Deficit: $475 billion
|
|
- Penelope Scott
- 5 years ago
- Views:
Transcription
1 International Trade and exchange rate behavior... losing the balance (c) Gary R. Evans. May be used for non-profit educational purposes only without permission of the author. 3,, Exports vs. Imports (Millions $: p) 2,5, 2,, 1,5, Deficit: $475 billion Imports: $2.75 trillion 1,, 5, Exports: $2.27 trillion Imports Exports Source: Bureau of Economic Analysis, U.S. International Transactions Accounts Data, Table 1 1
2 $ millions 1, -1, Merchandise Trade (Goods) Deficit p Source: Bureau of Economic Analysis, Table 1 Interactive tables -2, -3, Question: Is this necessarily bad?? -4, -5, $73.91 billion in 213-6, -7, -8, -9, $ billions 25 Services Surplus $ Billion in Includes shipping, insurance, financial and legal services, education, consulting 1 Source: Bureau of Economic Analysis, Table 1 Interactive Tables
3 Major U.S. Trading Partners Annual 213p, $ millions (Goods and Services) Country/Region Exports Imports Balance European Union 475,71-55,298-74,597 China 156, ,74-299,67 Canada 365, ,73-1,895 Mexico 255,73-33,529-47,826 Memo: OPEC 111,68-163,992-52,384 Japan 114, ,899-58,31 MidEast 96, ,751-28,238 Idi India 34, ,87-26,44 OPEC: Algeria, Angola, Ecuador, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela. Source: Bureau of Economic Analysis, Table 12 Interactive Tables $ millions What goods do we export? (213) 6, 5, 4, 3, 2, 1, 148,79 525, ,462 Agricultural Products 152,18 165,754 Industrial Supplies Capital Goods Automotive ti Consumer Goods Other Goods 53,322 Our strength is in industrial supplies and capital goods, which includes aircraft. Source: Bureau of Economic Analysis, International Economic Accounts, Table 2a. 3
4 The Growing Importance of Energy Exports $ Millions 18, 16, 14, 12, 1, 8, 6, 4, Source: Bureau of Economic Analysis, Table 2a Interactive tables 2, Coal Petroleum Natural Gas What goods do we import? (213) $ Millions 6, 5, 4, 3, 315, ,271 39, , ,249 Foods, Feed, Beverages Industrial Supplies (1) Capital Goods Automotive Vehicles & Parts Consumer Goods Other Goods Petroleum Products (1) Excluding petroleum products, which are shown separately. 2, 116,2 1, 72,282 Compare consumer goods and vehicles to exports. Source: Bureau of Economic Analysis, International Economic Accounts, Table 2a. 4
5 What Services Do We Export? (213) $ millions 25, 2, 15, 226, , ,331 Travel and Transportation Business, Professional, Technical Royalties and License Fees Financial Services Education Insurance Services Telecommunications Other 1, 81,27 5, 26,357 15,311 14,83 1,535 Source: Bureau of Economic Analysis, International Economic Accounts, Table 3a. What Services Do We Import? (213) $ millions 2, 18, 16, 14, 12, 1, 182, ,846 Travel and Transportation Business, Professional, Technical Insurance Services Royalties and License Fees Financial Services Telecommunications Education Other 8, 6, 4, 5,59 41,291 18,27 2, 7,633 6,393 Source: Bureau of Economic Analysis, International Economic Accounts, Table 3a. 1,485 5
6 Trade and "Current Account" Trading Partners Goods and Services deficit... must be offset by financial flows going the opposite way United States When the U.S. runs a large goods and services deficit with the rest of the world, the $$ cash that accumulates overseas must eventually find an outlet back in the U.S. in the form of foreign purchases of U.S. businesses, investment in the U.S. stock/bond markets, or through purchase of U.S. Treasury Securities. "We are going to owe the rest of the world forever," Warren Buffett on CNBC, March 2, 26. This all has to "balance": All U.S. International Transactions ($ millions) Goods and Services p Exports 2,21,585 2,271,386 Imports -2,745,24-2,746,249 Financial i Transfers US private net investment