The quarterly report summarizes global and Spanish economic trends in Q1 2017. Key points include:
- Global GDP is forecast to grow 3.5% in 2017, with advanced economies growing 1.7% and emerging markets 4.9%.
- Political uncertainty is high due to events like Brexit, the French and German elections, and the Trump administration's economic policies.
- Commodity prices have stabilized around $50 per barrel for oil, contributing to the recovery of emerging markets.
- The eurozone is seeing stronger economic growth of 1.2% despite political risks, while unemployment has fallen to its lowest rate since 2009.
The Wind of Change: Economic and Financial OutlookLatvijas Banka
Presentation by Governor of Latvijas Banka and member of the Governing Council of the European Central Bank Mārtiņš Kazāks during discussion on Latvia's economic developments in Brussels.
The Wind of Change: Economic and Financial OutlookLatvijas Banka
Presentation by Governor of Latvijas Banka and member of the Governing Council of the European Central Bank Mārtiņš Kazāks during discussion on Latvia's economic developments in Brussels.
The saturday economist uk economic outlook march 2016John Ashcroft
The Saturday Economist : UK Economic Outlook March 2016, Drink with me to days gone by : Service Sector (Leisure Sector) continues to drive output in the UK economy, We expect GDP growth of 2.6% this year slowing to 2.5% in 2017.
Economic situation summary
The uncertainty surrounding the spread of Covid 19 is significantly conditioning economic agents’ expectations for the coming years In this context, most international organizations (the IMF, OECD, World Bank and European Commission) project a contraction of GDP above 3 yearly for 2020 and warn of risks such as rising unemployment and a possible spike in inflation above 2 in some economies, and a future increase of debt as a result of the fiscal and monetary stimulus packages That said, these organizations also point out that without these expansionary measures, the economic recession would have been a lot worse.
In developed countries the gradual reactivation of the economy began in May with the easing of movement restrictions to contain the spread of the virus In the US the Fed improved its growth forecasts, envisioning a smaller decrease in GDP 3 4 yearly vs 6 5 previously), and revised its monetary policy goals with a more direct monitoring on the job creation objective In the Eurozone economic sentiment improved as the ECB continued its monetary stimulus plan, and the European Commission finalized details of a European recovery fund of 750 000 million.
In most emerging markets the spread of the virus continues to lower the expectations of economic agents, in some cases intensifying the structural risks to these economies (debt sustainability, unemployment In India and Brazil two of the countries most affected by the pandemic, GDP is forecast to contract in 2020 by 10 2 and 6 5 yearly and respectively In China the curve representing new cases seems to be under control, and economic activity has rebounded strongly in the second half of 2020 creating a V shaped recovery.
Federgon members (private employment agencies) can expect a slight improvement in market conditions in the coming months due to the somewhat more favorable economic outlook. Even with a growth forecast of 1% to 1.2% in 2014 recovery will only be partial.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
Latvijas Bankas Starptautisko attiecību un komunikācijas pārvaldes vadītāja Jura Kravaļa lekcija "Globālās ekonomikas tendences" Biznesa augstskolā "Turība" 2019. gada 8. oktobrī.
The Saturday Economist, UK Economic Outlook June 2016John Ashcroft
Growth in 2015 was 2.3% down from 2.9% in 2014. We now expect growth of 2.2% in 2016 … following the disappointing performance of manufacturing and construction in the first quarter.
The inflation outlook is still muted, with the fall in world oil, energy, food and commodity prices continuing to dominate headline inflation.
The UK economy grew by 2.0% in the first quarter, revisions to construction and manufacturing growth pulling total output lower. The service sector continues to drive growth.
In this June economics update we forecast world growth of 3.2% in 2016 up from 3.1% in 2015. UK Inflation will average just 0.3%, CPI basis, over the balance of the year 2016. Unemployment will continue to fall, government borrowing will also fall. The service sector will lead the recovery as manufacturing and construction output falls slightly.
We are forecasting a modest fall in manufacturing of around 0.2% in 2016 with a 0.9% fall in construction activity based on the latest data. The trade figures will continue to disappoint, offset by a further £2 billion oil dividend, despite a moderate oil price recovery. The challenge to the current account following the drop in overseas investment income continues and will present a significant problem to the outlook for sterling over the medium term.
Our forecast is based on a "remain" referendum outcome! .
The Big IF... Stress-testing BREXIT with combined performance and risk analyticsStatPro Group
EU referendum. UK votes to leave or remain. How large asset management firms need to prepare for a possible Brexit with combined performance and risk analytics.
The Saturday Economist UK Economic Outlook December 2015John Ashcroft
The Saturday Economist, UK Economic Outlook December 2015 is out now. We have lowered our forecasts for growth in 2015 and 2016. Check out over twenty pages of analysis
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Euromonitor International Analytics offers precise
answers to vital business questions in an increasingly
fast-paced and uncertain world. Our Macro
Model provides regularly updated forecasts and
“what-if” scenarios for core macroeconomic
variables, including real gdp growth, inflation,
unemployment and interest rate. Its global
scope ensures our macro forecasts and scenarios
reflect the economically inter-connected world in
which we live.
