In recent years, immigration has been a topic that has been widely discussed globally, from the U.S. to the EU to the International Monetary Fund and the World Bank. There are other aspects of immigration that are often not considered that tend to slip through the cracks of the political quagmire, and those aspects can influence the global economy and can be far-reaching. One such aspect is remittance, which is the transfer of money from a worker in a foreign country back to individuals back in their home country, typically family members and friends.
globalEDGE Blog - Page 156
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On Monday, March 9, Ghana and the International Monetary Fund made a deal to help stabilize the country’s struggling economy. The three-year plan was proposed after discussion of the government’s failure in reach targets for inflation, the budget deficit, and overall GDP growth. Members of the minority opposition “New Patriotic Party” believe that Ghana’s current economic state is the worst it’s been in over two decades.
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The European Union is in a metamorphic phase, as illustrated by globalEDGE’s various blog posts on the topic. The trade bloc is trying desperately to stabilize its currency, sustain healthy industry growth, and prevent Greece from defaulting on sovereign debt. These nations have remained resilient before and many economists believe they will stand the test of time, for there is strength in numbers. Six countries are currently in the process to become full-fledged members. One of the candidates is Iceland.
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As the Eurozone progressively works on pulling out of financial distress, the economy is getting a much needed boost from its relatively weak euro. The euro has fallen 19 percent against the U.S. dollar ($1.11/euro) and 12.5 percent against the U.K. Sterling (0.73/euro).The weak euro is a distinctive element for providing a big boost for exporters. Moody’s, z credit rating agency, explains the drop in the euro as “positive for companies that have the majority of their cost bases in the euro area with significant sales to regions outside it."
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Ireland’s manufacturing output soared in February. In fact, its growth in this sector reached its highest level in the last 15 years, according to the Markit Purchasing Managers’ Index (PMI). In analyzing the PMI, any number above 50 indicates manufacturing expansion. In February, Ireland’s PMI increased to 57.5, while the Eurozone’s PMI remained unchanged at 51.0 from the prior month. Ireland’s high PMI score is a result of high growth in manufacturing orders, production, and jobs.
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India’s Finance Minister announced a new federal budget over the weekend. The budget emphasizes increasing growth and investment, while putting undesirable but necessary reforms on the back burner.
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With a lot of business areas in developed markets and industries becoming saturated, many companies are starting to look into newer product categories in emerging markets. A key driver in making this transition into emerging markets successful is implementing a diversified strategy. Companies need to be innovative in these new markets, as existing capabilities are not often in line with the wants and needs of the newer prospects.
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The Internet of Things (IoT) connects physical objects with the internet and provides the ability to transfer data over a network. This innovative concept is likely to have an enormous impact on the IT sector. This technology is already revolutionizing the sports industry, as large amounts of data are captured during sporting events to help improve player performance and strategy. IoT is expected to generate data from diverse locations and communicate it through massive networks, thereby increasing the need to better store and process such data. Cloud computing is there to solve this problem, which enables central data storage and remote online access to various resources and services.
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On Wednesday, the European Union Commission approved plans to combine the energy markets of its twenty-eight member countries into a unified energy market. The Commission stated that the EU Energy Union would provide many benefits to the countries of the EU, lessening their dependence on energy supplies from foreign countries and boosting their economic power significantly. The ambitious plan is facing some criticism, and has yet to be approved by the European Parliament as well as the EU's member countries, but it certainly has the potential for major influence on European economics.
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As people in developed countries live longer lives, companies with pension plans are facing growing pension shortfalls. The Society of Actuaries estimates that the average 65 year old man today will live two years longer than it estimated 15 years ago. This has led to large differences in the amount budgeted for pension plans and the amount actually being spent. The increased longevity of these employees’ lives has caused many major companies’ balance sheets to be changed dramatically. Most United States companies use defined-contribution plans such as 401(K)s, and these leave workers on their own after retirement. These companies will not have to worry about increased life longevity when it comes to these payments.