The Changing Geography of World Trade: A Transatlantic Perspective 1. Ramin Kader & Stephan Raes. 1. Introduction

Size: px
Start display at page:

Download "The Changing Geography of World Trade: A Transatlantic Perspective 1. Ramin Kader & Stephan Raes. 1. Introduction"

Transcription

1 The Changing Geography of World Trade: A Transatlantic Perspective 1 Ramin Kader & Stephan Raes 1. Introduction International trade and investment are of fundamental importance for an open and medium sized economy like the Netherlands. The current and future growth potential of the Netherlands, therefore, crucially depends on developments in the size, patterns and composition of trade and investment. Whilst this importance of trade and investment will be a given for the years to come, the precise developments of trade and investment are hard to predict, certainly in the longer term. However, over the last few years a substantial number of studies have been published that document future developments in world trade. 2 Some of these are scenario studies, some use gravitational models, some are based on further macro-economic modeling, and some are trend analyses. 3 In combination, these studies offer considerable insight in developments in international trade up until This paper by the Royal Netherlands Embassy in Washington DC aims to systematically map what is currently known on the future of world trade. It focuses in particular on the role of the transatlantic economy in world trade up until This focus on transatlantic trade not only comes from the clear interest of the Netherlands in this, but also for two other reasons. The first involves the existing imbalance between the current media attention on the growing role of emerging markets in world trade and the existing pattern of world trade in real terms, as well is expected developments. This paper shows that the sometimes existing idea of the withering away of the transatlantic economy in international trade needs substantial nuance. Secondly, the increased attention for liberalizing transatlantic trade and investment since November 2011, makes it all the more relevant to assess the expected developments in the absolute and relative significance of transatlantic trade as a baseline scenario for this process. In this paper a variety of trade forecast studies are analyzed and compared with each other. The next section gives an overview of what is expected to happen in world trade at large. Section three concentrates on changing market shares and growth rates of countries and regions in world trade. Section four looks at the changing geography of world trade, in terms of changing weights of different trading routes and flows. Finally, section five examines the role of the transatlantic partnership for both the US and EU, and how this changes in the coming decades. 2. General World Trade Forecast ( ) World trade will continue to grow strongly World trade is expected to grow in the coming decades, even faster until 2030 than in the period This growth is expected to be exponentially, which means that year-after-year the absolute value of total trade will be increasing more and more, and until 2030 faster than expected GDP-growth. As a result of this, Citigroup expects that world trade will rise from 61% of world GDP in 2010 to 76% in In absolute terms, world trade is expected to increase from $37trn in 2010 to $287trn in As a result, the total amount of world trade will therefore be almost eight times as large in 2050 compared to This paper was written as a background document for the medium term policy analysis (meerjarig interdepartementaal beleidskader, MIB) of the Royal Netherlands Embassy in Washington DC. Ramin kader and Stephan Raes are respectively Trainee and Head of the Economic Department of the Netherlands Embassy. 2 See References. Since hardly any of these studies include forecasts on foreign direct investments, this paper focuses on international trade. Since many of the studies have been written - and use data from - before the recent economic crisis, the effect of this on structural growth and trade have in most cases not been taken into account. 3 The paper does not include studies that focus on the effects on trade of the reduction of barriers to trade. For an overview of such studies from a Transatlantic perspective, see: Reichwein, M., Beukeboom, M., Raes, S. (2011) Transatlantic Perspectives for Global Economic Recovery: in Search of Congruence of US and EU interests in Export Growth, discussion paper, Washington DC, Johns Hopkins, SAIS,

2 2 including all world regions, with Emerging Asia by 2025 becoming the world s largest trading region For all world regions trade is expected to grow. Figure 1 shows the development for the five largest trade regions. It indicates that around 2025 Emerging Asia will overtake Western-Europe to become the world s largest trade region. Although the US and Europe by 2025 will no longer dominate global trade, Citigroup expects that nevertheless total trade of the US and EU will grow substantially from $18trn in 2010 to $69trn in Figure 1: World trade (constant, $ trn) Africa Em Asia W-Europe N-America Adv Asia Growth in services trade will be higher than in goods Forecast studies mention the trade in services will grow faster than goods during This shift is for a part caused by the emerging economies (like China and India) where rapid economic growth will lead to the emergence of a new global middle and rich class, which will increase overall demand, in particular for services. Carnegie estimated that this class will account for an increasing share of total population of the G20 developing countries, reaching 48% by 2050 compared to 11% in Citigroup also acknowledged the rise of services in share of total trade. However, they expect this rise to be more modest, increasing from 19% of total trade in 2010 to 24% in Shifts in World Trade Shares Emerging Asia s share in world trade will increase substantially Figure 2 shows that the share of Emerging Asia in world trade will increase significantly during the two coming decades and will continue to increase at a lower rate after that. This transition towards the Emerging Asian countries has already started and studies expect that China and India alone will account for almost one-fifth of global trade flows by Besides that, it is expected that in of the largest 30 economies will consist of emerging economies, where the emerging economies will collectively be larger than the developed economies. primarily at the cost of Western-Europe The increase in Emerging Asia s share (from 17% in 2010 to 38% in 2050) goes hand in hand with the reduction of Western-Europe s share (34% in 2010 to 17% in 2050). North American and Western-European trade together accounted for almost 50% of total world trade around 2010, but their share is expected to half, resulting in a quarter of total world trade in As such, the expected share of Emerging Asia in world trade later this century will be considerably less than that of Europe and North America in earlier periods. In other words, world trade will be more multipolar, and less dominated by a single region.

