Greece: Greece posts first current account surplus in over 50 years in 2013
As the BBC News reports, the Bank of Greece showed that the country posted a current account surplus of EUR 1.2 billion in 2013, mainly driven by a strong expansion of tourism receipts. The print marked an improvement over 2012, when the country registered a deficit of EUR 4.6 billion.
Eurozone: IMF warns ECB over deflationary pressures
The IMF has urged the ECB to consider cutting interest rates to below zero as it warned that deflation in the Eurozone was a key new risk facing the world economy, as The Guardian Reported. IMF’s Chief Christine Lagarde claimed that, ” new risk stems from very low inflation in the euro area, where long-term inflation expectations might drift down, raising deflation risks in the event of a serious adverse shock to activity.”
North America: At North American trade summit in Mexico, talks don’t go far
The Los Angeles Times reports that the North American Summit which brought together the presidents of Mexico, Canada, and the U.S. yesterday provided very little in terms of policy specifics.
Japan: Record Japan trade deficit highlights risk of economic stumble
Reuters reports that in January, Japan recorded a trade deficit of USD 27.30 billion–a record 19th straight months of shortfalls. The weak figure rises fresh doubts about Prime Minister Shinzo Abe’s strategy to boost the economy.
China: China Factory Gauge Falls Amid Risks of Credit Souring: Economy
Bloomberg echoed that the HSBC PMI fell from 49.5 points in January to 48.3 points in February, which does not bode well for industrial production going forward.