2009 Q1: Feature on Budget Sustainabilityeconsultbw
The document summarizes Botswana's economic situation in early 2009 during the global recession. It notes that Botswana was hit hard by slowing world trade, which reduced demand for its major exports of diamonds, copper-nickel, and tourism. The country experienced high unemployment in the mining sector, falling government revenues, and deficits in its trade balance. While global growth is expected to resume later in 2009, the recession's impacts will persist for several years with risks of prolonged stagnation. The summary provides context on Botswana's economy and trade.
The weekly market perspectives document provides an overview of the key events and developments from the previous week in the global financial markets. It discusses topics such as the ongoing debt crisis in Europe, economic data releases and central bank actions. The summary highlights that Spain has yet to formally request external support, uncertainty around Greece obtaining additional bailout funds, and mixed economic indicators in both Europe and the US.
This document is the October 2020 World Economic Outlook report published by the International Monetary Fund. It provides projections for the global economy following the severe downturn caused by the COVID-19 pandemic, as well as analysis of economic challenges and policy considerations. The report expects only a partial recovery in 2021 and estimates that the damage to supply potential could lower medium-term growth. It also discusses risks to the outlook, including the possibility of more severe downturns, and recommends near-term policy priorities of ensuring health resources and limiting economic damage, along with enhanced multilateral cooperation and policies to address long-term challenges.
وجهة نظر مكين في انخفاض العمله الصينية وأثرهاMaceen Capital
The document discusses China's decision to devalue its currency, the yuan, in August 2015. This was done in part to support China's slowing economy by boosting exports. It also aimed to draw international attention and eventually include the yuan in the basket of currencies that make up Special Drawing Rights at the International Monetary Fund. Including the yuan would increase its liquidity and convertibility for global trading. The devaluation had impacts on sectors in Saudi Arabia like petrochemicals that were already facing effects from declines in the riyal and global interest rates.
The weekly market perspectives document provided an overview of the global financial markets and key economic indicators. It noted that Spain has yet to formally request external financial support and discussed the potential impact of such a request. It also summarized recent economic data from Europe, the US, and other regions that continued to point to ongoing recession pressures. The preview section outlined some of the major economic reports and events to watch in the coming week.
The document provides an economic outlook and forecasts for the Baltic countries of Estonia, Latvia, and Lithuania in 2009-2010. It finds that while private sector adjustments have been faster than expected, public sector adjustments still lag despite efforts. GDP is forecast to decline substantially in all three countries in 2009, with Latvia facing the steepest drop of around 17%. Deeper budget cuts are still needed in the public sectors of Estonia and Latvia to reduce budget deficits. Overall, a slow recovery is expected to begin in 2010, led initially by stabilizing exports, while domestic demand remains weak.
Roadshow, Lehman Brothers Global Financial Services ConferenceSwedbank
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.
2009 Q1: Feature on Budget Sustainabilityeconsultbw
The document summarizes Botswana's economic situation in early 2009 during the global recession. It notes that Botswana was hit hard by slowing world trade, which reduced demand for its major exports of diamonds, copper-nickel, and tourism. The country experienced high unemployment in the mining sector, falling government revenues, and deficits in its trade balance. While global growth is expected to resume later in 2009, the recession's impacts will persist for several years with risks of prolonged stagnation. The summary provides context on Botswana's economy and trade.
The weekly market perspectives document provides an overview of the key events and developments from the previous week in the global financial markets. It discusses topics such as the ongoing debt crisis in Europe, economic data releases and central bank actions. The summary highlights that Spain has yet to formally request external support, uncertainty around Greece obtaining additional bailout funds, and mixed economic indicators in both Europe and the US.
This document is the October 2020 World Economic Outlook report published by the International Monetary Fund. It provides projections for the global economy following the severe downturn caused by the COVID-19 pandemic, as well as analysis of economic challenges and policy considerations. The report expects only a partial recovery in 2021 and estimates that the damage to supply potential could lower medium-term growth. It also discusses risks to the outlook, including the possibility of more severe downturns, and recommends near-term policy priorities of ensuring health resources and limiting economic damage, along with enhanced multilateral cooperation and policies to address long-term challenges.
وجهة نظر مكين في انخفاض العمله الصينية وأثرهاMaceen Capital
The document discusses China's decision to devalue its currency, the yuan, in August 2015. This was done in part to support China's slowing economy by boosting exports. It also aimed to draw international attention and eventually include the yuan in the basket of currencies that make up Special Drawing Rights at the International Monetary Fund. Including the yuan would increase its liquidity and convertibility for global trading. The devaluation had impacts on sectors in Saudi Arabia like petrochemicals that were already facing effects from declines in the riyal and global interest rates.
The weekly market perspectives document provided an overview of the global financial markets and key economic indicators. It noted that Spain has yet to formally request external financial support and discussed the potential impact of such a request. It also summarized recent economic data from Europe, the US, and other regions that continued to point to ongoing recession pressures. The preview section outlined some of the major economic reports and events to watch in the coming week.
The document provides an economic outlook and forecasts for the Baltic countries of Estonia, Latvia, and Lithuania in 2009-2010. It finds that while private sector adjustments have been faster than expected, public sector adjustments still lag despite efforts. GDP is forecast to decline substantially in all three countries in 2009, with Latvia facing the steepest drop of around 17%. Deeper budget cuts are still needed in the public sectors of Estonia and Latvia to reduce budget deficits. Overall, a slow recovery is expected to begin in 2010, led initially by stabilizing exports, while domestic demand remains weak.
