Finance & Economics | WPN World People News

On May 30, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Algeria.

Algeria continues to face important challenges posed by the fall in oil prices four years ago. Despite a sizeable fiscal consolidation in 2017, the fiscal and current account deficits remain large. Real GDP growth slowed sharply, mainly driven by a contraction in hydrocarbon production, although growth in the nonhydrocarbon sector was stable.

The agreement for the Project was signed by Sameer Kumar Khare (right), Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India and Junaid Ahmad (left), Country Director, World Bank India, on behalf of the World Bank.

Projected real GDP growth for Kazakhstan in 2018 has been revised upward, from 2.6 percent to 3.7 percent, due to better-than-expected oil prices and output, according to the spring edition of the Kazakhstan Economic Update. While the recovery in global oil prices may have slowed the urgency to transition to a new economic growth model, the changing global pattern of foreign direct investment presents both challenges and opportunities for Kazakhstan.

“I am very disappointed with the US decision to impose duties on steel and aluminium imports from Europe. These are unilateral and unjustified measures that will do serious harm to workers, industry and consumers on both sides of the Atlantic.

The Chairman of International Trade Committee of the European Parliament Bernd Lange (S&D, Germany) issued the following statement on the new US tariffs.

An IMF team led by Axel Schimmelpfennig visited Kampala May 15‒28, 2018 to continue discussions for a 3-year non-financial Policy Coordination Instrument. The mission met with President Museveni, Minister Kasaija, Governor Tumusiime-Mutebile, Permanent Secretary/Secretary to the Treasury Muhakanizi, members of parliament, private sector representatives, and senior government officials. The mission team thanks the authorities for the constructive dialogue.

Ministers from OECD and developing economies have committed to step up their efforts to promote responsible business conduct by companies in order to drive more inclusive and sustainable economic growth.

Economic activity in China remains resilient, with GDP growing by 6.9 percent in 2017 and 6.8 percent year on year in the first quarter of 2018. Consumption continues to drive growth. Growth is projected to moderate to 6.5 percent in 2018 and 6.3 percent in 2019-20, according to the World Bank’s new China Economic Update released on May 31.

Economic activity in China remains resilient, with GDP growing by 6.9 percent in 2017 and 6.8 percent year on year in the first quarter of 2018. Consumption continues to drive growth. Growth is projected to moderate to 6.5 percent in 2018 and 6.3 percent in 2019-20, according to the World Bank’s new China Economic Update released on May 31.

An International Monetary Fund (IMF) staff team, led by Björn Rother, visited Tunisia from May 17–30 to discuss the authorities’ policy plans under the Third Review of Tunisia’s economic reform program supported by a four-year IMF Extended Fund Facility (EFF) arrangement