Latest Articles about Economics
Russian Economy Slows Down, but Protest Activity Remains Feeble
The new economic data released by the Russian Federal Service of State Statistics (Rosstat) last week surprised even the doomsayer-economists, who have become the mainstream in this discredited profession. The key statistic was the drop in industrial output in January by 16 percent compared with... MORE
Turkish Government Under Fire for Delaying Response to the Global Financial Crisis
An announcement of recent economic indicators on Monday by the Turkish Statistical Institute (TUIK) has revealed that the number of unemployed people rose by 645,000 over the previous year, reaching 2.99 million in the period from September through November 2008. This represents an increase in... MORE
Russia Pledges to Rescue Post-Soviet Economies
Russia has pledged to finance a rescue fund to bail out its allies within the Eurasian Economic Community (EEC), as those former Soviet states now face an increasingly adverse economic environment against the background of the continuing global financial meltdown. At a summit meeting in... MORE
Russia Preparing to Buy Allies Through Anti-Crisis Assistance
While facing a financial and economic crisis of its own, Russia has launched an ambitious program of anti-crisis subsidies to several loyalist governments. The program seeks to consolidate a sphere of Russian economic and political influence in selected countries. Moscow plans to disburse those subsidies... MORE
Gul Meets with King Abdullah as Turkey Seeks Saudi Investments
From February 3 to 5 Turkish President Abdullah Gul is visiting Saudi Arabia as King Abdullah's official guest. Gul is accompanied by several members of the Turkish cabinet as well as about 150 Turkish businessmen. Since the visit comes amid discussions on how to bring... MORE
China’s Economic Downturn: Employment is The Critical Issue
The economic slowdown in China started in the second half of 2007: well before the effects of the subprime crisis in the United States began to be felt internationally. The initial downturn was orchestrated by the Chinese government, which aimed at cooling an overheating economy... MORE
Gazprom to Reduce Gas Transit to Europe on Ukraine-Slovakia Route
Slovak Prime Minister Robert Fico and Gazprom Vice-President Aleksandr Medvedev have launched talks about creating a Slovak-Gazprom joint enterprise. They announced on January 23 in Bratislava that the proposed new entity would compete against SPP, a company that is owned jointly by the Slovak state... MORE
Faced with a Crippled Economy, Putin Strikes a Conciliatory Tone at Davos
The annual World Economic Forum in Davos was a somber event this year. Its trademark bragging and success stories and the schmoozing among the rich-and-famous were overtaken by the scale of damage from the global crisis that the forum had confidently talked out of existence... MORE
Turkey and the IMF Take a Break to Review Remaining Disagreements
After 18 days of intense negotiations on a new financial package, an International Monetary Fund (IMF) mission failed to reach an agreement with Turkey and left Ankara on Tuesday. Mehmet Simsek, the minister of state responsible for the economy, told reporters on Monday that the... MORE
Bakiyev Stifles Small and Medium Businesses, Further Angers the Public
Last December Kyrgyz President Kurmanbek Bakiyev amended the tax code, significantly increasing taxes for small and medium-sized businesses. A month later the effect of the new tax is being acutely felt, with numerous businesses shutting down and unemployment rising. In the meantime, the number of... MORE