Barack Obama will enter the pantheon of great orators when he leaves office this month. It’s easy to forget how much optimism and genuine hope he inspired on the campaign trail. Even now, after a rancorous eight years in office, he has a profound skill to inspire with his words. What is less well remembered is was just how much of a rotten state the economy was in when he inherited the Presidency. In many ways, The financial crisis and its aftermath have been the spectre haunting his Presidency. The financial crisis was not one of Obama’s making, but he had to deal with much of the wreckage. He oversaw the recovery of the US banking sector following its post-crisis bailout; a recovery that must be the envy of his European peers, who never have really sorted out their banks. Another defining challenge was the political backdrop: the Republicans regained control of the House of Representatives two years into Obama’s first administration (i.e. following the November 2010 elections) and control of the Senate in the November 2014 elections.
The Swiss government expects a renewed pick-up in growth as the global economy is set to continue generating momentum. In its economic forecasts that are updated every quarter, SECO said it expected Swiss economic growth of 1.5%, unchanged from its forecast in its September assessment. Economic growth for 2017 is expected at 1.8%, also unchanged from September, driven by domestic demand and foreign trade "The economic outlook thus remains positive, even if the 'Swiss franc shock' will likely continue to have some impact on the economy," the State Secretariat for Economic Affairs (SECO) said in a statement, referring to the sudden and sharp appreciation of the Swiss franc in January 2015.
Experts at BAK Basel revised growth forecasts for the Swiss economy: according to the institute, gross domestic product will rise by 2.0% both in 2017 and in 2018. So far, the expectations were for an increase of 1.7 respectively % and 1.9%. The inflation and long-term interest rates should go back to being positive. The experts then provide a new economic cycle, after the swiss economy was in an exceptional situation caused by the financial crisis, Martin Eichler, BAK Basel chief economist, said in the note.
After nearly seven years from the end of the deepest global financial crisis of the postwar period, growth continues to be slow in advanced countries and falling in most emerging market economies. There is even the risk that the world may be drifting toward a new global financial crisis and even secular stagnation. These are the issues examined in this paper.
The Swiss National Bank is ready to take policy measures as and when they are necessary to keep the country's inflation and economy on track, two top policymakers underlined on Wedsneday. SNB Vice Chairman Fritz Zurbruegg said currency market interventions had become an increasingly important tool since the financial crisis and the euro zone debt crisis had pushed up the safe-haven Swiss franc. "Since last January our monetary policy framework is based on two elements. The first is negative interest rates... and the second element, which is important to underscore, is a willingness to intervene on foreign exchange markets as necessary," Zurbruegg said at a UBS banking conference.
The US economy expanded at its fastest pace since 2014 in the Q3 of 2016 amid higher exports and a rise in inventory investment, official data revealed on Friday. The nation’s total economic output expanded at a 2.9% annual rate from July through September, the Commerce Department said Friday. The figure beat analyst expectations and was more than twice the lackluster 1.4% annual rate in the second quarter of the year.
The ECB ensures, in the monthly bulletin, that "Domestic demand remains supported by the pass-through of the monetary policy measures to the real economy". Although it provides for economic growth for next year, it will take place at a gradual pace. "Moderate global growth continued in the first half of 2016. Looking ahead, global growth is expected to recover gradually. Low interest rates, improving labour markets and growing confidence support the outlook for advanced economies, although the uncertainty generated by the referendum in the United Kingdom on EU membership will weigh on demand in that country.
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