Roadshow, Lehman Brothers Global Financial Services ConferenceSwedbank
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.
Pakistan's economy faces challenges from recent floods and inflation. Growth was only 2.4% in FY2011 due to energy shortages and security issues. The services sector contributed most to growth while manufacturing declined. Investment has fallen significantly as a percentage of GDP in recent years. The fiscal deficit widened to 6.3% of GDP in FY2010 due to higher spending and weaker revenues. Inflation averaged 14.1% in FY2011 while the current account deficit improved due to higher exports and remittances. Foreign direct investment continues to decline.
Relatório Risco Credito Portugal (05/2012)João Pinto
Portugal has a population of 10.6 million and a GDP of 241.9 billion US dollars. The country experienced economic recession from 2009 to 2011 due to the impacts of austerity measures and slowing demand from Europe. Public and private debt levels are high at over 100% of GDP. While Portugal has strengths like its infrastructure and tourism industry, it also faces weaknesses such as low productivity, dependence on Europe, and weak government finances. Payments in Portugal are mainly done through bills of exchange, checks, and bank transfers, while debt collection can involve out of court settlement efforts or formal legal proceedings.
Horizon Lines reported financial results for the first quarter of 2009. Revenue declined 11% to $272 million due to lower fuel surcharges and volume. Adjusted EBITDA was $19 million, down 29% year-over-year. The economic recession continued to impact all trade lanes, especially Hawaii and Puerto Rico, though rate increases partially offset declining volume. Liquidity remained strong at $97 million and the company remained in compliance with debt covenants. Looking ahead, management expects a protracted recession but believes Horizon Lines is well positioned in domestic trades.
Turkey experienced modest GDP growth of 1.8% in Q2 2012 driven entirely by surging exports to Iran, while domestic demand fell. The central bank has eased monetary conditions to support a potential upturn in consumer spending and investment. GDP growth is forecast to be 2.7% in 2012 and 4.2% in 2013 as global trade recovers, but downside risks include a weak Eurozone or higher-than-expected inflation undermining policy credibility.
The document provides an overview of the state of the global and Indian economies in light of the ongoing financial crisis. Key points include:
1) The IMF has downgraded its global GDP growth forecasts for 2008 and 2009 as major economies face recession. Emerging markets will also slow substantially.
2) Housing prices and industrial production continue to decline in the US and unemployment is rising sharply. Financial markets remain volatile.
3) India's growth is moderating but inflation is slowing. However, high deficits, slowing consumption and investments, and capital outflows pose challenges.
4) Global equity markets have seen large losses in 2008 on risk aversion. Indian markets are also highly volatile though the Sensex has
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
The document summarizes key aspects of the Union Budget for 2012-13 in India. It notes that while capping subsidies at 2% of GDP is a positive step, achieving this may be unrealistic given firm oil prices. The large projected fiscal deficit of 4.5-5.1% of GDP and high market borrowings of Rs. 4.79 lakh crore could fuel inflation and crowd out private investment. The budget includes measures to boost revenues through indirect and direct tax changes, reduce expenditures, and curb subsidy outflows to improve fiscal discipline.
Flash comment: Estonia - September 7, 2012Swedbank
- According to revised data, Estonia's economic growth slowed to 2.2% in the second quarter from 3.4% in the first, though seasonally adjusted quarterly growth accelerated.
- Domestic demand (6.1% growth) rather than exports drove growth, with high investment (25.8%) but surprisingly weak private consumption (1.9%).
- Construction, retail, and ICT saw the highest sectoral contributions while manufacturing's contribution was negative for the second quarter in a row.
- Revised GDP figures showed a deeper economic crisis and steeper recovery than previously estimated, though first half 2012 growth remained largely the same.
Read and follow the top economic indicators for Vietnam, M&A activity, and major developments in finance, banking, and legal. Published Monthly with contribution from LNT & Partners Law Firm.
This document provides an overview of Bahrain's economy through a macroeconomic study including key indicators from 2005-2009. It finds that Bahrain is highly dependent on oil which accounts for over 60% of GDP, and it faces issues of a declining oil supply. When oil prices dropped in 2008-2009, the current account surplus fell dramatically and the government ran its first deficit since 2002. Other economic problems discussed include volatility in the aluminum and real estate sectors due to the global recession, high youth unemployment, and political/social tensions between the Sunni ruling family and Shia population. The document concludes by noting Bahrain's ongoing efforts to diversify its economy beyond oil.
Monetary Policy Framework 2077/78 in English | माैद्रिक नीति २०७७/७८UniversallyInfo
Monetary Policy 2021/22 of Nepal
Nepal Rastra Bank has published monetary policy for the Fiscal Year 2020/21 with a major focus on reviving the economy following the effects of COVID-19 pandemic.
https://www.youtube.com/channel/UC24pnkwkU4DhecGBjJl_1XQ
The document is an IR presentation that provides an overview of Vietnam's macroeconomics, banking sector, and highlights of VietinBank. It discusses Vietnam achieving its highest GDP growth in 9 years and inflation being controlled at a low level. Export and import turnover reached record surpluses while FDI continued to prosper. The banking sector saw guaranteed liquidity and slightly higher deposit rates. The presentation then provides details on VietinBank, including its strong governance structure and organizational setup, as well as investment highlights such as its large charter capital, network, brand, and shareholder base.