The Global Economic Forecasts report explains
the quarterly updates of the Macro Model, with
analysis focused on quarterly macro changes for the
world’s key economies and what these mean
to our view of the likely, optimistic and pessimistic
scenarios for the global economy. Ultimately, we help
businesses stay ahead of risks and opportunities as
they emerge on a macroeconomic basis.
The global economy started 2017 strong with real
gdp growth gaining momentum and rising to 3.6%
in q1 2017. We have maintained our global real
gdp growth forecast at 3.5% for 2017-2018. Despite
standing above the annual 3.2% growth in 2016,
the forecast is still considerably below the pre-crisis
growth levels.
The saturday economist uk economic outlook march 2016John Ashcroft
The Saturday Economist : UK Economic Outlook March 2016, Drink with me to days gone by : Service Sector (Leisure Sector) continues to drive output in the UK economy, We expect GDP growth of 2.6% this year slowing to 2.5% in 2017.
Economic situation summary
The uncertainty surrounding the spread of Covid 19 is significantly conditioning economic agents’ expectations for the coming years In this context, most international organizations (the IMF, OECD, World Bank and European Commission) project a contraction of GDP above 3 yearly for 2020 and warn of risks such as rising unemployment and a possible spike in inflation above 2 in some economies, and a future increase of debt as a result of the fiscal and monetary stimulus packages That said, these organizations also point out that without these expansionary measures, the economic recession would have been a lot worse.
In developed countries the gradual reactivation of the economy began in May with the easing of movement restrictions to contain the spread of the virus In the US the Fed improved its growth forecasts, envisioning a smaller decrease in GDP 3 4 yearly vs 6 5 previously), and revised its monetary policy goals with a more direct monitoring on the job creation objective In the Eurozone economic sentiment improved as the ECB continued its monetary stimulus plan, and the European Commission finalized details of a European recovery fund of 750 000 million.
In most emerging markets the spread of the virus continues to lower the expectations of economic agents, in some cases intensifying the structural risks to these economies (debt sustainability, unemployment In India and Brazil two of the countries most affected by the pandemic, GDP is forecast to contract in 2020 by 10 2 and 6 5 yearly and respectively In China the curve representing new cases seems to be under control, and economic activity has rebounded strongly in the second half of 2020 creating a V shaped recovery.
Federgon members (private employment agencies) can expect a slight improvement in market conditions in the coming months due to the somewhat more favorable economic outlook. Even with a growth forecast of 1% to 1.2% in 2014 recovery will only be partial.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
Latvijas Bankas Starptautisko attiecību un komunikācijas pārvaldes vadītāja Jura Kravaļa lekcija "Globālās ekonomikas tendences" Biznesa augstskolā "Turība" 2019. gada 8. oktobrī.
The Saturday Economist, UK Economic Outlook June 2016John Ashcroft
Growth in 2015 was 2.3% down from 2.9% in 2014. We now expect growth of 2.2% in 2016 … following the disappointing performance of manufacturing and construction in the first quarter.
The inflation outlook is still muted, with the fall in world oil, energy, food and commodity prices continuing to dominate headline inflation.
The UK economy grew by 2.0% in the first quarter, revisions to construction and manufacturing growth pulling total output lower. The service sector continues to drive growth.
In this June economics update we forecast world growth of 3.2% in 2016 up from 3.1% in 2015. UK Inflation will average just 0.3%, CPI basis, over the balance of the year 2016. Unemployment will continue to fall, government borrowing will also fall. The service sector will lead the recovery as manufacturing and construction output falls slightly.
We are forecasting a modest fall in manufacturing of around 0.2% in 2016 with a 0.9% fall in construction activity based on the latest data. The trade figures will continue to disappoint, offset by a further £2 billion oil dividend, despite a moderate oil price recovery. The challenge to the current account following the drop in overseas investment income continues and will present a significant problem to the outlook for sterling over the medium term.
Our forecast is based on a "remain" referendum outcome! .
The Big IF... Stress-testing BREXIT with combined performance and risk analyticsStatPro Group
EU referendum. UK votes to leave or remain. How large asset management firms need to prepare for a possible Brexit with combined performance and risk analytics.
The Saturday Economist UK Economic Outlook December 2015John Ashcroft
The Saturday Economist, UK Economic Outlook December 2015 is out now. We have lowered our forecasts for growth in 2015 and 2016. Check out over twenty pages of analysis
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Euromonitor International Analytics offers precise
answers to vital business questions in an increasingly
fast-paced and uncertain world. Our Macro
Model provides regularly updated forecasts and
“what-if” scenarios for core macroeconomic
variables, including real gdp growth, inflation,
unemployment and interest rate. Its global
scope ensures our macro forecasts and scenarios
reflect the economically inter-connected world in
which we live.
