A frustratingly slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply cut its outlook for world growth in 2013.
Latin American markets have been a prime target for Spanish companies because of their language advantage, and giants such as Telefonica and Banco Santander have increased their exposure there to compensate for problems in their domestic market.
The Asian Development Bank lowered its 2012 and 2013 growth estimates for developing Asia on Friday as frail global demand drags on the region.
Greece has hired Deutsche Bank and Morgan Stanley to conduct a voluntary buy back of its debt, a senior finance ministry official told Reuters.
The OECD slashed its global growth forecasts on Tuesday, warning that the debt crisis in the recession-hit euro zone is the greatest threat to the world economy.
The state’s grip on the economy has been tightening. Could foreign pressure persuade the new leadership to reverse course?
World trade will grow by a mere 2.5 percent this year, dragged down by Europe to less than half of the previous 20-year average, the World Trade Organization (WTO) said on Friday.