abroad -178, ,56 Foreign private net investment in US 149, ,322 US government overseas assets * 85,331 1,975 Foreign government domestic assets 393, ,744 US income on overseas assets 776, ,65 Foreign income on US assets -537, ,16 Unilateral transfers net -129, ,179 Other and statistical discrepency -25,18 14,8 Balance Notice how the gap in trade is offset by investment flows. Our $ are used to buy goods, those $ return to U.S. in the form of investment in U.S. assets, some financial assets and real estate, and a lot of US government debt. * Normally negative. Source: BEA International Transaction, Table 1 Interactive Tables These are all flow variables, or deltas. The 622,322 means that $ billions was invested in the U.S. by overseas investors in 213. These categories show earnings that are the result of investments in years past. 6
7 Where is the returned money invested? Foreign Net Investment in the U.S. ($ millions) p Total lforeign Investment tin the U.S. US 543,884 96,6666 Foreign Government 393, ,744 U.S. Treasury Securities 433, ,523 Other U.S. Government Securities -118,495-3,875 U.S. Bank Deposits -1,572 6,943 Other 8,834 18,153 Private 149, ,322 Direct Investment 166, ,36 U.S. Treasury Securities 156,385 22,22 Other U.S. Government Securities 196,98 44,33 U.S. Bank Deposits -387,378 29,536 Other 17,636-27,97 Source: BEA International Data, Table 1, Interactive Tables Severe volatility!! Usually about half is foreign government, half foreign private, spread out fairly evenly. Early in this crisis, much of the emphasis was toward U.S. Treasury securities and away from everything else, including bank deposits. But since 21, low yields on Treasury securities evened this trend. Note the massive withdrawals from US bank deposits in 212. Overseas Accumulations of Financial Assets (mostly dollars) Source: International Monetary Fund, Currency Composition of Official Foreign Exchange Reserves (COFER), December 3, 213 When our overseas trading partners run trade surpluses with us, their financial assets accumulated by their governments are classified as foreign exchange reserves, and are typically held as U.S. Treasury securities. 7
8 Who owns the U.S. Treasury Debt? Figure 2 Ownership of Privately Held U.S. Treasury Debt December 1995 June 213 Billions $ % total Billions $ % total Deposit institutions % % US Savings Bonds % % Private pension funds % % S&L govt pension funds % % Insurance companies % % Mutual funds % % State & local governments % % Foreign holdings % 5, % Other (mostly individuals) % 1, % Total privately held 3, % 9, % Memo: Total Debt: 16,738.2 Held by FRS & IG accounts: 6, % Source: U.S. Treasury Bulletin, December 213, Table OFS-2 The Good and the Bad of the the Trade Deficit The good... keeps inflation in check very consumer-friendly encourages development in emerging nations encourages political alliances with the U.S. forces many domestic industries to be competitive The bad... dollar cash generated from these sales must be recycled back to the U.S., currently leaving us indebted to China, petro-nations and other nations some industries are damaged and some jobs are lost 8
Congressional Budget Office FY 2011 Outlay Projection: $3.899 Trillion
Federal retirement, unemployment insurance, veterans, other social/health $726 B - 18% (FY 2008: $324 B - 11 %) Congressional Budget Office FY 2011 Outlay Projection: $3.899 Trillion Mandatory Net Interest
More informationOil price. Laura Lungarini
Oil price Laura Lungarini Agenda Crude oil market What is behind oil price Fundamentals Main Players Geopolitics Financial market The price determinant Benchmark crude oils Brent Physical and paper market
More informationThe construction or provision of oil rigs, drilling. equipment, including seismic data collection.
