World & Politics
UN expects growth of Chinese economy - 01/26/2023
In 2023, China's economic growth will increase to 4.8% from 3% in 2022, according to a UN report on the state of the world economy and its outlook. China's GDP expanded by 3% in 2022, which was significantly less than the 8.1% growth seen in 2021 and the stated aim of 5.5%, according to the paper. The recurrent lockdowns brought on by COVID-19 are the main cause of the slowness. "However, it...
EU urges to speed up negotiations on use of Bank of Russia assets to help Ukraine - 01/25/2023
Head of the European Council called "to lend urgency" to the talks on using the $300 billion in blocked Bank of Russia assets for Ukraine's reconstruction. According to Charles Michel, the president of the European Council, EU leaders must continue talks about using $300 billion in frozen Bank of Russia assets for the reconstruction of Ukraine. He emphasized that "this is a question of fairness...
The Netherlands to close the EU’s largest gas field in 2023 - 01/25/2023
The biggest gas field in Europe will be shut off by the Netherlands in 2023. Groningen, the largest gas field in Europe, will be shut down by the Dutch government in 2023 because Hans Vijlbrief, state secretary for extractive industries, believes that continuing with production would be "extremely unsafe" due to earthquakes. He stated that although the ultimate choice would depend on whether...
Argentina and Brazil sign agreements on economic integration - 01/24/2023
At a summit in Buenos Aires, the presidents of Brazil and Argentina signed accords regarding economic and financial integration. Alberto Fernandez, the president of Argentina, said in a statement following the signing ceremony, "I am certain that a new period of strategic relations for decades to come will begin with the signing of these agreements." In response to a question from a reporter,...
Japanese authorities introduce record $880 billion state budget - 01/24/2023
According to NHK TV, the Japanese government has proposed to Parliament a budget of a record 114.4 trillion yen ($880 billion) for the fiscal year 2023 (April 1, 2023–March 31, 2024). The budget has surpassed 110 trillion yen for the first time; it is 6.78 trillion ($52 billion) more than the existing budget. Particularly, defense spending will reach a record 6.79 trillion yen ($52 billion), an...
Germany and France to cooperate on common gas procurement mechanisms - 01/23/2023
In the upcoming years, France and Germany will collaborate on shared gas procurement strategies, French President Emmanuel Macron stated on Sunday. "In the upcoming years, we have made the decision to collaborate closely on gas procurement arrangements. In addition to working on shared platforms, we aim to establish long-term procurement processes," Macron stated during a press conference in...
Reuters: Russia ranks second in oil exports to China in 2022 - 01/20/2023
According to data from the official customs office in China, which was cited by Reuters, Russia was the second-largest oil exporter to China, sending 1.72 million barrels per day, or 86.25 million tons, of the commodity to the country. The number of shipments in December increased to 1.52 million barrels per day compared to the same time in 2021. Thus, China purchased eight percent more Russian...
IMF forecasts slowdown in global inflation in 2023-2024 - 01/18/2023
According to Gita Gopinath, the IMF's First Deputy Managing Director, global inflation would decline in 2023 and 2024. Ms. Gopinath expects that global inflation would slow this year and the following. She added that a lot of unexpected events had recently happened, "so things can go horribly wrong." According to her, the fact that inflation is reverting to a manageable level should be...
UK and UAE to cooperate on green energy - 01/17/2023
A joint energy cooperation memorandum between the UK and the UAE has been signed. According to a statement posted on the British government website, the UK and the United Arab Emirates have signed a memorandum of understanding on cooperation in the area of green energy. The statement read, "(UK Energy Secretary) Grant Shapps signed an agreement during a visit to Abu Dhabi to facilitate the...
World Bank reviews economic forecast 2023 - 01/13/2023
As a result of underinvestment, rising global inflation, and a tightening financial climate, the World Bank has increased its forecast for global growth from 3% for both years in the prior version to 1.7% in 2023 and 2.7% in 2024. The World Bank Group's new projection for the international economy was unveiled on January 10 and combines the WB's regular semi-annual forecast with some analysis...
