Confidence in the state of the world economy over the next 12 months fell to the lowest level in five quarters, according to the Global Confidence Index prepared by the World Economic Forum.
Argentina’s trade surplus reached 1.014 billion dollars in July, which is 54% higher than the same month a year ago. Exports totalled 7.4 billion and imports 6.37bn according to the latest release from the official stats office, Indec.
Three Argentine economists, particularly close to the government of President Cristina Fernandez have admitted that the Argentine Peso is overvalued and is causing problems for non commodity exports which need to be addressed.
The US Congress budget office launched on Wednesday a stern warning: massive spending cuts and tax hikes due next year will cause even worse economic damage than previously thought if Washington fails to come up with a solution.
The Federal Reserve is likely to deliver another round of monetary stimulus “fairly soon” unless the economy improves considerably, minutes from the US central bank's August meeting show.
Russia's formally joined on Wednesday 22 August the World Trade Organization after having waited for 18 years. On July 21, President Vladimir Putin signed the final accession document approved by all WTO countries, a final step clearing the way for Wednesday’s formal entry.
Some 130 billion dollars will be invested in Venezuela's Orinoco Oil Belt between 2013 and 2019 to boost national production from 3 million barrels per day to 6 million bpd, President Hugo Chavez announced on Tuesday evening.
Venezuela, the latest entry as full member of Mercosur has the cheapest petrol price in the world, 8 pennies per liter, (1 £ trading at 1.59 dollars on 22 August) according to the latest report from UK website, “This is money”, based on a research from Evans Halshaw.
The gap is widening between the rich and poor in much of Latin America which is the world’s most economically unequal and its most urbanized region, the UN said Tuesday. The richest 20% of the population now earn on average nearly 20 times more than the 20% poorest, a study by the UN Human Settlements Program (UN-HABITAT) found.
Brazil might be the leading economy in Latin America and has had a significant performance in reducing poverty in recent years, but it still remains among the countries with he highest inequality in the region together with Guatemala, Honduras and Colombia, points out the UN-Habitar report.