The construction or provision of oil rigs, drilling equipment and other energy related service and equipment, including seismic data collection. Engaged in the exploration, production, marketing, refining
More informationU.S. Economic Outlook: Where Innovation equals Opportunity. Jeff Korzenik Chief Investment Strategist
U.S. Economic Outlook: Where Innovation equals Opportunity Jeff Korzenik Chief Investment Strategist Where are we in the Business Cycle? Source: Bloomberg, The National Bureau of Economic Research 2 Where
More informationImports. Exports. T135 Figure 18-1 U.S. Exports and Imports as Ratios of GDP, Ratio to GDP
T135 Figure 18-1 U.S. Exports and Imports as Ratios of GDP, 1929 1998 0.14 0.12 Imports 0.10 Ratio to GDP 0.08 0.06 Exports 0.04 0.02 0.00 1930 1940 1950 1960 1970 1980 1990 1998 T136 Table 18-1 Ratios
More informationRobert Haddad Ashley Hughes AmirAli Motamedi Masoudieh
Robert Haddad Ashley Hughes AmirAli Motamedi Masoudieh Size and Composition Business and Economic Analysis Financial Analysis Valuation Analysis Recommendation Composed of companies involved in the production
More informationMicro versus Macro PP542. National Income Accounts. Micro versus Macro (cont.) National Income Accounts: GNP. National Income Accounts: GNP (cont.
PP542 Accounting Issues the Balance of Payments (BOP) Micro versus Macro MICROECONOMICS examines how individuals, by pursuing their own interests, collectively determine how resources are used. The key
More informationOil Value Chain & Markets. Global Oil Markets
Oil Value Chain & Markets Global Oil Markets World Oil Reserves WORLD OPEC Middle East Former Soviet Union Africa End 2006 End 2000 End 1990 End 1980 North America USA South & Central America Asia Pacific
More informationMacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices
MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices Art Berman November 30, 2016 Slide 1 Overview: OPEC Can t Fix The Problem of Low Oil Prices OPEC may reach some agreement today
More informationManaging Volatility in Oil and Gas Revenues
Managing Volatility in Oil and Gas Revenues Presentation to the Revenue Stabilization and Tax Policy Committee September 12, 2008 Thomas Clifford, PhD Research Director New Mexico Tax Research Institute
More informationEuro area quarterly balance of payments and international investment position (second quarter of 2016)
PRESS RELEASE 7 October 2016 Euro area quarterly balance of payments and international position (second quarter of 2016) The current of the euro area showed a surplus of 348.7 billion (3.3% of euro area
More informationCOMMENTARY NUMBER 417 December 2011 and Annual Trade Deficit. February 10, Trade Could Pressure GDP Revision to Downside
COMMENTARY NUMBER 417 December 2011 and Annual Trade Deficit February 10, 2012 Annual Trade Deficit Widened to $558 Billion in 2011, from $500 Billion in 2010, A Negative for Both the U.S. Dollar and the
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION JUNE 2018 RIYADH, SAUDI ARABIA JUNE 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS ON
More informationDecember Nigeria's operating landscape
Nigeria's operating landscape Caveat This document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information
More information1. Record levels of American outward foreign direct investment from 2000 to 2009,
Chapter 02 International Trade and Foreign Direct Investment True / False Questions 1. Record levels of American outward foreign direct investment from 2000 to 2009, totaling more than $2 trillion, caused
More informationIntroduction to KUWAIT
Introduction to KUWAIT Kuwait is the world s 10th largest producer of oil. Total oil production, which is equivalent to half the country s GDP, was estimated at 2.9 million barrels per day in 2016. Oil
More informationEcon 366. Fall 2012 The International Oil Market: The Cartel Era
Econ 366 Fall 2012 The International Oil Market: The Cartel Era A brief history of oil markets 4 major phases preceded creation of OPEC 1. Oil Rush in US (1859 1870) rush to buy land (landowner owns underground
More informationThe Economic Impact of Oil Prices
The Economic Impact of Oil Prices by Rurik Krymm During the last three months of 1973, the tax-paid costs of typical grades of crude petroleum in the main producing areas of the world, around the Persian
More informationSovereign Wealth Funds
Sovereign Wealth Funds Global Financial Forces Gerson Lehrman Group Presentation Eliot Kalter President, E M Strategies Senior Fellow, The Fletcher School EKalter@EMStrategies.com April 2008 Sovereign
More informationTopical: Natural Gas and Propane prices soar...
