Saudi Arabia may have a budget deficit of 19.5% of GDP this year unless it rapidly changes course and accommodates the new, cheap oil world, according to the IMF. Alas, the Kingdom has almost zero short term incentive to do so. A generous social contract rapidly fraying Saudi Arabia’s Kingdom is topped by the wealthy Saud … Continue reading
Last week Kenya hosted the Eastern Africa Region Pan African Congress and later this week will host the NEPAD APRM Summit which is rooted in the notion continental unity and cooperation. This is therefore a good time to take stock on how economically viable Pan Africanism, loosely defined as the ideology of African unity, is … Continue reading
By Ante Batovic A year after the beginning of the biggest oil price slump in a decade, it is worthwhile to assess the current state of affairs and estimate the costs both for the global economy and the political stability of oil exporting countries. The oil industry was caught unprepared by the sudden slump in oil … Continue reading
By Jeff Desjardins, Visual Capitalist Every day, the world consumes 93 million barrels of oil, which is worth $4.2 billion. Oil is one of the world’s most basic necessities. At least for now, all modern countries rely on oil and its derivatives as the backbone of their economies. However, the price of oil can have significant swings. … Continue reading
The World Bank’s Vice President for Europe and Central Asia Cyril Muller and Bulgaria’s Deputy Prime Minister for EU Funds and Economic Policies Tomislav Donchev signed today a Memorandum of Understanding (MoU) on partnership and support in the implementation of the European Structural and Investment Funds in Bulgaria for 2014-2020 period. This agreement marks an … Continue reading
By Neil Pyper The recent escape of Mexican drug cartel leader Joaquín “El Chapo” Guzmán from a Mexican maximum-security prison was a high profile example of the failings of prison systems throughout Latin America. His escape through a 1.5km tunnel made a mockery of the jail’s security and also raised serious questions about corruption. Seven … Continue reading
Azerbaijan maintains friendly and partner relations with Turkey, Georgia, Russia and Iran. It has problems only with Armenia, which occupied 20% of Azerbaijani lands and holds them under occupation for over 20 years. In 1988, the Armenians of Karabakh voted to secede and join Armenia. This, along with mutual massacres in Azerbaijan and Armenia resulted … Continue reading
There are a couple things happening in China right now that Africa should be looking at very keenly. We won’t talk about Black Monday here because what happens on the Chinese stock exchange does not necessarily directly speak to the impact China’s economy has on Africa. Let’s talk about what really matters for Kenya and … Continue reading
By Andrew Korybko, Sputnik News This week’s East Russia Economic Forum in Vladivostok has the chance to bring the two Korea’s closer together with Russia. North and South Korea just barely walked back from the brink of war this week, with both deciding instead to enact concessions to the other and set dates for future talks. Although they have drastically different ideologies … Continue reading
By Zachary Fillingham Supply-side downward price pressure has been the story of global energy prices over the past year: newfound supply from the Shale Revolution, OPEC’s gambit of market-share grabbing inundation, and new supply coming online from Iraq and soon Iran. The result was a plunge in oil prices from $115 in mid-June 2014 to below … Continue reading