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Decline in Remittances into India Due to the Economic Shortfall in the Gulf States

The customers from Qatar had decided to cancel orders a few months ago, which helped the eight long dhows worth of 6-9 crore each, to stay at the shores of Beypore, Kerala.“Qatar had plans to order some 100 wooden long boats. Some of the orders had come to us also… But these started getting cancelled after crude prices fell and Qatar-Saudi Arabia relations soured,” Abdulla Baramy of Baramy Ship Builders stated.Founded in 1954, Beypore-based Baramy Ship Builders have manufactured approximately 110 dhows for the customers in the UAE, Oman, Kuwait, and Qatar. But lately, their order books have recorded very little entries. “We make small boats for local fishermen these days. We also do odd repair jobs,” said Baramy.After the economic decline, there was an unusual fall in the price of crude oils and a slowly rising geopolitical tension in the Persian Gulf, which are sending shock waves to the other side of the Arabian Sea.India is the largest remittance receiving country in the world. The major NRI remittances to India are from the Gulf Cooperation Council countries (GCC) which comprises of Bahrain, Oman, Qatar, Kuwait, UAE, & Saudi Arabia. These remittances have seen a steep decline recently.As stated in the World Bank report, India has witnessed close to 9% fall in the NRI pay-in flows which nears to $62.7 billion in 2016. Inward remittances have declined by 12% to Rs 3.66 lakh crore (2016) from Rs 4.38 lakh crore in (2014-15), as per RBI scrolls. Most of this shortfall is said to result from the economic slump in GCC states“It is a case of an overall economic slowdown in the Gulf; lower oil prices have resulted in an economic slowdown in that region,” says Madan Sabnavis, chief economist at CARE Ratings. “The slowdown in that region has also resulted in paycuts and job losses. The IT slump may have impacted remittances from North America too.”Inward remittances form just 3% of the nation's GDP. But at the sub-national level, they have a significant role to play. For example, Kerala has Lion’s share of the remittances from the Gulf countries, here they form about 36% of the state domestic product. Economists say this is not a point of worry, but during the times of higher trade deficit, remittances play a crucial part. Trade deficit refers to the cost of a country’s imports exceeding the value of the country’s exports.“Remittances provide a cushion in times of higher trade deficit. The impact of lower remittances would have been higher had global commodity and raw material prices been higher,” says Devendra Pant, chief economist at India Ratings. “If there’s a slowdown in India, our current account deficit may creep up. Without adequate remittances, the rupee could come under pressure as well.”
Decline in Remittances into India Due to the Economic Shortfall in the Gulf States
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Decline in Remittances into India Due to the Economic Shortfall in the Gulf States 41 Decline in Remittances into India Due to the Economic Shortfall in the Gulf States News Article
Saurabh Jain Nov 13, 2017
The customers from Qatar had decided to cancel orders a few months ago, which helped the eight long dhows worth of 6-9 crore each, to stay at the shores of Beypore, Kerala.“Qatar had plans to order some 100 wooden long boats. Some of the orders had...
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Post-GST Effects On Nepal’s Exports

In accordance to a media report, Nepali exports into India are dreadfully impacted by the GST implementation and are losing their competition in the market mainly due to the high duties levied in the post-GST phase.The Himalayan Times specifying Nepal Rastra Bank’s latest report mentioned that there has been a forceful decline in the major exports items which were earlier benefited with zero duty or minimal tariff.There has a been a fast fall in the export of juice, fruits, vegetables, jute products, processed food items like noodles, biscuits, cardamom and many others.  Duties on the major export items like juice has gone down by 57 percent which was worth 344 million in the first two months of the current fiscal, when compared to the previous fiscal year worth 800 million.The country had witnessed increased exports of juice products from the past few years, as the Indian multinational Dabur Nepal ranked first in the export of juice to India. It is clarified that the significant reason behind the fall in the export of juice to India is due to the hike in the tariff to export into the Indian market.Previously, before the implementation of the GST regime, the exporters had to pay 6.8% tax, but currently it is doubled up to 12% (IGST) to make juice exports into India. This means, after the Goods and Services Tax regime the Indian market has emerged to be 5.82 percent costlier for the juice exporters.Furthermore in the same manner, the export of large cardamom has declined by 45.3%, vegetables (39 per cent), jute goods (2.3 per cent), noodles (34 per cent) and fruits (85.9 per cent) in the first two months of the fiscal when compared to the previous fiscal. The tariffs have high differences when compared to the pre and post-GST periods specially on processed food, vegetables and other agricultural items.  According to the study done by an independent think-tank South Asia Watch on Trade, Economics and Environment (SAWTEE) on 30 considerable exports into India, there has been an incline of tariff of 5% on big cardamom, 18% on vegetables, 12% on processed food items and other 28 top items.Nepal’s exports to India is likely to fall, as it has been hit hard after the implementation of GST on the top export items.Senior Vice President of Federation of Nepalese Chambers of Commerce and Industry,Shekhar Golchha, said- “Nepali goods have become less competitive in Indian market as they have to pay high duty in post-GST period”."Nepali exporters should diversify their market in short-term and be competitive in longer-term to tap the huge market opportunity in India," he said.  
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Post-GST Effects On Nepal’s Exports

