Russia's GDP is at its highest in 10 years, US CEOs are more optimistic about the economy, China promotes FTAs, Poland opposes agricultural imports from Ukraine, Germany does not operate Nord Stream's remaining pipeline... these are the Outstanding world economic news last week.
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| "Nord Stream 2 is damaged, however, one pipeline is still safe and gas can be supplied to Europe through it, but Germany does not open it," the Russian President said. (Source: Adobe Stock) |
World economy
OPEC is committed to continuing to support market stability
Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais said on February 12 that the bloc is negotiating with a number of countries interested in joining the alliance between OPEC and its allies. , also known as OPEC+, also affirmed that OPEC is committed to continuing to support the stability of the energy market despite current geopolitical tensions in the world.
Interview with news agency ENA of the United Arab Emirates (UAE), Mr. Al-Ghais affirmed that the names of countries wishing to join OPEC+ will be announced after the consultation process is completed.
The OPEC Secretary General emphasized: “By facilitating dialogue and joint efforts in areas such as technology, the OPEC+ Charter of Cooperation aims to stabilize the oil market and bring benefits all stakeholders in the oil industry, including producing and consuming countries.”
Regarding the issue of potential output adjustments among OPEC member countries, Mr. Al-Ghais said that the continuous achievements of the Declaration of Cooperation have motivated participating countries to further strengthen efforts to maintain market stability. The OPEC Secretary General also highlighted the recent agreement among OPEC+ members to extend the voluntary production cut plan until the end of 2024.
OPEC+ member countries, including Saudi Arabia, Russia, Iraq and the UAE, Kuwait, Kazakhstan, Algeria and Oman, have announced additional voluntary production cuts until the end of March 3 to further support the oil market. globally and ensure the stability of the energy market. At an online meeting earlier this month, the Joint Ministerial Monitoring Committee of OPEC+ highlighted the compliance of OPEC and non-OPEC producers.
American economy
* Survey results announced by The Conference Board on February 8 showed that, American business leaders are feeling more optimistic about the direction of the world's largest economy, even as their worries about the upcoming presidential election grow.
According to the survey, a measure of chief executive officer (CEO) confidence showed that, for the first time in two years, optimism outweighed pessimism.
Specifically, 36% of CEOs participating in the survey expect US economic conditions to improve in the short term, a significant increase compared to the 19% measured in the fourth quarter of 2023. This number reflects growing business confidence in a "soft landing" for the US economy - something that seemed very unlikely a year ago.
China's Economy
* According to China's Ministry of Commerce (MOC), this country has sign free trade agreement (FTA) with 29 countries and territories until the end of January 1.
Government data shows that trade turnover between China and the above partners accounts for about 1/3 of the country's total trade turnover. China achieved new breakthroughs in both negotiating and signing FTAs last year.
In 2023, China signed FTAs with Ecuador, Nicaragua and Serbia as well as signed a protocol to upgrade the FTA with Singapore and made significant progress in initial FTA negotiations with Honduras.
* A recently released study by the China Tourism Academy predicts, This country's tourism market will return to bustle in 2024.
According to the research report, it is estimated that Chinese people will make about 6 billion domestic trips this year, up from nearly 4.9 billion trips in 2023. Meanwhile, the total number of Chinese tourists traveling domestically and internationally will exceed 260 million visits.
China is heading for a bumper tourism season, with travel agencies and industry players expecting record-breaking passenger numbers during the upcoming Spring Festival and adding new impetus to the process. economic recovery of the country.
European economy
* The Chamber of Agriculture of the Czech Republic said on February 13, Agricultural organizations in Central and Eastern Europe are calling for mass protests by farmers across the region on February 22 to protest the agricultural policies of the European Union (EU).
Previously, agricultural organizations from the Czech Republic along with Slovakia, Hungary, Poland, Latvia and Lithuania submitted a series of requests to the EU Agriculture Commissioner, including a request to compensate farmers for complying with regulations. new regulations related to environmental protection, reducing bureaucracy and increasing transparency of the subsidy system, as well as clearer regulations on Ukrainian agricultural products exported to the EU market.
* According to the assessment of the current situation of the Russian Federation's economy prepared by the Ministry of Economic Development, The country's economic growth in 2023 will reach its highest level in a decade, except for the post-Covid-19 period.
The assessment notes that, according to the first estimate of Rosstat (General Statistics Office of the Russian Federation), GDP growth in 2023 is 3,6%, higher than most expectations. Compared to two years ago, the growth rate reached 2,3%. According to the above ministry's forecast, Russia's GDP in 2024 will increase by 2,3%, while the Central Bank of the Russian Federation expects growth in 2024 to be 0,5-1,5%.
* News agency TASS of Russia quoted Russian President Vladimir Putin as saying Germany will not continue to operate its remaining pipeline North Stream 2 (Nord Stream 2), although Moscow is ready to supply gas through this route.
