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Japan’s Gamble on Growth: Joseph Stiglitz

Despite persistent deflation and tepid economic growth, things are looking up for Japan under the new Prime Minister. Shinzo Abe’s Keynesian-inspired reform programme is essentially a replay of what Takahashi Korekiyo achieved in the 1930s, when Japan escaped the Great Depression with a triple-barrelled blast of monetary, fiscal and structural stimulus.

TOKYO – Japanese Prime Minister Shinzo Abe’s programme for his country’s economic recovery has led to a surge in domestic confidence. But to what extent can “Abenomics” claim credit?

Key Economic News to Watch This Week: April 8

After a weaker-than-expected U.S. monthly jobs report on Friday, markets can expect the parade of weak March data to continue into the week. However, the upside to these signs of weakness is that they suggest the US Federal Reserve will stick to its stimulus measures to help bolster growth.

Current Oil Prices Unlikely To Harm World Economy, Claims OPEC Chief

The Organization of the Petroleum Exporting Countries (OPEC) will not seek to raise oil prices any higher, said its secretary general Abdallah el-Badri on Thursday, claiming that the current value of $107/barrel was at a “comfortable” level for both producers and consumers; and was unlikely to cause “harm” to the global economy.

El-Badri, who was speaking at an oil industry gathering in Paris, told the conference that the 12-nation bloc was satisfied with current oil prices, asserting that “we don’t advocate any extremes, too low or too high.”

Complex US Immigration System Cost Economy $30 Billion A Year: Study

America’s burdensome system of immigration laws is costing the economy $30 billion a year, according to a new study by centre-right think-tank American Action Forum (AAF) on Thursday, noting a hypothetical skilled immigrant would spend roughly 18 hours and $2,500 filling out at least 16 forms on his or her path to naturalization.

Chinese Fisheries Catching 12 Times More Than Reported: Study

China’s fishing vessels hauled in approximately 4.6 million tonnes, or $11.5 billion worth, of fish last year, claimed a study published by University of British Columbia scientists on Wednesday, which is more than 12 times larger than the catch the nation reports to the United Nation’s Food and Agriculture Organization; and taken from the waters of at least 90 countries – including 3.1 million tons from African waters.

Emerging Markets Heading For Stagflation-Lite?

With many of the world’s major emerging economies now moving towards a stagflation-lite situation, where inflation sticky at high levels but with growth decelerating or stagnant, can leaders find the correct policy response?

Here is an update on several emerging markets by my colleague Ilan Solot:

$700 Million From Hurricane Katrina Relief Fund Went To Waste: Federal Audit

As much as $700 million in federal aid intended to fortify homes after the Hurricane Katrina disaster in 2005 have been either squandered or misspent, said the U.S. Department of Housing and Urban Development (HUD) on Wednesday, who claimed that likelihood of recovering the money was “slim, at best.”

Islands Dispute May Delay China-Japan-South Korea Trilateral Summit: Reports

China is reportedly demanding for the annual China–Japan–South Korea Trilateral Summit to be postponed over its unresolved dispute with Japan over the Senkaku/Diaoyu islands, claimed the Kyodo News Agency on Thursday, even as former Japan Prime Minister Yasuo Fukuda prepares to meet with Chinese President Xi Jinping this month to discuss Sino-Japanese ties.

Rumours Of The Death Of The BRICS Are Greatly Exaggerated: Dan Steinbock

As a result of monetary expansion and fiscal stagnation in the advanced world, the BRICS countries are no longer immune to the debt crises that have plagued the developed economies. But contrary to what the critics may believe, the BRICS, as an alignment, are not headed towards demise.

As the large emerging economies met at this year’s BRICS Summit in Durban, South Africa, last week, they focused on proposals for a BRICS development bank and the future of the global economy in an attempt to counter reduced growth prospects.

Eurozone Unemployment Rate Hits Record High: 19 Million Now Jobless

The eurozone’s unemployment rate rose to a record high of 12.0 percent in the first two months of the year, with 33,000 additional people joining the ranks of the jobless, according to the European Union’s statistical agency Eurostat on Tuesday.

Not surprisingly, Greece had the highest unemployment rate among the 17-nation bloc at 26.4 percent, while Spain came in at a close second at 26.3 percent. Austria (4.8 percent) and Germany (5.4 percent) on the other hand were the lowest in the region and saw their figures remained unchanged from January.