3 3 whilst the share of other trading areas will stay relatively the same over the coming decades North-America s share will decline also, but with a much smaller amount compared to Western- Europe s (from 13% in 2010 to 8% in 2050). Surprisingly, shares of the other trading areas will remain relatively unchanged during , with the exception of Africa s slightly rising share and Japan s slightly decreasing share. 100% Figure 2: Share of world trade (%) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Adv Asia Africa Aus&NZ CEE CIS Em. Asia LatAm Mid Eest N-America W Europe Advanced economies growth rates in trade will converge over time Figure 3 shows that the growth rates in trade will decline over time, with the exception of Africa s growth rate. Additionally, the figure indicates a convergence of the growth rates for the advanced economies (Advanced Asia, North-America and Western-Europe). With growth rates for Emerging Asia decreasing as well, the world trade arena not only becomes more multipolar but also more balanced as to its dynamics. HSBC in its forecast of growth rates of trade is slightly less optimistic, apart from an even stronger performance for Africa than Citigroup s.

4 % Figure 3: growth in trade (%) 12.00% 10.00% 8.00% 6.00% 4.00% % 0.00% Adv Asia N-America W-Europe Em Asia Africa The fastest grower in world trade? Egypt Although out of the analysis above one might expect that China and India (the Emerging Asian countries) will have the highest growth in trade in the coming decades, this is not the case. HSBC concluded that Egypt s trade will grow the fastest (11.90% annually until 2025), with - indeed - India (7.7%) and China (7%) following. 4. Trade Flows The largest gains in shares of world trade will be in intra Emerging Market trade World trade constitutes a changing myriad of trade flows, together accounting for a complex geography in trading routes. Currently, trade amongst the advanced economies and between advanced and emerging economies accounts for the bulk of world trade (almost 90%). Forecasts expect that the share of trade between advanced and emerging economies is remarkably stable, although it will or course increase in absolute terms. The share of intra Advanced Economies trade, on the contrary, is expected to decline to around 25% by 2030 and 15% by As figure 4 shows, the trading route that will gain most in importance is that amongst Emerging Economies themselves. These intra-flows in 2010 accounted for 13% of world trade, and are expected to increase to 38% in From a different perspective, in the newly evolving geography of trade, the share of intra group trading (amongst EMs or AEs) in 2050 will be roughly comparable to 2010.

5 5 Figure 4: Share of world trade (% share of world trade) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% AE-EM Intra AE Intra EM By 2050 intra Asian trade will have the highest share in world trade Figure 5 gives a more detailed picture of this changing geography of world trade. Citigroup s economists forecasted the top 10 trading routes in the world during In 2010 intra- European trade had the largest share in world trade (almost 20%), which will decrease dramatically in the coming decades, resulting in a share of only 6% in Trade flows between the transatlantic economies accounted for 5.8% in The transatlantic share is expected to decline as well and by 2050 will no longer be in the top 10 of trading partners (accounting for 3.1% in 2030, ranked 9 th place). The second largest trade partnership in 2010 was Advanced Asia with Emerging Asia (9.8%) which will have the highest share in 2030 of 15.8%. Thereafter, the share in world trade between advanced and emerging Asia will stabilize. Another important rise is the light blue line in 2015 (see figure 5) which stands for the trade between the emerging Asian countries. In 2010, this partnership was not in the top 10 list of the world, nevertheless, in 2050 it will account for the second largest trade flow (12.5%). Besides that, the figure also shows some newcomers, like the emergence of trade between the Middle East and Emerging Asia which will account for 5.8% in 2050; and between Africa and Emerging Asia which will account for 6% of total world trade in Trade between China and India will grow the fastest during Ernst & Young forecasted the trade growth of trade routes between countries from India s export to China is expected to experience the fastest growth (22% annually); second place is China s export to India, which will annually grow at a rate of 18.5%. Thus, the trade relation between China and India will increase the most in medium term. This increase covers a significant share of the increase in intra-em trade discussed before. Carnegie forecasted that India s share in China s exports would quadruple during Vice versa, China s share in total exports of India will account for more than a quarter in For the US growth in exports, exports to Europe will grow the slowest, namely 8.4%. For Europe, exports to the US will increase 8% per year. On average, Japan s exports will increase the lowest during (especially for the US and Europe). This shows the decrease the intra-ae trade will have to the total share of world trade. Ernst & Young also forecasts that during China s trade surplus with the US will enlarge, as exports to the US will increase more than imports. Looking at the trade relation between the US and India, it is expected that imports from the US will grow faster than exports. This is also the case for Japan, which, besides the US, will also see its exports to Europe increase more than its imports.

6 % 20.00% 15.00% 10.00% 5.00% 0.00% Figure 5: Top 10 trading partners in the world (% share of world trade) W Europe - W Europe Adv Asia - Em Asia Em Asia - W Europe N America - W Europe CEE - W Europe Em Asia - N America Lat Am - N America Adv Asia - W Europe Adv Asia - N America N America - N America Em Asia - Em Asia Em Asia - Mid East Transatlantic trade Trade is expected to grow significantly in the next decades for the transatlantic economies For both Europe and the US, trade is expected to grow significantly towards 2050 in absolute terms, and at least until 2030 faster than European and US GDP growth. According to Citigroup Western European trade will quadruple in value from $12,6 trillion. in 2012 to $25.6 trillion. in 2030 and 48.8 trillion. in North American trade will rise over the same period from $4.8 trillion. in 2010 to 12.2 trillion in 2030 and $22.9 trillion in 2050, an almost fivefold increase. but the share in world trade of the transatlantic economies will decrease significantly Although European and American trade will grow, the share in world trade of the transatlantic economies will decline. As discussed under 3, the share of Western Europe in world trade will drop from 34% in 2010 to 17% in North American trade will decline from 13% in 2010 to 8% in Transatlantic trade will grow significantly Figure 6 shows that transatlantic trade (trade between the US and EU) will grow significantly over the next decade. US exports to the EU will grow from approximately $170 bln. in 2010 to $660 bln. by Vice versa, EU exports to the US will grow from $220 bln. in 2010 to approximately $910 bln. by Both ways this implies a quadrupling of trade. Since transatlantic trade growth surpasses EU and US GDP growth, the significance of transatlantic trade for the US and EU economy is expected to increase over the next decades.