(c) 2006-2014 Gary R. Evans. May be used for educational purposes only without permission of the author. The National Income and Product Accounts (NIPA) Data source for all slides are from the Bureau of
More informationAnalyzing Properties of the MC Model 12.1 Introduction
12 Analyzing Properties of the MC Model 12.1 Introduction The properties of the MC model are examined in this chapter. This chapter is the counterpart of Chapter 11 for the US model. As was the case with
More informationCourse Outline. Applied Upstream Petroleum Fiscal Modeling & Economics. Course Leader: Barry Rodgers
Course Outline Applied Upstream Petroleum Fiscal Modeling & Economics Course Leader: Barry Rodgers Upstream Petroleum Fiscal Modeling & Economics Day 1 Morning (0830:12:00) Introduction Participants Introductions
More informationIn for the Long Haul Why Lower Oil Prices will be Good for You!
In for the Long Haul Why Lower Oil Prices will be Good for You! CO2-EOR Institute, 16 July 2015 BEG/CEE-UT, 1 Lower oil prices will Build demand Reduce competition to oil from non-oil alternatives (high
More informationPRESS POINTS FOR CHAPTER 3: IS IT TIME FOR AN INFRASTRUCTURE PUSH? THE MACROECONOMIC EFFECTS OF PUBLIC INVESTMENT World Economic Outlook, October 2014
PRESS POINTS FOR CHAPTER 3: IS IT TIME FOR AN INFRASTRUCTURE PUSH? THE MACROECONOMIC EFFECTS OF PUBLIC INVESTMENT World Economic Outlook, October 14 Prepared by Abdul Abiad (team leader), Aseel Almansour,
More informationAn Overview of World Goods and Services Trade
Appendix IV An Overview of World Goods and Services Trade An overview of the size and composition of U.S. and world trade is useful to provide perspective for the large U.S. trade and current account deficits
More informationNew in 2013: Greater emphasis on capital flows Refinements to EBA methodology Individual country assessments
As in 212: Stock-take: multilaterally consistent assessment of external sector policies of the largest economies Feeds into Article IVs Draws on External Balance Assessment (EBA) methodology/other Identifies
More informationChapter 16: Payments among Nations
Chapter 16: Payments among Nations Accounting Principles The balance of payments (BOP) is an accounting of a country's international transactions for a particular time period Double-entry accounting. Each
More informationData source for all slides are from the Bureau of Economic Analysis unless otherwise indicated. See for data sources.
The National Income and Product Accounts (NIPA) 2018 Gary R. Evans. This slide set by Gary R. Evans is licensed under a Creative Commons Attribution- NonCommercial-ShareAlike 4.0 International License.
More informationHow the U.S. Economy Benefits from International Trade & Investment
How the U.S. Economy Benefits from International Trade & Investment With more than 95 percent of the world s population and 80 percent of the world s purchasing power outside the United States, future
More informationJapan's Balance of Payments Statistics and International Investment Position for 2016
Japan's Balance of Payments Statistics and International Investment Position for 16 July 17 International Department Bank of Japan Japan's balance of payments statistics for 16 -- the annually revised
More informationThe New Petrodollar Flows
1 The New Petrodollar Flows 20 June 2006 Brad Bourland, CFA Chief Economist Oil Price Trends 2 Oil Prices, 1986-2006 80 70 60 50 40 30 20 10 0 Jan-86 Jan-87 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94
More informationWhat Goods and Services Do Countries Trade? (EA)
What Goods and Services Do Countries Trade? (EA) In 2005, Sara Bongiorni and her family carried out an unusual experiment. They tried to live the entire year without buying any products made in China.
