Week in Review Archive

Prime Minister Mark Carney, who took office on March 14, introduced his new cabinet recently and lamented their focus on the economy, as the strife brought about by tariffs and threats of annexation from the United States weighs on the nation.

In 2023, the economy grew by 0.7%, followed by a 1.7% increase in 2024, driven by private consumption and modest investment as inflation decreased and interest rates fell, according to the World Bank Group. Poverty dropped slightly to 31.3%, with regional disparities persisting. In addition, the gross domestic product (GDP) in current prices in Colombia is approximately 427.77 billion U.S. dollars in 2025. The country’s average inflation stands at approximately 4.7%, per Statista.

The United States economy contracted by 0.3% in the first quarter of 2025, according to the Commerce Department, the first quarter of decline since 2022. The decline in gross domestic product (GDP) is due to a large surge in imports despite other parts of the economy slowing down, all while inflation remains high.

South Korea’s economy is currently facing a period of slower growth, with the first quarter of 2025 experiencing a contraction of 0.1% in gross domestic product (GDP). This downturn is attributed to various factors, including heightened political uncertainty and crippling tariffs.

Japan’s economy has shown strength and growth so far this year, but the unpredictability of the brewing trade war and the broad-sweeping implications of tariffs from a major trade ally could slow the nation’s growth.

Despite its improvements, Saudi Arabia’s economy still struggles—hindered by oil dependency, high youth unemployment, fiscal sustainability challenges and fluctuating oil revenues. However, its economic reform plans, particularly Vision 2030, have improved the quality of life for their citizens and residents by expanding opportunities for growth, fostering greater global integration and enhancing governmental efficiency.

As much as the European Union flounders under economic headwinds, Portugal’s economy reports strong growth, beating out previous forecasts. In 2024, Portugal’s economy expanded by 1.9%, beating out the expected growth by 0.1%, with forecasts predicting that the economy would grow by 2.1% in 2025.

Over the past few years, Saudi Arabia’s economy has struggled with a slowdown due to budget challenges and oil production cuts. In 2023, its economy contracted to 0.8% following extended oil production cuts among the OPEC+ member states, of which Saudi Arabia is a top member, which continues to weigh on GDP growth, Reuters reports.