7 7 1, Figure 6: Forecast transatlantic trade (billion $) US from EU US to EU US deficit, Carnegie, Ernst & Young 4 The share of transatlantic trade in world trade will fall Whilst transatlantic trade will grow, its share as a trading corridor in world trade will decline. As discussed under 4, according to Citigroup trade flows between the transatlantic economies accounted for 5.8% in 2010, but will decline to 3,1% in 2030 and will no longer be in the top 10 world trading partners by Carnegie reaches the same conclusion, indicating a decline in the share of transatlantic trade from 7.4% in 2006 to less than 4% by For the US, the share of Western Europe in total trade will fall but remain significant Looking first into the North American trade share with partner countries, Western-Europe s share is declining. In 2010, 27% North American trade was with Western-Europe, making it the largest trading partner. However, this share is expected to decline to 15% in 2050 according to Citigroup (figure 7). Carnegie reports a similar decline from 22% in 2006 to 11% in As expected, this loss in share of Europe is mostly taken over by Emerging Asia, particularly Asia. The share of Latin America is expected to be remarkably constant. 4 This forecast is based on a weighted average calculation of data provided by these three studies.

8 8 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Figure 7: N-America's trade share with partner countries Rest Africa Adv Asia Lat Am Em Asia W Europe The share of the US in Europe s trade will also decline Europe s trade share with partner countries experiences similar shifts. Carnegie and Citigroup both concluded that North America s share in Europe s trade will decline from 19% to 13% in the coming decades. In addition, Citigroup expects that the shift for Europe s overall trade will happen during , thereafter, the share of Europe s partner countries will stay the same. Citigroup expects Emerging Asia s share will increase the most (from 21% in 2010 to 36% in 2030). According to Carnegie, this rise is mostly done by China, which share will increase from 6% to 22% in Furthermore, it also expects that trade with other industrialized countries will drop enormously from 21% in 2006 to 5% in 2050, whereas both the MENA region and Eastern Europe and Central Asia will gain in importance % Figure 8: Europe's top 5 export partners (excluding intra-eu) 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% China Other industrialized MENA E Europe and C Asia US 0.00% Source: Carnegie 6. The future of world trade: no zero sum game This paper sketches expected changes in the geography of world trade, and its implications for the transatlantic economy. The paper leads to the following conclusions:

9 9 The paper documents the rise of Emerging Asia in world trade, both in absolute terms and in market share. The core of this development lies in the establishment of a vibrant new trading block within Emerging Asia itself, and of these countries with more established Asian trading partners. Although the rise in market share of Emerging Asia goes hand in hand with a decline in the share of the US and particularly Europe, the rise is not to the detriment of Europe and the US as such, but brings up a new dynamic trading pole in the world system, contributing to the more balanced and multipolar nature of the new geography of international trade. Whilst the share of transatlantic trade in world trade will decline, and also the share of the US and Europe in each other s imports and exports will diminish, this is a gradual process that already started over two decades ago. For the period up until 2025, this relative significance of the transatlantic economy is substantial. The transatlantic economy is strongly anchored in mutual foreign direct investment. Given the lack in forecasting studies that focus on FDI, this has not been included in the current study. In absolute terms, transatlantic trade is expected to grow significantly in the coming decades, mostly faster than GDP. By 2050, there will be more American and European families whose jobs and income depend on transatlantic trade than at this moment. References: Buiter, W and Rahbari, E. (2011), Citigroup: Trade transformed - the emerging new corridors of trade power. Dadush, U. and Ali, Shimelse (2010), The Transformation of World Trade, (http://carnegieendowment.org/files/transformation_of_world_trade.pdf). Ernst & Young, Trading places: the emergence of new patterns of international trade, Ernst & Young, Eurozone forecast Spring edition, March European Commission Research Area (2011), Global Europe 2050 (http://ec.europa.eu/research/social-sciences/pdf/global-europe-2050-summary-report_en.pdf). European Commission Trade (2010), Trade, Growth and World Affairs TRADE POLICY AS A CORE COMPONENT OF THE EU S 2020 STRATEGY (http://trade.ec.europa.eu/doclib/docs/2010/november/tradoc_ pdf). European Union Investigating in your future (http://www.et2050.eu/europe_2050/index.php/future-of-europe-and-the-world). IMF (2011), Changing patterns of global trade, (http://www.imf.org/external/np/pp/eng/2011/ pdf). Hamilton, Daniel S. and Volker, Kurt, Transatlantic 2020: A Tale of Four Futures, Washington, DC: Center for Transatlantic Relations, Hammond, R. (2011), The World In 2030 (http://www.speakers.co.uk/media/pdf/ray_hammond_-_the_world_in_2030_2011_edition.pdf). HSBC Global Research, The world in 2050: Quantifying the shift in the global economy, January HSBC Global Connections, Trade forecast update: Global, February Mold, A. Maddison s forecasts revisited: What will the world look like in 2030? (http://www.voxeu.org/index.php?q=node/5708). Nanto, D. K., Donnelly, J.M. (2011), US. International trade: trends and forecasts. Congressional Research Service. National Intelligence Council, Mapping the Global Future, December 2004, (http://www.dni.gov/nic/pdf_2025/2025_global_trends_final_report.pdf). National Intelligence Council (2008), Global scenarios to 2025, (http://www.foia.cia.gov/2020/2020.pdf). PwC, Future of world trade: Top 25 sea and air freight routes in 2030, March SAIS (2012), Transatlantic Energy Futures: Strategic Perspectives on Energy Security, Climate Change and New Technologies in Europe and the United States (http://transatlantic.saisjhu.edu/publications/books/transatlantic_energy_futures/transatlantic_energy_futures.pdf). Shell Scenarios

10 10 The World Bank (2012), China 2030: Building a modern, harmonious, and creative high-income society (http://www.worldbank.org/content/dam/worldbank/document/china-2030-complete.pdf). The world in 2030 Global trends 2030 (http://www.freeworldacademy.com/globalleader/trends.htm). World Trade: Possible Futures (2009). World Trade Week UK (http://www.bis.gov.uk/assets/foresight/docs/horizon-scanning-centre/world-trade-possiblefutures.pdf).