Post-GST Effects On Nepal’s Exports

Kranthi Tilak Reddy
In accordance to a media report, Nepali exports into India are dreadfully impacted by the GST implementation and are losing their competition in the market mainly due to the high duties levied in the ...
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Ex-Post Facto Approval by the Cabinet to India-Ethiopia Trade Pact

According to one recent official statement, the government yesterday gave its ex-post facto acceptance to the agreement of trade to build strong economic ties between India and Ethiopia.It is said that the trade agreement made is intended to replace the current existing pact that was signed in 1982. The choice was made in the Union Cabinet chaired by the  Prime Minister Narendra Modi.The Cabinet "has given its ex-post facto approval for the trade agreement between India and Ethiopia for strengthening and promoting trade and economic co-operation", the statement read.The pact was finalised to sign on October 5th, during the state visit to Ethiopia by the President of India, Ram Nath Kovind."The trade agreement will provide for all necessary measures to encourage trade, economic cooperation, investment and technical co-operation," it added.The bilateral trade between India and Ethiopia, had gone up to USD 854.6 million in the previous fiscal year, which later plunged to USD 840.5 million in 2016-17.
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Ex-Post Facto Approval by the Cabinet to India-Ethiopia Trade Pact

Ex-Post Facto Approval by the Cabinet to India-Ethiopia Trade Pact

Piuesh Daga
According to one recent official statement, the government yesterday gave its ex-post facto acceptance to the agreement of trade to build strong economic ties between India and Ethiopia.It is said tha...
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Commerce ministry: WTO e-commerce sector still “in the dark”

In New Delhi on Nov 1, it was said by the commerce ministry Suresh Prabhu, that it would be a premature start if negotiations are made in the e-commerce sector at the World Trade Organization (WTO) as the contours of this sector are still “in the dark”.Sudhanshu Pandey Joint Secretary in the Department of Commerce, said that India is more focused on domestic e-commerce players and making rules for them."Starting negotiations on WTO rules in the e-commerce would be premature as the contours of this space are still in the dark," industry body Ficci said in a statement quoting Pandey.There was an interactive session that was organised by Ficci and the Centre for WTO Studies, where the officials spoke about e-commerce, trade rules, digital trade and WTO.In the WTO's ministerial meeting to be held in Argentina in the coming December, many developing countries including the US have assumed the remarks to be significant and have decided to push further to include new issues like e-commerce and investment facilitation as the topic of discussion.Pandey said, to govern global trade through e-commerce, there are several countries waiting eagerly to negotiate the multilateral rules."Such rules stand to hurt the interests of most developing countries, including India. India needs to think whether it was prepared to take on the obligations that would bind its stakeholders to an international policy in a sector, which was still evolving," he added.He also mentioned that since last July, there were around 24 papers that have been submitted by different countries including Japan which has put across highly ambitious papers on  e-commerce to WTO.  In such a situation, Pandey exclaimed that there is a need for India to shield its domestic market which is still growing. Now, making a national rule for e-commerce is also a formidable task as there are many issues that are overlapping. It is also said that to aid in formulating an overarching national policy for e-commerce, different departments have also taken initiatives to resolve the issues. Speaking at the event, Head of the Centre for WTO Studies, Abhijit Das, mentioned that there are many challenges in starting the negotiations, which include data localisation, servers, data flow, and mandatory sharing of telecom infrastructure that needs more attention.
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Commerce ministry: WTO e-commerce sector still “in the dark”