ICICI Pru MF - Annual Market Outlook 2020iciciprumf
Why Divergence as the theme?
Several polarizing trends have been observed on the Global as well as Domestic front
Divergence is observed in Markets and Economy, Value and Growth theme, Yields on G-Sec and AAA over AA/A, etc
The outlook aims to highlight such divergent trends and ways to navigate the same
Brief on our Equity Outlook
Union Budget, real estate debt de-leveraging and credit growth pick-up key triggers for the markets in 2020
Stark divergence between Value and Growth themes makes Value and Special Situations themes attractive
Asset Allocation schemes may be considered to address near term volatility
Recommend Small and Multicap schemes due to reasonable valuations
Recommend adding equities in a staggered manner through SIP/STP
Our Recommendations
To benefit from Value Vs. Growth divergence - ICICI Prudential Value Discovery Fund
To benefit from Special Situations Theme - ICICI Prudential India Opportunities Fund
To benefit from reasonable valuations - ICICI Prudential Smallcap Fund
To benefit from Volatility - ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund
For Long Term Wealth Creation - SIP/STP in ICICI Prudential Multicap Fund and ICICI Prudential Smallcap Fund
Brief on our Debt Outlook
Continue to remain positive on accrual space/spread assets
Recommend combination of short term assets and long term assets with a portfolio maturity range of 2-5 years
Extreme short end (less than 3 months), due to ample liquidity may give lower real returns
Fiscal concerns and inflation in the first half may keep longer end volatile. Hence, use the longer end of the yield curve for trading strategy
Our Recommendations
To earn higher accrual - ICICI Prudential Credit Risk Fund and ICICI Prudential Medium Term Bond Fund
Short/Medium Duration Scheme - ICICI Prudential Banking and PSU Debt Fund and ICICI Prudential Short Term Fund
To benefit from Volatility - ICICI Prudential All Seasons Bond Fund
Short Term Solution - ICICI Prudential Ultra Short Term Fund and ICICI Prudential Floating Interest Fund
The document is an IR presentation for 2Q2019 that provides an overview of Vietnam's macroeconomic environment and banking sector, as well as general information about VietinBank. It discusses GDP growth, CPI, PMI, import/export levels, FDI trends, and exchange rates. It notes GDP growth was lower in 2Q2019 than the previous year but higher than 2011-2017. Inflation increased but was controlled. The manufacturing PMI index reached its highest level for 1H2019 in June. Total import-export turnover reached a record high. FDI continued to prosper in 1H2019. The exchange rate rose in May and decreased in June. The banking sector saw guaranteed liquidity and stable interest rates.
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.
- Greece imposed capital controls and limited daily ATM withdrawals as differences between creditors and the Greek government increased ahead of debt repayment deadlines.
- A Greek referendum on austerity measures will be held on July 5th, but creditors may not extend financing to Greece until after the vote. This adds uncertainty for another 7-10 days.
- Volatility is expected in global markets as a potential Greek exit from the euro is not fully priced in and could lead to 2-3% short-term corrections.
- Major stock markets started 2011 positively, continuing the rally from late 2010, as improving economic data boosted investor confidence.
- Investors favored riskier assets like equities and commodities over traditional safe havens like bonds. Commodity prices rose on strong global growth.
- Canadian and US stock markets rose in January, led by energy sector gains. European markets also rose on positive economic news from Germany.
- Inflation concerns emerged in some emerging markets like China and India, weighing on their stock markets. Geopolitical risks also contributed to volatility.
- While economic fundamentals remain positive, markets may be due for a pause given extended gains, and confidence can remain fragile. Diversification remains important
February saw global stock markets rise despite geopolitical concerns from the Middle East. Commodity prices increased, helping the Canadian market, especially the energy and materials sectors. Bond markets were less impacted and generated income returns. While higher oil prices may fuel inflation concerns, central banks face balancing economic growth and inflation.
This document is a weekly newsletter covering markets, macroeconomic news, government regulations, sector news, and company news for the MENA region for the week of July 10-16, 2009. Some of the key highlights include Saudi Arabia emerging as a major medical tourism destination, declines in non-petroleum exports and crude oil imports for several countries, falls in property and material prices in the UAE, and various company deals and earnings announcements across the region.
2009. Gerald Kogler and Janez Uranic. Banking in CEE – a deeper insight into ...Forum Velden
The document summarizes presentations given by Gerald Kogler of Ernst & Young Austria and Janez Uranic of Ernst & Young Slovenia on banking in Central and Eastern Europe. It discusses the exposure of Austrian banks in CEE countries, including investments and loan exposure. It also provides an overview of the banking sectors and impacts of the financial crisis in Czech Republic, Slovakia, Hungary, and Croatia. For Slovenia specifically, it discusses the structure of the financial system, risks, and the impacts of credit risk on banks in expecting increased impairment charges.
The Bank of Thailand's January Inflation Report showed that while economic growth forecasts for 2010 and 2011 remained unchanged, assumptions had changed. While impacts of floods and slow trading partners had lifted, rising domestic demand and commodity prices would remain an inflation concern. The central bank expected to front-load policy rate hikes in the first half of 2011, bringing rates to 2.75% by mid-year to control inflation, holding or continuing gradual hikes depending on inflation trends.