The Global Economic Forecasts report explains
the quarterly updates of the Macro Model, with
analysis focused on quarterly macro changes for the
world’s key economies and what these mean
to our view of the likely, optimistic and pessimistic
scenarios for the global economy. Ultimately, we help
businesses stay ahead of risks and opportunities as
they emerge on a macroeconomic basis.
The global economy started 2017 strong with real
gdp growth gaining momentum and rising to 3.6%
in q1 2017. We have maintained our global real
gdp growth forecast at 3.5% for 2017-2018. Despite
standing above the annual 3.2% growth in 2016,
the forecast is still considerably below the pre-crisis
growth levels.
Tightening labour markets: threat or opportunity for HR service providers? The presentation start with an economic outlook and the conséquences for the labour market in Belgium. With some concluding remarks voor HR service providers.
Trends in international trade WTO report 2017-18 | International Trade | Ba...Sachin Paurush
Report on international trade in the world and their impact on the economy. This report has been published by World Trade Organisation (WTO) for 2017 - 2018 period.
US GDP data weakest of a disappointing lot
Data released today show that Q1 2017 real GDP growth:
In the US slowed to 0.7 quarter-on-quarter (qoq) annualised, from 2.1% qoq in Q4 2016 – the weakest growth rate in three years (see Figure 1);
In the UK halved to 0.3% qoq – the weakest growth rate in a year;
In France slowed to 0.3% qoq from 0.5% qoq in Q4 2016; and
In Spain rose to 0.8% qoq from 0.7% qoq in Q4 2016.
Lekcija: Pasaules tautsaimniecības izaicinājumi un perspektīvasLatvijas Banka
Prezentācija izmantota lekcijā Biznesa augstskola Turība 2016. gada 20. oktobrī.
Pasaules ekonomikas un lielāko pasaules valstu ekonomiku attīstības prognozes, balstoties uz jaunāko Starptautiskā Valūtas fonda veikto analīzi. Prezentācijā apskatīti aktuālie ekonomikas jautājumi un nozīmīgākie attīstību kavējošie riski.
Rafael Doménech-'Brexit, Trump y la economía mundial en 2017. ¿Nuevo orden mu...Fundación Ramón Areces
'Brexit, Trump y la economía mundial en 2017. ¿Nuevo orden mundial?' Esta es la pregunta que nos formulamos el 12 de diciembre de 2016 en la Fundación Ramón Areces. A ella dieron respuesta Nicholas Barr, de la London School of Economics and Political Science (LSE); Rafael Doménech, de BBVA Research; y Federico Steinberg, del Real Instituto Elcano. Esta actividad se celebró en colaboración con la LSE.
Monthly statistical e-bulletin comprising a quick review of the economy and about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
Oecd interim-economic-outlook-2015-puzzles-and-uncertainties-paris-16-septemberOECD, Economics Department
Global growth prospects have weakened slightly and become less clear in recent months. World trade growth has stagnated and financial conditions have deteriorated. The recovery is nonetheless progressing in advanced economies, but the outlook has worsened further for many emerging market economies (EMEs).
Mercado de trabajo España
Llegada de turistas internacionales España
Financiación al sector privado España
PMIs manufacturas EEUU-Eurozona
Comercio global
Crecimiento de la productividad laboral mundial
Labour market Spain
International tourist arrivals Spain
Private sector financing Spain
Manufacturing PMIs US-Eurozone
Global trade
World labour productivity growth
Comercio exterior España
Cifra de negocios de la industria
Comercio de la UE con terceros países
Producción en construcción Eurozona
Precios de producción EEUU
Economía-a-la-sombra-de-la-geopolítica-Informe-Trimestral-Febrero-2024-Circul...Círculo de Empresarios
Resumen
Situación económica global
La actividad económica mundial ha mantenido cierto dinamismo en los últimos trimestres de manera asimétrica
por regiones, a pesar del impacto de las políticas monetarias restrictivas, la fragmentación de bloques comerciales,
la retirada del apoyo fiscal en un entorno de elevado endeudamiento, la baja productividad y las incertidumbres
geopolíticas.
En este contexto, el FMI prevé un crecimiento mundial del PIB moderado, del 3,1% en 2024* y 3,2% en 2025*,
inferior al promedio de 3,8% entre 2000-19. Asimismo, estima que continúe la moderación de los precios de
consumo, situándose en el 5,8% en 2024*, un punto menos interanual.
Economy in the shadow of geopolitics-Quarterly-Report-February-2024-Circulo-d...Círculo de Empresarios
Summary
Global economic situation
Global economic activity has maintained some dynamism in recent quarters in a regionally asymmetric manner, despite the impact of tight monetary policies, the fragmentation of trading blocs, the withdrawal of fiscal support in a high debt environment, low productivity and geopolitical uncertainties.
