The Star Online: World Updates
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- Arab Spring economies to recover slowly in 2013 - IMF
- Strong quake hits central Myanmar, one reported dead
- Korean Air resumes regular flights to Saudi Arabia
| Arab Spring economies to recover slowly in 2013 - IMF Posted: 10 Nov 2012 09:04 PM PST DUBAI (Reuters) - Most economies hit by the Arab Spring uprisings will recover slowly next year, grappling with high inflation and rising unemployment due to poor global conditions, the International Monetary Fund predicted in a report on Sunday. In its twice-yearly outlook for the Middle East and North Africa, the global lender said a partial return of political stability could permit somewhat faster growth in the combined output of Egypt, Jordan, Morocco, Libya, Tunisia and Yemen during 2013.
But weak demand in Europe and other regions will weigh on the Arab Spring states, it said. In many of those countries, exports are shrinking and have not yet bottomed out, it added. "Growth is expected to remain below long-term trends, and unemployment is expected to increase owing to continued anaemic external demand, high food and fuel commodity prices, regional tensions and policy uncertainty." The IMF forecast gross domestic product in the six countries combined would expand by 3.6 percent next year, accelerating from an estimated 2.0 percent this year and 1.2 percent in 2011. In 2010, the year before the uprisings, GDP grew 4.7 percent. Because of sluggish global demand, the group's current account balance of trade in goods and services will improve only marginally next year, to a deficit of 4.6 percent of GDP from this year's 5.4 percent deficit, the IMF predicted. It suggested some countries should consider allowing greater flexibility in their exchange rates - code for permitting their currencies to depreciate - in order to stimulate exports, but did not specify which countries. Weaker currencies could fuel inflation, which the IMF forecast would rise to 8.6 percent for the group next year, the highest level since 2008, from 7.8 percent this year. Inflation is expected to rise in Egypt and Morocco as they try to curb their large budget deficits by scaling back food and fuel subsidies, the IMF said. LIBYA Libya, which ousted its dictator Muammar Gaddafi last year, is a spectacular exception to the pattern of slow recovery because of its oil wealth. Oil output is returning to its pre-civil war level faster than expected. The country's GDP shrank 60 percent last year but is expected to rise 122 percent this year, 17 percent in 2013 and 7 percent annually on average between 2014 and 2017, assuming the domestic security situation improves, the IMF predicted. It forecast Libya would run a huge state budget surplus of 19 percent of GDP in 2012, and a current account surplus of 22 percent. Inflation shot up to 16 percent last year because of the civil war's damage to factories and transport systems, but it is likely to fall to 10 percent this year as business becomes more normal and drop to just 1 percent in 2013, the IMF said. (Reporting by Andrew Torchia; Editing by Todd Eastham) Copyright © 2012 Reuters | ||
| Strong quake hits central Myanmar, one reported dead Posted: 10 Nov 2012 08:54 PM PST YANGON (Reuters) - A major earthquake hit central Myanmar on Sunday near Mandalay, its second-biggest city, but early information suggested damage was limited and initial reports mentioned only one person dead, although several construction workers were missing. The 6.6 magnitude earthquake struck around 60 km (37 miles) northwest of Mandalay, the U.S. Geological Survey said. It was quite shallow at around 10 km (6 miles) deep. "I've never felt such a strong tremor. I also heard some loud noises and the light went out. No idea about the damage," one Mandalay resident said by telephone. Several very strong aftershocks also hit the region but there were no reports of serious damage in Mandalay. Residents in Bangkok, the capital of neighbouring Thailand, also felt the quake. An official at Mandalay Meteorological Department said the epicentre was near the town of Shwebo and struck at 7:41 a.m. (1:11 a.m. British time). Local media said a half-built bridge over the Irrawaddy River near Shwebo and Kyauk Myaung had collapsed and there may have been casualties. A police officer in Shwebo said one woman had died and 10 people had been injured in Kyauk Myaung. "A house collapsed in Kyauk Myaung. The Radana Thinga Bridge, still under construction, over the river was badly damaged. A huge steel beam fell into the river and five workers went missing," he told Reuters. A resident of Singgu, opposite Kyauk Myaung on the east side of the Irrawaddy, said some people were injured in the town and a few were killed at the river bank but this could not be confirmed with official sources. State television, the usual mouthpiece for government statements in Myanmar along with state-run newspapers, gave a report on the quake that did not mention casualties or damage. Local media reported minor damage in several areas around Mandalay, including Amarapura, a town popular with tourists because of its monasteries and the longest teak bridge in the world. Pagodas had been damaged there, media said. Myanmar is among Asia's poorest countries. A quasi-civilian government has opened up the country since taking over in March 2011 from the military, which had ruled for nearly 50 years. The military regime was condemned by humanitarian agencies in 2008 for initially refusing international help to cope with Cyclone Nargis, which killed more than 130,000 people. President Barack Obama is set to become the first U.S. leader to visit Myanmar this month, the strongest international endorsement of the country's fragile democratic transition. Obama will travel to Myanmar during a November 17-20 tour of Southeast Asia that will also take in Thailand and Cambodia. It will be his first international trip since winning a second term last week. (Additional reporting by Thin Lei Win in Bangkok; Writing by Alan Raybould; Editing by Michael Perry) Copyright © 2012 Reuters | ||
| Korean Air resumes regular flights to Saudi Arabia Posted: 10 Nov 2012 08:25 PM PST SEOUL (Reuters) - Korean Air Lines Co Ltd has reopened a direct air route to Saudi Arabia for the first time in 15 years, a company statement said on Sunday, reflecting growing economic ties between the two nations. The South Korean national flag carrier, which operates brand-new A330-200 aircraft, will launch three flights per week, linking South Korea's Incheon International Airport with the Saudi capital Riyadh and the port city of Jeddah. Korean Air Lines suspended regular Riyadh-bound flights in 1997 when the so-called "Middle East boom" for South Korean construction firms ended. The resumption of regular flights was attributed mainly to Saudi Arabia's emerging as South Korea's fourth-largest trading partner after China, the United States and Japan. Seoul has recently signed many contracts from Riyadh in the energy, construction, civil engineering and other infrastructure sectors. (Reporting by Sung-won Shim; Editing by Michael Perry) Copyright © 2012 Reuters |
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