In a crippling blow to Barack Obama’s Trans-Pacific Partnership trade agreement, talks between nations in the partnership have collapsed.
All 12 nations in the pact besides the U.S. failed to reach an agreement late last week, causing Obama and Secretary of State John Kerry to scramble over the weekend. The pact is originally designed to allow more trade between the U.S., Mexico, Canada, and many other nations throughout Asia.
Nearly 60% of Jamaica’s population of 2.8 million residents lives in coastal communities. This makes them highly susceptible to harm resulting from climate change, such as rising sea levels, hurricanes, and storm surges.
According to Canadian statistics, the economy shrank 0.2 percent in May, falling below already low expectations of zero growth, according to Business Insider. The economy continues to suffer due to low oil and commodity prices.
American economic growth rose at a 2.3% annual rate in the second quarter of 2015, far below expectations.
Economists had expected a 2.9% increase, with strength from resurgent consumption leading the growth. While personal consumption expenditures (PCE) did post a 2.9% annualized increase in the second quarter, it was not enough to offset “negative contributions from federal government spending, private inventory investment, and nonresidential fixed investment,” according to the Bureau of Economic Analysis. The BEA also noted that imports rose, again hurting GDP.
In a move that may boost the economies of an entire continent, 26 African nations have entered into a new free trade agreement. Called the Tripartite Free Trade Agreement (TFTA), the historic agreement was finalized on July 19, and it may signal a turning point in the history and economic strength of the entire African continent.
Central bank authorities decided to keep rates at a record 3.0 percent in the wake of Mexico’s sluggish growth, according to Bloomberg Business. In an effort to mitigate the economic fallout, the bank has taken measures to boost the peso, which has tumbled in reaction to the possibility of the U.S. Federal Reserve raising interest rates.
Greece has loosened restrictions on capital flows for businesses, allowing companies to import more into the country.
In a sign of a return to normalcy, the Greek government has loosened capital controls that limited money transfers abroad. That restriction caused imports to grind to a halt, as limits on remittances caused importers to postpone shipments when they did not receive payment.
In a world with an increasing focus on the importance of environmental protection, many nations have acknowledged the need to link economic and economic reform measures. Unfortunately, according to the Organization of Economic Cooperation and Development (OECD), most countries still fail to link these two priorities comprehensively, leading to uneven results that generally favor money over environment.
According to the Zimbabwe Revenue Authority, mining royalties declined by 39 percent, and overall royalties fell 65 percent when compared to 2014 earnings, according to Reuters. The nation also lacks energy and water services in certain areas, including old roads and bridges that need repair, discouraging further foreign investment.
With continued indications of a global slowdown in economic activity, oil has entered a bear market as oversupplies hurt prices for the second time in a year.
Oil futures has fallen 20% from its peak in 2015 as Brent futures fell over 1% during Tuesday morning trading. WTI futures continued their slide in the U.S., nearing $47 per barrel as losses extended for the second day in a row.