Against this background, the IMF forecasts moderate global GDP growth of 3.1% in 2024* and 3.2% in 2025*, lower than the average of 3.8% between 2000-19. It also expects consumer prices to continue to moderate to 5.8% in 2024*, down one percentage point year-on-year.
Desempleo España
Precios de producción en la industria España
Turismo España
Comercio minorista UE
Balanza comercial de bienes Alemania
Balanza comercial de bienes EEUU
Desempleo España
Precios de producción en la industria España
Turismo España
Comercio minorista UE
Balanza comercial de bienes Alemania
Balanza comercial de bienes EEUU
Comercio exterior bienes España
Deuda pública España
Encuesta trimestral coste laboral
Empleos vacantes sin cubrir en Europa
IPC Eurozona
Previsiones económicas China
Atracción global de inversión en capital riesgo
LOS PAÍSES DE TRADICIÓN JURÍDICA ANGLOSAJONA, CON FUERTE PROTECCIÓN DEL INVERSOR Y GOBIERNO CORPORATIVO, FAVORECEN MERCADOS DE CAPITALES MÁS PROFUNDOS Y LÍQUIDOS
En 2023 EEUU amplía su liderazgo como país más atractivo, mientras que se reducen distancias entre el resto
Perfil de España
ESPAÑA OCUPA LA 21º POSICIÓN ENTRE 125 PAÍSES CON 71,4 PUNTOS (2 PUNTOS POR DEBAJO DE LA MEDIA DE SU REGIÓN)
Debilidades de España centradas en los pilares de actividad económica y fiscalidad
España, entre los países que han perdido atractivo para la inversión en los últimos 5 años
Export/import prices of industrial products Spain
GDP by sector in Spain
International tourist arrivals in Spain
CPI Germany
US labour costs
China PMIs
Precios exportación/importación prod. industriales España
PIB por sectores en España
Llegada de turistas internacionales a España
IPC Alemania
Costes laborales EEUU
PMIs China
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
3. 2017 GDP forecast
Source: Círculo de Empresarios based on IMF, 2017
2016 2017
Global
3.1 3.5
-1,8
-3,3
3
41.2%
58.8%
2017 GDP distribution
Advanced
Emerging
Latin America
ASEAN
(Indonesia, Malaysia, Philippines,
Thailand, Vietnam.
Eurozone
Russia
USA
Sub-Saharan
Africa
1.6
2.3
-1
1.1
1.6
2.6
1.4
-0.2
1.4
5
4.9
2016
2017
1.7
4. Source: Círculo de Empresarios, 2017
4
Global trends 2017 (I)
Inflationary
pressures
Populist
movements Emerging and advanced economies
expand in a higher synchronised way
A more synchronised and
upturn global growth
* Brexit, elections in Germany and France, Italian political instability
Expansionary fiscal policies, oil prices rebound, low interest rates
63% of GDP faces political uncertainty
6. Source: Círculo de Empresarios, 2017 6
A more synchronised and upturn global growth
Higher optimism of global economic
activity
Brazil, Argentina and Russia come out of recession
UE economic sentiment at highest level
Lower fears in China (currency, overcapacity...)
Political risks reduce potential economic
growth
Trump economic policy
Le Pen, Beppe Grillo...
Brexit negotiations
Diplomatic tensions
7. 4,2
4,5
4,8
2016 2017 2018
Economic growth in
emerging economies(%)
Emerging economies are gaining momentum
Source: Círculo de Empresarios based on IIF, CaixaBank Research, 2017 7
Brazil and Russia come out of recession and contribute to global growth
Other positive data
✓ Strong capital flows to emerging
markets ($29,8 billion in March)
✓ MSCI increased by 10% during Q1
-4
-2
0
2
4
6
8
10
China India Indonesia Brazil Mexico Russia Turkey
Emerging countries GDP growth
%
2016 2017 2018
8. 3,8 4 3,8
7,9 7,9
9,3 9,3
9,8
3,9
8,5
10,3
6,6
5,1
6,9
7,3
7,6
6,8
7,2
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
0
2
4
6
8
10
12
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Real GDP and GDP per capita in India
%, $
Real GDP (Left axis)
GDP per capita PPP (right axis)
India: soft deceleration but brilliant economic
growth
