After a year in office, President Muhammadu Buhari has failed to kick-start the economy, but he presses forward. Corruption, depleted foreign reserves, and lower oil prices remain an impediment to progress, but the new president has time to make additional reforms. Nigeria also suffers from a skyrocketing unemployment rate that has forced many people to turn to crime and religious extremism.
Following its landmark agreement with the international community regarding halting its nuclear weapons development programs, Iran has exploded onto the world stage. In what is the most recent in a series of new economic treaties and alliances, Iran and Singapore have signed an investment treaty designed to support Singapore companies that seek to invest in a market that, until recently, was embargoed from the outside world.
A sudden and surprising revision to U.S. GDP growth is bringing newfound confidence that the American economy is getting better.
After a number of weakening economic indicators, including rising jobless claims, lower home purchases, and contracting manufacturing activity, the Bureau of Economic Analysis (BEA) revised its estimate for fourth quarter GDP growth in the U.S. to 1% growth, after rising 2% in the third quarter.
Moldova’s government contends with widespread protests, as citizens grow furious with a system managed by oligarchs, according to Voice of America. Financial supporters from the West have frozen financial assistance until Moldovan leaders address corruption. Moldova is an Eastern European nation that neighbors Romania and Ukraine and is one of Europe’s poorest economies.
On Sunday, Jordan asked the World Bank to increase its financial support to the Middle Eastern nation that now claims that one-third of its population consists of refugees. The refugees represent an enormous drain on the nation’s resources, but without Jordan’s support, these people would be caught in the crossfire of war in neighboring nations like Syria. This represents a potential humanitarian crisis of virtually unprecedented scale in the modern era.
Canada’s major banks, such as Toronto Dominion Bank and Royal Bank of Canada, failed to meet profit targets as the economy struggles, according to Reuters. Banks have been especially hit hard from energy loans, but banking leaders are more concerned about the overall slowdown of the economy. While the situation concerns many banks, analysts do not foresee an apocalyptic scenario.
On Wednesday, the World Trade Organization (WTO) announced its ruling in a case brought by the United States against India. In the case, the U.S. argued that India imposed unfair trade restrictions designed to deny foreign manufacturers from equal access to Indian markets in contradiction of WTO rules.
Several studies this week pointed to worsening economic conditions in the United States.
The Chicago Federal Reserve announced that its National Activity Index rose to just 0.28, slightly better than the contraction in December but still a sign of moribund manufacturing growth, which confirmed an earlier Markit Economics study that showed manufacturing activity was suffering from “softer underlying demand patterns” that were not related to cold weather.
Human Rights Watch has called for a government investigation into the military for alleged executions and sexual assaults against citizens, according to the Associated Press. Over 6,000 people have fled to Malawi since late 2015 as tensions between the ruling Mozambican Liberation Front (FRELIMO) and opposition group Mozambican National Resistance (RENAMO) escalate to violent levels.
Mozambique has enjoyed relative peace since 1992, but recent violence could pose a threat to political and economic stability.
Similar to the North American Free Trade Agreement (NAFTA), Europe and Asia have a free trade agreement of its own as part of its Eurasian Economic Union (EAEU). Kazakhstan has become the latest member of this treaty, having ratified the agreement between the Eurasian Economic Union’s (EAEU) member states and Vietnam on Wednesday.
