Consumer spending may be on the rise in the Euro-zone as indicated by the increase in retail sales this year, and more specifically this August. Sales rose by 0.7% from July but were still 0.3% lower than last year. It is evident that the financial crisis is still luring but these figures indicate a sign of slow but steady recovery.
Consumer spending had been declining since mid-2011. The July and August 2013 figures suggest further recovery in the future. However, retail sales are still below the rates seen before the 2008 financial crisis hit.
Without a doubt Germany has had the fastest growth with Italy notably accounting for its fastest growth in two years. On the other hand, Spain’s economy contracted.
What does the contracting of Spain’s economy signify? Post your comments below!
This article focuses on what we see and what we don’t see, how politics becomes the central focus of the failing economy although it is the not its underlying cause and how we as consumers play the primary role of economic recovery. When economists do not understand the behavior and temporal role of consumers, they risk prescribing the wrong cure for the new norm in mature economies of slow-growth GDP and fewer jobs.
According to a recent article of U.S. Department of Commerce, data show that international travelers have spent around $82.2 billion on travel and tourism-related goods and services last year, an increase of 11 percent. According to its analysis, U.S. travel and tourism exports reached a new record in the first half of 2012, and may continue to grow with a closing amount of $170 billion.
Foreign citizens’ traveling to America and buying goods and services from American companies also count toward U.S. exports. Government has paved path for U.S. tourism industry to further develop their business, providing more crucial data and enhanced interactive web content, multimedia, mobile, trip-planning tools.
On September 08, the 20th APEC Economic Leaders’ Meeting kicked off in Vladivostok, Russia. Leaders from 21 economies declared four priorities on the agenda:
Trade and investment liberalization, regional economic integration;
strengthening food security;
establishing reliable supply chains;
intensive cooperation to foster innovative growth.
The Asia –Pacific region has been the drive of growth for global economy. Undoubtedly, the leading role of growth implies shared responsibility for economic recovery. Deeping regional cooperation and integration was the center-piece of the meeting. President Putin, in his opening remarks, stressed the importance to follow fundamental principles of open markets and free trade and called for an “action-orientated, focused, courageous and visionary” cooperation for economic growth and global recovery.
At more than twenty-five percent of U.S. GDP, exports are essential to economic recovery. Export finance is a core underpinning, which makes transactions happen. However, current export lending policies and evaluations no longer suit the conditions of the global economy. Our research of export financing practices finds significant shortcomings in current lending performance. To bridge this private sector gap, the Charter of the Export-Import Bank of the United States, which provides crucial funding to exporters, needs to be re-authorized by Congress[…]