Source: Círculo de Empresarios based on IMF and World Bank, 2017 8
Forecast
➢ Exceptional deceleration due to the
elimination of the largest banknotes
➢ In the last 17 years, India’s GDP
per capita multiplied by 3
Population: 1.3 billion
Nominal GDP: 2.2 tn$
PIB pc: 6,187 $ PPP
Note: Since 1993, poverty rate has reduced by 50% to 22% of indian population
9. 6,1
-1,8
-7,7
-11,2
-25,4
7,9
1,30,5
-13,2
-5,5
-18,8
-13,8
16,7
38,1
-30
-20
-10
0
10
20
30
40
50
2014 2015 2016 Jan.-16 Feb.-16 Jan.-17 Feb.-17
China's external sector
Annualchange, % ($ terms)
Exports Imports
China: less negative surprises
Source: Círculo de Empresarios based on Reuters and Safe, 2017 9
Economic growth stabilized at 6.7%
Since 2000, GDP per capita multiplied by 5
A possible change on the trend of China’s external
sector
* Data affected by Chinese New Year
0
2
4
6
8
10
12
14
16
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Real GDP and GDP per capita in China
GDP per capita $, PPP (left axis)
Real GDP (right axis)
$ %
10. China: poverty and inequality have diminished
Sourcee: Círculo de Empresarios based on, OECD, 2017
10
Since 1980, 700 million people out of poverty
Great progress but there is a still long way to go
0
20
40
60
80
100
120
1980 1985 1990 1995 2000 2005 2010 2015
Rural poverty rate in China
% rural population
44,5
45,0
45,5
46,0
46,5
47,0
47,5
48,0
48,5
49,0
49,5
Gini coefficient
Index
11. European Union: economic growth although
political risks
Political uncertainty
11Source: Círculo de Empresarios based on OECD, 2017
Note: The darker the colour, higher uncertainty
Brexit negotiations
Elections in Germany
and France
Economic and political
instability in Italy
ItalyFranceGermanySpain
1.9%3.2% 1.2% 0.9%
Real GDP growth, 2016
%
(1.8) (1.4)(2.5)
2017 forecasts in brakets
(1)
63% of GDP affected by political uncertainty...
12. European Union: Brexit (I)
12Source: Círculo de Empresarios based on Bertelsmann, 2017
United
Kingdom
EU-27
After art. 50, it will take at least 2 years of negotiation
UK faces a payment between 40-60 billion € in terms of budget agreements
Spain’s economy extra contribution will be aproximately 906 million €
138
7
10
EU revenue impact
Billion €
EU revenue without UK
UK contributions that used
to flow back into the UK
EU net revenue loss from
Brexit
13. 0
0,5
1
1,5
2
2,5
3
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Real GDP growth and inflation
Annual change
Real GDP Inflation
European Union: Brexit (II)
13
Source: Círculo de Empresarios based on Bertelsmann, ONS, 2017
Pound depreciation has accelerated UK exports
Brexit
Brexit
1
1,1
1,2
1,3
1,4
1,5
1,6
Pound performance against the euro and dollar
GBP/USD GBP/EUR
18
19
20
21
22
23
24
UK merchandiseexports
Billion £
14. 49
50
51
52
53
54
55
56
57
58
Eurozone PMI composite
Germany Eurozone France
Eurozone: stronger confidence despite the
political election calendar
14
Source: Círculo de Empresarios based on European Commission and Markit, 2017
“Poltical noise” did not affect European confidence, yet
99
101
103
105
107
109
111
Economic sentiment
Index Eurozone Germany
France
Brexit
Trump
Jan-16 Jun-16 Sep-16 Ene-17 Mar-17
15. Source: Círculo de Empresarios based on European Commission, 2017
Eurozone: growth and labor market
Since May-2009 Eurozone registered its lowest
unemployment rate
15
Contribution to GDP by components
Percentage points
EMPLEO
Private
consumption
+1
+0.4
Government
expenditure
Investment
+0.5
Private consumption continues as the key driver
of economic growth whereas investment remain
weak
22
17,7
11,6 10,1 9,9 9,5 8,6 8 7,8 7 6,1 5,2 4,1
2017 unemployment rates
% active population
16. Source: Círculo de Empresarios based on Eurostat, 2017
Eurozone: prices
16
Increase in headline inflation but core remains stable
