{"id":4536,"date":"2024-10-06T17:07:53","date_gmt":"2024-10-06T15:07:53","guid":{"rendered":"https:\/\/www.rivistaeco.com\/?p=4536"},"modified":"2024-10-06T17:07:53","modified_gmt":"2024-10-06T15:07:53","slug":"around-the-world-5","status":"publish","type":"post","link":"https:\/\/www.rivistaeco.com\/en\/2024\/10\/06\/around-the-world-5\/","title":{"rendered":"Around the World"},"content":{"rendered":"

News from afar. Whilst these countries may seem distant, events there are crucial to understanding the direction of the world at large.<\/span><\/i><\/p>\n

Ghana: A Leading Economy in Africa<\/b><\/h3>\n

The rating agency S&P forecasts that Ghana’s economy will grow by 51% in 2024 and by 54% the following year. After a challenging period marked by COVID-19, the credit crisis, and the war in Ukraine, the first quarter of this year saw the country’s fastest expansion in two years, with a GDP increase of 47%, driven by various sectors such as mining, information and communication, agriculture, construction, hospitality, and food services. The approval of a loan by the World Bank, paid in two instalments of $300 million and $250 million, along with a recent agreement with two groups of bondholders to restructure approximately $13 billions of international debt, further boosts the confidence of a country that was already the fastest-growing economy in Africa in 2019. Ghana, part of the Chinese Belt and Road Initiative, is rich in resources, with Beijing one of its main investors, particularly in infrastructure (roads, bridges, and other critical projects), mining, and energy. Despite being in a turbulent region, Ghana stands out for its stability and security.<\/span><\/p>\n

The Priorities for the Labour Party<\/b><\/h3>\n

The stated priority of the Labour Party, fresh from its victory in the political elections in Great Britain, is to grow the economy and ensure security and stability. The last British parliament was characterised by political instability, and a recent study revealed that the average tenure of a minister in the UK has fallen to just eight months, the lowest average from 1974 to 2023. Rachel Reeves, the first female Chancellor of the Exchequer, has spoken of her intention to make the country a more attractive destination for foreign direct investments. Meanwhile, public investments will be excluded from the borrowing rules that the government has imposed on itself. In other words, the Labour Party intends to borrow resources to invest. However, there remains a fear that taxes will have to rise. Labour promises to freeze most personal taxes, but if the intention is to avoid revising personal tax brackets it will generate fiscal drag, as more taxes will be paid on income increases due to inflation and not an actual increase in purchasing power.<\/span><\/p>\n

Persistent Problems in Colombia<\/b><\/h3>\n

Colombia’s GDP grew by 0.7% in the first quarter of 2024, better than expected but still weak. The country continues to suffer from the effects of El Ni\u00f1o, which caused energy and water shortages last year. Problems abound: low investments due to high interest rates (11.75%) and political uncertainty; imports fell by 12% in the first quarter of this year compared to the same period in 2023; and April’s tax collection fell by 41%, suggesting that the budget deficit is even more significant than in 2023. Additionally, last month, the government had to accept the constitutional court’s decision allowing oil and mining companies to deduct royalties from taxes. Analysts believe medium-term spending will increase. A good example is the proposed pension reform, which entails a fiscal cost of 0.2% of GDP for the semi-contributory pillar (source: Carf, the autonomous fiscal rules authority). The health reform proposal has so far been rejected, but the government recently took control of the two largest health insurance companies, with both reportedly facing financial and operational difficulties: the fiscal cost of the initiative is unclear.<\/span><\/p>\n

Foreign Funding for Struggling Egypt<\/b><\/h3>\n

Egypt is set to receive new funding: the IMF’s contribution rises from the previous $3 billion to the current $8 billion, and the European Union launches a strategic partnership programme worth $8 billion. The increase from the IMF indicates US support, while for the EU, Egypt is central to efforts to curb migration flows. The United Arab Emirates are also ready to demonstrate how important it is for them to provide a lifeline to Cairo. The $150 billion agreement between the two countries for the development of Ras El-Hekma (an area west of Alexandria on the Mediterranean coast) underlines Egypt’s strategic role in the region, as does Abu Dhabi’s rapid disbursement ($15 billion in the first two weeks and $20 billion granted at the end of April). Recently, Egypt has faced two shocks: the conflict in Gaza and the disruption of trade in the Red Sea. The proximity of the war likely led to a reduction in tourism, while attacks in the Red Sea resulted in decreased revenues from the Suez Canal.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

News from afar. Whilst these countries may seem distant, events there are crucial to understanding the direction of the world at large. 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