Finance & Economics | WPN World People News

On February 1, the Executive Board of the IMF concluded the Article IV consultation with Austria, and considered and endorsed the staff appraisal without a meeting.

The World Bank on February 2 issued its new Turkey Regular Economic Note (TREN)[i] which focuses on the recent economic developments and provides World Bank forecasts on key macroeconomic indicators in Turkey on a quarterly basis. The Bank revised its growth forecast for 2016 to 2.1 percent, as recovery in Q4 was weaker than envisaged earlier. In 2017, growth in Turkey is expected to recover to 2.7 percent in 2017 thanks to improving net exports.

On January 27, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Spain.

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Papua New Guinea on November 29, 2016, and considered and endorsed the staff appraisal without a meeting on a lapse-of-time basis.

European Commission plans for changes to the Financial Regulation, which governs the operation of the EU Budget, should be simplified further, according to a new opinion published by the European Court of Auditors (ECA). The Commission is proposing what it calls an “ambitious revision” of the Regulation as part of its Mid-term Financial Review.

In the euro area, in real terms, household income per capita increased by 0.2% in the third quarter of 2016, after an increase of also 0.2% in the previous quarter. Household real consumption per capita increased by 0.3% in the third quarter of 2016, after an increase of 0.1% in the second quarter of 2016.

The European Investment Bank Group provided EUR 619 million in new loans, guarantees equity in the Czech Republic in 2016, of which EUR 526 million from the EIB and EUR 93 million from its subsidiary the European Investment Fund (EIF).

A World Trade Organisation (WTO) panel on 27 January declared as illegal the Russian anti-dumping duties that hinder exports of Italian and German light commercial vehicles (LCVs).

The panel ruled that Russia failed to observe a number of WTO rules when introducing the anti-dumping duties in 2013, which range from 23% to nearly 30% and affect exports of Italian and German vehicles.

This is just one example of multiple measures taken by Russia in the recent years against EU exports. The panel's findings remind Russia that its international obligations cannot be ignored.

The EU Commission should table a plan in 2017 to cut delays in EU-funded projects that aim to reduce disparities among EU regions by stimulating growth and job creation, say Regional Development Committee MEPs in a resolution voted on Tuesday.

On January 23, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Angola.