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OECD slashes 2015 world growth forecast to 3.1pc PARIS: The OECD on Wednesday sharply lowered its global growth forecasts for 2015 and 2016, predicting the world economy will strengthen by 3.1 percent this year, down from the 4.0 percent it projected in March.The forecast for 2016 has been revised downward half a percentage point, from 4.3 to 3.8 percent, with an expectation that the world economy "will strengthen gradually to approach its past (pre-crisis) average pace by late 2016," the Organisation for Cooperation and Development said.Copyright AFP (Agence France-Presse), 2015 ...

Turkish agriculture feels economic pain ahead of polls CUBUK: Turkey's agriculture sector, a key pillar of the domestic economy, is increasingly feeling the pinch in a troubling development for the ruling party that is counting on farmers' support in this weekend's legislative elections.On a cattle farm in the district of Cubuk outside Ankara, Ozkan Ilhan surveys his 500 cows with pride but declares that the future of the sector is in danger under the policies of the Justice and Development Party (AKP)."Our economy ...
Australia's economy strengthens, but growth challenges remain SYDNEY: Australia's economy was stronger-than-expected in the first quarter of the year as exports and consumer spending boosted growth, data showed Wednesday, reinforcing a decision to keep interest rates on hold after two cuts this year.The mining-driven economy grew by 0.9 percent in the first three months of 2015, above analysts' expectations of 0.7 percent, to take the annual rate of growth to 2.3 percent, Australian Bureau of Statistics figures showed.The quarterly growth was an ...
Brazil trade surplus up on lower imports BRASMLIA: A steep decline in imports saw Brazil post a better-than-expected trade surplus of $2.761 billion in May to trim its deficit for the year to date to 2.305 billion, the government said Monday.The May result, the best since 2012, continued a trend which started in March and gave Brazil some room for maneuver after January-February brought a combined deficit of $6 billion.Trade Ministry figures showed imports down by more than a quarter, 26.5 percent, ...
OECD, 'rich nations' club' turns into 'do-tank' PARIS: The Organisation for Economic Cooperation and Development, derided as a "rich nations' club" that vegetated in its Parisian chateau for decades, has redefined itself as the go-to resource for economic analysis."When I started my career (at the French finance ministry) in 1996, they sent me to visit the OECD. I said to myself, 'God, I hope I don't end up here!'" said Pascal Saint-Amans, recalling his impression of the institution as "second tier".But Saint-Amans, ...
South Korea inflation at 0.5pc, deflation fears persist SEOUL: South Korea's inflation rate remained way below the central bank's target range in May as low crude oil prices depressed consumer price gains, government data showed Tuesday.Inflation stood at 0.5 percent from a year earlier, Statistics Korea said, adding to fears of deflation in Asia's fourth-largest economy.The rate was marginally higher than the 0.4 percent recorded in April, which was the lowest level since 1999.The finance ministry said consumer prices would pick up in ...
Brazil trade surplus up on lower imports BRASÍLIA: A steep decline in imports saw Brazil post a better-than-expected trade surplus of $2.761 billion in May to trim its deficit for the year to date to 2.305 billion, the government said Monday.The May result, the best since 2012, continued a trend which started in March and gave Brazil some room for maneuver after January-February brought a combined deficit of $6 billion.Trade Ministry figures showed imports down by more than a quarter, 26.5 percent, ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln