After some economists and analysts criticized the Obama administration for doing too little to stimulate job growth, U.S. Secretary of Labor admitted that most Americans are struggling even as the economy gains strength.
Egyptian authorities revised its previous GDP fiscal year estimate of 5.0 to 5.5 percent amid renewed infrastructure investments, according to Reuters. The economy grew 4.2 percent in the 2014/15 fiscal year, expanding 2.2 percent since last year, and investments comprised over 14 percent of GDP. Egypt also plans to boost exports by 15 percent for 2016 in wake of Russian sanctions against Turkey.
The World Bank and International Finance Corporation (IFC) have announced plans to create an off-grid solar power system for Nigeria. World Bank and IFC have dubbed the program “Lighting Africa,” and it will unite private sector interests with public entities to help build sustainable infrastructure and markets for solar-powered products. People who live in areas that do not presently have grid-supplied power will serve as the key focus of the program.
In November, a strong increase in payrolls and a steady unemployment rate indicate the U.S. may approach full employment in the near future.
The country added 211,000 non-farm payrolls in November, the Bureau of Labor Statistics said in a report. While this represents a decline from the 298,000 payrolls added in October, it brings the 4-month average to 269,250—a historically high number that may indicate unemployment rates will begin to fall in 2016.
The economy continues to grow and the job market has gotten close to the Fed’s goal of maximum employment, according to Fed Chairwoman Janet Yellen.
South Korea’s GDP grew at its fastest rate in over five years during Q3, due to a rise in consumer spending, according to AFP. However, manufacturing only grew 0.1 percent, and South Korean exports remain lackluster from a sluggish world economy and waning demand from China. South Korea’s central bank predicts 2.7-percent growth for 2015.
After the island sustained severe damage in a tropical storm, Dominica’s economy has suffered horrendously. To assess the full extent of the damage, the World Bank, United Nations, and other development partners with funding support of the European Union (EU) and the World Bank Global Facility for Disaster Reduction and Recovery put their resources together to study the problem. What they found proved shocking.
The Federal Reserve ventures closer to raising interest rates in a move that could impact the cost of mortgages, car loans, corporate bonds, and a variety of other debts throughout the financial world. According to the Federal Reserve, “economic activity increased at a modest pace in most regions of the country” from October to November, indicating that the Fed sees enough data points to justify raising interest rates.
Finance Minister Apisak Tantivorawong believes the economy will expand 3 percent for 2015, which aligns with an official data projection of 2.8 percent, according to The Business Times. However, the finance minister contends that a 3-percent growth rate is not enough for a developing economy such as Thailand, and he has yet to specify which sectors of the economy have begun recovering. Thailand suffers in key areas, such as exports and domestic demand.
While most economic news originating from Greece has been negative over the last few years, a small glimmer of good news appeared this week. According to a new study by the Organization for Economic Coopertion and Development (OECD), Greek pensioners receive the equivalent of 98 percent of their average income, putting them at third highest among OECD’s 34 member countries.
