Archives Economic development - Page 33 of 35 - New Eastern Outlook

After months of political negotiations and four days of voting, Iraq’s parliament has finally approved the largest budget in the country’s history. The draft bill for the 2023 document was initially approved by the cabinet and received the green light from the legislature in June 2023. Experts believe that the planning and swift approval of this financial plan represents a telling achievement of the country’s current administration. The adopted budget amounts to a staggering 198.91 trillion Iraqi dinars, equivalent to US $153 billion. However, it has a deficit of 64.36 trillion dinars. Projected oil revenues are estimated at 117.25 trillion dinars…

Economies the world over are struggling with some of the worst bouts of inflation and economic slowdown seen in decades. The COVID-19 pandemic with its lockdowns and the conflict between Ukraine and Russia not long after have been significant shocks to global economic activity, causing severe disruptions in global value chains and sending commodity prices skyrocketing. Governments have been shaken to their core in dealing with inflationary and debt crises. The United States, the largest economy in the world, is not immune to these shocks either. Negative growth in the first half of 2022 caused the Fed to raise interest rates…

Nearly 50 African nations participated in the Second Summit Russia-Africa Economic and Humanitarian Forum in St. Petersburg, which shook the foundations of the antiquated society the West had built for itself. Only five African countries did not attend the summit in Russia on July 27–28 for various reasons, while about 20 heads of state and government were there. Moscow, which pompously hosted this productive event, stated that the large turnout “confirms [Africans’] desire to strengthen ties with our country…