World Business and Economic Analysis
World Business and Economic Analysis
Seven years after the crisis began, the global economy has taken decisive steps out of the dark. Just as the collapse hit countries in different ways, the way out has not been the same for everyone. Some countries have made it in high gear, others have been slowly working up through low ones.
But the process is well underway and in this programme we track the recovery with our own correspondents to see how connected the global economy is, and what to expect in 2016.
We start in the country that is now leading the recovery – the United States. The world’s largest economy made its way through the crisis and is now in a period of growth that is hopefully solid enough to stand the higher interest rates recently announced by the Federal Reserve.
That’s not the case in Europe yet. The recovery here is way behind. Eurozone countries don’t always share their advances, but they do share the problems.
We look at the economic fairy-tale in Germany, the eurozone’s largest economy, that’s been damaged by the country’s leading company. We check out the situation in Spain – one of the fastest growing in the block, where the data always look way better in the summer – and examine Greece, where the holiday season was really hot, though not relaxing.
After Europe, we go to Asia, where China became a ticking bomb when Beijing tried to slow down growth.
And finally we analyse parts of the Arab world where the recovery has been hit not only by lower oil prices, but also by terrorism that has taken a high toll on tourism and the wider economy.
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President Hassan Rouhani said on Wednesday the closure of investigations into Iran's past nuclear activities was a "big success" and a political victory for the country, and that the Islamic Republic would start implementing the deal within weeks.
"Now the main obstacle to implement the JCPOA is lifted ... Iran will start implementation of the nuclear deal within two or three weeks," Rouhani said in a speech broadcast live on national television.
The International Atomic Energy Agency's Board of Governors passed a resolution on Tuesday ending its long-disputed issue of so-called possible military dimensions (PMD) to Iran's activities.
Rouhani hailed the IAEA's decision to close the books on a decade-long probe of allegations that Tehran worked on nuclear weapons, saying it paved the way for Iran to fulfill its remaining obligations under a landmark nuclear deal with world powers.
The probe had to be formally ended as part of the July 14 agreement, which will lift sanctions in return for Iran curbing its nuclear activities.
Rouhani, congratulating the people over the closure of the PMD, said, “The achievement was not just a legal or technical achievement.
"The resolution proved that the Islamic Republic is honest toward its people and the world and keeps its promise.”
The president also said the IAEA admitted that Iran’s nuclear program had no military dimensions and that Iran "had never been building an atomic bomb".
Rouhani said anti-Iran sanctions will be lifted in the coming weeks, noting this would prepare the ground for economic growth and interaction with the world.
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A top manager at a Peruvian oil company says Iran has a sophisticated oil industry.
Business Development Manager of PLUSPETROL said a bright future is ahead of Iran's oil industry, IRNA reported.
