Turkish governing party, AKP, has come under fire over such economic problems as high household debt and unemployment. Despite the party’s growing unpopularity and attacks from the opposition, the AKP is set to win the government by a slight majority. The general election in Turkey takes place on June 7.
Of the 8.5 million Americans that remain unemployed, 40 percent of those have given up looking for work. The job participation rate has fallen to a 37-year low.
In a recent discussion, Pope Francis’ deputy, Cardinal Pietro Parolin, the Vatican’s Secretary of State, said the world would need to develop a new model of economic development. The Vatican believes this new model must marry economic growth with plans to combat poverty by seeking ways to use resources in a sustainable manner.
Nobel laureate economist and mathematician John Nash and his wife Alicia Lopez-Harrison de Lardé died in a car crash this Saturday.
John Forbes Nash, Jr. was famous for revolutionizing game theory and partial differential equations; his insights into non-cooperative games expanded the field of economics and encouraged generations of economists to study how independent agents will behave within complex systems.
A Brilliant Dissertation
According to a report from the World Bank, Gaza’s employment rate is the highest in the world, and its economy will not survive without support from international donors and aid from Israel. The economy is struggling due to poor management, blockades and conflict.
While many may be familiar with the area known as Gaza or the Gaza Strip from its frequent appearances in the news, many may not realize the economic condition of this region.
After a conflict with Israel in 2014, this area was taken over by Hamas, a militant Islamic group. This led to a series of sanctions and blockades imposed by Israel and Egypt that some say have turned this area into an open-air prison. However, this has had the unintended consequence of turning Gaza into its own de facto micro-nation, separate from both Israel and Palestine.
European Central Bank President Mario Draghi believes global growth is too slow, and Europe needs market reforms to stimulate demand.
Ukraine’s economy contracted by an amazing 10.2 percent in 2014 and 17.6 percent in Q1 2015, stemming in part from a long-term civil war where eastern Ukrainians are fighting for autonomy. Manufacturing output dropped to around 40 percent, due to the government losing a great deal of manufacturing centers to eastern rebels, causing the nation to lose 20 percent of the overall economy. Ukraine was already in a two-year recession before the conflict erupted.
As many countries around the world, Japan suffered a recession following the downturn of the US economy in 2008. While some economists and financial experts had expressed concerns about Japan’s ability to successfully emerge from its stalled economic condition, a report by the nation’s statistics agency indicates that the country’s upward trend accelerated unexpectedly in the first quarter of 2015.
Another indication of weakening output in Germany is making economists reconsider Eurozone durability.
A composite index of services and manufacturing in the Eurozone fell five basis points to 53.4 in April, according to Markit Economics. The research firm’s index also suggested the slow pace of Eurozone growth is likely to persist in the second quarter, which the firm believes is attributable to weak global demand.