ECB medium term objective
Since the second half of 2016,
headline inflation pressures have
increased due to higher
commodity prices
1.7
HICP projection, 2017
%
-1,0
-0,5
0,0
0,5
1,0
1,5
2,0
2,5
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar.-17
Eurozone HICP evolution 2014-16
Annual change, % Headline Core
17. Source: Círculo de Empresarios based on Eurostat, Bank of Spain and
Banque de France, 2017
Eurozone: France
17
Frexit would cost France 30
billion € a year aproximately
Unemployment rate projection
for 2017: 9.9%
(10% in 2016)
* Equivalent to the annual military budget
-5
-4
-3
-2
-1
0
1
2
3
4
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Real GDP in France
Annual change, %
France Eurozone
-0,4
-0,2
0
0,2
0,4
0,6
0,8
1
1,2
1,4
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
France and Germany 10 years debt
(%)
France Germany
26
68Risk premium
18. US: higher growth but risks of protectionism
Source: Círculo de Empresarios based on BBVA Research, 2017 18
Hihg uncertainty surrounding the new US economic policy
Expansionary fiscal
policies
Inflation
pressures
Trade relations/
protectionism
Exchange and
interest rates
Main US uncertainty factors
Symptoms of economic acceleration
Full employment
Higher corporate earnings
Stronger core inflation
19. US: strengthening growth
+1.6% 4.7%
Economic growth Unemployment rate
Core
inflation
+2.2%
(February 2017)
Source: Círculo de Empresarios based on BLS, BEA, Pimco, 2017 19
+98,000
(Marzo 2017)
GDP forecast: 2-2,5% pending the New US Administration
+2-2.5%
(2016) (2017)
4.5%
(2016) (March 2017)
Headline
Inflation
+2.7%
(February 2017)
Employment
creation
Wages
+2,7%
(Febrero 2017)
20. US: 3 increases in 2017
Source: Círculo de Empresarios based on Fed, 2017
20
[0,25-0,5]
[0.75-1]
16 Dic 2015- 15 Dic 2016
US interest rate
%
The Fed expects 2 more increases in 2017, due to the great improvement in the
labour market
[0.25-0.5]
[0.5-0.75]
15 Dic 2016- 16 Mar 2016
16 Mar 2016- actual
Fed dot plot March 2017
%
2017 2018
0
0,25
0,5
0,75
1
1,25
1,5
1,75
2
2,25
2,5
2,75
3
3,25
3,5
3,75
4
22. Commodities
Source: Círculo de Empresarios based on IMF and Bloomberg, 2017
Gradual acceleration of commodity prices
22
The increase in commodity prices has contributed to a
recovery of emerging markets
The future Trump policies impact on today’s
commodity market
59
69
79
89
99
109
119
129
139
149
159
Commodity prices
Index 2005=100
No-energy Energy Metals
-5 0 5 10 15 20 25 30 35
Gold
Corn
Aluminium
Copper
Oil
Steel
Commodity prices change since Trump
won elections(%)
23. Currency market
Source: Círculo de Empresarios based on Bloomberg, 2017 23
Political risks and Central Banks influenced in global currencies
The euro, dollar and pound lost share of currency
market due to higher importance of the yuan
48
12
7
33
43
88
30
11
Euro
Basket of currencies, SDR
%
Yen
Yuan
Dolar
Pound
2015
2017
-8
-6
-4
-2
0
2
4
6
8
10
Argentine
peso
Turkey
Lira
Mexican
peso
British
pound
Chinese
yuan
Euro Japanese
yen
Russian
ruble
Brazilian
real
Currency perfomance against $
1Q-2017
24. Financial markets
Source: Círculo de Empresarios based on Bloomberg, St Louis Fed, 2017 24
Higher valuation of stocks during Q1
IBEX-35 change 1Q-17
2015: 2016: 2017:
CBOE: Chicago Board Options Exchange
-8.6 +11.9+12
38,9
14,4 13,4
6,9
5,3 4,9
0,7 0,4
-2,0
-10,2
-12,3
7,9
2,5
4,6
7,3 5,9 5,4 6,4
-1,1
11,9
6,5
3,8
-20
-10
0
10
20
30
40
50
Stock market performance2016 vs 1Q-2017
%
2016 Q1-2017
10
14
18
22
26
30
CBOE volatility index
Brexit
Trump
27. Forecasts: the expansion is extended…
… but at a moderate pace
27
2017* 2018*2016
Source: Círculo de Empresarios based on IMF, 2017
3.2%
2.6%
2.1%
28. Forecasts 2017: composition of growth
2017 GDP Interanual growth projection = 2.8%
