Tag: Economy

South Africa, Africa’s largest economy with a GDP over $373 billion, faces significant challenges despite its former promise of stability. Their economy contracted by 0.1% in the first quarter of 2024, dragged lower by manufacturing, mining and construction.

China’s economic recovery this year has been lackluster due to production outperforming consumption. Experts say vigorous exports and favorable government policy toward manufacturing are the main contenders.

Mexico’s economic state remains impacted by several external and domestic uncertainties in addition to a recent volatility surge in the local currency market. Gross domestic product (GDP) is expected to rise 2.2% this year and 1.9% in 2025. The consensus view for next year was downgraded from a forecast of 2.1% in a January poll, according to Reuters.

NACM’s Credit Managers’ Index (CMI) fell 0.5 to 53.9 in June. This change in the CMI indicates a continued slowdown in economic activity. “There is no discernible trend in the CMI except that it remains in a low orbit,” said NACM Economist Amy Crews Cutts, Ph.D., CBE.

The Spanish economy remains resilient despite uncertainties about future national and global economic policies. Spain’s GDP growth forecast for 2024 has been raised to 2.5%, driven by strong external demand, a growing labor force and recovery plan funds.

Though the U.S. economy has seemingly survived a worst-case scenario recession (for now), debt is rising as a rapid rate for consumers, businesses and the U.S. government.

New Zealand’s government outlined a soft economy with rising unemployment and a weaker balance sheet of modest tax relief but lowered new spending—facing much criticism for neglecting the country’s indigenous population.

Dollar dominance—the outsized role of the US dollar in the world economy—has been brought into focus recently as the robustness of the US economy, tighter monetary policy and heightened geopolitical risk have contributed to a higher greenback valuation.

A long-running domestic political battle over controversial judicial reforms receded into irrelevance on October 7, the date on which Hamas militants based in the Gaza Strip launched a coordinated assault on mostly civilian targets inside Israel that resulted in more than 1,100 deaths and the capture of more than 250 hostages. Under the direction of a special war Cabinet that includes Benny Gantz, a former head of the IDF and the leader of the opposition National Unity, which joined an expanded emergency government, Israel initiated a scorched-earth ground invasion inside Gaza in late October.