The document summarizes Botswana's economic conditions in the second quarter of 2010. GDP grew 7.5% in the first quarter, the first positive growth since late 2008, led by a 10.1% increase in mining output. Non-mining private sector growth was lower at 5.5%. Business confidence improved but remains below pre-crisis levels, and businesses expect slower growth than official forecasts. While conditions are improving, Botswana still faces fiscal challenges from adverse medium-term trends exacerbated by the global crisis.
Pakistan's economy faces challenges from recent floods and inflation. Growth was only 2.4% in FY2011 due to energy shortages and security issues. The services sector contributed most to growth while manufacturing declined. Investment has fallen significantly as a percentage of GDP in recent years. The fiscal deficit widened to 6.3% of GDP in FY2010 due to higher spending and weaker revenues. Inflation averaged 14.1% in FY2011 while the current account deficit improved due to higher exports and remittances. Foreign direct investment continues to decline.
Relatório Risco Credito Portugal (05/2012)João Pinto
Portugal has a population of 10.6 million and a GDP of 241.9 billion US dollars. The country experienced economic recession from 2009 to 2011 due to the impacts of austerity measures and slowing demand from Europe. Public and private debt levels are high at over 100% of GDP. While Portugal has strengths like its infrastructure and tourism industry, it also faces weaknesses such as low productivity, dependence on Europe, and weak government finances. Payments in Portugal are mainly done through bills of exchange, checks, and bank transfers, while debt collection can involve out of court settlement efforts or formal legal proceedings.
Horizon Lines reported financial results for the first quarter of 2009. Revenue declined 11% to $272 million due to lower fuel surcharges and volume. Adjusted EBITDA was $19 million, down 29% year-over-year. The economic recession continued to impact all trade lanes, especially Hawaii and Puerto Rico, though rate increases partially offset declining volume. Liquidity remained strong at $97 million and the company remained in compliance with debt covenants. Looking ahead, management expects a protracted recession but believes Horizon Lines is well positioned in domestic trades.
Turkey experienced modest GDP growth of 1.8% in Q2 2012 driven entirely by surging exports to Iran, while domestic demand fell. The central bank has eased monetary conditions to support a potential upturn in consumer spending and investment. GDP growth is forecast to be 2.7% in 2012 and 4.2% in 2013 as global trade recovers, but downside risks include a weak Eurozone or higher-than-expected inflation undermining policy credibility.
The document provides an overview of the state of the global and Indian economies in light of the ongoing financial crisis. Key points include:
1) The IMF has downgraded its global GDP growth forecasts for 2008 and 2009 as major economies face recession. Emerging markets will also slow substantially.
2) Housing prices and industrial production continue to decline in the US and unemployment is rising sharply. Financial markets remain volatile.
3) India's growth is moderating but inflation is slowing. However, high deficits, slowing consumption and investments, and capital outflows pose challenges.
4) Global equity markets have seen large losses in 2008 on risk aversion. Indian markets are also highly volatile though the Sensex has
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
The document summarizes key aspects of the Union Budget for 2012-13 in India. It notes that while capping subsidies at 2% of GDP is a positive step, achieving this may be unrealistic given firm oil prices. The large projected fiscal deficit of 4.5-5.1% of GDP and high market borrowings of Rs. 4.79 lakh crore could fuel inflation and crowd out private investment. The budget includes measures to boost revenues through indirect and direct tax changes, reduce expenditures, and curb subsidy outflows to improve fiscal discipline.
Flash comment: Estonia - September 7, 2012Swedbank
- According to revised data, Estonia's economic growth slowed to 2.2% in the second quarter from 3.4% in the first, though seasonally adjusted quarterly growth accelerated.
- Domestic demand (6.1% growth) rather than exports drove growth, with high investment (25.8%) but surprisingly weak private consumption (1.9%).
- Construction, retail, and ICT saw the highest sectoral contributions while manufacturing's contribution was negative for the second quarter in a row.
- Revised GDP figures showed a deeper economic crisis and steeper recovery than previously estimated, though first half 2012 growth remained largely the same.
Read and follow the top economic indicators for Vietnam, M&A activity, and major developments in finance, banking, and legal. Published Monthly with contribution from LNT & Partners Law Firm.
This document provides an overview of Bahrain's economy through a macroeconomic study including key indicators from 2005-2009. It finds that Bahrain is highly dependent on oil which accounts for over 60% of GDP, and it faces issues of a declining oil supply. When oil prices dropped in 2008-2009, the current account surplus fell dramatically and the government ran its first deficit since 2002. Other economic problems discussed include volatility in the aluminum and real estate sectors due to the global recession, high youth unemployment, and political/social tensions between the Sunni ruling family and Shia population. The document concludes by noting Bahrain's ongoing efforts to diversify its economy beyond oil.
Monetary Policy Framework 2077/78 in English | माैद्रिक नीति २०७७/७८UniversallyInfo
Monetary Policy 2021/22 of Nepal
Nepal Rastra Bank has published monetary policy for the Fiscal Year 2020/21 with a major focus on reviving the economy following the effects of COVID-19 pandemic.
https://www.youtube.com/channel/UC24pnkwkU4DhecGBjJl_1XQ
The document is an IR presentation that provides an overview of Vietnam's macroeconomics, banking sector, and highlights of VietinBank. It discusses Vietnam achieving its highest GDP growth in 9 years and inflation being controlled at a low level. Export and import turnover reached record surpluses while FDI continued to prosper. The banking sector saw guaranteed liquidity and slightly higher deposit rates. The presentation then provides details on VietinBank, including its strong governance structure and organizational setup, as well as investment highlights such as its large charter capital, network, brand, and shareholder base.