• Private consumption = 2.4%
• Public consumption = 0.8%
• Gross fixed capital formation = 3,3%
Domestic demand
% annual change
2.3 ppgrowth contribution
Source: Círculo de Empresarios based on Bank of Spain, April 2017 28
0.5 pp
External demand
Goods and services
% anual change
growth contribution
• Exports = 6.1%
• Imports = 5.2%
29. Current growth
Spain keeps the positive growth
differential with the OECD and the
Eurozone
4th consecutive quarter of positive
contribution of external demand
29Source: Círculo de Empresarios based on Bank of Spain, Eurostat and OECD, 2017
-8
-6
-4
-2
0
2
4
GDP (annual change) and contribution of
domestic and external demand (pp)
Domestic demand Spain
External demand Spain
Spain GDP
Eurozone GDP
OECD GDP
30. Domestic demand: households
30
Consumer spending moderates its growth
and residential investment slows down
Consumer confidence remains stable
Source: Círculo de Empresarios based on Bank of Spain, 2017
-4
-2
0
2
4
6
8
10
Spending decisions
% quarterly change
Residential investment
Private consumption
-2,5
-2
-1,5
-1
-0,5
0
0,5
1
1,5
2
2,5
Feb-13
Apr13
Jun-13
Aug13
Oct-13
Dec13
Feb-14
Apr14
Jun-14
Aug14
Oct-14
Dec14
Feb-15
Apr15
Jun-15
Aug15
Oct-15
Dec15
Feb-16
Apr16
Jun-16
Aug16
Oct-16
Dec16
Feb17
Confidence indicators
Normalized indicators (difference between the indicator and its
average, divided by its standard deviation)
Retail trade Consumers
31. GDP by sectors
31
Tertiarisation of the economy
Source: Círculo de Empresarios based on INE, 2017
0
10
20
30
40
50
60
70
80
90
100
2016Q4
2016Q1
2015Q2
2014Q3
2013Q4
2013Q1
2012Q2
2011Q3
2010Q4
2010Q1
2009Q2
2008Q3
2007Q4
2007Q1
2006Q2
2005Q3
2004Q4
2004Q1
2003Q2
2002Q3
2001Q4
2001Q1
2000Q2
1999Q3
1998Q4
1998Q1
1997Q2
1996Q3
1995Q4
1995Q1
GDP mp by sector (% total)
Nettax
SERVICES
CONSTRUCTION
MANUFACTUREINDUSTRY
ENERGY
PRIMARY SECTOR
4Q 2016
9,2
2,5
12,8
3,4
5,1
67
2,52,54,1
12,813,4
16,5
3,43,0
3,4 5,1
9,8
8,5
67,061,2
60,2
9,210,17,3
2016Q42007Q41995Q4
32. Employed by sectors
32
Tertiarisation of employment
Source: Círculo de Empresarios based on INE, 2017
0
10
20
30
40
50
60
70
80
90
100
2016Q4
2016Q1
2015Q2
2014Q3
2013Q4
2013Q1
2012Q2
2011Q3
2010Q4
2010Q1
2009Q2
2008Q3
2007Q4
2007Q1
2006Q2
2005Q3
2004Q4
2004Q1
2003Q2
2002Q3
2001Q4
2001Q1
2000Q2
1999Q3
1998Q4
1998Q1
1997Q2
1996Q3
1995Q4
1995Q1
Employed by sector (% total)
SERVICES
CONSTRUCTION
ENERGY
MANUFACTUREINDUSTRY
PRIMARY SECTOR
4Q 2016
78,5
10,7
1,2
5,6
4,0 4,03,97,1
10,712,9
17,3 1,2
1,1
1,3
5,6
12,7
9,0
78,5
69,465,3
2016Q42007Q41995Q4
33. Labour market (I)
Unemployment rate in Spain Feb. 2017 = 18% of labour force
vs. Eurozone average = 9.5% (Eurostat)
33Source: Círculo de Empresarios based on Eurostat, 2017
8
9,5
18
0
5
10
15
20
25
UnemploymentEU28
% labour force
34. Labour market (II)
SEPE data - March 2017:
▪ ▼ employed = 48,559 r/ Feb.
▪ ▲ affiliates = 161,754 r/ Feb.
▪ ▲ new contracts = 1,732,773
34
Between 2013 and 2016
unemployment has been
reduced by 1 million people and
affiliates have increased by
almost 1.5 million.
Source: Círculo de Empresarios based on Ministry of Employment and Social Security, April 2017
16.393.866
17.849.055
17.910.007
4.763.680
3.702.974
3.702.317
0
1.000.000
2.000.000
3.000.000
4.000.000
5.000.000
6.000.000
16.000.000
16.500.000
17.000.000
17.500.000
18.000.000
18.500.000
19.000.000
19.500.000
20.000.000
2007
2008
2009
2010
2011
2012
2013
2014
2015
Dec-16
Jan-17
Feb-17
Mar-17
Affiliates
Evolution of the affiliation to Social Securityand registered
unemployed
Persons
Affiliates Unemployed
Unemployed
35. Prices
March 2017:
▪ Annual CPI decreases to 2.3% (vs.
3% in February), mainly because of
the increase in energy prices.
▪ Prices are rising above the
Eurozone average
▪ Core inflatin is around 1%.
