Global Economy

admin September 13, 2018

BY MANY measures, America’s economy is powering ahead. GDP is on track to grow at around 3% this year, and the unemployment rate is an impressively low 3.9%. For President Donald Trump, it is an unmissable opportunity to gloat. On September 10th he described the economy as “soooo good” and “perhaps the best in our […]

admin September 13, 2018

China’s economy is slowing, and trade war may make it worse. Currency crises in Turkey and Argentina are spilling over to other emerging markets. Italy looks shaky. And the UK economy is unsettled as the last Brexit deadline draws near. Yet the US economy and stock market continue to power ahead. America’s gross domestic product […]

admin September 13, 2018

THESE are glorious days at Recep Tayyip Erdogan Stadium, a tidy 14,000-seat football ground perched on a steep hillside in the Kasimpasa district of Istanbul—and named after a local lad who became president. Kasimpasa SK are top of the Super Lig, Turkey’s top division, having won their first four games of the season. The economy […]

admin September 13, 2018

Emerging markets beware: In this climate, even a major interest rate hike can fail to impress worried investors. The Turkish central bank stepped up Thursday after months of inaction and increased interest rates to 24% from 17.75%. The move produced an immediate reaction from the embattled Turkish lira, which strengthened as much as 5% against […]

admin September 12, 2018

Move over Russia and Saudi Arabia. America has reclaimed its throne atop the oil world. For the first time since 1973, the United States is the world’s largest producer of crude oil, according to preliminary estimates published on Wednesday by the Energy Department. The feat demonstrates how the US shale oil boom has reshaped the […]

admin September 12, 2018

Mark Carney is sticking around for Brexit. The Bank of England said Tuesday that Carney would stay as governor until January 2020. “I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit,” Carney said in a letter to UK treasury chief Philip […]

admin September 12, 2018

Have the risks of another financial crisis been eliminated in the 10 years since the collapse of Lehman Brothers? Not entirely, according to Bank of England Governor Mark Carney. “Could something like this happen again?” he said in an interview with the BBC. “Could there be a trigger for a crisis? If we’re complacent, of […]

admin September 7, 2018

FIVE years after the darkest days of the financial crisis, Lawrence Summers took the dais at an IMF forum to offer a few thoughts on America’s recovery. It was lousy. Growth showed no signs of making up ground lost during a deep recession. The unemployment rate had only just fallen back below 7%. It was […]

admin September 7, 2018

WHEN an emerging market loses favour with its creditors, how should its government respond? The policy prescriptions do not typically include intimidating the central bank, railing against the “interest-rate lobby”, falling out with allies, eschewing the IMF’s help, pouring scorn on the dollar or appointing the president’s son-in-law as finance minister. Turkey has done all […]

admin September 7, 2018

America is running out of unemployed people. The job market is so hot that it might have to cool off, simply because there aren’t enough people to fill open positions. There are some signs that the cool-down is already underway. The payroll processing company ADP reported that private employers added 163,000 net new jobs in […]