ICICI Pru MF - Annual Market Outlook 2020iciciprumf
Why Divergence as the theme?
Several polarizing trends have been observed on the Global as well as Domestic front
Divergence is observed in Markets and Economy, Value and Growth theme, Yields on G-Sec and AAA over AA/A, etc
The outlook aims to highlight such divergent trends and ways to navigate the same
Brief on our Equity Outlook
Union Budget, real estate debt de-leveraging and credit growth pick-up key triggers for the markets in 2020
Stark divergence between Value and Growth themes makes Value and Special Situations themes attractive
Asset Allocation schemes may be considered to address near term volatility
Recommend Small and Multicap schemes due to reasonable valuations
Recommend adding equities in a staggered manner through SIP/STP
Our Recommendations
To benefit from Value Vs. Growth divergence - ICICI Prudential Value Discovery Fund
To benefit from Special Situations Theme - ICICI Prudential India Opportunities Fund
To benefit from reasonable valuations - ICICI Prudential Smallcap Fund
To benefit from Volatility - ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund
For Long Term Wealth Creation - SIP/STP in ICICI Prudential Multicap Fund and ICICI Prudential Smallcap Fund
Brief on our Debt Outlook
Continue to remain positive on accrual space/spread assets
Recommend combination of short term assets and long term assets with a portfolio maturity range of 2-5 years
Extreme short end (less than 3 months), due to ample liquidity may give lower real returns
Fiscal concerns and inflation in the first half may keep longer end volatile. Hence, use the longer end of the yield curve for trading strategy
Our Recommendations
To earn higher accrual - ICICI Prudential Credit Risk Fund and ICICI Prudential Medium Term Bond Fund
Short/Medium Duration Scheme - ICICI Prudential Banking and PSU Debt Fund and ICICI Prudential Short Term Fund
To benefit from Volatility - ICICI Prudential All Seasons Bond Fund
Short Term Solution - ICICI Prudential Ultra Short Term Fund and ICICI Prudential Floating Interest Fund
The document is an IR presentation for 2Q2019 that provides an overview of Vietnam's macroeconomic environment and banking sector, as well as general information about VietinBank. It discusses GDP growth, CPI, PMI, import/export levels, FDI trends, and exchange rates. It notes GDP growth was lower in 2Q2019 than the previous year but higher than 2011-2017. Inflation increased but was controlled. The manufacturing PMI index reached its highest level for 1H2019 in June. Total import-export turnover reached a record high. FDI continued to prosper in 1H2019. The exchange rate rose in May and decreased in June. The banking sector saw guaranteed liquidity and stable interest rates.
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.
- Greece imposed capital controls and limited daily ATM withdrawals as differences between creditors and the Greek government increased ahead of debt repayment deadlines.
- A Greek referendum on austerity measures will be held on July 5th, but creditors may not extend financing to Greece until after the vote. This adds uncertainty for another 7-10 days.
- Volatility is expected in global markets as a potential Greek exit from the euro is not fully priced in and could lead to 2-3% short-term corrections.
- Major stock markets started 2011 positively, continuing the rally from late 2010, as improving economic data boosted investor confidence.
- Investors favored riskier assets like equities and commodities over traditional safe havens like bonds. Commodity prices rose on strong global growth.
- Canadian and US stock markets rose in January, led by energy sector gains. European markets also rose on positive economic news from Germany.
- Inflation concerns emerged in some emerging markets like China and India, weighing on their stock markets. Geopolitical risks also contributed to volatility.
- While economic fundamentals remain positive, markets may be due for a pause given extended gains, and confidence can remain fragile. Diversification remains important
February saw global stock markets rise despite geopolitical concerns from the Middle East. Commodity prices increased, helping the Canadian market, especially the energy and materials sectors. Bond markets were less impacted and generated income returns. While higher oil prices may fuel inflation concerns, central banks face balancing economic growth and inflation.
This document is a weekly newsletter covering markets, macroeconomic news, government regulations, sector news, and company news for the MENA region for the week of July 10-16, 2009. Some of the key highlights include Saudi Arabia emerging as a major medical tourism destination, declines in non-petroleum exports and crude oil imports for several countries, falls in property and material prices in the UAE, and various company deals and earnings announcements across the region.
2009. Gerald Kogler and Janez Uranic. Banking in CEE – a deeper insight into ...Forum Velden
The document summarizes presentations given by Gerald Kogler of Ernst & Young Austria and Janez Uranic of Ernst & Young Slovenia on banking in Central and Eastern Europe. It discusses the exposure of Austrian banks in CEE countries, including investments and loan exposure. It also provides an overview of the banking sectors and impacts of the financial crisis in Czech Republic, Slovakia, Hungary, and Croatia. For Slovenia specifically, it discusses the structure of the financial system, risks, and the impacts of credit risk on banks in expecting increased impairment charges.
The Bank of Thailand's January Inflation Report showed that while economic growth forecasts for 2010 and 2011 remained unchanged, assumptions had changed. While impacts of floods and slow trading partners had lifted, rising domestic demand and commodity prices would remain an inflation concern. The central bank expected to front-load policy rate hikes in the first half of 2011, bringing rates to 2.75% by mid-year to control inflation, holding or continuing gradual hikes depending on inflation trends.
