Business Monitor International (BMI) foresees a 2.2% growth of the real GDP of Lebanese economy for 2017, compared to the +1.7% forecasat for 2016. According to BMI, private consumption is the main engine of the Lebanese economy and will contribute with 2.9% of the growth rate for 2016, and with 3.4% for 2017.

(ITALPRESS/MNA).

Source: medNews

The OECD foresees a 2% growth in Slovenia for this year, which is 0.5% higher than June estimates. For 2017, it indicates +2.4%, slightly more (+0.1%) of what announced earlier, while for 2018 the forecast is of +2.3%. in this period, unemployment is supposed to decrease: according to ILO criteria, this year it will drop to 7.8%, in 2017 to 7.1% and in 2018 to 6.9%. It is also foreseen a decrease of public deficit, supposed to reach 2.4% of the GDP this year, 1.6% of the GDP in 2017 and 0.9% of the GDP in 2018.

Together with the creation of new jobs, internal consumption should also grow. Thanks to European funding, investments are expected to growth, especially in the infrastructure sector.

Financial media underline the negative OECD estimates with regards to the public deficit (supposed to reach 85% of the GDP by the end of the year) and note that positive indexes are also due to the positive international conjuncture, therefore reforms are still necessary, first and foremost that of the pensions.

(ITALPRESS/MNA).

Source: medNews

The consumers’ confidence index dropped to 68.9 in November, recording a -6.9& compared to the previous month. The index recorded a sharp increase after the parliamentary elections of November 2015, with a 23% increase on a one-year basis.

According to the Chief Economist of Finansbank, the worsening of financial indicators, particularly the constant weakening of the Turkish pound, are the main reasons for the drop in the confidence index.

The economist added that the index was resilient compared to other preliminary indicators in the last few months. Afterwards, it increased by 11% in August, remained stable in the following months, until the growth of loans and industrial production showed some signals of decline.

The unemployment expectations index dropped to 71.3 (-7.6% compared to the previous month).

Also the indicator that measures the expectations on the internal financial situation of the country decreased by 5.4% in October, reaching 89.01.

(ITALPRESS/MNA).

Source: medNews

The European Bank for Reconstruction and Development (EBRD) decided to allocate EUR 14 million in the next 3 years to 700 Tunisian small and medium sized enterprises, in order for them to benefit from technical assistance in various sectors: consultancy, marketing strategy, human resources management, Iso quality system. This was announced by the EBRD national Director of the program of technical assistance to Tunisian SMEs, Anis El Fahem. He added that the Bank will shortly sign other conventions to fund public projects in the energy sector at the margins of the international conference for investments “Tunisia 2020”, to be held next 29-30 November in Tunisia.

Since 2012, 320 Tunisian enterprises benefited of technical assistance grants for a total value of EUR 4 million, in order to strengthen their competitiveness on the market.

(ITALPRESS/MNA).

Source: medNews

The World Bank recently released the annual report “Doing Business 2017” on countries competitiveness, assigning to Morocco the 68th position at a world level. This rating measures the ease of doing business in 190 countries, based on a number of indicators concerning fiscal regulations applied to enterprises during their life cycle. Morocco gained 7 places (in the last report it was ranked as 75th) and affirmed itself as the first North-African country, the 3rd African country following Mauritius (49) and Rwanda (56).

According to the World Bank, the improved competitiveness in Morocco is due to the adoption of five important reforms that facilitated the procedure to create a new enterprise, the registration of landed property, the implementation of a system to evaluate the credit ranking of borrowers, the protection of minority shareholders and the streamlining of imports procedures. Within the MENA region, Morocco has the 4th place, after the United Arab Emirates (26), Bahrain (63) and Oman (66). This year, the Kingdom of Morocco placed itself in front of South Africa (74), Tunisia (77) Zambia (98), Ghana (108), Egypt (122), Algeria (156), Qatar (83), Saudi Arabia (94), Kuwait (102) and Jordan (118). Similar results on competitiveness of the country were also released, at the end of September, by the World Economic Forum, which placed Morocco in 70th place out of the 138 countries examined.

(ITALPRESS/MNA).

Source: medNews

The Urban planning committee of Haifa approved a new project of residential and commercial reorganization and extension of Haifa. The news is disseminated by the economic newspaper Globes. 

Objective of the project – to be completed by 2025 – is to host 330,000 residents, 55,000 more than the current figure, to build a new business centre downtown and one for the occupation of Haifa Bay, the construction and restoration of public buildings, schools and tourism, entertainment and residential buildings.

