The Eurozone economy will grow at barely 1.5% annually in the next two years. GDP treaded water in 2014 after two years of contraction. In such an environment, incomes stagnate, job prospects remain scarce, and pessimism gets entrenched.
No, it’s the price of oil. On Tuesday, December 16, the WTI spot price closed just below $55 per barrel, its lowest level since May 2009. Prices of petroleum products like gasoline and diesel are following the price of crude oil in its downward march.
I recently attended an interesting symposium on transatlantic relations organized by an institute at Johns Hopkins University and held at Deutsche Bank in New York City. One panel, devoted to labor markets in Europe and the U.S., was particularly insightful.
The MAPI Foundation’s manufacturing production index for Latin America is forecast to decline a slight 0.1% in 2014; however, I warn our readers to focus on the country-specific situations and pay little attent
The price of oil began trending downward starting in mid-June. Then, at the end of November, OPEC decided to maintain its production at its current level and the Brent and WTI spot prices fell sharply in response and were down 39% from their mid-June levels.