Weekly highlights on the world economy

Weekly highlights on the world economy

The Iraqi economy and its dependency on its oil sector, the sharp depreciation of the Japanese yen, and the strong bond investment inflows in South Africa in 2012 – these are some of the topics recently addressed in the World Economic Situation and Prospects Weekly Highlights released by DESA’s Division for Development Policy and Analysis (DPAD).

This week’s issue released on 6 March reveals that the Iraqi economy strongly depends on its oil sector, accounting for nearly 60 per cent of GDP and 90 per cent of government revenues and that fluctuations in oil prices and domestic output are major determinants of economic growth.

It also highlights the plans of the Iraqi Government to expand oil output in order to finance its long-term economic development and diversification strategy, as well as its dependence on foreign investments and collaboration with foreign oil majors.

Each week, the spotlight is placed on the economic situation in one country. Previous issues have for instance highlighted that the Brazilian economy has been experiencing the dual pressures of slowing growth and rising inflation. The exchange-rate policy challenges faced by Ukraine have also been examined.

Another issue took a closer look at economic growth in China, outlining that the economy in China during 2012 expanded at its slowest pace in more than a decade. While full-year growth of 7.8 per cent exceeded the government target of 7.5 per cent, it was well below the 9.3 per cent recorded in 2011 and the 10.4 per cent of 2010.

Readers of the weekly WESP have also been updated on a looming currency crisis in Egypt and the macroeconomic challenges the country face both on the domestic and international fronts, in the wake of a complex transition period following the Arab Spring.

Access the WESP Weekly Highlights from DPAD’s website: http://www.un.org/en/development/desa/policy/wesp/wesp_wh.shtml

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