The document summarizes Botswana's economic conditions in the second quarter of 2010. GDP grew 7.5% in the first quarter, the first positive growth since late 2008, led by a 10.1% increase in mining output. Non-mining private sector growth was lower at 5.5%. Business confidence improved but remains below pre-crisis levels, and businesses expect slower growth than official forecasts. While conditions are improving, Botswana still faces fiscal challenges from adverse medium-term trends exacerbated by the global crisis.
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
The revised GDP data for Latvia in the third quarter of 2011 showed stronger growth than previously estimated, at 6.6% annually rather than 5.7%. Gross fixed capital formation contributed significantly to economic growth, which will increase potential growth in the future. Household consumption also increased due to rising employment and wages. However, export growth started slowing in the third quarter due to uncertainty in Europe. Economic growth in 2011 is expected to be around 5%, higher than previous forecasts, but growth is expected to slow in 2012.
The document discusses non-performing loans (NPLs) in Europe. It finds that NPLs increased over 25% in most countries between 2008-2009, though transaction volumes remained low due to pricing issues. While investors claim to have funds, banks may be underestimating loan losses by using outdated collateral valuations. Overall asset quality is expected to improve in 2010 as new defaults decrease, but number of accounts in arrears may remain high for UK banks.
1. The Pakistani economy experienced modest growth of 2.4% in 2010-11, significantly lower than previous years, due to factors like global financial crisis, war on terror, security issues, and devastating floods in 2010.
2. The agriculture sector grew only 0.5%, the lowest since 1992-93, while the services sector contributed most of the modest growth. Gross fixed investment declined substantially to its lowest level in four decades.
3. While the economic environment in Pakistan remained difficult, the government is working on a growth strategy to increase productivity and efficiency, and implementing social programs to support the poor.
China's economy is slowing but remains strong compared to other economies. Growth is projected to be above 8% in
2012-2013, and inflation is decreasing. However, China is vulnerable to external shocks, particularly a severe recession
in Europe which could sharply reduce China's growth. The government should use fiscal policy, through the budget
rather than banks, to counter economic weakness from abroad. Rebalancing China's economy to rely less on
investment and more on private consumption is also important.
China's economy is slowing but remains strong compared to other economies. Growth is projected to be above 8% in
2012-2013, with inflation coming down. However, China is vulnerable to external shocks, particularly a severe recession
in Europe which could sharply reduce China's growth. The IMF recommends a modest fiscal stimulus through the budget
if external conditions deteriorate significantly. Over the medium term, China needs to continue rebalancing its economy
away from investment and exports toward private consumption.
The updated economic outlook by Deloitte
Access Economics predicts a softer economic
environment, resulting in downward revisions in
our forecasts for 2011 for both occupancy and
room rates. We also present a first look at our
projections for year-end 2012.
Indian Economy: The Curious Case of Household Savings-Investment GapAshutosh Bhargava
1) Household savings rates in India peaked in 2008 but have since experienced a steep decline, with the household savings-investment gap currently at its lowest level since the late 1980s.
2) This decline in household savings has negatively impacted potential growth by reducing capital availability to the private sector and decreasing overall capital productivity.
3) Policymakers should pursue more accommodative monetary policy to further support balance sheet repair and strengthen India's domestic macroeconomic profile while foreign liquidity remains favorable globally. Prioritizing growth over inflation targeting will help maximize the current window of opportunity.
Indian Economy: the curious case of household savings-investment gapAshutosh Bhargava
1) The document discusses India's declining household savings rate and growing household savings-investment gap in recent years.
2) Historically, Indian households had the largest positive savings-investment gap, but this has declined significantly in recent years as households have invested more in gold and real estate.
3) The declining household savings-investment gap has negatively impacted India's potential growth by reducing capital availability to the private sector and decreasing overall capital productivity.
The budget document discusses the Union Budget 2013-14 which aims to return the Indian economy to high growth while maintaining fiscal discipline. Key points include containing the fiscal deficit to 5.2% of GDP for the current year and pegging it at 4.8% for 2013-14. The FM has taken a balanced approach through various initiatives to promote manufacturing, infrastructure, and capital markets while also introducing innovative revenue measures and keeping expenditure in check. However, uncertainty around GAAR could negatively impact foreign investment inflows which are important to bridge the current account deficit.
The Curious Case of Savings-Investment Gap and its Implications for IndiaAshutosh Bhargava
Their has been a remarkable shift in the savings-investment gap at the global level as well as in India. While this has had a tangible impact on global potential growth, the recovery is likely to differ from one country to another. In the Indian context, the recovery in trend growth is likely to be much higher than what is generally peceived and thus requires a more proactive response from policy makers, especially the monetary authorities.
According to Latvia's Central Statistical Bureau, Latvia's GDP grew by 2.2% quarter-over-quarter in Q2 2011, accelerating from 0.5% growth in Q1 2011. This pickup was driven by a likely deceleration in import growth and increased export growth. Strong manufacturing and retail trade growth supported overall economic expansion. However, concerns remain that increased household consumption could be temporary as real wages have not risen and emigration reduces purchasing power. The economic growth in annual terms was 5.3% in Q2 2011. While forecasts maintain 4% GDP growth for 2011, the impact of recent global financial market developments on global and Latvian growth remains unclear.
The document provides an economic overview and summary of Pakistan's budget for 2012-13. Some key points:
- GDP growth was estimated at 3.7% for FY2012 compared to 3% the previous year, driven by improved agriculture and manufacturing growth.