Commerce ministry: WTO e-commerce sector still “in the dark”

Saravana Bhaskar
In New Delhi on Nov 1, it was said by the commerce ministry Suresh Prabhu, that it would be a premature start if negotiations are made in the e-commerce sector at the World Trade Organization (WTO) as...
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Why is ‘Bitcoin’ the Focus Point?

IS BITCOIN A CONTROVERSIAL SUBJECT?Some of the technologies have installed power that can bring about an entire new twist to the market and “Bitcoin” is not lagging behind. Now what are bitcoins? Why are they viral on the internet? How are they used? These are some of the questions people have on their mind.HISTORY:Bitcoin was created in 2008 by Satoshi Nakamoto and was registered on August 18, but the first transaction was made on January 21, 2019. It was bought as a currency and traded for the first time on October 16, 2010.  It is said that Bitcoin has increased its value approximately by 120% in the early period of 2016, by the middle of the year it had doubled to $720. It had a credible incline with $200 per month, where market capitalization exceeded $15 billion. By the year 2017, it reached up to $4500 and is growing rapidly, gaining prominence.BITCOIN IN A NUTSHELL:Fundamentally, bitcoins have their existence from the past few years, but now they seem to interest people more than before.  Bitcoins are a typical form of digital currencies on the internet. These are generated by the pedantic software that does mathematical computations and are policed by computer users termed as ‘miners’. This digital public money is more like a standard form of dollars, yen, euros, which aren’t printed but  can be traded digitally. Bitcoins are otherwise also labeled as the ‘cryptocurrency’. This virtual banking currency is produced and held electronically, which are transformed into long strings of code that have monetary value.The electronic currencies are decentralised and are not controlled by anyone, that makes it distinct from other currencies.As they are not controlled by single institutions or large banks, bitcoins put people at ease to trade and buy things electronically.HOW DOES IT WORK?There are various reasons why Bitcoins are so popular now. Bitcoins can be best put across as valuable virtual coins that do not require banks to store or move the money. In the wild west, bitcoins are viewed as 'gold nuggets’. It is said that they act as physical gold coins once you own them, as they possess some value and can be traded easily as if they are nuggets of gold in your pocket.The digital currency can be put to use by buying goods and services online or can be traded electronically. You are also provided with an option to store them until their value is anticipated to increase over the coming years.Bitcoins are usually traded from one’s personal 'wallet’. A wallet here refers to a personal database that can be stored on the drive, tablets, smartphones or some place in the cloud. Bitcoins are designed to be forgery-resistant. If the created bitcoin is computationally-intensive, it isn't financially worth it for counterfeiters to tackle the system.
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Why is ‘Bitcoin’ the Focus Point?

Why is ‘Bitcoin’ the Focus Point?

Piuesh Daga
IS BITCOIN A CONTROVERSIAL SUBJECT?Some of the technologies have installed power that can bring about an entire new twist to the market and “Bitcoin” is not lagging behind. Now what are bitcoins? ...
Continue reading

State Bank Financial Corporation: On October 16 Session Breaks into New 52-Week High

In the October 16 session, shares of State Bank Financial Corporation hitting a peak of $29.70 broke into a new 52-week high, from which it got easier for the traders to learn about the stock’s momentum when it sets a new 52-week high.After the shares opened at $29.12 with a progress of 0.93%, it closed at $29.37. This is a bank holding company and the banking subsidiary of the company has its locations spread over in metro Atlanta and Bibb, Dooly, Houston and Jones counties in Georgia.J.Thomas Wiley is the CEO of State Bank Financial Corporation. It has employed around 731 employees and the company is based out of Atlanta, GA .As an example, if the company is hitting highest price in a year, the bullish investors view it as a sign of momentum and may depict it as a signal to buy.On the other hand, the bearish investors could review it as a deadline of the strong gallop, with all the stocks peaking out before the forthcoming decline.The new 52-week high showed up a volume of 76,400 for State Bank Financial Corporation. With an average daily volume of $100,785, the stock has a float of 38.97 million shares. It has a 200-day SMA of $26.50 and a 50-day SMA of $27.34 The current P/E ratio of State Bank Financial Corporation is 22.4.Being a component of Russell 2000 Index, it comprises of  2,000 smaller publicly traded companies of the 3,000 largest companies in America by market cap in America. This index out there gives the most complete snapshot of the small-cap market.
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State Bank Financial Corporation: On October 16 Session Breaks into New 52-Week High

