of deflation. On
the back of low inflation and weak domestic demand, the Hungarian National Bank again cut its policy rate in April, to a record
low of 4.75 per cent, and announced a “funding for lending program”, aimed towards channelling $1.1 billion in loans to SMEs.
Although most of the Governments in the region have followed the fiscal austerity path, pro-growth measures are being sought to
revitalize private investment. Tax incentives for businesses were adopted in the Czech Republic and are being considered in Slovakia.
As portfolio inflows are gaining momentum and investors are trying to reduce their exposure to Japanese bonds, many of the new
European Union (EU) members enjoy record-low borrowing costs. In early May, Slovenia successfully placed $3.5 billion worth of
bonds, despite its credit rating being downgraded by Moody’s to “junk” following a weak banking sector and a shaky fiscal position.
3. 3Monthly Briefing on the World Economic Situation and Prospects
Economies in transition
CIS and Georgia: disappointing first quarter in the Russian Federation
In the Russian Federation, GDP growth slowed to a mere 1.1 per cent year on year in the first quarter. However, some pick-up was
registered in March, as industrial production increased by 2.6 per cent year on year despite fewer working days, and consumer senti-
ment improved, after two consequent months of decline. Growth may still strengthen in the second half of 2013 if expectations of
a better harvest are realized.
In Ukraine, the economy shrank by 1.3 per cent year on year in the first quarter, while industrial output contracted by 5 per cent
year on year, as demand for its main manufacturing exports remains feeble. In Belarus, first quarter GDP increased by 3.5 per cent,
year on year, and the Central Bank cut its policy rate in March by 1 per cent. In the Caucasus, the Armenian economy registered
strong industrial production growth and, according to the Government, double-digit GDP growth in the first quarter of 2013. In
Azerbaijan, the GDP in the first quarter increased by 3.1 per cent year on year, mostly driven by the non-oil sectors, such as construc-
tion and agriculture. In contrast, both oil and natural gas production contracted noticeably in the first quarter, by 4.4 per cent and
4.3 per cent year on year, respectively.
South-Eastern Europe: slight upturn in output, weak labour markets
In Serbia, the GDP in the first quarter grew by 1.7 per cent year on year, the first positive growth in five quarters, mostly driven
by higher exports and increased production of car and fuels. However, domestic demand remains weak and retail sales in the first
quarter declined by 15.5 per cent year on year in real terms. In April, Serbia secured a 10-year $500 billion loan from the Russian
Federation for budget support, which also may be used to repay the country’s debt to the London Club. In Croatia, industrial pro-
duction increased in March by 4.1 per cent year on year. In Bosnia and Herzegovina, industrial output rebounded in February, and
exports in the first quarter increased by 9.7 per cent year on year, although exports to the EU, the main export market, increased by
only 5.7 per cent. However, these positive developments still did not improve labour markets, as unemployment rates in the region
remain precariously high, with the rate of registered unemployment in Serbia close to 27 per cent in February.
Developing economies
Africa: Zambia’s maize output expected to fall 30 per cent; no resolution in IMF-Egypt loan negotiations
In Botswana, the central bank unexpectedly reduced the benchmark interest rate by 50 basis points to 9.0 per cent in light of weaker
growth and the expectation of receding inflation. Meanwhile, in Ghana, the domestic currency weakened further on the back of
uncertainty created by the fiscal and current account deficits as well as dividend repatriation by foreign companies. In the agricul-
tural sector, Zambia’s maize output is expected to fall by 30 per cent this year owing to the delayed supply of subsidised inputs to
farmers and poor rainfall. While the reduced harvest will still be enough to cover domestic demand, it will have a clearly negative
impact on farmers’ incomes and private consumption.
Another round of negotiations between the IMF and Egypt over a much needed $4.8 billion loan has ended without a resolution.
The IMF has called for cuts to subsidies, which make up a large percentage of the Egyptian Government’s expenditure, but cuts have
proven politically difficult to implement. Qatar recently provided another $3 billion to Egypt, but it is uncertain if this was a loan or a
grant. Rwanda’s sale of $400 billion in 10-year Eurobonds was over seven times oversubscribed, pushing the yield down to 6.875 per
cent. The revenue will help to fill a fiscal gap that has resulted from cuts in official development assistance.
East Asia: growth momentum weakened in early 2013
In most East Asian economies, GDP growth slowed early this year in the first quarter of 2013 as both internal and external demand
weakened. In China, economic activity expanded by 7.7 per cent year on year and by 1.6 per cent quarter on quarter, down from 7.9
per cent and 2 per cent, respectively, in the previous quarter. The slowdown in China mainly reflects lower growth in consumption
and investment spending. In Singapore and Taiwan Province of China, economic activity contracted in the first quarter of 2013
compared to the previous three months. In both economies, exports were held back by the slowdown in China and ongoing weak
demand in most developed countries.
