Nigeria just elected Muhammadu Buhari as its new president. When he takes office, he will have his work cut out for him as he inherits Africa’s largest economy just as it begins the descent into a tailspin due to plunging oil prices.
United Arab Emirates Minister of Economy Sultan Al Mansouri says officials plan to diversify the economy to minimize the damage from low oil prices. Energy commodities are playing less of an important role in the UAE economy.
Since the recovery of the US economy following the “Great Recession” of 2007, unemployment has steadily declined but wages have remained virtually unchanged, an historic anomaly. However, wages for one segment of the population have seen a gradual up-tick: minimum wage workers.
In an effort to save an economy plagued by war and inner turmoil, Syrian authorities are cutting imports to increase export capacity. The Syrian central bank is offering fewer licenses to importers while refusing to offer a decent exchange rate.
American consumers are getting more confident while home prices continue to rise, as historical tailwinds turn to headwinds that are helping the country sustain its economic recovery.
After a downturn in February, the Consumer Confidence Index rose to 101.3, an increase of 2.5 percentage points from February. The Conference Board noted that the index, which measures consumers’ general feeling about future economic conditions, saw a sharp uptick while economic expectations for the future rose.
A recent report by the Pew Charitable Trust has found that the middle class has definitely gotten smaller since 2000. But, with the economy on the rebound, should it not be growing again?
The Ethiopian economy has made significant headway in such sectors as infrastructure, energy and agriculture. The East African country hopes to get away from its poverty-stricken image.
When it comes to developing markets in Africa, Ethiopia is a primary competitor. Ethiopia’s economy has grown at an annual 11 percent, which is over double the rate of other nations in sub-Saharan Africa. Ethiopia’s expansion efforts attracted investors for long-term business, creating job opportunities for many locals.
Ethiopia Connects to the World
Americans saw their incomes rise in February, helping spending to rise slightly as goods and services become slightly more affordable.
Personal incomes rose 0.4% in February, the same gain that incomes saw in January. A new report by the Bureau of Economic Analysis showed a total of $61.8 billion in higher personal incomes for the month of January and a $58.6 billion increase in February.
Tax Burdens and Discretionary Consumption
According to a recent report by the Commerce Department (and reported by the Wall Street Journal), Americans are saving more of their incomes than they have since 2006. Analysts are uncertain of just how long this trend will continue.
The Findings
Analysts predict Iran may agree to a deal with the West over the nation’s nuclear ambitions in order to get the economy back on track. All parties could come to a deal in the next few days.
