The Central African Republic (CAR) confirmed former math professor Faustin-Archange Touadéra as president, a candidate vowing to unify his country, according to Reuters. The Central African nation went through its worst economic downfall in the country’s history, including a three-year conflict between rebel Muslim Séléka insurgents and Christian militias. The new president will be sworn in on March 25.
On Tuesday, March 1, 2016, the World Bank held a forum called the 2016 Forum on Fragility, Conflict and Violence. The forum aimed to end extreme poverty around the world by 2030. The vision of the forum is mutual and sustainable prosperity through international cooperation. This was a perfect platform for United Nations Deputy Secretary-General, Jan Eliasson, to speak regarding his own vision of a peaceful future achieved through shared international interests coupled with universal economic development.
Despite strong GDP growth at the end of 2015, recent data indicates a softening in global growth that is worrying economists.
In Europe, the European Central Bank announced that it would revisit its stimulus program this month after Eurozone inflation fell to -0.2% for the Consumer Price Index, a sharp reversal from a 0.3% increase in January. Inflation in the CPI has continued to grow weaker throughout 2014 and 2015, despite a broad bond-buying program by the ECB that was designed to cause inflation to rise.
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.