State Bank Financial Corporation: On October 16 Session Breaks into New 52-Week High

Piuesh Daga
In the October 16 session, shares of State Bank Financial Corporation hitting a peak of $29.70 broke into a new 52-week high, from which it got easier for the traders to learn about the stock’s mome...
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Zeta Collaborates With Kotak Bank To Tap Corporates

Zeta, a Mumbai-based payments technology company is looking forward to associating with the banks to boost the operations swiftly, as the further rounds of fintech is anticipated through collaboration between technology startups and banks.Zeta is expecting around 50 times magnification in transactions volume through this platform and has collaborated with Kotak Mahindra Bank to widen its corporate payment solutions to companies who have opened their salary accounts with the bank.   "In collaboration with Kotak Mahindra Bank, we are offering 10 digital tax benefit solutions to their customers who have salary accounts and through this partnership we have the scope to reach out to more than 10 million employees," said Bhavin Turakhia, chief executive officer of Zeta.Kotak Mahindra Bank has close to 20,000 corporates and handles around 2.4 million salary accounts.Now, two cards will be provided by the bank, one debit card for the salary account and another Zeta-Kotak co-branded card which can be utilized for all employee benefit payments like medical expenses, petrol, meals among others. All the expenses incurred in this account will be tabulated by Zeta and digitally checked. This process reduces hassles and paperwork by integrating seamlessly with the corporate’s back-end.  Zeta currently has around 1,500 corporates who use their digital payment solutions for their employees and manage 3 million transactions per month through their platform.Through this platform, Zeta is managing 3 million transactions every month and currently has around 1,500 corporates who use digital payment solutions.
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Zeta Collaborates With Kotak Bank To Tap Corporates

Zeta Collaborates With Kotak Bank To Tap Corporates

Piuesh Daga
Zeta, a Mumbai-based payments technology company is looking forward to associating with the banks to boost the operations swiftly, as the further rounds of fintech is anticipated through collaboration...
Continue reading

There is a Need to Accelerate Building US-India Economic Ties: Kenneth Juster

Kenneth Juster, a top economic adviser and one of the prime architects of the remarkable Indo-US civil nuclear agreement, stated that eradicating trade impediments would definitely boost the process of raising ties between India and US.Juster said that America has to “push a range of economic issues, including standard and non-tariff barriers and intellectual property” with India, during a congressional meeting in response to a query from the Senator, Rob Portman."There is enormous potential in the economic sphere, but we have only begun to scratch the surface. We need to continue pressing forward to make sure that India adheres to its WTO (World Trade Organisation) obligations," Juster notified members of the Senate Foreign Relations Committee.The President Trump’s 62-year-old nominee is of the opinion that, there will be a scope of greater interest in the protection of intellectual property, as most of the entrepreneurs in India, grow intellectual property by their own.Juster also mentioned that he would be a profound advocate for the US’ undivided attention in India, if permitted by the Senate.In the long run, he anticipated that the economic relationship would be viewed as a strategic asset and a tool that would be a backbone to the overall strategic partnership and something that is majorly in the concern of both the countries."As Prime Minister (Narendra) Modi moves forward with his reform programmes and as he seeks to have a high level of growth, it will become increasingly clear that US companies can contribute to that. Removing some of these trade barriers would be an accelerator in the growth process," Juster stated."When I was a US Trade representative we did start a US- India trade policy dialogue in 2005. Since then we have tripled our trade with India. It was such a low starting point that there is much more to be done," he added.Portman arrived at a decision that there is a need for a balanced, fair and free trade.  "I do continue to have deep concerns about market access to some of our products and services and specifically the intellectual property," the Senator mentioned.Chairman of the Foreign Relations Committee, Senator Bob Corker, put across his frustration over the slow-moving Indian reforms in the economic sphere.“American companies continue to face barriers in accessing the Indian market, including high tariffs and strict localisation policies," he said.He mentioned that, there are compulsory licensing restrictions and heedless intellectual property protections for the companies that are allowed to enter the Indian market.“Clearly, the economic playing field is not even," Corker claimed.
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There is a Need to Accelerate Building US-India Economic Ties: Kenneth Juster

