BEIJING (Analysis) — The recent economic “correction” in the U.S. markets, which saw stocks drop back down from recent record-highs, has begun to spread to the east, reaching the stock exchanges in Tokyo, Taiwan and Shanghai.
Brazil’s unions have planned a day of struggle to protest Temer’s proposed social security reform bill. The president is already very unpopular in Brazil; polls show voters want him to be accountable for alleged corruption [Xinhua]
Brazilian President Michel Temer is facing a tide of opposition regarding his promise to reform the social security program.
Many among his supporters see the reform initiative as damaging to their relection bids in the general election next October.
Major cities in Brazil, China and India are witnessing rapid urbanization [Xinhua]
The Malaysian capital of Kuala Lumpur will next week host the Ninth Session of the World Urban Forum to discuss the challenges societies as more people move to the cities.
The forum titled, Cities 2030, Cities for All: Implementing the New Urban Agenda, will focus on the efforts of major countries, such as China, India, and Brazil to overcome the challenges posed by rapid urbanization.
Temer is trying to push a package of spending cuts through parliament and other measures to lift Brazil out of its worst recession in decades [Xinhua]
Despite ongoing political turbulence following a slew of corruption charges aimed at sitting and previous leaders and lawmakers, Brazil’s economy appears to have bandaged itself and started to grow again.
Economic growth forecasts for 2018 have been ratcheted higher as data exceeds expectations
Growth rates in BRICS nations such as China and Russia have exceed expectations of the IMF and other forecasts [Xinhua]
The news that China’s GDP growth in 2017 was 6.9 per cent as opposed to the government target of 6.5 per cent and the January 2017 international Monetary Fund (IMF) projection of 6.5 per cent is merely the latest in a sequence of economic data releases that has pushed economists to play catch-up with economic reality.
Temer has vowed since replacing Dilma Rousseff as president that he will make sure austerity and reform packages are passed through the Senate in a bid to revive the economy and boost business confidence [Xinhua]
A combination of falling interest and inflation rates and a boost in consumer and business confidence is signalling that the Brazilian economy, one of the worst faring in BRICS for the past four years, is finally turning a corner.