In an interview with American journalist Tucker Carlson, published on February 9, President Putin expressed: "The problem is not only related to the explosion of Nord Stream 2. Nord Stream 1 is damaged, however, one pipeline is safe and gas can be supplied to Europe through it, but Germany is not open.”
Nord Stream 1 and 2 pipelines - transporting natural gas from Russia to the European market via Germany - were seriously damaged in September 9 after explosions at the bottom of the Baltic Sea.
* June 9, Polish farmers have blocked roads and organized many protests at border checkpoints with Ukraine. This is an action to protest the import of agricultural products from this neighboring country.
Poland is one of the countries that has always supported Ukraine, but economic conflicts have worsened relations between the allies. Farmers in Poland say that the opening of the European Union (EU) market to Ukrainian agricultural products has caused domestic commodity prices to fall and caused unfair competition.
* According to data from the German Federal Statistical Office (Destatis), China continues to be Germany's largest trading partner in 2023. This is the eighth consecutive time China has topped the list of largest trading partners of Europe's leading economy.
According to Destatis, in 2023, the volume of trade between Germany and China will reach about 253 billion Euros (about 270,73 billion USD). Germany's trade deficit with China remains very high at €58,4 billion, just shy of the record deficit of €86,1 billion in 2022.
Germany's second largest trading partner is the US with a total exchange volume of 252,3 billion Euros, only 0,7 billion Euros lower than trade with China. Neighboring country the Netherlands is Germany's third largest trading partner, with total import and export turnover reaching 214,8 billion Euros.
Economy of Japan and Korea
* The latest figures on Japan's economic growth rate are being calculated to confirm that this country fell from third to the fourth largest economy in the world in 2023, due to the impact of a weak currency and an aging population.
While the economy is seen returning to average annual growth of 1,2% in the fourth quarter of 2024 after a sharp contraction in the summer, figures for the year almost certainly show that GDP Japan is lower than Germany in USD terms.
* Development Bank of Japan (DBJ) is supported by the government will invest more than 150 billion Yen ($1 billion) to build semiconductor supply chain resilience, batteries and other industries important to national economic security. The investments will be disbursed over two years from fiscal 2024 in the form of capital injections and subordinated debt.
* Korean President Yoon Suk Yeol on February 13 instructed the Office of the President to research tax incentives and other support programs, in order to Encourage businesses in this country to build programs to support employees having children.
South Korea's total fertility rate, the average number of children a woman can have in her lifetime, hit a record low of 0,78 in 2022, well below the replacement level needed. is 2,1 to maintain the country's population at 51 million people.
* Korea's coffee import turnover exceeded 1 billion USD for two consecutive years Because more and more Korean people love and regularly use this drink.
According to data from the Korea Customs Service, the total value of imported green and roasted coffee reached $1,11 billion in 2023, compared with $1,3 billion a year earlier. South Korea's coffee imports have increased steadily since 2018 as more Koreans enjoy the beverage.
ASEAN economy and emerging economies
* Laos aims to attract 6,2 million domestic and foreign tourists to generate a revenue source of about 1,3 billion USD in 2024, a sharp increase compared to the target of 4,6 million visitors that the country previously set by the end of 2023.
To achieve the above goal, officials will implement a series of measures such as advertising Visit Laos Year in Lao, English and Chinese languages; organize meetings between businesses in the tourism sector; Organize visits to some famous tourist destinations in Laos for social media influencers to encourage them to post their visits on YouTube...
* Indonesia is facing a scarcity of high quality rice at modern retail stores because manufacturers set rice prices at high levels.
Accordingly, the price of rice at local markets has increased significantly, from about 13.000 Rp (0,83 USD)/kg to about 16.000 Rp-17.000 Rp (1,02-1,08 USD)/kg. Faced with this situation, the head of the National Food Authority (Bapanas), Arief Prasetyo Adi, said that the agency is implementing five measures to ensure rice supply and stabilize prices nationwide.
Measures include: Speeding up the unloading process for ships carrying imported rice at many ports across the country; continued distribution of 200.000 tons of commercial rice from the State Logistics Agency (Bulog), including 50.000 tons to Cipinang Central Rice Market in Jakarta; distribute rice under the Price Stabilization and Food Supply Program (SPHP) to traditional markets and retail stores, and continue the Low Price Food (GPM) campaign nationwide.
* Malaysia's largest port operator, Westports Holdings, is Search for external strategic investors to fund an $11,1 billion port expansion plan that will nearly double capacity over the coming decades.
Westports is the second largest port in Southeast Asia and is planning to increase capacity to 27 million TEUs – from 14 million TEUs currently – during the concession period until 2082.
* Egyptian Prime Minister Mostafa Madbouli said on February 12 that the country is focusing on Accelerate economic growth with the goal of creating 7-8 million additional job opportunities from now until 2030.
According to Mr. Madbouli, the African country is looking to support economic sectors, especially the infrastructure sector, to help attract more domestic and foreign investment.