By contrast, economic growth picked up mildly in the Republic of Korea during the first quarter on the back of a recovery in gross
fixed capital formation and the front-loading of government spending. Exports of goods and services grew faster than expected, but
the strong depreciation of the Japanese yen is likely to weigh on the Korean export performance in the near term. However, private
consumption declined for the first time since late 2011, raising worries about the sustainability of the recovery. In an attempt to sup-
4. 4
port growth, the Government of the Republic of Korea announced additional fiscal stimulus measures in the form of a supplementary
budget. About two thirds of the supplementary budget will be used to cover tax revenue shortfalls; the rest will be additional expen-
ditures, including support for SMEs and local governments.
South Asia: building collapse puts spotlight on Bangladesh’s garment industry
In Bangladesh, more than 1,100 people were killed when a building that mainly housed garment factories collapsed in late April. The
tragedy triggered renewed strikes and widespread protests over the working and safety conditions in the garment industry. At the
same time, fears have emerged that some Western retailers could stop manufacturing in Bangladesh. The garment sector accounts
for nearly 80 per cent of the country’s total export revenues and employs an estimated four million people, most of them women. It
has seen rapid growth in recent years, as improved duty-free access to the European Union since 2011, along with rising production
costs in China, led to a shift in textile manufacturing capacities to Bangladesh. The building collapse came less than six months after
a fire in a garment factory left 117 workers dead.
In several South Asian economies, consumer price inflation slowed considerably in recent months. In April, year-on-year inflation
dropped to a nine-year low of 5.8 per cent in Pakistan and to 6.4 per cent in Sri Lanka, as upward pressures on food prices declined.
In India, wholesale price inflation moderated to 6 per cent in March, but consumer price inflation remained above 10 per cent. The
Reserve Bank of India lowered its benchmark policy rate for the third time in 2013 by 25 basis points.
Western Asia: Israel still without a budget for 2013
In the absence of a political consensus, Israel continues to operate under the 2012 budget on a month-to-month basis. Spending
cuts that would mostly affect lower-income groups and modest tax increases are under consideration as a means to contain a budget
deficit projected to increase from 4.2 per cent of GDP in 2012 to 4.7 per cent of GDP in 2013. Meanwhile, Qatar’s recently approved
budget for the upcoming fiscal year plans an 18 per cent increase in total expenditures. By assuming an annual oil price of $65 per
barrel and keeping the largest revenue-earner, liquefied natural gas, off-budget, the fiscal surplus is expected to drop from 8 per cent
of GDP last year to 1 per cent of GDP.
Saudi Arabia stepped up its policy for the Saudization of the labour force by extending the quotas of national employees to SMEs.
Migrants with an illegal status are believed to represent more than one third of the 7 million migrant workers who represent 90 per
cent of the labour force. Migrant deportation already aroused official protest by India and Yemen and could generate disruptions in
certain sectors. In Turkey, capital inflows, especially in corporate bond markets, continue to put upward pressure on the exchange
rate. The twelve-month trailing current-account deficit and inflationary pressures continued to decline.
Latin America and the Caribbean: manufacturing production weakens
The manufacturing sector in the region performed weakly early this year. In March, the manufacturing output in Chile fell by 3.0
per cent year on year; Colombia’s output fell by 4.5 per cent in February. Official estimates for Argentina on manufacturing activity
also show an output reduction in March by 0.3 per cent year on year, seasonally adjusted. Other countries exhibited meagre growth.
In Brazil and Peru, manufacturing production in January and February increased by 1.1 and 1.7 per cent, respectively, compared to
the same period in 2012. On a seasonally adjusted, year-on-year basis, manufacturing production in Mexico marginally increased
by 0.4 per cent in January and 1.2 per cent in February. The current appreciation trends of domestic currencies in some countries
are adding new challenges to the manufacturing sector in the region by making exports less competitive.
For the first time in nearly two years, the Central Bank of Brazil raised the Selic interest rate to 7.50 per cent from the all-time low
of 7.25 percent, following recent higher inflation. The consumer price index rose by 0.55 per cent in April. Thus, consumer price infla-
tion reached 6.49 per cent in the last twelve months, close to the upper limit of the central bank’s target of 6.5 per cent. The decision
is expected to be the starting point for a modest monetary tightening cycle.
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