Economy

COVID-19 and financial markets

Article by Keith Zahra - CiConsulta A look at media reports on the performance of financial markets around the world offer a myriad of numbers providing evidence of the blow…

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Redefining the economic model in the aftermath of COVID-19 pandemic

By Claire Hollier - Public Policy Consultant Amidst the COVID-19 pandemic, demands and needs are changing fast, so fast that recalibrating to the previous norm, is outdated – its past:…

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Ireland’s government considering plans to pay up to 75% of wages

Ireland's government is considering plans to pay up to 75% of the wages of thousands of staff temporarily laid off as a result of the coronavirus pandemic, the Irish Times…

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Greece announces new measures to prop up economy

Greek Prime Minister Kyriakos Mitsotakis on Thursday announced an additional 3 billion euros in measures to prop up the economy and help workers whose jobs are at risk as a…

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CoVid19 – Malta Bulletin – Malta’s Economic CoVid Emergency Plan – Review

Prime Minister Robert Abela announced that Government has prepared a 1.8 billion euro package to support the economy, business and families. Government’s priority is that no jobs were lost but…

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EU Governments in unprecedented bold moves to help businesses

Following the European Commission’s green light to EU Member States allowing for fiscal rules to be flexed to accommodate additional spending in light of the economic disruption caused by the…

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Malta & COVID -19 – This is not business as usual

We find ourselves at a point today where our immediate neighbours, and the world as a whole potentially face one of the most serious episodes in living memory. Not for…

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Number of companies working on vaccine development and treatment for Co-Vid 19

A mix of legacy drugmakers and small startups have stepped forward with plans to develop vaccines or treatments that target the infection caused by the novel coronavirus. COVID-19, which was…

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Coronavirus impact on global supply chain – The worst is yet to come

Reports on how the Covid-19 outbreak is affecting supply chains and disrupting manufacturing operations around the world are increasing daily. But the worst is yet to come. Pierre Haren and…

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Fears COVID-19 coronavirus could trigger a European recession

Fears over the impact of coronavirus on the European economy are mounting as cases of the disease in Italy increased dramatically in the past week. It's already influenced stock markets,…

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IMF predicts global growth to increase from 2.9 percent to 3.3 percent in 2020

The IMF predicts that the global growth is expected to increase modestly from 2.9 percent in 2019 to 3.3 percent in 2020 and 3.4 percent in 2021. Trade policy uncertainty,…

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Italy’s 2020 economic growth may be cut if coronavirus effect is significant

Italy’s 2020 growth forecast may be revised down if there is a significant impact from the coronavirus outbreak, Italy’s Economy Minister said on Wednesday. “The 0.6% (GDP growth for 2020)…

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Japan’s economy shrinks at fastest rate since 2014

Japan's economy shrank at the fastest rate in five years at the end of 2019 as it was hit by a sales tax rise, a major typhoon and weak global…

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German economy records zero growth in last quarter

The German economy posted zero growth in the final quarter of 2019, the federal statistics authority (Destasis) reported in preliminary statistics on Friday. The Gross domestic product (GDP) was the same…

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Italian industrial output down 1.3% in 2019, worst in 6 years

Italian industrial output fell 1.3% in 2019, the worst result in six years, ISTAT said Monday. It was the first fall since 2014 and the sharpest since 2013, the stats…

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Companies feel impact of coronavirus outbreak in China

Companies around the world have warned that a coronavirus outbreak in China could disrupt supply chains or hurt bottom lines as factories and shops shut and airlines suspend flights. Apple…

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Greece tries to reverse Brain Drain

The Greek Government is asking talented young people who left the country during the financial crisis to return to the country. To encourage them to do so, the authorities have…

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Oxfam reveals world’s richest 2,000 people hold more than poorest 4.6 billion combined

The world’s 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 percent of the planet’s population, reveals a new report from Oxfam today ahead of…

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IMF boss says global economy risks return of Great Depression

The head of the International Monetary Fund has warned that the global economy risks a return of the Great Depression, driven by inequality and financial sector instability. Speaking at the…

