Japan estimated the cost of the damage from its devastating earthquake and tsunami could top 300 billion US dollars (close to 6% of GDP). The first official estimate since the March 11 disaster covers damage to roads, homes, factories and infrastructure.
Private domestic demand was a crucial element in the 2010 performance of the Uruguayan economy that expanded 8.5%, for the eighth year running, according to the latest report from the Central bank. But inflation is also running well above target.
Goldman Sachs raised its forecast for Argentina’s economic growth in 2011 after the economy expanded last year at the fastest pace since 2005. Alberto Ramos Goldman Sachs economist raised the GDP expansion estimate to 6.8% from a previous 5.6%, according to an e-mail statement.
World lemon and orange juice production is set to grow while the crop of tangerines and grapefruits are forecasted to drop according to a citrus trade report from the US Department of Agriculture.
Argentina’s powerful organized labour head, Hugo Moyano kept his pressure on the government saying that President Cristina Fernández de Kirchner, CFK, will seek re-election on October’s elections.
The Uruguayan economy completed in 2010 the eighth year running of expansion having recorded 8.5%, which together with 2008 and 1998 makes them the best three years of the last two decades. Uruguay managed to skip the 2009 global recession with a 2.9% expansion.
President Barack Obama is nearing the end of a five-day tour of three Latin American nations to underscore the advance of democracy, and strong economic growth in the region.
Several South American countries are demanding an immediate cease fire in Libya and questioning the intensity and extensive bombing by an alliance of NATO strike forces of several cities under Colonel Muammar Gaddafi’ control.
Brazil reaffirmed the significance of Mercosur for President Dilma Rousseff administration’s foreign policy and underlined the strategic relation with Argentina, Brazil’s main associate in the trade block.
Tokyo Electric Power (Tepco) will have to compensate farmers for losses caused by the nuclear radiation leaking from its power plants, Japan has said.