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION NOVEMBER 2018 RIYADH, SAUDI ARABIA NOVEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationSovereign Wealth Funds Asset Allocation in the Wake of the Global Financial Crisis
Sovereign Wealth Funds Asset Allocation in the Wake of the Global Financial Crisis Eliot Kalter President, E M Strategies Senior Fellow, The Fletcher School EKalter@EMStrategies.com June 2009 Sovereign
More informationU.S. Trade and Industry: A Glimpse Under the Hood
U.S. Trade and Industry: A Glimpse Under the Hood Michael Sposi May 12, 217 Dallas, TX The views expressed here are those of the author and do not necessarily reflect the views of the Federal Reserve Bank
More informationLooking Ahead on Oil & Gas
Looking Ahead on Oil & Gas Art Berman NACE Investor Speaker Luncheon Palm Beach Gardens, Florida March 16, 217 Slide 1 Oil Prices Fell Below $5 Floor Last Week: Deflation of the OPEC Expectation Premium
More informationHow Alabama's Economy Benefits from International Trade & Investment
How Alabama's Economy Benefits from International Trade & Investment With more than 95 percent of the world s population and 80 percent of the world s purchasing power outside the United States, future
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION AUGUST 2018 RIYADH, SAUDI ARABIA AUGUST 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationForeign Investment in U.S. Securities
Order Code RL32462 Foreign Investment in U.S. Securities Updated July 14, 2008 James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Foreign Investment
More informationJohn Gerdes Head of Research. The Dynamic and Global Oil & Gas Industry Next Steps for 2016 & 2017
John Gerdes Head of Research The Dynamic and Global Oil & Gas Industry Next Steps for 2016 & 2017 Differentiated Energy Research Mission: Consistent, objective analysis of full-cycle economic returns derived
More informationFinancing the U.S. Trade Deficit
Order Code RL33274 Financing the U.S. Trade Deficit Updated September 4, 2007 James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Financing the U.S.
More informationOPEC extends oil output cut through March 2018
Economics Research Desk Market Highlights: Oil & Gas update 25 May 2017 OPEC extends oil output cut through March 2018 Oil prices swung between sharp gains and losses in volatile trade on Thursday, after
More informationEcon 340. Announcements. Overview of the World Economy. Lecture 1 Outline. Overview of the World Economy. Lecture 1 Overview of the World Economy
Announcements Econ 340 Lecture 1 We will start discussing news next week, on Monday Jan 15. You should be watching for international economic news. Lecture 2: Institutions 2 Lecture 1 Outline Elements
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION SEPTEMBER 2018 RIYADH, SAUDI ARABIA SEPTEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationFinancing the U.S. Trade Deficit
Order Code RL33274 Financing the U.S. Trade Deficit Updated January 31, 2008 James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Financing the U.S.
More informationCRS Report for Congress
Order Code RL33274 CRS Report for Congress Received through the CRS Web Financing the U.S. Trade Deficit February 14, 2006 James K. Jackson Specialist in International Trade and Finance Foreign Affairs,
More informationManaging Exchange Rates amidst tumbling oil prices
exchange rate Managing Exchange Rates amidst tumbling oil prices Dr. Anthony Birchwood The University of the West Indies 24/1/15 Foreign Exchange Dilemma How could Trinidad and Tobago (TT) boast of having
More informationNigeria Economic Update QNB Group. September 2014
Nigeria Economic Update QNB Group September 21 Nigeria Overview A rebasing of GDP in 213 has made Nigeria the biggest economy in Africa with the largest population; the economy is growing rapidly but remains
More informationJörg Decressin Deputy Director
World Economic Outlook October 13 Jörg Decressin Deputy Director Research Department, IMF 1 Outline Prospects for Advanced Economies Recent Developments and Implications for Emerging Economies Medium-term
More informationParallel Roundtable 2: Fiscal Regimes and Legal Reform to Attract Investment in the Energy Sector. Background Paper
Parallel Roundtable 2: Fiscal Regimes and Legal Reform to Attract Investment in the Energy Sector India New Delhi Background Paper Disclaimer The observations presented herein are meant as background for
More informationIntroduction to SAUDI ARABIA
Introduction to SAUDI ARABIA Saudi Arabia is the world s largest oil producer and exporter with almost one-fifth of the word s proven oil reserves. Benefiting from abundant and cheap energy, the industrial
More informationWorld Payments Stresses in
World Payments Stresses in 1956-57 INTERNATIONAL TRANSACTIONS in the year ending June 1957 resulted in net transfers of gold and dollars from foreign countries to the United States. In the four preceding
More informationOutlook for the Economy and Travel Outlook for the Global Economy and Travel
Outlook for the Economy and Travel Outlook for the Global Economy and Travel Adam Sacks President Tourism Economics @adam_sacks Adam Sacks President Tourism Economics @adam_sacks Outline The Outlook for
More informationGlobal Resources Fund (PSPFX)
Global Resources Fund (PSPFX) Global Resources are the building blocks of the world we live in. As the world s population grows and emerging regions develop a more vibrant infrastructure for commerce,
More informationEssential Standard1.00. Understand the role of business in the global economy.