Working Paper Research Unit Global Issues Stiftung Wissenschaft und Politik German Institute for International and Security Affairs.

Working Paper Research Unit Global Issues Stiftung Wissenschaft und Politik German Institute for International and Security Affairs. Working Paper Research Unit Global Issues Stiftung Wissenschaft und Politik German Institute for International and Security Affairs Friedemann Müller Paper presented at KAS CFIE CFISAE AHK International

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

Economic Growth Rates

Economic Growth Rates 4 Economic Growth Rates Will the poor countries catch up with the rich? GDP and GNP growth rates in developing countries are on average higher than those in developed countries. Moreover, the difference

More information

Insurance market outlook

Insurance market outlook Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts

More information

Economic Growth Rate The World Bank

Economic Growth Rate The World Bank Economic Growth Rate The World Bank GDP growth rates in developing countries are on average higher than those in developed countries. Over the 1965-99 period, the average annual growth rate was 4.1 percent

More information

U.S. Agriculture and International Trade

U.S. Agriculture and International Trade Curriculum Guide I. Goals and Objectives A. Understand the importance of exports and imports to agriculture and how risk management is affected. B. Understand factors causing exports to change. C. Understand

More information

Economic Growth Rates

Economic Growth Rates BEG_i-144.qxd 6/10/04 1:46 PM Page 23 4 Economic Growth Rates GDP growth rates in developing countries are on average higher than those in developed countries. Over the 1965-99 period, the average annual

More information

Global Demographic Trends and their Implications for Employment

Global Demographic Trends and their Implications for Employment Global Demographic Trends and their Implications for Employment BACKGROUND RESEARCH PAPER David Lam and Murray Leibbrandt Submitted to the High Level Panel on the Post-2015 Development Agenda This paper

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports grew by 2 per cent in value terms in 2013 while exports of commercial services increased by per cent. Key developments in 2013: a snapshot Trade data

More information

34/2015 STATISTICAL REFLECTIONS

34/2015 STATISTICAL REFLECTIONS World Population Day, 11 July 215 34/215 STATISTICAL REFLECTIONS 16 July 215 Contents The world s population...1 Past features of population growth...1 Fertility...2 Mortality, life expectancy...2 International

More information

Statistics Netherlands. Macroeconomic Imbalances Factsheet

Statistics Netherlands. Macroeconomic Imbalances Factsheet Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances

More information

Chapter 1: Economic commentary

Chapter 1: Economic commentary Compendium: Chapter 1: Economic commentary This section of the Pink Book provides an examination of recent trends, main movements and international comparisons for a range of information contained in subsequent

More information

Point Topic s Broadband Operators and Tariffs

Point Topic s Broadband Operators and Tariffs 1 Point Topic s Broadband Operators and Tariffs Broadband tariff benchmarks: Q2 2013 July 2013 Point Topic Ltd 73 Farringdon Road London EC1M 3JQ, UK Tel. +44 (0) 20 3301 3303 Email tariffs@point-topic.com

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports stagnated in value terms in 2012 while exports of commercial services increased by 2 per cent. Key developments in 2012: a snapshot Trade data List

More information

U.S. Trade Overview, 2013

U.S. Trade Overview, 2013 U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the

More information

Long-term macroeconomic forecasts Key trends to 2050

Long-term macroeconomic forecasts Key trends to 2050 A special report from The Economist Intelligence Unit www.eiu.com Contents Overview 2 Top ten economies in 5 at market exchange rates 3 The rise of Asia continues 4 Global dominance of the top three economies

More information

Chapter 6 Economic Growth

Chapter 6 Economic Growth Chapter 6 Economic Growth 1 The Basics of Economic Growth 1) The best definition for economic growth is A) a sustained expansion of production possibilities measured as the increase in real GDP over a

More information

Global outlook: Healthcare

Global outlook: Healthcare Global outlook: Healthcare March 2014 healthcare 1 Today s presenters Ana Nicholls Managing Editor, Industry Briefing Economist Intelligence Unit Lauren Brayshaw Marketing executive Economist Intelligence

More information

Indicators of Globalization and Poverty. Overview

Indicators of Globalization and Poverty. Overview Indicators of Globalization and Poverty Overview Questions for Globalization What is economic globalization? Factors deriving globalization? How do we measure globalization? What is economic globalization?

More information

The wine market: evolution and trends

The wine market: evolution and trends The wine market: evolution and trends May 2014 1 Table of contents 1. WINE CONSUMPTION 3 2. TRENDS IN WORLD WINE TRADE IN 20 6 3. TOP WINE EXPORTERS IN 20 7 4. TOP WINE IMPORTERS IN 20 9 5. THE FIVE LARGEST

More information

The 2024 prospects for EU agricultural markets: drivers and uncertainties. Tassos Haniotis

The 2024 prospects for EU agricultural markets: drivers and uncertainties. Tassos Haniotis 1. Introduction The 2024 prospects for EU agricultural markets: drivers and uncertainties Tassos Haniotis Director of Economic Analysis, Perspectives and Evaluations; Communication DG Agriculture and Rural

More information

Point Topic s Broadband Operators and Tariffs

Point Topic s Broadband Operators and Tariffs 1 Point Topic s Broadband Operators and Tariffs Broadband tariff benchmarks: Q1 2013 May 2013 Point Topic Ltd 73 Farringdon Road London EC1M 3JQ, UK Tel. +44 (0) 20 3301 3305 Email tariffs@point-topic.com

More information

Technology FOUR KEY TRENDS IN THE GLOBAL SMARTPHONE MARKET

Technology FOUR KEY TRENDS IN THE GLOBAL SMARTPHONE MARKET FOUR KEY TRENDS IN THE GLOBAL SMARTPHONE MARKET 1.2 billion smartphones were sold globally in 2014, and in the first quarter of 2015, smartphone unit demand was up +7% on the same period of last year.

