The Swedish government will decline thousands of refugee applications and deport up to 80,000 people—of the 160,000 refugees the country originally accepted—that sought asylum in 2015. Sweden is more welcoming to migrants than any other nation in Europe and provides new arrivals with social services that include language courses.
The International Monetary Fund (IMF) recently issued a warning to Saudi Arabia regarding its spending vis-a-vis its primary source of income. The major oil producer is feeling the pinch of lower global oil prices, and the IMF predicts years of higher taxes and low fuel subsidies for the Middle Eastern nation. Around the world, crude oil prices have fallen more than 70% over the last 18 months. As a result, a number of economically weaker oil-reliant countries will likely soon begin defaulting on national debts.
A little over a month after the Federal Reserve confidently proclaimed the economic strength of the U.S., several indicators are showing signs of a shrinking economy. Manufacturing activity continues to decline, marking the fourth month that U.S. manufacturing has weakened. According to the Institute for Supply Management, manufacturing activity fell from the previous month and is shrinking. The Institute for Supply Management’s (ISM’s) Manufacturing PMI fell to 48.2%, with employment and inventories contracting.
The Zambian government is considering asking farmers to make certain changes in crop production, such as importing maze from South America, to help with the deficit and rising irrigated crops, according to Reuters. The Southern African country also suffers from waning production in the mining sector due to declining commodity prices; moreover, a drought is causing the nation to lose a great deal of power. Much of Southern Africa has been ravaged by a severe drought that could cause mass starvation of 14 million people.
Once welcomed for its financial aid, the World Bank is now feeling like a persona non grata in Phnom Penh. This week, current and former residents of the Boen Kak neighborhood in Cambodia’s Phnom Penh pelted the World Bank’s local office with raw eggs, demanding the bank withdraw from the nation.
A continuing decline in union membership now means that there are less union workers in the United States than at any point in history since World War II. Union membership fell to 11.1% of the total number of wage and salary workers in the U.S. as part of a trend that has been continuing since 1980, according to a new study by the Bureau of Labor Statistics (BLS).
Standard & Poor’s Ratings Services (S&P) downgraded Azerbaijan’s rating as the ex-Soviet republic contends with a devalued currency and lacking revenue, according to AFP. The Central Asian country relies on oil revenue for 95% of its exports, and S&P expects the economy to shrink by one percent for 2016. Azerbaijan is located in the Caucus region near the Caspian Sea, located between Eastern Europe and Asia.
According to a report issued by the Organization for Economic Cooperation and Development (OECD) on Sunday, Israel ranks low for income, housing market, poverty, and public perception of government corruption, but, strangely, high for satisfaction with life, health, and education levels. The report on the nation’s “well-being,” was a surprising mix of results.
The International Monetary Fund (IMF) and the World Bank are meeting to discuss providing billions of dollars in funding to avoid corporate defaults on a global scale.
According to the U.N.’s World Food Program, Zimbabwe faces a severe food shortage as a prolonged drought plagues the economy, according to Reuters. The Southern African nation faces its worst drought in 25 years while recovering from unprecedented levels of inflation that brought the economy to its knees five years ago. Zimbabwe’s agriculture sector comprises 30 percent of exports and 19 percent of GDP.