- Inflation declined to 10.8% during July-April 2012 from higher rates in previous years.
- The budget proposed several amendments to income tax, sales tax, and federal excise duty, including increasing basic tax exemptions and reducing certain tax rates.
- Significant income tax amendments included taxing capital gains on property sold within two years, taxing bank dividend income from funds at higher rates, and introducing optional group taxation relief.
How to confront the global, structural and management crisis in bahiaFernando Alcoforado
The document discusses threats facing the state of Bahia in Brazil, including declining exports, GDP growth, domestic savings, and industrialization. It analyzes economic data showing declines in these areas in recent years. To address these threats, the document recommends that Bahia and the federal government adopt development plans focused on import substitution and utilizing Bahia's economic potentials and natural resources to promote investment, growth, and job creation across all regions of the state.
Latvian GDP grew 5.6% year-over-year in the second quarter of 2011, driven mainly by strong growth in industry and exports. However, the analyst expects GDP growth to slow in the second half of the year due to weaker demand from Europe. While household consumption growth has been stable due to improving employment and wages, rising prices are limiting growth in purchasing power. The analyst maintains GDP growth forecasts for 2011 at 4.2% but acknowledges European economic slowdown will likely reduce Latvian export performance and investment activity in the coming quarters.
Vfb marketing slides 20130315 (english version)Nhà Lá
The document discusses the Viet Nam Bond Fund (VFMVFB) managed by VietFund Management (VFM). It provides an overview of Vietnam's macroeconomic environment, highlighting stable GDP growth, controlled inflation, increasing foreign exchange reserves, and progress on deleveraging the economy. It also outlines opportunities for fixed income investments in Vietnam, which are expected to remain attractive given their stable and decent returns relative to other asset classes. The VFMVFB aims to capitalize on these opportunities by providing exposure to Vietnam's local currency bond market.
The document summarizes key findings from the Grant Thornton International Business Report (IBR) regarding business sentiment in Vietnam. While businesses in Vietnam remain optimistic about the economy and their prospects for revenue and hiring over the next year, optimism declined slightly compared to 2010. Inflation and the cost of financing remain major constraints. The majority of businesses feel the government's currency controls impact their operations and two-thirds have strengthened their focus on the domestic market since the global financial crisis.
Similar to Opteon victoria 2011 victorian budget wrap (20)
1. 2011 Victorian Budget Wrap
In a challenging financial climate, delivering $5.2
term trend growth projection down from 3% to 2.75%.
billion in election commitments was the key Population growth has slowed in Victoria to 1.7% over the year to
focus when the Victorian Treasurer recently September 2010, compared with the peak of 2.2% growth achieved
handed down the 2011/12 State Budget. over the year to June 2009. The slow down in population growth
reflects lower net overseas migration – a trend which is expected to
The Victorian Economy continue and dampen economic growth.
The outlook for the international economy has improved largely driven Employment has continued to increase strongly in Victoria, with
by growth in emerging economies. The outlook for emerging and 3.5% growth over the year to March 2011, representing close to
developing economies remains strong, especially for Victoria’s major an additional 100,000 jobs. Over the past year, job increases were
trading partners in Asia, with the IMF forecasting 6.5% growth in both greatest in the health care & social assistance, construction and
2011 and 2012. This should support growth in Victoria’s exports over professional services industries. Employment is likely to continue to
the medium term. grow over the rest of 2010/11 and into 2011/12, but the rate of growth
is expected to moderate.
Victoria’s divergent economic base has been a major factor in the
resilience of the Victorian economy in recent years. Over the past As a result of falling GST revenue the Victorian Government is budgeting
decade, Victoria has largely relied on population growth to drive its for an operating surplus (net result from transactions) of $140 million in
economic performance. According to the Coalition government, over 2011/12. Despite a cut in state spending from 8% a year to 3% per year,
the same time productivity growth has declined from an average annual net debt will almost treble from $8 billion in mid 2010 to $23 billion in
growth rate of 2.8% in the five years to 1999/2000 to just 0.7% in the 2015. Although debt is forecast to increase significantly, Victoria will
five years to 2009/10. retain its AAA credit rating with net financial liabilities peaking below
review triggers.
Overall, the outlook for the Victorian economy
is positive; however, the State faces a number Victorian Economic Projections
of short and medium-term challenges. 09/10 10/11 11/12 12/13 13/14
Indicator
Actual Forecast Forecast Forecast Forecast
The sustained commodities boom provides significant opportunities for
the Australian and Victorian economies. Victoria is likely to continue to Real gross state
2.00 2.50 3.00 2.75 2.75
benefit from interstate trade links with the resource-rich states and product
territories, particularly for services demanded by the mining industry. Employment 2.80 3.50 1.75 1.75 1.75
However, the commodities boom has also resulted in a high Australian Unemployment
5.00 4.75
5.50 5.25 5.00
dollar, reducing the competitiveness of Victoria’s exports sector. This, rate
together with a prolonged and uneven recovery in the global economy Consumer price
2.10 3.00 2.75 2.50 2.50
and higher oil prices, is already adversely affecting Victoria’s index
manufacturing, education and tourism industries. Wage price index 2.80 3.75 3.75 3.50 3.50
Real GDP Growth Population 1.80 1.70 1.50 1.50 1.50
% Annual 2009/10 - 2014/15
Change Source: Australian Bureau of Statistics, Department of Treasury and Finance
5.0
Forecast Australia Victoria Planning
4.0
3.0 More than $34 million has been allocated over the next four years in
2.0
the 2011/12 Victorian Budget to Victoria’s planning system. Major
planning initiatives include:
1.0
• $5 million over the next four years to revitalise the Frankston
0.0 Activities Area;
•
2009/10 2010/11 2011/12 2012/13 2013/14 2014/15
$9.7 million over the next four years to plan for Melbourne’s
Source: Department of Treasury & Finance
growth, catering for the needs of growing regional communities
and provide certainty for coastal communities;
The Victorian economy is expected to grow more moderately than
previously forecast over the next four years as a result of weaker than
• $6.9 million for the Changing Places Program which provides
expected business investment and the floods of early 2011. Forecast urban improvement grants for capital works and other strategic
gross state product (GSP) growth in 2010/11 is now expected to be projects in metropolitan centres and regional cities and towns.