More information

UNITED NATIONS SECRETARIAT BACKGROUND NOTE:

UNITED NATIONS SECRETARIAT BACKGROUND NOTE: DISTRIBUTION RESTRICTED UNITED NATIONS SECRETARIAT BACKGROUND NOTE: A COORDINATED POLICY SCENARIO FOR JOB CREATION AND STRONGER GLOBAL GROWTH WITH MEDIUM- TERM REDUCTION OF PUBLIC DEBT RATIOS AND BENIGN

More information

India s Services Exports

India s Services Exports Markus Hyvonen and Hao Wang* Exports of services are an important source of demand for the Indian economy and account for a larger share of output than in most major economies. The importance of India

More information

Recent trends of dynamically growing and developing life insurance markets in Asia

Recent trends of dynamically growing and developing life insurance markets in Asia Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign

More information

Overview. Main Findings

Overview. Main Findings This Report reflects the latest trends observed in the data published in March 2014. Remittance Prices Worldwide is available at http://remittanceprices.worldbank.org Overview The Remittance Prices Worldwide*

More information

MACROECONOMIC OVERVIEW

MACROECONOMIC OVERVIEW MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial

More information

www.pwc.co.uk/economics The World in 2050 The accelerating shift of global economic power: challenges and opportunities January 2011

www.pwc.co.uk/economics The World in 2050 The accelerating shift of global economic power: challenges and opportunities January 2011 www.pwc.co.uk/economics The World in 2050 The accelerating shift of global economic power: challenges and opportunities January 2011 Table of Contents Summary 3 1. Introduction 4 2. Approach 5 PPPs vs.

More information

Overview. Main Findings

Overview. Main Findings This Report reflects the latest trends observed in the data published in June. Remittance Prices Worldwide is available at http://remittanceprices.worldbank.org Overview The Remittance Prices Worldwide*

More information

PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS

PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS 1. Introduction This note discusses the strength of government finances in, and its relative position with respect to other

More information

It is with great pleasure that I address you here today. I would like to. thank Luis for providing this opportunity. The subject that I will discuss

It is with great pleasure that I address you here today. I would like to. thank Luis for providing this opportunity. The subject that I will discuss Ladies and gentlemen, It is with great pleasure that I address you here today. I would like to thank Luis for providing this opportunity. The subject that I will discuss today, is recovery and reform.

More information

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015 Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While

More information

Special Drawing Rights A Way out of Global Imbalances?

Special Drawing Rights A Way out of Global Imbalances? Special Drawing Rights A Way out of Global Imbalances? Stefan Bender Special Drawing Rights Definition Special Drawing Rights (SDR) are the monetary unit of the reserve assets of the International Monetary

More information

Strategic Roadmap Development for international education in the PTE sector

Strategic Roadmap Development for international education in the PTE sector Strategic Roadmap Development for international education in the PTE sector What are Strategic Roadmaps? Strategic Roadmaps are planning tools that identify strategic goals and pathways for growth in international

More information

Country trade view Italy. Trends in global trade

Country trade view Italy. Trends in global trade Country trade view Italy Trends in global trade Summary Italy is a significant player in world trade. In 2014, it was the eleventh-largest importer and the ninth-largest exporter in the world. Italy comprises

More information

Attracting and retaining talent at universities

Attracting and retaining talent at universities Attracting and retaining talent at universities Thomas Ekman Jørgensen 11 May 2015 Fostering attractive research careers EUA Council for Doctoral Education EUA European University Association 850 universities

More information

Carat forecasts growth of 5.0% for 2012 and 5.3% in 2013 with digital advertising overtaking newspapers sooner than expected

Carat forecasts growth of 5.0% for 2012 and 5.3% in 2013 with digital advertising overtaking newspapers sooner than expected 23 August 2012 Carat forecasts growth of 5.0% for 2012 and 5.3% in 2013 with digital advertising overtaking newspapers sooner than expected Carat, the world s leading independent media communications agency,

More information

Seizing Opportunities in Asia and Beyond

Seizing Opportunities in Asia and Beyond Seizing Opportunities in Asia and Beyond Asia, the region of growth opportunities 30% Projected contribution from Asia (excluding Japan) to global GDP in 2020. Today, Asia is the world s fastest growing

More information

Should We Stay or Should We Go? The economic consequences of leaving the EU. Swati Dhingra, Gianmarco Ottaviano and Thomas Sampson

Should We Stay or Should We Go? The economic consequences of leaving the EU. Swati Dhingra, Gianmarco Ottaviano and Thomas Sampson PAPER EA022 A series of background briefings on the policy issues in the May 2015 UK General Election Should We Stay or Should We Go? The economic consequences of leaving the EU Swati Dhingra, Gianmarco

More information

General Certificate of Education Advanced Level Examination June 2013

General Certificate of Education Advanced Level Examination June 2013 General Certificate of Education Advanced Level Examination June 2013 Economics ECON4 Unit 4 The National and International Economy Tuesday 11 June 2013 9.00 am to 11.00 am For this paper you must have:

More information

THE DEFICIT OF CURRENT ACCOUNT BALANCES AND BUDGETARY DEFICIT IN COUNTRIES IN TRANSITION

THE DEFICIT OF CURRENT ACCOUNT BALANCES AND BUDGETARY DEFICIT IN COUNTRIES IN TRANSITION 1 European Regional Science Association 38 th European Congress Vienna, Austria 28 August-1 September 1998 University of Rijeka Faculty of Economics and Tourism Fax: ++385 52 216 416 E-mail: ikersan@oliver.efpu.hr

More information

World Energy Outlook 2007: China and India Insights. www.worldenergyoutlook.org International Energy Agency