35Source: Círculo de Empresarios based on INE, Eurostat and Bank of Spain, 2017
2,3
0,9
1,5
-2
-1,5
-1
-0,5
0
0,5
1
1,5
2
2,5
3
3,5
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
General and core inflation
% annual change
CPI Spain
Core inflation Spain*
CPI Eurozone
* Without energyand non-processedfood
-2
-1
0
1
2
3
Contribution to monthly CPI Services
Industrial non-energy services
Processed food
Non processed food
36. Financial conditions
36
Source: Círculo de Empresarios based on bank of Spain, 2017
Note: Credit to households and business measured in stock terms
Credit increases
-9
-7
-5
-3
-1
1
3
5
Mar13
May13
Jul13
Sep13
Nov13
Jan14
Mar14
May14
Jul14
Sep14
Nov14
Jan15
Mar15
May15
Jul15
Sep15
Nov15
Jan16
Mar16
May16
Jul16
Sep16
Nov16
Jan17
Credit to households
% annual change
Total
House purchase
Consumption and other
-12
-10
-8
-6
-4
-2
0
2
4
6
Mar13
May13
Jul13
Sep13
Nov13
Jan14
Mar14
May14
Jul14
Sep14
Nov14
Jan15
Mar15
May15
Jul15
Sep15
Nov15
Jan16
Mar16
May16
Jul16
Sep16
Nov16
Jan17
Credit to business
% annual change Total
Resident business
Others
37. Public debt
The fall is mainly explained by
the real GDP increase
37
Public debt was 99.4% of GDP in 2016
Source: Círculo de Empresarios based on Bank of Spain, European Commission and Ministry of Economy, 2017
58,0
54,2
51,3
47,6
45,3
42,3
38,9
35,5
39,4
52,7
60,1
69,5
85,7
95,5
100,4
99,8 99,4
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Public debt
% GDP
38. 2016 (anual change) – Trade balance
Geographical distribution (%)
ExportsImports
Source: Círculo de Empresarios, based on Ministry of Economy and Competitiveness, February 2017
External sector
38
Exports ▲ 1.7% 254,530 M€
Imports ▼ 0.4% 273,284 M€
BALANCE ▼ Deficit 22.4% -18,754 M€
▼ 37,8%
energy deficit
Exports
Capital goods
Automotive industry
Food, beverages and
tobacco
Imports
Capital goods
Chemical products
Automotive industry
Top 3 sectors (% of total)
20.3
17.7
16.9
22
15.6
13.6
-94.159,9 -18.754,0
-100.000
-50.000
0
50.000
100.000
150.000
200.000
250.000
300.000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Million € Exports Imports Balance
Europe
72
EU
66,3
America
10,4
Asia
9,4
Africa
6,4
Other
1,8
Exportaciones
Europe
62,6
EU
57
Asia
19,5
China
8,7
America
10,4
Africa
7,3
Other
0,2
Importaciones
goods goods
39. Foreign investment in Spain 2016
39Source: Ministry of Economy and Competitiveness, 2017
Gross productive investment = 23.476 million €
• OECD countries → 85% (▲ 4.5%).
• EU → 50% (▼ 21%).
• Latin America → 10% (▲14%).
Main sectors of destination
(% over total investment and anual change)
• Supply of gas and electricity = 17.3% (▲10.1%)
• Real estate activities =13.7% (▲11.2%)
• Financial services = 7.8% (▲ 242%)
12 3
USA
(21.1%)
Netherlands
(9.5%)
Lux
(10.5%)
Investors (% over total investment and anual change)
In contrast with international context, with
investements between countries
decreasing
14.686
17.282
20162
23.766 23.476
0
5.000
10.000
15.000
20.000
25.000
2012 2013 2014 2015 2016
Gross productive investment in Spain
Million €
Foreign direct investment
40. Interest rates and risk premiums
40
Source: Círculo de Empresarios based on Bank of Spain and national Central Banks, 2017
The risk premium remained stable around 110 bp
0
20
40
60
80
100
120
140
160
180
-0,5
0
0,5
1
1,5
2
2,5
3
7-Apr-15
7-May-15
7-Jun-15
7-Jul-15
7-Aug-15
7-Sep-15
7-Oct-15
7-Nov-15
7-Dec-15
7-Jan-16
7-Feb-16
7-Mar-16
7-Apr-16
7-May-16
7-Jun-16
7-Jul-16
7-Aug-16
7-Sep-16
7-Oct-16
7-Nov-16
7-Dec-16
7-Jan-17
7-Feb-17
7-Mar-17
7-Apr-17
Ten years bond yield. Spain and Germany (%)
Risk premium (bp)
Spain Germany Risk Premium
Risk
premium
Interest rate
41. Spain’s position in international rankings
Italy
Iceland
Switzerland
SPAIN
41
The Travel & Turism Competitiveness
Index 2017 (136 countries)
Source: WEF, 2017
=
(2016)
Switzerland
Norway
Sweden
SPAIN
1
2
3
7
The Energy Architecture Performance
Index 2017 (127 countries)
Source: WEF, 2017
1
2
3
6
Bloomberg 2017 Healthiest Country Index
(163 countries)
Source: Bloomberg, 2017
▲1
(2015)
Switzerland
Denmark
Belgium
SPAIN
1
2
3
32
IMD World Talent Ranking 2016
(61 countries)
Source: IMD, 2016
▲ 7
(2015)
Hong Kong
Singapore
New Zealand
SPAIN
1
2
3
69
2017 Index of Economic Freedom
(181 countries)
Source: Heritage Foundation, 2016
▼26
(2016)
Denmark
New Zealand
Finland
SPAIN
1
2
3
41
Corruption Perception Index 2016
(176 countries)
Source: Transparency International, 2017
▼5
(2015)
SPAIN
France
Germany
SPAIN
1
2
3
1 =
(2016)