globalEDGE Blog

The rolling tides of economic woes have slammed the shores of Jamaica.  The island nation’s unemployment rate has risen above 12% while its debt-to-GDP ratio is at a staggering 130% - not far behind Greece.  Discussion has started with the International Monetary Fund for a significant amount of debt relief.

This will not be the first time the international financial institution has come to Jamaica’s aid for in 2010, the country received $1.27 billion.  Prime Minister Portia Simpson-Miller of the People’s National Party, who stepped into office early January 2012, has yet to implement many of her social and economic policies (one of which includes finalizing negotiations for financial aid with the IMF).  Other hot topics of Jamaica’s political discussion are tax and pension reform and reducing wages for government workers.

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Small companies are often intimidated by the thought of selling their products abroad. To be fair to them, there are a lot of considerations that need to be factored in that do not apply in domestic sales that can be overwhelming. There are often extra fees, legal considerations, shipping concerns, as well as culture and language barriers. Still, selling abroad is a great option for small companies who are looking for rapid growth. By no longer limiting your business to selling within your boarders, countless new customers will become available to you. That is exactly what Charles Popenoe III found out with the help of the US Commercial Service and International Trade Administration.

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Despite stories of economic struggles scattered around Europe, there is some bright news from the United Kingdom. According to financial data, the United Kingdom maintained its 16-month recovery in the construction sector. Strong orders for new building projects and a rise in employment in April have helped sustain construction recovery as well as economic growth. The main demand for this boost of construction output has come from commercial building and civil engineering during the spring months and is expected to be carried forward into the summer. Another major cause of this growth is probably not a surprise to anyone—the 2012 Summer Olympics.

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There is no question that India is one of the fastest growing economies in the world. It has a massive population that is eager to learn new skills and grow companies.  Still, there is one factor that may be holding India back from reaching its full potential: lack of women in the workforce. While India has made great strides in the past several years in this area, there is still a large discrepancy between men and women in the business world. According to a recent report India has one of the lowest percentages of women on Executive Boards and in leadership positions worldwide.

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U.S. billionaire investor Sheldon Adelson has plans to open a £17 billion hotel and casino resort in Spain. The resort, being called “EuroVegas", would contain 12 hotels, six casinos, a concert hall, several theaters, and golf courses. It would be about half the size of the Las Vegas Strip in the United States. If plans for the resort follow through, it would be a huge stimulus to the Spanish economy.

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In recent years, especially after the financial crisis, there has been a fierce debate over the level of executive pay, especially in Europe and the United States. According to a Towers Watson study of 225 Fortune 1000 companies, the median total direct compensation increased only 5.6% for CEOs in 2011, compared to a 14.5% increase in 2010. It seems as though the recent outcry is having an effect. Though compare these numbers to Forbes 2011 study on the 500 biggest U.S. company’s CEOs and their pay, and you will see a different story. U.S. CEOs received a collective pay raise of 16% in 2011, compared to 3% for the average American worker. It is interesting to see the vast differences not only on the level of pay, but especially on how the culture of a certain country affects the debate.

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To compete in the global economy, a country’s workforce must be knowledgeable, well-trained, and understand the complexities as well as the benefits created by globalization. It’s true that accomplishing these objectives is easier said than done but in our hands lies a great tool to assist us with these goals—and this great tool is simply education. Just as globalization has changed business around the world, it is also changing education. A common trend in higher education policy is the internationalization of education to help students live, work, and be successful in today’s interconnected global economy.

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Ten years have passed since the end of Angola’s civil war and the country has made enormous strides in rebuilding its once struggling economy. This year Angola’s economy is expected grow by eight percent as it becomes the second biggest producer of oil in Africa. One of the main effects of this rapid economic growth is the boom in infrastructure development. In the capital city of Luanda, the skyline is now filled with newly-built skyscrapers and each month more businesses are beginning to populate the area. Economic growth is beginning to transform Angola into a country filled with business opportunities, but how does Angola expect to sustain this economic growth in the years to come?

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Franchises have been booming worldwide. Close to 10 million employees work at approximately 400,000 franchise locations worldwide. Franchise owners enjoy that they can open a restaurant without as much risk, and the restaurants enjoy the increase in revenue coming from new stores in a variety of countries. One of the most recent booms in the franchise world is the massive growth in Latin markets. In the past year alone Brazil has experienced a 15% growth in franchises, Mexico has had a 13% increase, and Argentina also had double digit growth with 10.5%. 

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Around the world many small businesses are beginning to take advantage of global opportunities by exporting their products abroad and finding new markets in different countries. With many opportunities to find business partners overseas, finding the right path to take may prove to be a difficult task. However in the United States, there are many government export promotion programs that assist small to medium sized firms succeed and find the right opportunities in these new markets. One program in particular is the International Trade Administration. Doug Barry of the Trade Information Center and the U.S. Commercial Service recently sat down with a technology company from Maryland to discuss the benefits it gained from using export assistance programs.

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