2.5%, rising to 3% in 2011/12. The budget also revises Victoria’s long-
2. Infrastructure
The budget provides $6 billion of funding for infrastructure investment • $160 million over four years for country roads and bridges;
in 2011/12 with a focus on public transport and regional areas. • $50 million for the Western Highway duplication between
Burrumbeet and Beaufort;
Public Transport • $3 million over two years to start planning a direct rail link to
Avalon Airport;
Major public transport projects include: • $2.5 million to re-open Talbot station;
• $222 million for seven new trains – the first of 40 new trains for • $1 million to plan for new station at Grovedale;
Melbourne commuters;
• $700,000 for the plan to upgrade the Ballan Railway station;
• An additional $100 million for maintenance over four years;
• $500,000 to extend Bendigo trains to Epsom and Eaglehawk;
• $16.5 million to begin removing level crossings at key locations;
• $2 million to investigate reviving rail connections between
• $11.9 million upgrade of Balaclava station; Geelong, Ballarat and Bendigo.
• $2 million to plan for the upgraded Ringwood station;
• $10 million over four years to establish the Victorian Public In addition to the Victorian Government’s infrastructure projects, the
Transport Development Authority. The Authority will plan, co- Federal Government has also committed to spend $1.1 billion (for the
ordinate and manage the public transport program. The second year running – a disproportionately small share of federal
Authority will be a single public transport authority to infrastructure funding). Major projects include: $62.5 million to extend
administer our trains, trams and buses, replacing the current the Geelong Ring Road, $52 million for two road, rail and port
structure of multiple agencies and authorities; intermodal facilities and $120 million to strengthen the West Gate
• $6.5 million over two years for the Doncaster rail link planning Bridge.
study;
• $2 million over two years for a feasibility study into a rail line to Housing
Rowville;
With Victorian housing becoming increasingly unaffordable, the
• $4 million over four years for an inter-capital high-speed rail
Victorian Government aims to continue to encourage first homebuyers
planning unit within the Victorian Public Transport Development
in the State.
Authority;
• $6.5 million for a two-year feasibility study into a Melbourne Stamp duty will be progressively reduced by 50% for first homebuyers
Airport Rail Link. purchasing principal places of residence valued up to $600,000.
Roads First Home Buyer Land Transfer Duty Reduction Schedule
-10% -10% -10%
The budget allocates $601 million to fund key road projects including: Cut -20%
(30% in total) (40% in total) (50% in total)
• $20 million for planning and early works for the Dingley bypass
Timing 1 Jul 11 1 Jan 13 1 Jan 14 1 Sep 14
between Warrigal and Westall Roads (to link new residential
growth areas to employment hubs; Source: Department of Treasury and Finance
• $50 million for the Koo Wee Rup bypass;
• $93 million for the next stage of the M80 upgrade (Edgars Road The budget also provides funding to maintain assistance currently
to Plenty Road); available to first homebuyers through the First Home Owner Grant, and
• $23 million to increase maintenance funding for arterial roads. extends the First Home Bonus (including the Regional Bonus) to 30 June
2012. Eligible applicants will receive the First Home Owner Grant of
Regional Victoria $7,000 when buying homes valued up to $750,000.
This budget also includes significant investment in Regional Victoria by First homebuyers purchasing or building a newly-constructed home
providing funding for: worth up to $600,000 can also access the First Home Bonus which
• $1 billion Regional Growth Fund available from July 1, 2011. The provides $19,500 for a home in a regional area and $13,000 for a home
fund will be used to create jobs, build and upgrade local services in metropolitan Melbourne.
and infrastructure, and invest in local skills and industries in
regional Victoria. The Fund’s first allocation of $500 million will Young farmers aged under 35 who buy their first farmland property
be made over the next four years; valued up to $300,000 will be exempt from paying stamp duty. The
budget also introduces a stamp duty concession for farmland properties
• $20 million over four years for a Regional Aviation Fund. This
valued between $300,000 and $400,000.
fund will be used to upgrade aviation infrastructure at a number
of regional public-use airports throughout Victoria;
Contact us for further information-
Contact Richard Jenkins– Research Manager richard.jenkins@opteonvictoria.com.au
757 Bourke St, Docklands VIC 3008
Office Address Ph: 1300 786 022
Website www.opteonvictoria.com.au
Email valuers@opteonvictoria.com.au
DISCLAIMER- This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal
responsibility can be accepted by Opteon Victoria for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Opteon Victoria
in relation to particular properties or projects. Reproduction of this report in whole or in part is not permitted without prior consent of, and proper reference to Opteon Victoria.