Greek public sector workers walked off the street in a series of protest against reforms under the international bailout.
Just after two days of IMF cautions, BoE has warned over blink economic outlook in post-Brexit era. Prior to that BoE governor has described Brexit as the biggest domestic financial stability risk. BoE and its governor have drawn criticisms from the pro-Brexit campaigners following clear stance against leaving EU.
International Monetary Fund (IMF) has warned that slower growth rates among emerging markets are causing cash outflows and could cause another bout of crisis. Narrowing differential in growth prospects between advanced and emerging economies may add to the crisis situation again.
In response to a letter from the Greek Prime Minister Alexis Tsipras, Christine Lagarde, the IMF chief, has binned the Wikileaks’ transcript. Since IMF doesn’t act on leaks, she decided to allow the IMF team to resume the postponed bailout review. She has stressed the need for a speedy conclusion of the bailout review just for the sake of the Greek people.
UK's GDP growth rate was remained unchanged at 0.5 percent for the fourth quarter of 2015. Services sector contributed the most to the GDP growth. Meanwhile, International Monetary Fund (IMF) has cautioned about weakening global growth.
Over the recent weeks, Canada has been seen quietly disposing of its gold reserves, so much that the reserves now stand at 0.62 tons. The decision to sell the yellow metal is said to be issued straight from the Finance Minister, Bill Morneau's office.
The east African nation Ethiopia is poised to grow at 8.1 percent in 2016 from 8.7 percent growth in 2015. This makes Ethiopia a fastest growing nation in the world. The government spending on infrastructure projects is mainly driving the economy growth.
China grew 6.9 percent in 2015 indicating the slowest growth rate in 25 years. The growth rate was 6.8 for the fourth quarter of 2015. The world's second largest country recorded 7.3 percent growth rate in 2014. Investors are cautious about the impact of slowdown in China's economy. IMF forecasts China's economy growth rate at 6.3 percent in 2016 and six percent in 2017. Chinese government has set a target of seven percent growth for 2016.
Argentina is struggling from soaring inflation, which is hovering at 21 percent. The inflation rate is expected to reach 25 percent in 2016. The government is targeting to bring it down to five percent by 2019. The soaring prices are forcing consumers to pay everything in installments.
Despite the International Monetary Fund recent inclusion of the yuan or Renminbi in their basket, rich Chinese men are selling their money for other currencies, because they know that China's economy continues to slow down.
A tame inflation complicates the Federal Reserve's decision whether to raise interest rates this week. Data show that despite many signs of economic improvement, the pace of growth of US consumer prices last month was well below the central bank's target.
The International Monetary Fund raises concern about the potential fallout of a US rate hike this year. The fund says raising interest rates at this time puts the already fragile global economy at risk. "Monetary policy must stay accommodative to prevent real interest rates from rising prematurely," the IMF said Wednesday in a letter to top central bankers and finance ministers meeting in Turkey this week.
With current economic uncertainty, investors and citizens are asking whether the country will get affected by the looming global financial distress. Latest report by Business Insider shows that despites the turbulence, US economy has grown by 3.7 percent in the second quarter of 2015, and the unemployment rate fell to 5.3 percent this year compared to 6.2 percent last year.
A rocky start for China stock in this new month as their stock market plunge yet again. Based on the report by CNN, Shanghai Composite index fell 4.2% at the opening bell while Shenzhen Composite index opened 5% lower at the same time.
China is reportedly planning to cut deposits that banks are required to hold in reserve to counter the effects of a weaker currency.