When one thinks of Rwanda, a war torn country full of impoverished people with no notable economy of any kind probably first leaps to mind. However, in reality, Rwanda has become one of the fastest growing economies in East Africa. In 2014, it posted a growth in Gross Domestic Product (GDP) of 7 percent. This year’s predictions put growth at 6.5 percent for 2015 and 2016.
A number of economic indicators suggest a surprise slowdown throughout Europe, while American spending doubles but remains pressured by moribund wage growth.
This week the UK announced that its economy had risen by only 0.3%, a decline from the previous quarter despite expectations that quantitative easing in the European Union, combined with Britain’s own economic growth trend and growth policies by the Conservative party. The growth rate was about half of analysts’ estimates.
Consumer spending rose by the largest amount in nearly half a year even as incomes remain stagnant. According to a new report by the Commerce Department, consumer spending rose 0.4% in March, which is double the February rate. While a sharp rise, it falls short of the 0.5% growth rate that economists had expected.
Adjusted for inflation, the growth was even lower: 0.3%, up from the post-inflation flat rate of the prior month.
Central bank head Stephen Poloz said that the second quarter would see positive results after the economy suffered from the shock of low oil prices. The bank expects an annual growth rate of 1.8 percent in the second quarter and 2.8 percent for the third quarter.
In recent years, Argentina has come to be known for its highly volatile currency values and myriad problems with its banks. As a result, many in Argentina find themselves wishing for a more stable and secure currency and banking system.
Bitcoin is a form of “digital currency” (or “cryptocurrency,” as some call it, due to its encrypted, highly secure nature). Often synonymous with illegal dealings in the United States, thanks in large part to illicit websites like The Silk Road, Bitcoin has only just begun to make an impression on the American consumer.
For the fourth straight quarter, Taiwan has leapt ahead of other Asian economies in terms of expansion. Expected first-quarter report results should demonstrate growth of about 3.5 percent, according to a report by Bloomberg News. That would put it at least one full percentage point ahead of South Korea, Singapore, and Hong Kong. As such, Taiwan may become the model by which other economies, particularly around Asia, measure their own success.
Prime Minister David Cameron vowed to hold a referendum by 2017, determining whether Britain should leave the European Union. However, the promise is based on the ability of conservatives to win elections on May 7.
The ECB is set to announce it will provide emergency lending to Greece even as both continue negotiations on a long-term agreement over the Mediterranean nation’s debt crisis.
The ECB governing council has already increased its cap on lending to Greece, most recently by 1.5 billion euros, or about $1.6 billion, after the Country neared its limit for cash injections. The ECB currently has a limit of 75.5 billion euros, or about $83 billion.
Despite public frustration, Prime Minister Mariano Rajoy projects 2.9 percent growth in 2015 and 2016, while creating around 500,000 jobs. Rajoy is relying on economic progress to win a second term in office.
On Saturday, April 25, 2015, the Himalayan nation of Nepal suffered a massive 7.8 magnitude earthquake. The results: at least 3,000 people dead and damage to the tiny nation’s economy that will likely last for years. Yet, for many Westerners, this small nation’s culture and economic climate remains a mystery.
A Glimpse at the Nepalese Economy