There is a Need to Accelerate Building US-India Economic Ties: Kenneth Juster

Saravana Bhaskar
Kenneth Juster, a top economic adviser and one of the prime architects of the remarkable Indo-US civil nuclear agreement, stated that eradicating trade impediments would definitely boost the process o...
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India has asked for an Immediate Revision of IMF Quota

Finance Minister Arun Jaitley, addressing the annual meetings of the International Monetary Fund (IMF) and the World Bank that happened in Washington, anticipated that it could be achieved as a part of the 15th General Review of Quotas.It is clear that India has called for the immediate revision of the quota to reflect the ground realities of the world in the benevolence of dynamic emerging markets."There is an urgent case for revising quota shares in favour of dynamic emerging market countries in line with global economic realities to maintain fairness in the governance structure of the fund,"  Jaitley told the world financial leaders yesterday."We should make every effort to complete the 15th Review by the agreed timeline of 2019 Annual Meetings," he propounded.Jaitley mentioned that the threats to global finance and economic stability have noteworthy implications for IMF’s operations.While operating as a strong quota-based institution, IMF needs to have sufficient resources to meet the demands, Jaitley opined. Similarly, the procrastinated but collectively agreed on Lima Roadmap for the World Bank Group, had predicted to see a conclusion of the 2015 shareholding review by Annual Meetings 2017, he mentioned."While we note that we failed to deliver it, given the progress that has been made so far, we strongly urge all to commit to delivering an equitable conclusion of this process for both the IBRD and IFC by the Spring Meetings 2018," he said.He reminded that any further hold in terminating the review will threaten the development in the applicant countries and also affect the presence and the leadership of both Bank and IFC in MDBs."We look for an expeditious decision on capital enhancement through both selective capital increase (SCI) and general capital increase (GCI) for both the IBRD and IFC, by Spring Meetings 2018," he added.Jaitley also guaranteed that India will continue to perform vigorously on the back of credible macroeconomic readjustments and structural reforms, to all the world financial leaders.Growth in the apparent markets and developing economies(EMDEs) is anticipated to recoup going forward, while the steadfastness of the less productivity and potential growth in advanced economies (AEs) remains troublesome, the minister said.Contributable to the ongoing adjustments to lesser commodity prices, the prospects in commodity exporting countries has continually kept up with the challenges, he added.  Moreover, the financial threats rooting from the swiftly inclining leverage of the private non-financial sectors amidst the low-interest rates have definitely raised the medium-term risks to financial stability, he said.The policy strains could be increased in EMDEs due to the unexpected monetary reversal accommodation by AEs."The risks of growing populism and consequential loss in trade volumes will affect global recovery adversely - and it is incumbent upon all of us to foster cooperative multilateral efforts to boost fair trade practices," he said.Noting the growth, compared to 2016, US and the Europe area is anticipated to improve in 2017. On the verge of strong domestic and external demand, Japan and Russia are continuing to recover, he sated. Moving ahead, Brazil is expected to grow vigorously and overcome recession and also added that Sub-Saharan economies are also expected to have inclined performances."As for the Indian economy, the sound fundamentals and number of progressive policy initiatives taken in the last few months will provide the basis for a strong prognosis and convergence with growth potential," Jaitley said.
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India has asked for an Immediate Revision of IMF Quota

India has asked for an Immediate Revision of IMF Quota

Saravana Bhaskar
Finance Minister Arun Jaitley, addressing the annual meetings of the International Monetary Fund (IMF) and the World Bank that happened in Washington, anticipated that it could be achieved as a part o...
Continue reading

The Futility of Modi’s Reforms: A Red Flag for Indian Economy?