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China’s economic growth hits 30-year low

China's economy grew last year at the slowest pace in almost three decades. Official figures show that the world's second largest economy expanded by 6.1% in 2019 from the year…

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German economy grew 0,6 % in 2019

The German Federal Statistics Office on 15 January 2020 released German economic growth figures for 2019, saying the economy grew 0,6 per cent, less than the growth in 2018 of…

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Concern increases as Lebanese economy collapses

Jan Kubis, U.N. special coordinator for Lebanon, lamented on the sorry state of the Lebanese economy with Lebanese politicians watching as it collapses. Lebanon has been adrift since the…

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The Cost of Brexit for the UK: $170 Billion and Counting

Research by Bloomberg Economics estimates that the economic cost of Brexit has already hit 130 billion pounds ($170 billion), with a further 70 billion pounds set to be added by…

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Fitch Ratings affirm Malta’s ‘A+’ rating with Positive Outlook

Fitch Ratings has affirmed Malta's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A+' with a Positive Outlook, despite unfolding corruption allegations and a recent rise in political volatility. Foreign demand…

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ArcelorMittal – a reminder of the woes of Italy’s politics and economy

Italy’s government and the factory’s foreign operator, the steel giant ArcelorMittal, are engaged in a high-stakes fight over the plant’s future. The plant’s closing could have ramifications for the stability…

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The challenges facing the euro

There has been a change in the guard in Europe. With very little in the way of fanfare, Christine Lagarde replaced Mario Draghi as the head of the European Central…

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German car industry to slash more jobs in 2020

Germany’s main automobile industry body, the VDA, said it expects global car sales to fall by 5% this year, the steepest drop since the financial crisis, and warned of more…

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Germany plans rapid state intervention to protect key industries

German Economy Minister Peter Altmaier wants to set up a new government body with powers to decide quickly whether to take stakes in key domestic companies to prevent foreign takeovers.…

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Import duty on cars, clothes and other products in Switzerland may be scrapped

Import duties on various products including cars, clothes, and household appliances are set to be removed in Switzerland. If parliament approves the plan, the measure will enter into force in…

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Italian consumer confidence lowest since 2017

Italian consumer confidence registered a "decisive drop" in November, with ISTAT's index falling to 108.5 points, the lowest level since July 2017, down from 111.5 in October, the national statistics…

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Euro zone business growth grinds to a halt as services struggle

Euro zone business growth almost ground to a halt this month as activity in the bloc’s dominant services industry increased at a much weaker pace than expected and among manufacturers…

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Protests held in Iran after increase in fuel prices

Protests were held in several cities of Iran on early Saturday (local time) after the government announced effective measures to rationalise and increase the price of petrol by three times,…

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Jobs at risk as China’s services sector feels heat of trade war

Annual profits at China’s Ningbo S-Power International Logistics Co are down a sharp 40% year-on-year. The firm’s woes highlight a bigger problem for the world’s second-largest economy and its…

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Germany narrowly avoids recession

The German economy has defied expectations of recession by growing 0.1 per cent in the third quarter as higher household and government spending offset a sharp downturn in the country’s…

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Britain’s economy avoids recession

Britain’s economy avoided a recession in the third quarter after it expanded by 0.3% but the annual pace of growth was the slowest for nearly 10 years as Brexit uncertainty…

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Plan to increase Portugal’s minimum wage

The new Portuguese government plans to raise minimum wages in Portugal, as new data reveals the country has one of the lowest minimum wages in Europe. Portugal continues to be…

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China’s consumer prices rise at fastest clip in nearly 8 years

China’s producer prices fell the most in more than three years in October, as the manufacturing sector weakened on declining demand and a knock from the Sino-U.S. tariff war, reinforcing…

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France’s privatisation push with sale of national lottery stake

The French government has launched its biggest wave of privatisations in more than a decade, kicking off the process with the sale of the majority of its stake in the…

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EU cuts growth forecast, Italy worst performer in EU