Essential Standard1.00 Understand the role of business in the global economy. 1 Objective 1.03 Understand business in the global marketplace. 2 Topics Factors and regulations companies have to consider
More informationNTDEC EXECUTIVE FORUM. Current Conflicts in Middle East
NTDEC EXECUTIVE FORUM Current Conflicts in Middle East Presented by the North Texas District Export Council October 21. 2014 By Riad SUKKAR International Business Development AMC Global Topics Conflicts
More informationWhere did the Wealth go? - After twenty years of WTO: only 26 countries are beneficiaries of globalization
Where did the Wealth go? - After twenty years of WTO: only 26 countries are beneficiaries of globalization Basel, Switzerland April 2015 www.commons.ch 1 Only 26 out of 173 countries benefit 173 Countries
More informationOil: An Ongoing Story of Supply and Demand
Oil: An Ongoing Story of Supply and Demand The new normal of oil prices The crude oil market has experienced a sea change since 214. Oil prices dropped sharply from above $1 in early 214, bottomed at $26
More informationIndonesia Economic Update QNB Group. October 2014
Indonesia Economic Update QNB Group October 214 Indonesia Overview The economy has enormous long-term potential based on a rich endowment of natural resources and a large population; the new Jokowi administration
More informationWORKING PAPER. Gross or Net International Financial Flows. Understanding the Financial Crisis
WORKING PAPER Gross or Net International Financial Flows Understanding the Financial Crisis Karen H. Johnson July 2009 The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization,
More informationImportance of NAFTA to US and Canadian oil & gas companies
Importance of NAFTA to US and Canadian oil & gas companies Enercom Energy Investment Conference Dallas, TX February 22/2018 Delon Chan Consul & Trade Comissioner Consulate General of Canada in Texas Topics
More informationOverview of Canada s Oil Sands Industry
Overview of Canada s Oil Sands Industry CSSE Awards Banquet May 14, 2011 Calgary, Alberta Bob Dunbar Strategy West Inc. 12-1 Photo Source: Syncrude Canada Limited Presentation Outline Industry Overview
More informationTrade trends and trade policy developments. Ian Ascough Head of Bilateral Trade Negotiations BIS/DfID Trade Policy Unit
Trade trends and trade policy developments Ian Ascough Head of Bilateral Trade Negotiations BIS/DfID Trade Policy Unit The big picture UK earnings from exports of goods exceeded earnings from exports of
More informationIran Economical landscape and business opportunities May
www.pwc.co.uk Iran Economical landscape and business opportunities May 19 2016 USA Iran Libya UAE Saudi Arabia Iraq Egypt Kuwait Syria % of population Number of graduates 000s Russia USA Iran Japan South
More informationApril 2015 Fiscal Monitor
International Monetary Fund April 17, 2015 April 2015 Fiscal Monitor Now is the Time: Fiscal Policies for Sustainable Growth Xavier Debrun Deputy Chief, Fiscal Policy and Surveillance, Fiscal Affairs Department
More informationI. ECONOMIC ENVIRONMENT (1) MAJOR FEATURES OF THE ECONOMY
Oman WT/TPR/S/201 Page 1 I. ECONOMIC ENVIRONMENT (1) MAJOR FEATURES OF THE ECONOMY 1. The Sultanate of Oman borders Saudi Arabia to the west, the United Arab Emirates (UAE) to the north west, and Yemen
More informationChart 1. U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom
Chart 1 U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom 16% 14% 12% 10% 8% 6% 4% Last Points 4Q 2015- Saving Rate, 5.4%; HH Debt, 1 140% 130% 120%
More informationGlobalization, Inequality, and Tax Justice
Globalization, Inequality, and Tax Justice Gabriel Zucman (UC Berkeley) November 2017 How can we make globalization and tax justice compatible? One of the most pressing policy questions of our time: Globalization
More informationGross Selected industrial group, country income Percentage (less loss) of total
15-Apr-10 U.S. Corporation Returns with a Foreign Tax Credit: Foreign Oil and Gas Extraction Income, by Selected Industy and Country, Tax Year 2001 All industries 30,946 100.0 coal products manufacturing...
