Liberia closed the Liberian chapter of the Red Cross amid alleged misuse of funds, according to Reuters. The decision comes after President Ellen Johnson Sirleaf’s dismissal of Red Cross board members in response to the supposed spending abuse. Liberia’s economy has suffered due to an Ebola outbreak that wreaked havoc throughout West Africa. Over 4,800 Liberians died during the outbreak.
Around the world, while women have gained significant ground on the issue of equal treatment under the law and norms of society, they still are not treated the same as their male counterparts in many economies. Christine Lagarde, head of the International Monetary Fund (IMF) says, “Inequality is sexist,” and argues that it actually hurts global economic growth.
American and Chinese markets suffered a setback after Chinese exports plummeted by over 25%. Exports fell by 25.4% according to official figures, while imports fell by over 14%. Both numbers are the worst seen since 2009, as Chinese consumers spend less and Chinese companies find less opportunities to sell to foreign firms.
The decline drove the International Monetary Fund (IMF) to issue another warning on global growth—the recent of several in the last few years.
According to government data, the Hungarian industrial sector propelled the economy forward in the later part of 2015, compensating for lacking output in agriculture and construction, according to Bloomberg Business. The economy also expanded 3.0% annually, with GDP growing 3.2%. The latest data marks Hungary’s eleventh consecutive quarterly growth rate.
The International Monetary Fund (IMF) has begun warning the largest economies in the world that a global economic catastrophe could occur if concerted action is not taken; however, many economists fear that the Group of 20 (G20) economies are unwilling or unable to do anything about the IMF’s dire predictions.
Across America, small businesses are feeling less confident about their future businesses and the economy as a whole. The NFIB Small Business Optimism Business Index fell 1 point to 92.9, its lowest point in two years. The survey, which asks small business owners general questions about their attitude towards their own futures and the future of the economy from various perspectives, resulted in an increasingly negative index reading from January.
Incumbent President Idriss Deby will run for re-election in a race that includes 14 candidates, according to AFP. Opposition leader Saleh Kebzabo has entered the race, and most of the other candidates are from the opposite side of the political spectrum. Chad is a poor country in Central Africa, but has entered the oil export market in recent years. Elections take place on April 10.
The International Monetary Fund (IMF) praised Cyprus on Monday for its decision to end its participation in a bailout program two months early. The decision came after the Eurozone nation was able to recover its financial stability.
Cyprus had received the benefit of a rescue program given jointly by the IMF and the European Union. The program would have expired on May 14, with the loan portion from the EU institutions ending later this month.
Labor market conditions and consumer credit are weakening significantly, indicating recessionary pressures are hitting the United States.
The Federal Reserve released a report on the job market, and saw that conditions for workers have worsened significantly, falling to -2.4 from -0.8 in January. That tripling of the negative read was a significant surprise, as the Fed expected steady improvement in the job market after it raised borrowing costs on Americans in December by raising its Fed funds target.
Mongolia reached a settlement over an arbitration award requiring the government to pay $100 million to Canada-based Khan Resources, according to Reuters. Under the terms, Mongolia will pay $70 million by May 15, 2016, including another term barring the government from trying to have the award agreement revoked in France, and Khan will cease legal action against Mongolia in seizing commercial assets to fulfill payment.
