Category: Markets

EU and US to Launch “Biggest Trade Deal in History”


European and U.S. officials launched negotiations on Monday to create one of the world’s most ambitious free-trade zones aimed at creating jobs and boosting growth in the fragile global economic climate.

U.S. President Barack Obama said the first round of talks would take place in Washington next month and pledged to make discussions a “priority of mine and my administration.”

Obama hopes that greater access to the European market for U.S. companies will boost exports and provide a jolt to growth and employment without increasing budget deficits.

How America Lost Its Edge in Communications Technology: Dan Steinbock


The United States’ global primacy depends in large part on its ability to develop new technologies and industries faster than any other country. However, after decades of intensified globalization and the rise of the large emerging economies, such as China, the world’s factory, and India, the world’s technology back-office, the old U.S.-dominated information and communication technology ecosystem has not only disintegrated structurally but it has dispersed geographically.

US Budget Cuts “Excessively Rapid and Ill-Designed”: IMF


The International Monetary Fund on Friday called for the repeal of sweeping U.S. government spending cuts that kicked in earlier this year, denouncing it as “excessively rapid and ill-designed”, as it cut the 2014 growth forecast for the world’s biggest economy.

Key Economic News to Watch This Week: June 17


The Group of 8 Summit opens in Northern Ireland on Monday and discussions are likely to focus on global economic issues and the efforts to tackle tax evasion, as well as the Syrian civil war. On Wednesday, investors will be looking to Fed Chairman Ben Bernanke’s post policy meeting press conference for clues on when the central bank may start to scale back its $85 billion monthly bond buying programme.

Monday, June 17

World Bank Lowers Global Growth Forecast As Economy Enters “New Normal”


The World Bank on Wednesday lowered its growth estimate for the global economy in 2013, in part due to the spiralling eurozone crisis, but said that outlook appears more stable than just before the 2008 financial crisis.

According to the World Bank’s latest report, the global economy will grow by 2.2 percent this year, bolstered by a 5.1 percent surge in developing countries.

United Kingdom Economy


The United Kingdom is made up of England, Scotland, Wales, and Northern Ireland. It has the fifth largest national economy—measured by nominal GDP—in the world, and the second largest in Europe. In 2013, the United Kingdom (UK) was the world’s fourth largest exporter and importer. Many economists rank the UK as one of the most globalized economies. London has the largest city GDP in Europe.

UK Exports, Imports and Trade


The UK is the 7th leading importer and the 12th leading exporter in the world. Accordingly, the UK holds a massive trade deficit with the rest of the world, second only to the US. In 2012, UK imports were worth $646 billion with exports valued at only $481 billion.

UK Economic Structure


During the heyday of the British Empire, the UK was the largest and most influential economy in the world. As the birthplace of the industrial revolution, the UK was at the forefront of technological advances during the 18th to 19th century.

UK Industry Sectors


Historically, the UK has been one of greatest economic influencers in the world. As the epicentre of the first Industrial Revolution during the 18th century, the UK ushered in what economic historians agree to be the most significant event in mankind’s history since the dawn of agriculture.

UK Economic Forecast


The UK economy has endured disappointing growth following the 2008-2009 global financial crisis. Prior to the financial crisis, the economy was experiencing GDP growth rates of around 3 percent; but after the economy contracted by 0.968 percent and 3.974 percent in 2008 and 2009 respectively, the UK could only post a 1.799 percent GDP growth rate (constant prices, national currency) in 2010 – one of the slowest recoveries among the OECD nations.