Nigerian economic expansion contracted to 2.84 percent in the third quarter, a stark contrast from 6.23-percent seen from a year before, according to Reuters. Crude prices dropped roughly 60 percent since June 2014, affecting Nigeria’s oil-based economy. The West African nation relies on oil for 70 percent of its state revenue.
On Tuesday, November 17, Members of the Organization for Economic Cooperation and Development (OECD) struck a deal to restrict financial subsidies used to support the export of technology related to coal-fired power plants in developing countries. The deal came after months of difficult, sometimes contentious, negotiations.
Both the European Central Bank and the International Monetary Fund visited Cyprus to identify opportunities to stimulate growth in the once-depressed economy.
The attacks in Paris left a cloud of uncertainty in the air, and spending and tourism may grind to a halt, according to AFP. Before the tragedy, France announced a return to growth in the third quarter, but economic activity has slowed since Saturday.
After nearly two years of lobbying, the Chinese government finally learned this week that its currency would be part of the International Monetary Fund’s special group of world currencies. Its currency, the renminbi, will now join a short list of the world’s top currencies in the International Monetary Fund’s basket of top currencies that also include the U.S. dollar, the Euro, the British pound, and the Japanese Yen.
The World Bank recently issued its 2016 World Bank Doing Business report. Among its findings, Mexico was pleased to discover it has improved its ranking in the world for best place to do business up four spots to number 38, and up a whopping 11 spots to 92 for the best tax environment.
After a terror attack on Paris stunned the world, the European Central Bank has acknowledged political and cultural schisms are rising tensions throughout the European Union.
Over 13 people were killed over the weekend, with 240 lives lost since April due to escalating political violence, according to Bloomberg Business. The turmoil comes a decade after a bloody civil war between the majority Hutu and Tutsi minority, claiming 300,000 lives. President Pierre Nkurunziza’s return to power has fueled the current crisis, and the opposition questions his legitimacy. The IMF expects the Burundi economy to shrink by 7.2 percent from the instability.
Hong Kong had higher than expected growth in the third quarter, despite fears of declining momentum in China and across Asia.
Hong Kong’s economy grew by 2.3% on a year-over-year basis in the 3rd quarter, above economists’ expectation of 2% growth for the period. Sequentially, GDP rose 0.9%, a strong acceleration that may indicate stronger domestic demand for goods and services.
Power outages and low commodity prices burden South Africa’s economy, which suffers from a 25.5 percent unemployment rate, according to Bloomberg Business. Overall employment increased in multiple sectors as more people join the workforce, but unemployment rose due to the commodities slide and low business morale. Slower demand from Asia is another cause for concern, most notably from China, which is one of South Africa’s largest export markets.