World Energy Outlook 2007: China and India Insights. www.worldenergyoutlook.org International Energy Agency World Energy Outlook 27: China and India Insights www.worldenergyoutlook.org International Energy Agency Why Focus on China & India? Increase in World Primary Energy Demand, Imports & Energy-Related CO

More information

UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints

UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints Ruth Lea, Chairman of Economists for Britain, February 2015 Main points: The UK trade

More information

GLOBAL INTERNET GEOGRAPHY

GLOBAL INTERNET GEOGRAPHY GLOBAL INTERNET GEOGRAPHY The content on the following pages is a section from TeleGeography s Global Internet Geography Report. The work is based on sources believed to be reliable, but the publisher

More information

2012-2016. Philippine Information Technology and Business Process Management (IT-BPM) Road Map

2012-2016. Philippine Information Technology and Business Process Management (IT-BPM) Road Map 2012-2016 Philippine Information Technology and Business Process Management (IT-BPM) Road Map Executive Summary Investor Brief The information technology and business process management (IT-BPM) and global

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

Is China Catching Up with the US?

Is China Catching Up with the US? 12 Is China Catching Up with the US? Kenneth Lieberthal Opinion Kenneth Lieberthal Is China Catching Up with the US? While China has emerged as a key player in global affairs, significant challenges to

More information

RESERVE BANK OF AUSTRALIA

RESERVE BANK OF AUSTRALIA RESERVE BANK OF AUSTRALIA AUSTRALIA S FOREIGN TRADE AND INVESTMENT RELATIONSHIPS Ric Battellino Deputy Governor Remarks to 3 rd Annual Australian Parliamentary Conference, Perth 6 November 2009 AUSTRALIA

More information

RESTRUCTURING STUDY. International 2012. Sovereign debt crisis Effects on financing and the real economy

RESTRUCTURING STUDY. International 2012. Sovereign debt crisis Effects on financing and the real economy RESTRUCTURING STUDY International 2012 Sovereign debt crisis Effects on financing and the real economy Düsseldorf, September 2012 2 Contents Page A. Goal and methodology 4 B. Summary in brief 7 C. Key

More information

Chapter 14 How Economies Grow and Develop Macroeconomics In Context (Goodwin, et al.)

Chapter 14 How Economies Grow and Develop Macroeconomics In Context (Goodwin, et al.) Chapter 14 How Economies Grow and Develop Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter discusses theories of economic growth, highlighting the Solow growth model and the importance

More information

Global payments trends: Challenges amid rebounding revenues

Global payments trends: Challenges amid rebounding revenues 34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.

More information

colleagues at the Bank of Japan, I welcome all the distinguished guests from central banks,

colleagues at the Bank of Japan, I welcome all the distinguished guests from central banks, Opening Speech by Toshihiko Fukui, Governor of the Bank of Japan At the 14th International Conference hosted by the Institute for Monetary and Economic Studies, Bank of Japan, in Tokyo on May 30, 2007

More information

NET INTERNATIONAL MIGRATION

NET INTERNATIONAL MIGRATION II. NET INTERNATIONAL MIGRATION A. GLOBAL TRENDS During the period 195-21, the developed regions experienced population gains from positive net international migration while the developing regions were

More information

Automotive Suppliers Survey

Automotive Suppliers Survey The outlook for 2014 remains optimistic. The key to success will be innovation and R&D, the key to survive will be skilled labour. Automotive Suppliers Survey Slovakia, 2014 Consultancy firm PwC in cooperation

More information

Business benchmarking 2009:

Business benchmarking 2009: Business benchmarking 2009: For members of the East European Group Summary results November 2009 Contents Executive summary CEE as a share of global sales Key markets Sales performance in 2009 Profits

More information

Table 1: Resource Exports Per cent of total nominal exports; selected years

Table 1: Resource Exports Per cent of total nominal exports; selected years Australia and the Global market for Bulk Commodities Introduction The share of Australia s export earnings derived from bulk commodities coking coal, thermal coal and iron ore has increased over recent

More information

Global Dynamism Index (GDI) 2013 summary report. Model developed by the Economist Intelligence Unit (EIU)

Global Dynamism Index (GDI) 2013 summary report. Model developed by the Economist Intelligence Unit (EIU) Global Dynamism Index (GDI) 2013 summary report Model developed by the Economist Intelligence Unit (EIU) What is the Global Dynamism Index (GDI)? the GDI assesses the dynamism of 60 of the world's largest

More information

Economic Change in India

Economic Change in India Adam Cagliarini and Mark Baker* India has become an increasingly important part of the global economic landscape over the past decade. Its economy has become more open to international trade, its workforce

More information

The Global Economic Impacts of Oil Price Shocks

The Global Economic Impacts of Oil Price Shocks The Global Economic Impacts of Oil Price Shocks Presented to: Project LINK, United Nations New York, NY November 22, 2004 Presented by: Sara Johnson Managing Director, Global Macroeconomics Group 781-301-9115

More information

2015 Country RepTrak The World s Most Reputable Countries

2015 Country RepTrak The World s Most Reputable Countries 2015 Country RepTrak The World s Most Reputable Countries July 2015 The World s View on Countries: An Online Study of the Reputation of 55 Countries RepTrak is a registered trademark of Reputation Institute.

