Nigeria’s new Sovereign Wealth Fund (SWF), to be established with an initial $1bn in investment, should significantly improve the country’s management of its crude oil earnings. The launch of the new fund, announced recently by the minister of finance, should also provide greater economic stability, improve national infrastructure and boost investor confidence.
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Economic update | Sabah: Surpassing targets
28 Oct 2011
As the second phase of the Sabah Development Corridor (SDC) gets under way, the chief minister, Musa Aman, has announced that cumulative planned investment in the programme has reached RM57bn ($17.7bn) – almost four times the target value set just last year.
Economic update | Turkey: Expanding trade with the US
27 Oct 2011
The volume of trade between Turkey and the US is increasing, as the two countries strive to improve commercial ties despite occasional strains in political and military relations. US officials and private sector groups are promoting Turkey to American businesses as a growing economy in a strategic location with a massive labour force.
Economic update | Kuwait: Keeping on
26 Oct 2011
While the world economy is still plagued by uncertainty, Kuwait’s continues to grow, supporting the country’s medium-term development plans. In September, the International Monetary Fund (IMF) lowered its forecast for 2011 global growth to 4%, taking into account the eurozone crisis and US debt, but announced that it expected 5.7% growth in Kuwait.
Brunei Darussalam’s economy has maintained its competitive edge over the past year, according to a recent report, putting in a solid performance in difficult times as the world struggles to rebound from recession. However, the study also identified a number of key areas where the Sultanate needs to step up if it is to further improve its rankings.
Economic update | Turkey: Sustaining growth
20 Oct 2011
Turkey’s second-quarter GDP growth, released by the central bank on September 11, surprised on the up side, with an 8.8% year-on-year (y-o-y) rise that easily surpassed the 6.4% expected by the market. Growth is down from the 11.6% posted in the first quarter, however, and a looming slowdown in the eurozone has many concerned about Turkey’s exposure.