China Chart Pack FX accumulation by firms allows PBOC to step back The People’s Bank (PBOC) further reduced its foreign exchange purchases to around $6bn in May, the lowest in almost a year. Given last month’s large trade surplus, this might suggest that capital... 18th June 2014 · 1 min read
Middle East & North Africa Economics Update Growth alone won’t fix Egypt’s dire public finances There are growing hopes that the gradual recovery in the Egyptian economy will help to bring the dire public finances on to a more sustainable path. But while we think this will have some impact, in... 16th June 2014 · 1 min read
Japan Economics Weekly Could a revamped GPIF lower the pension deficit? Pension provision is a significant drain on Japan's fiscal resources in part because the returns generated by the Government Pension Investment Fund (GPIF) have fallen short of those earned by... 16th June 2014 · 1 min read
Europe Economics Update More austerity pain to come for euro-zone The EC’s latest batch of country reports shows that the euro-zone has already achieved substantial structural reform and fiscal consolidation. But the region faces several more years of painful reform... 11th June 2014 · 1 min read
Africa Economics Focus Why Ghana needs IMF help The recent sharp widening of Ghana’s twin budget and current account deficits has fuelled speculation that the country may require some external help to stave off a fiscal and balance of payments... 11th June 2014 · 1 min read
China Economics Update Policymakers still resisting calls for broad stimulus In the past few weeks, policymakers have adopted an approach to supporting the economy that is the opposite of that followed in 2008. Then, banks were encouraged to flood the economy with credit. Now... 9th June 2014 · 1 min read
Global Economics Chart Pack Growth rebounding in second quarter The world economy slowed significantly in Q1, largely because output contracted in the US and growth weakened in China. But this should be followed by a rebound in the current quarter. Indeed, the... 5th June 2014 · 1 min read
China Economics Update Local government dependence on property exaggerated The ongoing slowdown in the property sector is hitting land sales, which some have suggested has worrying implications for local government finances. We think the risks are being exaggerated and that... 5th June 2014 · 1 min read
UK Economics Chart Pack Strong growth but still no productivity rebound While the latest activity surveys suggest that the recovery might have gathered pace in the second quarter, a revival in productivity has remained elusive. Indeed, firms are hiring workers in record... 4th June 2014 · 1 min read
Europe Chart Pack Deflation risks still mounting May’s fall in euro-zone HICP inflation from 0.7% to 0.5% left it at its joint weakest rate since October 2009 and far beneath the ECB’s 2% price stability ceiling. There is no sign of inflationary... 4th June 2014 · 1 min read
Middle East & North Africa Economics Update Morocco’s public finances on the mend Having embarked on subsidy cuts last year, the Moroccan authorities have made good progress on tackling the country’s weak public finances. There is still work to do if the government is to meet its... 4th June 2014 · 1 min read
Europe Economics Update Euro-zone Fiscal Monitor (May) Although progress is still slow, the latest euro-zone fiscal data provided more evidence that peripheral governments are gradually strengthening their fiscal positions. 2nd June 2014 · 1 min read
Latin America Chart Pack GDP growth slowed in Q1, likely to remain sluggish First quarter GDP data released over the past month suggest that the region’s economy slowed further at the start of this year, with growth dipping to just 2.0% y/y in Q1, down from 2.2% y/y in Q4... 2nd June 2014 · 1 min read
Japan Economics Weekly Is Japan's fiscal position really that bad? Japan is widely known to have the highest gross government debt level relative to the size of its economy in the developed world but some commentators have argued that the net debt picture is much... 2nd June 2014 · 1 min read
Japan Economics Weekly Will the “third arrow” regain momentum? The second version of the government’s “Growth Strategy”, which is due next month, should include a pledge to cut corporate taxes, and perhaps some measures to cut red tape in Special Economic Zones... 26th May 2014 · 1 min read
Europe Economics Update EP elections to show rising reform fatigue Euro-sceptic parties are set to perform strongly at elections for the European Parliament. Although the result may have little impact on the institution itself, it risks undermining national... 21st May 2014 · 1 min read