More informationBelgium s foreign trade 2011
Belgium s Belgium s BELGIAN FOREIGN TRADE IN Analysis of the figures for (Source: nbb community concept*) The following results demonstrate that Belgian did not suffer the negative effects of the crisis
More informationRecent Trends in Japan's Balance of Payments
Bank of Japan Review 1-E- Recent Trends in Japan's Balance of Payments --Findings from the New Balance of Payments Statistics-- International Department Noritaka Fukuma, Kentaro Morishita,* Takeshi Nakamura
More informationJOINT VENTURE REVIEW
JOINT VENTURE REVIEW The joint venture has been widely misunderstood as being a separate type of petroleum agreement. It is not usually so. It is a partnership arrangement wherein the State, either directly
More informationCIE Economics A-level
CIE Economics A-level Topic 4: The Macroeconomy e) The circular flow of income Notes Closed and open economies A closed economy is entirely self-sufficient, so it has no need to import anything, and it
More informationU.S. Economic Outlook and Monetary Policy
U.S. Economic Outlook and Monetary Policy March 26, 21 Craig S. Hakkio Senior Vice President and Special Advisor on Economic Policy Overview U.S. growth remains strong, though temporary factors are likely
More informationSwitzerland Economic Update QNB Group. September 2014
Switzerland Economic Update QNB Group September 14 Switzerland Overview Switzerland s efficient capital markets, highly skilled human capital and low corporate tax rates make it the world's most competitive
More informationGold demand statistics
Gold demand statistics Table 2: Gold demand (tonnes) 2014 2015 Q2 14 Q3 14 Q4 14 Q2 15 Q3 15 Q4 15 Jewellery 2,482.0 2,397.5 589.5 591.5 686.0 596.9 513.7 623.7 663.2 481.9-19 Technology 348.5 333.8 86.6
More informationTHE LIVING STANDARD AND DEVELOPMENT ANALYSIS THROUGH THE EVOLUTION OF GROSS DOMESTIC PRODUCT FOR THE PERIOD
THE LIVING STANDARD AND DEVELOPMENT ANALYSIS THROUGH THE EVOLUTION OF GROSS DOMESTIC PRODUCT FOR THE PERIOD 2000-2012 Abdul Rahman IBRAHIM 1, Raluca NECULA 1, Diana Roxana CAPĂTĂ 2 1 University of Agricultural
More informationI. INTRODUCTION TO THE US ECONOMY
I. INTRODUCTION TO THE US ECONOMY The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and
More informationThe U.S. Trade Deficit, The Dollar, and The Price of Oil
Order Code RL34686 The U.S. Trade Deficit, The Dollar, and The Price of Oil September 29, 2008 James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division
More informationWithholding Tax (WHT) Presentation by: Robert Waruiru Associate Director, KPMG Advisory Services Limited CPA-K April 2018
Withholding Tax (WHT) Presentation by: Robert Waruiru Associate Director, KPMG Advisory Services Limited CPA-K April 2018 TABLE OF CONTENTS Introduction: What is Withholding Tax? WHT for residents and
More informationPresented at the Conference on China's Exchange Rate Policy, October 19, 2007, at the Peterson Institute, Washington, DC.