More information

The Emerging Middle Class in Developing Countries. Homi Kharas, Brookings Institution June XX, 2011

The Emerging Middle Class in Developing Countries. Homi Kharas, Brookings Institution June XX, 2011 The Emerging Middle Class in Developing Countries Homi Kharas, Brookings Institution June XX, 2011 1 Introduction Middle class consumers in the US and other G7 powers have been a key source of demand in

More information

PMR. IT outsourcing in Central and Eastern Europe FREE ARTICLE. www.ictrussia.com

PMR. IT outsourcing in Central and Eastern Europe FREE ARTICLE. www.ictrussia.com FREE ARTICLE www.ictrussia.com IT outsourcing in Central and Eastern Europe Source: IT outsourcing in Central and Eastern Europe 2009 Countries attractiveness and development forecasts January 2009 PMR

More information

Estonia and the European Debt Crisis Juhan Parts

Estonia and the European Debt Crisis Juhan Parts Estonia and the European Debt Crisis Juhan Parts Estonia has had a quick recovery from the recent recession and its economy is in better shape than before the crisis. It is now much leaner and significantly

More information

5 Comparison with the Previous Convergence Programme and Sensitivity Analysis

5 Comparison with the Previous Convergence Programme and Sensitivity Analysis 5 Comparison with the Previous Convergence Programme and Sensitivity Analysis 5.1 Comparison with the Previous Macroeconomic Scenario The differences between the macroeconomic scenarios of the current

More information

WORLD. Geographic Trend Report for GMAT Examinees

WORLD. Geographic Trend Report for GMAT Examinees 2011 WORLD Geographic Trend Report for GMAT Examinees WORLD Geographic Trend Report for GMAT Examinees The World Geographic Trend Report for GMAT Examinees identifies mobility trends among GMAT examinees

More information

Ghana South Korea United States. Real GDP per capita (2005 dollars) Per centage of 1960 real GDP per capita. 2009 real GDP per capita

Ghana South Korea United States. Real GDP per capita (2005 dollars) Per centage of 1960 real GDP per capita. 2009 real GDP per capita Long-Run Economic Growth chapter: 24 9 ECONOMICS MACROECONOMICS 1. The accompanying table shows data from the Penn World Table, Version 7.0, for real GDP in 2005 U.S. dollars for Argentina, Ghana, South

More information

Fifty years of Australia s trade

Fifty years of Australia s trade Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes

More information

HIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector

HIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector HIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector 18 April 216, Brussels, Belgium BACKGROUND NOTE NO. 1 LATEST GLOBAL STEEL MARKET DEVELOPMENTS This background document

More information

Europe s exports of manufactured goods totalled almost US$ 5 trillion in 2013

Europe s exports of manufactured goods totalled almost US$ 5 trillion in 2013 Europe s exports of manufactured goods totalled almost US$ 5 trillion in 2013 Merchandise exports by region and product, 2013 (US$ billion) 4% Increase in Europe s exports of manufactured goods in 2013

More information

World Energy Outlook. Dr. Fatih Birol IEA Chief Economist Paris, 27 February 2014

World Energy Outlook. Dr. Fatih Birol IEA Chief Economist Paris, 27 February 2014 World Energy Outlook Dr. Fatih Birol IEA Chief Economist Paris, 27 February 2014 The world energy scene today Some long-held tenets of the energy sector are being rewritten Countries are switching roles:

More information

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario Medium and Long Term Natural Gas Outlook CEDIGAZ February 215 Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario 4 3 %/year 199-213 213-235 6 Main consuming markets - %/year (213-235)

More information

IV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION

IV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION World Population Ageing 195-25 IV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION A. AGE COMPOSITION Older populations themselves are ageing A notable aspect of the global ageing process is the progressive

More information

WORLD POPULATION IN 2300

WORLD POPULATION IN 2300 E c o n o m i c & DRAFT S o c i a l A f f a i r s WORLD POPULATION IN 2300 Highlights United Nations ESA/P/WP.187 9 December 2003 DRAFT Department of Economic and Social Affairs Population Division WORLD

More information

What factors have contributed to globalisation in recent years? by Maziar Homayounnejad, Queen Elizabeth's School, Barnet.

What factors have contributed to globalisation in recent years? by Maziar Homayounnejad, Queen Elizabeth's School, Barnet. What factors have contributed to globalisation in recent years? by Maziar Homayounnejad, Queen Elizabeth's School, Barnet. Globalisation can be defined: as the growing interdependence of world economies.

More information

Thailand s Logistics

Thailand s Logistics Thailand s Logistics Over the past fourteen years, overall international trade with Thailand has grown 340% and manufacturing trade 370%; this growth, aided in part by the nation s bilateral trade agreements

More information

Dear Global Trade Matters Members,

Dear Global Trade Matters Members, Dear Global Trade Matters Members, Global Trade Matters Egypt s leading private sector think thank for Economic and Political reform is proud to announce its 2015 Calendar of Events and Special Initiatives.

More information

World Simulations with GEM-E3

World Simulations with GEM-E3 World Simulations with 1 Introduction The implementation of the Kyoto protocol would imply the emissions of Annex B countries to be collectively reduced by 5% in 2008-2012 relatively to their 1990 level,

More information

Falling Oil Prices and US Economic Activity: Implications for the Future

Falling Oil Prices and US Economic Activity: Implications for the Future Date Issue Brief # I S S U E B R I E F Falling Oil Prices and US Economic Activity: Implications for the Future Stephen P.A. Brown December 2014 Issue Brief 14-06 Resources for the Future Resources for

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

ENERGY PRIORITIES OF THE POLISH PRESIDENCY OF THE EU COUNCIL: THE CZECH PERSPECTIVE

ENERGY PRIORITIES OF THE POLISH PRESIDENCY OF THE EU COUNCIL: THE CZECH PERSPECTIVE ENERGY PRIORITIES OF THE POLISH PRESIDENCY OF THE EU COUNCIL: THE CZECH PERSPECTIVE Petr Binhack Energy Security as a Part of the EU Agenda Energy is an important precondition for European economic development.

More information

CHAPTER 3. Economic Impacts on Olympic Host Countries

CHAPTER 3. Economic Impacts on Olympic Host Countries CHAPTER 3 Economic Impacts on Olympic Host Countries The first Olympic Games originated in Athens, the capital of Greece, in 1896. It lasts for a hundred and eleven years till 2007. The Olympic Games have

More information

Economic and Market Outlook. EU Automobile Industry

Economic and Market Outlook. EU Automobile Industry Economic and Market Outlook EU Automobile Industry March 2015 Report 1 of 4 2015 CONTENTS EU ECONOMIC FORECASTS... 2 PASSENGER CARS... 4 REGISTRATIONS... 4 WORLD... 4 THE EUROPEAN UNION... 6 PRODUCTION...

