Tunisia has been in the process of economic reform and liberalization following decades of state interventionism left the economy on the verge of collapse. While growth has been moderate, it sustained for over a decade. Unfortunately, that growth trend may have ended, along with the lives of at least 38 people, due to a horrific terrorist attack on Saturday.
Small business investment increased in the first quarter, according to new data from PayNet, a sign that the Canadian economy is improving. The exceptions are Saskatchewan and Alberta, two provinces still reeling from the shock of low oil prices. Both provinces saw a 1.0 percent decline in investment, and loan delinquencies surged by 2.0 percent.
Two major trends are boosting economic expectations in the United States, as the mortgage market continues to strengthen and consumers get more confident across the country.
The total amount of seriously delinquent mortgages on single-family homes for Freddie Mac loans fell to 1.58% in May, the lowest rate since the end of 2008. That is still far above the pre-crisis average of about 0.7%, but indicates a continued decline from the peak, when serious delinquencies rose to over 4% at the beginning of 2010.
Africa is on the rise. Once, nations like Ethiopia were poster children for poverty and starvation. Today Ethiopia is one of the fastest growing economies in the world. In fact, according to a report by Forbes, seven of the fastest growing global economies today are in Africa. North Africa expects average GDP growth rate of four to five percent by 2020, and Sub-Saharan Africa expects six to seven percent.
Austria’s GDP rose 0.1 percent in the first quarter, and exports increased 0.8 percent when compared to the last quarter. Austria is one of Europe’s most downtrodden economies. Austria, once known as “the better Germany,” has seen its role reversed. Germany is now the most prosperous nation in Europe. What happened?
Greece failed to reach an agreement with its creditors before a meeting with European Union leaders.
Greek Prime Minister Alexis Tsipras met with creditors to discuss how to alter the terms of previously acquired debts, with the hopes of getting creditors to agree on a variety of reforms that would keep the nation solvent. While Greece’s creditors refused his offer, they unanimously agreed on a credit deal with Greece, which the nation rejected.
Newly elected president Muhammadu Buhari stated that Nigeria’s previous administration left the treasury “virtually empty,” according to Channel News Asia. The West African nation has suffered from such factors as rampant inflation and low oil prices, sending the economy into a tailspin. Nigeria is Africa’s largest and prosperous nation.
Spain has the fifth largest economy in the European Union, but it may soon be climbing the ranks. According to a recent report by the Associated Press (via ABC News), the Spanish Economy Minister, Luis de Guindos, believes the Spanish economy is growing at the strongest rate since the nation slumped — along with the rest of the world — during the economic crisis and global recession that began in 2008.
Chinese economic activity continues to decline as the government encourages borrowing money to fuel growth.
According to the HSBC flash Purchasing Managers’ Index (PMI), manufacturing activity shrunk again in June, with a reading of 49.6. Some pundits are cheering the fact that the reading is up from May, when the reading was 49.2, and beat expectations by 0.2 points, but several economists are still warning that the contractionary trend remains intact and is indicating that Chinese growth is likely to fall short of its target for the year.
According to the International Monetary Fund, the Cyprus economy is expected to grow 0.2 percent for the year, which is a reversal from three years of economic contraction. Experts expect businesses from the European Union to play a role in the economic recovery. Cyprus is a nation located to the east of the Mediterranean Sea. Its inhabitants are mostly of Greek descent, but many are Turkish.
