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Latest news about the state of the world economy.

Uzbekistan Enhances Trade Ties with Pakistan to Improve Economy

Date: 18 March 2016

Uzbekistan may enhance bi-lateral trade with Pakistan as a safeguard against lower commodity prices and a downtrodden world economy. Uzbekistan is a relatively new nation, which gained independence in 1991 and remains a developing nation. The economy enjoyed 8.0% GDP growth in 2015.

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Argentina Government Nears Settlement Deal with Creditors

Date: 17 March 2016

Argentina’s lower congressional house approved a bond settlement with creditors, and President Mauricio Macri expects to win support in the Senate, according to Reuters. The government would pay over $4.65 billion to a group of investors who are determined to see a return of their money.

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New IMF Debt Rules Draw Praise, Criticism

Date: 17 March 2016

Bankruptcy is the procedure in the United States (and many other nations) that allows a debtor who is no longer able to pay back a debt to come to some form of resolution with his or her creditors, typically allowing for a different repayment term or the discharge (or erasure) of some or all of the debt. In fact, every country has some similar process. When addressing international debts between nations, however, no such procedures exist.

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Kenya Granted Standby Credit with IMF in Case of Economic Turbulence

Date: 16 March 2016

Kenyan officials obtained a $1.5 billion credit line with the International Monetary Fund (IMF) as a safeguard against drastic economic downfall, according to Reuters. The International Monetary Fund notes that such factors as diminished security, inclement weather, and unfavorable international markets could destabilize Kenya’s stable economy. The Kenyan shilling gained steady ground in 2016, and the economy achieved solid expansion in 2015.

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European Union Suspends Aid to Burundi over Worsening Violence

Date: 15 March 2016

Burundi’s violence has increased since President Pierre Nkurunziza’s third-term election, causing the European Union to suspend direct financial assistance to the government, according to AFP. The government will no longer receive assistance, but the EU will lend financial aid to Burundi’s population for humanitarian purposes.

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IMF Predicts Growth for Indonesia in 2016

Date: 15 March 2016

According to the International Monetary Fund (IMF) Indonesia's economy should grow at a slightly faster rate in 2016 after slowing for several years. The growth comes because of higher public investment and improving sentiments around the world toward the Southeast Asian nation's economy, the largest in the region.

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Chinese Economy Weakens, Yuan Expected to Fall

Date: 15 March 2016

After two weeks of recovery, the Chinese yuan is expected to fall after further data shows Asia’s largest economy continues to slow.  Production in China’s industrial sector rose just 5.4% in the first two months of 2016, a disappointment that has led many analysts to warn that the country’s new sub-7% GDP growth target is still too optimistic.

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Turkmenistan President in Trouble As Economy Suffers

Date: 14 March 2016

President Gurbanguly Berdimuhamedow’s administration is on the line as low oil prices and a Russian recession drags down the economy. The oil sector in particular is plagued with corruption, and the nation’s inefficient weather prediction system affects such vital sectors as agriculture and transportation. Turkmenistan is located in Central Asia and is bordered by such nations as Iran, Uzbekistan, and Kazakhstan.

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World Bank Predicts Strong Growth for Pakistan for Next Two Years

Date: 14 March 2016

The World Bank has recently released its Macroeconomic Outlook, 2015. In the report, the World Bank predicts strong growth for Pakistan for the next two years. That growth includes steady expansion with low inflation supported by an improving external position and strong new fiscal policies.

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World Bank: Vitamin Deficiencies Cost Nigeria $1.5 Billion Annually

Date: 11 March 2016

While most parents caution their children that it is important to get all of their vitamins and minerals, few probably realize the important role that advice can play in a nation’s economy. According to a World Bank Specialist on Welfare Economics (Professor Foluso Okunmadewa), Nigeria loses an estimate $1.5 billion from its gross domestic product (GDP) each year due to vitamin and mineral deficiencies.

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Jobless Claims Fall, Services Turnover Rises

Date: 11 March 2016

People are spending more on services and less jobless claims hint at a recovering American labor market.  Initial weekly jobless claims fell from 18,000 to 259,000, far below expectations of a 5,000 drop to 272,000. Continuing claims also fell slightly, as 2.225 million unemployed workers in the United States continue to request help, as they cannot find work. Initial claims fell to the lowest point since October 2015, after several weeks of broad increases. The 4-week moving average for initial claims fell to 267,500.

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Liberian Red Cross Probe Highlights Entrenched Corruption

Date: 11 March 2016

Liberia closed the Liberian chapter of the Red Cross amid alleged misuse of funds, according to Reuters. The decision comes after President Ellen Johnson Sirleaf's dismissal of Red Cross board members in response to the supposed spending abuse. Liberia’s economy has suffered due to an Ebola outbreak that wreaked havoc throughout West Africa. Over 4,800 Liberians died during the outbreak.

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Sexism Hurts Global Economy IMF Chief Says

Date: 10 March 2016

Around the world, while women have gained significant ground on the issue of equal treatment under the law and norms of society, they still are not treated the same as their male counterparts in many economies. Christine Lagarde, head of the International Monetary Fund (IMF) says, “Inequality is sexist,” and argues that it actually hurts global economic growth.

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Markets Reel on China Exports Crash, IMF Cautions

Date: 10 March 2016

American and Chinese markets suffered a setback after Chinese exports plummeted by over 25%.  Exports fell by 25.4% according to official figures, while imports fell by over 14%. Both numbers are the worst seen since 2009, as Chinese consumers spend less and Chinese companies find less opportunities to sell to foreign firms.

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