The challenges of expanding the European Union by up to eight countries were being discussed by governments on Thursday, with significant changes to the bloc’s decision-making, agriculture and regional aid budgets needed if it is to grow further. The talks among EU affairs ministers of the 27 current members states in the Spanish town of Murcia are to lay the groundwork for an EU summit on Oct 5-6. “Today is a council that prepares the summit in 10 days with a discussion on enlargement,” French Europe Minister Laurence Boone told ...

The International Monetary Fund on Thursday said a looming shutdown of the U.S. government posed an “avoidable risk” to the nation’s economy, and urged parties to reach consensus on continued funding for the federal government. “We certainly are urging the parties to come together to reach a consensus and find a way forward,” IMF spokesperson Julie Kozack told reporters at a regular briefing. “We do see a shutdown as an avoidable risk for the U.S. economy.” Congress must pass legislation that Democratic President Joe Biden can sign into law by ...

The economic prospects for the Middle East and Africa (MEA) region are marked by significant uncertainties, primarily stemming from a worldwide economic slowdown, decline in oil production, and the ongoing food security issues. Moreover, escalating heatwaves in the Middle East and a deteriorating humanitarian crisis in Africa further compound the difficulties. Against this backdrop, the risk score of the MEA region was 53.5 out of 100, the highest compared to all other regions in the Q2 2023 update, reveals GlobalData, a leading data and analytics company. Nonetheless, there was a ...

Surging oil prices have become a new concern for central banks, aggravating the current ‘trilemma’ of how to balance slowing economies, still too-high inflation and the delayed impact of unprecedented rate hikes. According to ING economists Carsten Brzeski and Bert Colijn the answer to this conundrum differs between major central banks. Carsten and Bert argue that looking ahead, the recent increase in oil prices is expected to make things even more complicated as it will both worsen the economic slowdown but also push up inflation (or at least reduce the ...

The world’s fastest growing economy may be on track to grow by more than 100% by 2028, largely fueled by profits from its oil production and export sector, according to one analysis. Guyana, a country in South America with a population of about 800,000 people, is projected to grow 38% by the end of the year — an “extremely fast” pace, according to recent GDP forecasts by the International Monetary Fund. The IMF is not alone in its optimism. BMI, a Fitch Solutions research unit, is also of the view ...

London’s embattled office market is in “rental recession” as empty workspace across the UK capital’s West End, City and Canary Wharf business hubs hits a 30-year high, analysts at Jefferies said, pressuring shares of several top landlords. In a note downgrading Land Securities LAND.L, British Land BLND.L, Derwent London DLN.L and Great Portland Estates GPEG.L, Jefferies estimated a 20% contraction in London office usage due to post-pandemic hybrid working and tenants’ growing preference for greener buildings in the suburbs. “Retail was technology’s first casualty and we think offices are next. ...

The economies of Central Asia demonstrated strong growth in the first half of 2023, bolstered by a resumption of international trade and tourism, as well as high levels of migration and remittances from Russia, according to the European Bank for Reconstruction and Development’s (EBRD) latest Regional Economic Prospects (REP) report, published today. According to the Bank, GDP growth in the region is likely to remain robust at 5.7 per cent in 2023 and 5.9 per cent in 2024. The recent bout of growth – driven by government spending, China’s reopening, ...

Reforming the World Bank’s approach to risk could unlock nearly $190 billion in additional urgently needed lending for developing countries without jeopardizing its AAA credit rating, a study commissioned by the Rockefeller Foundation found. The study, carried out by international finance analytics firm Risk Control, found the bank’s two main lending arms, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), have “significant headroom” to boost lending. Rockefeller hired Risk Control to review and quantify key recommendations made in 2022 by an independent Group of ...

When Marc Matsil retired to Connecticut’s bucolic northwest hills two years ago, fly fishing and hiking filled his days. Today, he fills classrooms instead with his knowledge of climate science, chemistry and biology, passing on his love of nature to high school kids. The change makes sense given his career in environmental protection, including 15 years running the Natural Resources Group of New York City’s Department of Parks and Recreation. But this is not exactly the “retirement” he envisioned. Matsil, 66, is far from alone in tiptoeing back into the ...

Euro zone governments will try to bolster their public finances next year by withdrawing expensive energy price subsidies but slower economic growth and fear of angering voters are likely to limit fiscal tightening, officials said. The European Central Bank has called for governments to roll back subsidies introduced to help people cope with the spike in energy prices that followed the start of the Ukraine war, saying doing so will help it stabilise inflation over time. Withdrawing them is politically sensitive, however, as in the short-term it will push up ...

China’s economy is expected to steadily recover in the fourth quarter and further pick up in 2024, and will be far from nearing a so-called state of deflation, said Hoe Ee Khor, chief economist of the ASEAN+3 Macroeconomic Research Office, or AMRO. “Following a strong rebound in the first quarter and a sharp weakening in the second quarter due to stiff headwinds, China’s growth recovery momentum began to stabilize in the third quarter,” Khor said in an exclusive interview with China Daily. “The momentum is expected to strengthen steadily in ...

The U.S. economy is facing headwinds from a possible government shutdown, student debt payments restarting, higher interest rates and an autoworkers’ strike, White House economic adviser Jared Bernstein said on Wednesday. The economy will keep going in a “pretty good way” unless there is a policy mistake or exogenous shock, he added, speaking at an event at the Economic Policy Institute, a progressive think tank. “We have wages now beating prices, nominal wages growing faster than prices, and that dynamic in our economy creates a pretty persistent flywheel,” he said. ...

China will further optimize its economic structure, deepen reform and welcome more U.S. companies to invest in the country, China’s Vice President Han Zheng said on Tuesday in a meeting with former U.S. Secretary of the Treasury Henry Paulson. “China-U.S. relations are the most important bilateral relations in the world today,” Han said in talks in Beijing. He added that China and the U.S. should strengthen cooperation, promote global economic recovery and cope with global challenges. Source: Reuters (Reporting by Ella Cao and Bernard Orr)

German companies’ willingness to hire new staff took a hit in September, data from the Ifo Institute showed on Wednesday, underlining recession fears in Europe’s largest economy. The metric fell to 95.8 points from 97.0 points in August – its lowest point since February 2021 – due to a lack of orders, with the trade, construction and services sectors also losing traction, Ifo said in a statement. “The robust expansion of employment seen over the past few months has come to a standstill,” said Ifo head of surveys Klaus Wohlrabe. ...

The recent rise in global oil prices should not immediately impact India’s fiscal deficit for the fiscal year 2023/24, a senior government source said Tuesday. Oil prices rose to 10-month highs this month before easing, on extended production cuts from key suppliers Saudi Arabia and Russia. India, the world’s third-largest energy importer, purchases more than 80% of its crude oil from international markets. The Indian government does not see allocations to oil marketing firms move beyond the budgeted 300 billion rupees for the fiscal year 2023/24, the source added. Source: ...