The European Commission said Thursday that it has cut its growth forecast for Italy for 2020 from 0.7% to 0.4%. In its autumn economic forecasts, the Commission said: "Italy's economy…

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China seeks to attract more foreign investment

China’s cabinet issued guidelines on Thursday aimed at attracting more foreign investors, including plans to encourage investment in its hi-tech industries. China will step up opening-up in areas including financial…

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France to set up regional quotas for foreign worker permits

France will establish a quota system, by region and profession, for issuing work permits to non-EU citizens, the country's Labour Minister Muriel Penicaud announced. It comes during President Emmanuel Macron's renewed…

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Italy’s job crisis is a national emergency – Conte

Italy's job crisis of the past decade has "taken on the character of a national emergency", said Italian Premier Giuseppe Conte on Monday, speaking at the presentation of a report…

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Global economy enters a ‘synchronised stagnation’ period – FT

The global economy has entered a period of “synchronised stagnation” with weak growth in some countries and no growth or a mild contraction in others, according to research by the…

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UK firms to cut costs and hiring in next 12 months

Prolonged political uncertainty in Britain is forcing finance directors to cut costs and hold off hiring to help companies prepare for an unpredictable year ahead, according to a survey by…

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Big possibility Germany may avoid recession

German industrial output rose unexpectedly in August, data showed, suggesting Europe’s largest economy may yet skirt recession. Industrial output rose by 0.3% on the month, Statistics Office figures showed, against…

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Italy in danger of entering recession

The CSC research unit of Italian industrial employers' confederation Confindustria said Monday that Italy is "still on the threshold of zero growth" and "risks falling into recession in the case…

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Unemployment in Italy drops to 9.5%, lowest level since 2011

Italy's unemployment rate dropped to 9.5% in August, a fall of 0.3 of a percentage point on the previous month, taking it down to the lowest level since November 2011,…

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ECB loose monetary policy – Lawrence Zammit

Last week Mario Draghi, the outgoing president of the European Central Bank, announced that the ECB had decided to cut one of its key interest rates, the one charged on…

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German government insists economy not heading for pronounced recession

Europe’s largest economy is not facing a bigger downturn or a pronounced recession after contracting slightly in the second quarter but there are no signs of a turnaround yet either,…

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Warning of higher risk of recession in Germany

There is an almost 60% chance that the German economy could fall into recession, according to a monthly index gauging the health of Europe’s largest economy published on Thursday by…

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Pound falls to lowest levels in three weeks amid election speculation – UPDATED

The pound fell to the lowest level in three weeks amid mounting speculation that a general election is imminent. The pound has plunged below $1.20 for the first time in…

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S&P says that Argentina has defaulted its debt

Argentina has defaulted on its debt, according to Standard & Poor’s, the rating agency, after it announced plans to delay payments on its $101bn of borrowings. The Financial Times reports…

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Scathing review of Malta’s economic model by The Telegraph

The Telegraph’s on-line edition carries a scathing review of Malta economic model in an article titled “Malta: model economy or money launderer? 'Everyone has issues... in London it's Russians and…

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Europe might get into recession – Renowned economist warns Britain, Italy and Germany are ‘paralysed’ by domestic issues

Europe has a 70% chance of plunging into recession, according to renowned economist and bond market expert Mohamed El-Erian, with Britain, Italy and Germany “paralysed” by domestic issues that have…

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Germany ready to ditch balanced budget in case of recession

Germany’s coalition government would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession, according to a report in Der Spiegel magazine.…

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Germany releases gross domestic product quarterly results for 2019

Germany's Federal Statistical Office (Statistisches Bundesamt) announced on 14 August 2019 that the country's gross domestic product (GDP) grew by 0.4 percent in the first quarter of 2019, shrinking by…

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Irish manufacturing conditions deteriorate at fastest pace since April 2013

Irish manufacturing growth slowed in July at the fastest pace since April 2013, with output contracting at the sharpest and fastest rate in more than six years, a survey showed on Thursday.…

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