At the end of August, leading ratings agency Moody’s downgraded 18 banks and two finance companies in Turkey. According to the agency, the downgrades “primarily reflect a substantial increase in the risk of a downside scenario, where a further negative shift in investor sentiment could lead to a curtailing of wholesale funding”.
It is true that one person can make a difference, for good or ill, for an entire nation; such was the case in Zimbabwe, once touted as the “breadbasket of Africa”, but after 30 plus years under the iron grip of President Robert Mugabe more aptly known as its economic basket case. There is renewed hope with President Emmerson Mnangagwa installed—but how much can one man do?
Global growth is strong, but policymakers need to navigate uncharted waters and enact complex policy changes to keep the world economy on an even keel. The main risk lies not in economic conditions, but in economic policy debates too often distorted by partisanship. We have a chance to leverage new technologies to lift living standards on a sustainable basis—but we need a more level-headed discussion to chart the path forward.
The banking industry in Ukraine has been beset by conditions so dire—from rampant fraud in its main banks, threats of war to foreign capital flight—that some thought it would never fully recover. Yet with help from international partners, the government, under the leadership of the National Bank of Ukraine, is making impressive strides toward putting its banking sector back on solid, fruitful ground.
As April turned to May, the ongoing economic expansion being experienced by the United States officially became the country’s second longest on record. The period, which began in June 2009 when the world’s biggest economy began to emerge from the Great Recession
“The 21st century has arrived.” This was the assessment from Venezuelan President Nicolás Maduro in early December, as he officially announced his campaign to launch a national cryptocurrency.
Russia’s economy suffered some major setbacks in recent years, especially as a result of low oil prices, slow growth and sanctions. The country’s equity-market performance slumped in response to the unfavourable macroeconomic and political conditions, but in 2017 it turned upbeat as investors flocked back to take advantage of emerging opportunities, creating an environment conducive to further business growth and prosperity for 2018.
Brazil’s economy is emerging from a difficult few years—but when analysing its prospects, a positive, long-term view is warranted, based on the country’s important position in world trade. With a little help from its friends and its own internal enterprise, this major South American economy, the world’s ninth largest by nominal GDP, has every reason to expect a triumphant comeback.
Qatar is easily the richest country in the world on a per capita basis. According to a study released in March by Global Finance Magazine that used data from the International Monetary Fund (IMF)
On July 30, Venezuelan President Nicolás Maduro followed through on previously made promises with an election for a new “constituent assembly” that would rewrite the country’s Constitution.