More information

www.pwc.co.uk/economics Global wage projections to 2030 September 2013

www.pwc.co.uk/economics Global wage projections to 2030 September 2013 www.pwc.co.uk/economics Global wage projections to 2030 Summary: Wage gap between emerging and advanced economies will shrink significantly by 2030 By 2030, our projections in this report suggest that

More information

Richard Ian Gordon Allen. Curriculum Vitae

Richard Ian Gordon Allen. Curriculum Vitae Richard Ian Gordon Allen Curriculum Vitae Qualifications B.Phil in Economics and Public Finance, University of York, U.K. MA in Economics, University of Edinburgh, U.K. Career Summary 2010- Consultant

More information

Summary of the Impact assessment for a 2030 climate and energy policy framework

Summary of the Impact assessment for a 2030 climate and energy policy framework Summary of the Impact assessment for a 2030 climate and energy policy framework Contents Overview a. Drivers of electricity prices b. Jobs and growth c. Trade d. Energy dependence A. Impact assessment

More information

Werner Raza, 31/10/2014

Werner Raza, 31/10/2014 ASSESS_TTIP: Assessing the Claimed Benefits of the Transatlantic Trade and Investment Partnership (TTIP) Werner Raza 31/10/2014 0. TTIP Negotiations Aim and Scope Start of negotiations in July 2013 meanwhile

More information

CARGO E-CHARTBOOK Q3 2014 OVERVIEW

CARGO E-CHARTBOOK Q3 2014 OVERVIEW CARGO E-CHARTBOOK Q 4 OVERVIEW Air freight volumes continue to show solid gains on a year ago, supported by economic improvements in some regions, but high jet fuel prices and overall weakness in yields

More information

Chapter-2. The Global Economic Situation and India s External Sector

Chapter-2. The Global Economic Situation and India s External Sector Chapter-2 The Global Economic Situation and India s External Sector Introduction Four years after the onset of the global financial crisis, the world economy continues to struggle. Whilst a weak global

More information

1. HOW THE GLOBAL ENVIRONMENT HAS CHANGED

1. HOW THE GLOBAL ENVIRONMENT HAS CHANGED CHAPTER 1 In a universe with a single currency, there would be no foreign exchange market, no foreign exchange rates, no foreign exchange. But in our world of mainly national currencies, the foreign exchange

More information

CHINA SERVICES SECTOR ANALYSIS

CHINA SERVICES SECTOR ANALYSIS CHINA SERVICES SECTOR ANALYSIS China Snapshot Capital: Beijing Population: 1.3 billion (WB 2011) Currency: Renminbi Yuan GDP (constant 2000 US $ billion): 3.5 (WB 2011) GDP per capita (constant 2000 US

More information

Understanding the significance of the Asian Century. Andrea Haefner and Professor Andrew O Neill Griffith Asia Institute, Griffith University

Understanding the significance of the Asian Century. Andrea Haefner and Professor Andrew O Neill Griffith Asia Institute, Griffith University Understanding the significance of the Asian Century Andrea Haefner and Professor Andrew O Neill Griffith Asia Institute, Griffith University Griffith MBA Values If you undertake the Griffith MBA you will

More information

Assignment 2: Exploratory Data Analysis: Applying Visualization Tools

Assignment 2: Exploratory Data Analysis: Applying Visualization Tools : Exploratory Data Analysis: Applying Visualization Tools Introduction Economic boom, though inspiring, is always connected with unsustainable development. Because of this, people tend to view economic

More information

Brazil, Russia, India, China and South Africa: Strong Economic Growth Major Challenges

Brazil, Russia, India, China and South Africa: Strong Economic Growth Major Challenges ,,, and : Strong Economic Growth Major Challenges,,, and South Africa: Strong Economic Growth Major Challenges by Mechthild Schrooten,,, and the so-called BRICS countries all show high economic growth

More information

January 29, 2009. Testimony of. Brad Setser Fellow, Geoeconomics Council on Foreign Relations 1. Before the Senate Budget Committee

January 29, 2009. Testimony of. Brad Setser Fellow, Geoeconomics Council on Foreign Relations 1. Before the Senate Budget Committee January 29, 2009 Testimony of Brad Setser Fellow, Geoeconomics Council on Foreign Relations 1 Before the Senate Budget Committee The Global Outlook 1 The Council on Foreign Relations takes no institutional

More information

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation

Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact

More information

Wheat Import Projections Towards 2050. Chad Weigand Market Analyst

Wheat Import Projections Towards 2050. Chad Weigand Market Analyst Wheat Import Projections Towards 2050 Chad Weigand Market Analyst January 2011 Wheat Import Projections Towards 2050 Analysis Prepared by Chad Weigand, Market Analyst January 2011 Purpose The United Nations

More information

The EU Craft and SME Barometer 2014/H1

The EU Craft and SME Barometer 2014/H1 The EU Craft and SME Barometer 2014/H1 SME Climate Index up to 67.9, but no recovery for SMEs yet Recession for SMEs seems to end, but no significant growth or job creation expected The UEAPME SME Climate

More information

Trends in Foreign Direct Investment Inflows

Trends in Foreign Direct Investment Inflows Trends in Foreign Direct Investment Inflows This article briefly examines recent trends in foreign direct investment in Australia, both in the context of the longer-term perspective and relative to the

More information

ASEAN Capital Market Integration and Lessons from the European Union

ASEAN Capital Market Integration and Lessons from the European Union ASEAN Capital Market Integration and Lessons from the European Union 44 th IAFEI World Congress: Global Recovery Amidst Reforms Makati Shangri-la 16 October 2014 Thiam Hee Ng, Senior Economist Asian Development

More information