On this particular subject, projects have been already submitted to increase the residential offer, and are currently under examination on in the phase of approval: for instance, a project for 4500 new houses in the new south gate of Haifa, and one for 2000 houses in Gurel Hill.

With reference to green areas, the plan foresees the creation of a new park in an area that is now under concession to the Israel Ports Company.

Furthermore, the port area should be re-qualified in order to ensure an easay access to pedestrians and a connection with the German Colony, the neighbourhood close to one of the most visited attractions of Haifa, the Bahai Mausoleum.

Even the littoral should be reorganized because the current road setup, with an expressway, impedes to use its full potential.  

(ITALPRESS/MNA).

Source: medNews

According to the last preliminary report published by the Central Bank of Montenegro, the total flow of Foreign Direct Investments in the period January – August 2016 was EUR 483.9 million, while in the same period the out-flow was EUR 264.2 million.

Net FDIs amount to EUR 219.7. The outflow, in the form of investments by residents in abroad operations amounted to EUR 14 million, while the dividends payments in Montenegro was about EUR 250 million. Investments in capital amounted to EUR 176.5 million (36.5% of the total FDIs). Of this sum, EUR 71.8 million were invested in real estate transactions, and EUR 104.7 million in companies and banks. The inflow in the form of inter-company debt was EUR 118.5 million, corresponding to 24.5% of the total.

(ITALPRESS/MNA).

Source: medNews

The Albanian government reached an agreement with the International Monetary Fund for the 2017 budget law. Albania and IMF have a 3-year program that obliges Albanian authorities to plan its fiscal and macro-economic policies with the agreement of the IMF, in return for a financial support of over EUR 340 million to be given in 9 instalments, of which 8 have already been issued. In order to get the green light by the experts who have now been in mission to Albania for two weeks, the government had to promise “a satisfactory solution for the problem of the payment of the arrears”, that is the debts that public institutions make towards companies for the failed payment of services. According to Anita Tuladhar, Chief of the IMF mission, “the government committed to take the necessary measures to deal with the problem”.

(ITALPRESS/MNA).

Source: medNews

After almost one year of political instability, Spain finally formed a government. Mariano Rajoy – who got the confidence vote ot Chamber of Deputies with simple majority of votes – appointed, last 3 November, the ministers members of his Cabinet. The choice made by the Spanish Prime Minister provides signals of continuity on economic matters. In fact, Luis de Guindos keeps his place as Minister of Economy and adds Industry to his portfolio. Similarly, Cristobal Montoro will continue to lead the Ministry of Finance and Fátima Báñez keeps her position as Minister of Labour and Social Security.

These three ministries will face some of the main challenges that the country will have to deal with in the coming months. First and foremost, the preparation of the budget law for 2017, which will have to merge economic incentives and the reduction of the public deficit, in accordance with what agreed upon in the framework of the EU.

Another topic that cannot be postponed any longer is the pensions that, due to the significant aging of the population, risks not to be sustainable anymore, should the funding system stay unchanged.

Furthermore, the necessity to create stable and quality jobs, in order to reduce unemployment, especially for the youth, is not to be forgotten. In addition to these requests, many others come from the business sector, among which an industrial policy in favour of competitiveness and innovation, more instruments to the internationalization of enterprises and reforms oriented to a digitalization of the economy. With reference to the latter, the creation of a new Ministry that, under the leadership of the new Minister – Alvaro Nadal – assumes competences for energy, tourism and digital agenda was welcomed.

(ITALPRESS/MNA).

Source: medNews

The agri-food sector grew by 11% annually, according to the second report “Investment opportunities in the agri-food sector 2016” published by the Investment Development Authority in Lebanon (IDAL).

The sector has an estimated work force of 21,000 units, which represent the highest part of the industrial sector. 

Bread- and pastry-making products account for about 23% of the agri-food sector. Pastry-making sector follows with 22%, dairy food 16%, starch-based food 8% and alcoholic beverages 7%.

Agri-food export grew by 25% in the last four years, reaching USD 550 million last year. Bread- and pastry-making account for about 18% of the exports, followed by dairy products, fruit and vegetables, oils and alcoholic beverages.

Some 65% of agri-food products was exported to Arab countries, while 23% was exported to European countries.

According to IDAL, there are major opportunities in five sectors: olive oil, dairy products, nuts and dried fruit, wine, and transformed food products. Wine has an estimated market size of USD 41 million, which includes 40 wine companies. Some 32% of wine was exported to Great Britain, 17% to France and 14% to the United States.

(ITALPRESS/MNA).

Source: medNews