Chile’s economy shrank by 4.5% in the second quarter of this year, faring just slightly worse than the 4.4% GDP drop anticipated by economists, the Central Bank reported this week.
Brazil, Chile, Colombia and Peru are in the process of economic recovery, while Argentina, Bolivia, Ecuador, Paraguay, Uruguay and Venezuela are in a recessive phase according to a report released Wednesday and jointly drafted by Brazil’s Getulio Vargas Foundation and the University of Munich.
US billionaire Warren Buffett said that the US economy appears to be recovering, though the enormous dosages of monetary medicine used to fix it might pose a threat as ominous as last year's financial crisis itself.
The world has begun to recover from recession but the process will not be simple, the International Monetary Fund (IMF) has warned. The recession has left deep scars which will affect both supply and demand for many years to come according to IMF chief economist, Olivier Blanchard.
The number of British working-age adults claiming benefits is set to hit six million this month, a UK think-tank has predicted. The centre-right Policy Exchange forecast the rise using official Government figures on benefit claimants and the latest unemployment figures.
Argentine industrial activity during July plunged for the tenth month running going down 9.5% compared to a year ago, and accumulates so far this year a contraction of 8.7%, according to a private financial consultant group based in Buenos Aires.
The Argentine Catholic Church insisted on Tuesday that 40% of the population is poor or living below the poverty line and the gap between rich and poor is “scandalous”. The statement comes when Argentine bishops are meeting in Buenos Aires,
A key measure of inflation in the UK has unexpectedly remained at 1.8%. Economists had expected the Consumer Prices Index (CPI) to decline to 1.5% in July. The Retail Prices Index (RPI) inflation measure, which includes mortgage interest payments also unexpectedly increased to -1.4%, from -1.6%.
Koenigsegg Automotive, the Swedish maker of luxury 1.2-million US dollars sports cars, agreed to buy Saab Automobile from General Motors by the end of the year, potentially moving the company into the automotive mass market.
China reduced its holdings of US Treasury bills in June by the largest amount in nearly nine years in what economists viewed as a bid to diversify the country's foreign reserves and increase returns.