Tag Archives: Economy

US trade war could cost global economy $430 billion, IMF warns

The risk of current trade tensions escalating further is the greatest near-term threat to global growth, said the International Monetary Fund (IMF) in its latest World Economic Outlook report. “Our modeling suggests that if current trade policy threats are realized and business confidence falls as a result, global output could be about 0.5 percent below current projections by 2020,” the ...

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Russia speeds up dumping the dollar from economy

One of Russia’s largest banks, VTB is seeking to decrease the share of US dollar transactions at home as locals are choosing the Russian ruble over the greenback. “There is one interesting thing I wanted to highlight. Since the beginning of this year, people seem to be less interested in making dollar deposits or taking out dollar loans, compared to ...

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India's economy overtakes France to become sixth largest in the world

India has become the world’s sixth-biggest economy, pushing France to seventh place, according to recent data from the World Bank. Read more The country’s gross domestic product (GDP) surged to $ 2.597 trillion at the end of 2017, compared to France’s $ 2.582 trillion. India has doubled its GDP in the last ten years, but with 1.34 billion people – ...

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Russia will respond to US protectionism affecting China & global economy – Kremlin

US tariffs on Chinese goods is all about US protectionism, which can hurt the global economy as a whole, according to Russian presidential spokesman Dmitry Peskov. “We are now seeing a number of measures exclusively of protectionist nature, which are being imposed by the United States of America and the retaliatory measures taken by various partners in trade and economic ...

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Rebuilding North Korea's economy would cost $63bn, but South Korea would benefit – Citi

Boosting the sanctioned economy of North Korea would not be easy or cheap, but there are geopolitical benefits for South Korea, according to research by Citibank analysts. Citi estimated that $ 63.1 billion would be needed to rebuild transportation and infrastructure. Among the costs is an estimated $ 24.1 billion – needed for 28 railroad projects, $ 22.8 billion would ...

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Russia to retaliate against US steel & aluminum tariffs – economy minister

Moscow will seek to retaliate against Washington’s unilaterally imposed steel & aluminum tariffs against Russia and other producers, said Russian Economic Development Minister Maksim Oreshkin. Read more “The US continues to apply protective measures by imposing additional import duties on steel and aluminum, and refuses to provide compensation for Russia’s losses. That is why Russia is using its WTO rights ...

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Former economy minister Ulyukayev jailed for 8 years over $2 million bribe begins sentence

Former Russian Economy Minister Aleksey Ulyukayev, jailed for 8 years after extorting a $ 2 million bribe, has begun his sentence at a penal colony, the TASS news agency reported on Thursday. Russian Justice Ministry’s Federal Service for Execution of Punishment, that manages the country’s prison system confirmed the reports but did not disclose the location of his detention. Ulyukayev ...

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Crisis looming over global economy without free trade

Multilateral free trade is a key to global economic stability, global leaders at the St. Petersburg International Economic Forum (SPIEF) have agreed. Russian President Vladimir Putin warned about the deepest crisis the global economy has ever seen, if protectionism prevails. “The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken ...

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High reserves & low debt make Russian economy strong in hard times – IMF

The International Monetary Fund has revised its outlook for the Russian economy, and there is some good news for Moscow, IMF Chief Christine Lagarde said at the St. Petersburg International Economic Forum (SPIEF). “Russia has put in place an admirable macroeconomic framework—saving for a rainy day, letting the exchange rate float, introducing inflation targeting, and shoring up the banking system,” ...

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Global economy is pregnant with digitization, but I’m okay, Putin reassures

The world’s economy is hooked on technology, even if he isn’t, Russian President Vladimir Putin said during a panel session with his French counterpart, Emmanuel Macron at the St. Petersburg Intl. Economic Forum (SPIEF 2018). Putin referred to a statement by President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin, who reportedly said the Russian president is “infected” ...

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