1 Germany’s surplus is on the wane (Gulf News) The
Trump administration appears intent on escalating the long-standing US practice
of attacking Germany’s current-account surplus. Good news for those on the
receiving end: It has probably peaked.
As officials like National Trade Council director
Peter Navarro rail against the trade imbalance that dominates the balance of
payments between the two countries, pensioners, homebuyers and immigrants are
quietly working to bring that $297 billion current-account surplus down.
According to research by Deutsche Bank, demographics
and a housing boom are two factors that will drive the current account balance
— the difference between what a country earns from abroad and what it spends —
to its lowest level in seven years by 2020.
A rising share of pensioners in the German population,
who normally have less money to save than people in jobs, will crimp household
savings rates, while an increasing number of immigrants such as refugees will
contribute to boosting German imports.
2 Middle East & North Africa growth accelerates
(Muzaffar Rizvi in Khaleej Times) Economic activity in the Middle East and
North Africa showed surprising resilience in 2016 despite mounting political
and economic headwinds in the region, says a report.
According to the latest Focus Economics Consensus
forecast, the region's aggregate gross domestic product expanded 2.7 per cent
in 2016, up from 2015's 2.6 per cent due to diverging economic trends within
the Mena.
Another positive note for 2016 was Iraq's economic
rebound following 2015's dismal performance. Accommodative monetary policies
and improving external positions due to low oil prices prompted growth in most
of the region's net oil importers to accelerate this year.
The report noted that GCC countries felt the brunt
of the pain in 2016. The low oil price environment since mid-2015 forced GCC
countries to implement harsh austerity measures in order to rein in their
soaring budget deficits.
About the region's biggest economy Saudi Arabia, the
report said kingdom is expected to perform below par, with an expansion rate of
less than one per cent. On the rest of the major economies in the region, Egypt
and Qatar will likely grow the fastest, with projected expansions of 3.4 per
cent.
3 World’s longest commercial flight starts
operations (The Guardian) The world’s longest commercial flight landed in New
Zealand on Monday with the arrival of Qatar Airways’s 14,535km (9,032-mile)
Doha-Auckland service.
The long-range Boeing 777-200LR crossed 10 time
zones on its marathon flight. Qatar Airways noted the flight was longer than
the entire “Lord of the Rings” and “The Hobbit” trilogies which were filmed in
New Zealand.
There were four pilots on board as well as 15 cabin
crew who served 1,100 cups of tea and coffee, 2,000 cold drinks and 1,036 meals
during the flight. New Zealand Trade Minister Todd McClay said the estimated
economic impact of the new service “will be well in excess” of $36m with the
increased freight capacity provided.
In March last year, Emirates airline launched what
was then thought to be the world’s longest non-stop scheduled commercial
flight, with a service from Dubai to Auckland, spanning 14,200kms (8,824
miles). Air India’s Delhi-San Francisco flight claims the world’s longest by
flying distance but when measured on the surface of the earth Doha and Auckland
are further apart.
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