Uruguay will experience a serious deterioration of its exports in 2009 with impacts on the rest of the economy and growth limited to a mere 0.2%, according to The Economist Intelligence Unit, EIU.
In spite of a considerable slowdown this year, China is poised to become in 2010 the world’s second largest economy, behind United States and ahead of Japan, according to the IMF World Economic Outlook released this week.
The UK economy shrank 1.9% in the first three months of 2009, according to gross domestic product (GDP) data from the Office for National Statistics. The contraction was much worse than had been expected and was the biggest three-month decline in GDP since the third quarter of 1979.
Spain's jobless rate rose sharply, to 17.36% in the first quarter of 2009 with more than 4 million people out of work, the government said Friday. Nearly half of the 4 million lost their jobs in the past year, the National Statistics Institute pointed out
Brazil and other emerging economies are willing to provide additional financing to the International Monetary Fund but they are still not happy with the capitalization mechanism proposed by the institution, Finance Minister Guido Mantega said on Thursday.
Ecuador will not change its offer to buy back 3.2 billion of defaulted debt at a sharp discount (70%), and appealed to investors to be mindful of its economic problems, Finance Minister Elsa Viteri said in a letter to bondholders, according to press reports from Quito.
Mercosur is going through “one of its worst moments” and has several “pending critical issues” such as “free circulation of goods and people and mitigating asymmetries” said Walter Cancela head of Uruguay’s Economic Affairs, Integration and Mercosur Office.
Chile's GDP will likely grow a marginal 0.1% on the year in 2009, recovering to a 3% in 2010, said the International Monetary Fund in its April World Economic Outlook released Wednesday. The IMF outlook is more optimistic than local analysts' outlook who forecast the Chilean economy will contract 0.5% this year.
This week-end, ministers of finance and central bankers will meet with officials of the International Monetary Fund and World Bank in Washington to address the reform of the two global financial institutions, which were created by the United States and its allies to fund and guide economic development after World War II.
Brazil’s current account deficit dropped by half in the first quarter compared to a year ago as businesses cut imports and sent less money to parent companies abroad amid slower economic growth. According to the latest release from the Central Bank the deficit narrowed to 5 billion US dollars in the first quarter of the year compared to 10.3 billion in the same period in 2008.