A Scoreboard for Sovereign Wealth Funds Edwin M. Truman Senior Fellow Peterson Institute for International Economics Presented at the Conference on China's Exchange Rate Policy, October 19, 2007, at the
More informationGlobal Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017
Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction
More informationStock Market Briefing: S&P 500 Revenues & the Economy
Stock Market Briefing: S&P Revenues & the Economy December 21, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at
More informationOIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING
OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING This article reviews key structural features and recent economic developments in ten major oilexporting
More information26 MAY Boustead Singapore Limited FY2010 Financial Results Presentation
26 MAY 2010 Boustead Singapore Limited FY2010 Financial Results Presentation Disclaimer This presentation contains certain statements that are not statements of historical fact such as forward-looking
More informationThe U.S. Trade Deficit, the Dollar, and the Price of Oil
The U.S. Trade Deficit, the Dollar, and the Price of Oil James K. Jackson Specialist in International Trade and Finance February 12, 2010 Congressional Research Service CRS Report for Congress Prepared
More informationNATIONAL EXPORT STRATEGY: DIVERSIFICATION
Department of International Relations and Co-Operation (DIRCO) Economic Diplomacy Training June 2014 NATIONAL EXPORT STRATEGY: DIVERSIFICATION Export Promotion and Marketing Chief Directorate PRESENTATION
More informationThe 2018 Econ 53 exit lecture
The 2018 Econ 53 exit lecture Tax cuts and unauthorized spending increases unambiguouly increase the size of the budget deficit... ... but this is also compounded by the Social Security and Medicare Trust
More informationReview of the Economy. E.1 Global trends. January 2014
Export performance was robust during the third quarter, partly on account of the sharp depreciation in the exchange rate of the rupee and partly on account of a modest recovery in major advanced economies.
More informationDEFICITS, TARIFFS, AND TRADE WARS. Andrew Greenland, PhD. Assistant Professor of Economics
DEFICITS, TARIFFS, AND TRADE WARS Andrew Greenland, PhD. Assistant Professor of Economics DEFICITS, TARIFFS, AND TRADE WARS Why countries trade. The drivers of global integration. Who wins and who loses
More informationComperative DTTs of Pakistan
Comperative DTTs of Pakistan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 S. No. COUNTRY CONTINENT Republic/Dem ocratic/kingdo m/sultanate P.E. BUSINESS PROFIT SHIPPING AIR TRANSPORT DIVIDEND INTEREST ROYALITIES
More informationHouseholds: Net Worth Advances, Debt Outstanding Declines. Chart 1
Asha G. Bangalore agb3@ntrs.com Households: Net Worth Advances, Debt Outstanding Declines June 9, 2 Households experienced another quarter of gains in their net worth without improvements in real estate
More informationPubPol 201. Module 1: International Trade Policy. Class 3 Outline. Definitions. Class 3 Outline. Definitions. Definitions. Class 3
PubPol 201 Module 1: International Trade Policy Class 3 Trade Deficits; 2 3 Definitions Balance of trade = Exports minus Imports Surplus if positive Deficit if negative Reported in 2 forms Balance of trade
More informationUK ECONOMY SITUATION & PROSPECTS
UK ECONOMY SITUATION & PROSPECTS 26 November 2013 Hermione Gough Counsellor Europe and Global Issues British Embassy Paris UNCLASSIFIED 1 The pace of recovery picked up further in Q3, with UK GDP expanding
More informationMarkets Have De-Valued Oil Prices: How Long Will It Last?
Markets Have De-Valued Oil Prices: How Long Will It Last? Art Berman MacroVoices September 2, 218 Slide 1 Comparative inventory: The most important approach to oil & gas price formation Ivnetories of Crude
More informationRisk Management & Profitability
Risk Management & Profitability The challenge to making money and being profitable in any industry is 2 fold First you have to maximize production and minimize cost. Second, you have to know how to manage
More informationOVERVIEW of INTERNATIONAL CAPITAL FLOWS
OVERVIEW of INTERNATIONAL CAPITAL FLOWS By Mack Ott, CEE, 2008 [Mack Ott is an international economic consultant whose major assignments have been in theformer Soviet Union countries, the Balkans, and
More informationHow Mississippi's Economy Benefits from International Trade & Investment
How Mississippi's Economy Benefits from International Trade & Investment With more than 95 percent of the world s population and 80 percent of the world s purchasing power outside the United States, future
More informationCanada Algeria. Alexandre Gauthier* Publication No E 14 August 2012
Canada Algeria Publication No. 212-77-E 14 August 212 Alexandre Gauthier* International Affairs, Trade and Finance Division Parliamentary Information and Research Service Canada Algeria (Trade and Investment
More informationFrance Economic Update QNB Group. September 2014
France Economic Update QNB Group September 2014 France Overview France is the ninth largest economy in the world on a purchasing power parity basis and service-oriented; high indebtedness and lack of reforms
More information