The back-to-back economic reforms proposed and implemented by PM Modi have recently been subjected to serious criticism by many of the finance stalwarts in the country. BJP Leader and former Union Finance Minister, Yashwant Sinha’s stance on the futility of Modi’s reforms, has especially sparked valuable conversations. In one of his recent statements, Sinha opines- “Demonetisation has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market.”A retrospection of the twin reforms that materialized in the 2016-2017 period bares some of the critical faux paus that were overlooked at the onset. Demonetization that came into effect on November 8, 2016, was intended to put an end to the illicit economic activities in India. The Goods and Services Tax (GST) implemented from July 1, 2017 was aimed at eliminating the cascading taxes imposed by the state and the central government, and creating a single, unified market. In reality, however, both the reforms resulted in a nationwide economic catastrophe. Speaking of demonetization, former Union Minister, Arun Shourie directly labelled it as- “the greatest blunder in 70 years”. Most hard-hit, as per reports, have been the sectors like- private investment, agriculture, construction industry and the import-export businesses. Private investments have drastically plummeted and GDP has steadily declined in every quarter, hitting a staggering 5.7% in the June quarter. The credit growth to the prominent industries have suffered multi-year lows owing to the high bank non-performing assets (NPA). The current state of affairs may worsen and precipitate unemployment in the upcoming years. What was supposed to be an economic revolution, turned out to be a chain of debacles. This economic downturn is mostly attributed to loosely formed and implemented policies. The top-down centralized approach adopted, has mostly been myopic and lacked adequate planning. Modi government, however, is still in a state of denial about the aftermath of these economic moves. Economists and the finance experts fear that the crises may aggravate if necessary actions are not taken at the earliest. Upliftment of the current state of things is an economic imperative at present.  
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The Futility of Modi’s Reforms: A Red Flag for Indian Economy?

The Futility of Modi’s Reforms: A Red Flag for Indian Economy?

Kranthi Tilak Reddy
The back-to-back economic reforms proposed and implemented by PM Modi have recently been subjected to serious criticism by many of the finance stalwarts in the country. BJP Leader and former Union Fin...
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How is the Agitation Between US and North Korea Expected to Impact Global Economy

The tensions between US and North Korea has mounted after President Trump responded to the threats from North Korea’s leader Kim Jong Un, saying- "fire, fury, and frankly power, the likes of which this world has never seen before"The conflict between the two nations is aggravating, something that has not been witnessed in the last two decades. Assorted provocations from North Korea on missile launches and threats on experiments of nuclear weapons have contributed to build up the conflict.Many analysts and academics have started serious discussions on a physical engagement between the two nations.The nuclear or conventional conflicts would result in a disastrous loss of life and a widespread economic turmoil that is most likely to be a major international dispute.It is being said that since the end of the World War II, this would be the first time the use of nuclear weapons and the impacts would be worldwide.The eventual impacts on the economy, either on a local or a global scale and all other possible scenarios have been assembled by the researchers at Oxford Economics, who have stated their thoughts in a handy table.The pressure of the resulting economic shock would be mainly borne by the Korean Peninsula, but many of the other countries will also be adversely affected. It would be widespread worldwide, affecting supply chains. Most hard hit will be the South Korean export items such as- liquid crystals, semiconductors, automotive manufacturers and shipbuilding spares. The overall export curve is expected to undergo a sharp decline.  "The market impact is significant. Equities fall sharply in the region, accompanied by abrupt exchange rate and bond market adjustments," Oxford Economics' head of macro scenarios, Jamie Thompson, and economist Oliver Salmon wrote."While market prices generally rebound swiftly with the resolution of conflict, the impact on activity is more persistent," they added."Growth remains subdued in 2018 and 2019 — and not only for countries at the centre of the geopolitical tensions. Overall, global growth slows significantly, to an annual rate 0.4pp below baseline over this period, with emerging markets recording even larger undershoots."
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How is the Agitation Between US and North Korea Expected to Impact Global Economy

How is the Agitation Between US and North Korea Expected to Impact Global Economy

Saravana Bhaskar
The tensions between US and North Korea has mounted after President Trump responded to the threats from North Korea’s leader Kim Jong Un, saying- "fire, fury, and frankly power, the likes of which t...
Continue reading

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