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.
Unemployment rates have fallen to near full-employment levels, but American workers are not getting a boost to their paychecks. Additionally, American workers are finding they have continually less bargaining power across the United States. Employers, thanks to at will employment laws and an increasing supply of educated labor, are finding it easier to fire “troublemakers” who demand raises, better working conditions, or other incentives to stay happy and productive.
The International Chamber of Commerce (ICC) has expressed deep approval for the Organization for Economic Cooperation and Development’s (OECD) plan to allow all countries to participate in its Base Erosion and Profit Shifting (BEPS) plan.
Benin voters have chosen their new president over the weekend as President Thomas Boni Yayi steps down after two terms, according to Reuters. The country had 33 candidates to choose from, but leading contender Prime Minister Lionel Zinsou is supported by Yayi and he has campaigned on a platform of bringing jobs to young people and aiding small businesses.
Benin is a small West African country, which has suffered immensely due to political instability and the decline of Nigeria’s economy. The election results are pending.
