Welcome back, everyone! Today, we're going to take a panoramic view at the global economy as a whole, continent by continent:
In North America, the approach of the looming fiscal cliff remains a significant issue to economists and the public alike. Mixed optimism and pessimism regarding the fiscal cliff has likewise affected economic activity. Some project a potential rise in taxes for the wealthy as a result of this occurrence.
In South America, the rising price of grain has caused many to speculate an agricultural shift towards corn production in the near future, drastically affecting such economies as Argentina and Paraguay. Similarly, the rise of oil prices has inspired major Brazilian oil firm Petrobras to expand into the petroleum industry, so as to compete amongst oil superpowers such as Venezuela.
In Europe, many economists project that the debt crisis of the last few years is currently waning; thus, confidence in the Euro has improved, causing significant appreciation of the Euro and resultant deprecation of the British pound. Furthermore, some nations such as Norway have expressed plans to invest in U.S real estate.
The Asian economy, having experienced a recent downturn, has taken measures to revive some of its important markets. The Japanese property market exemplifies this trend and now experiences a pinnacle in economic activity. Likewise, Singapore's economy looks forward to a renewed Western interest in Singaporean industries and firms.
In Australia, the economy once perturbed by the recession of recent years has revived its steady growth by a gradual scaling-back process. Despite this, Australian airline services have experienced a degree of conflict through the competition between Qantas Airlines and Virgin Australia.
In Africa, devastating economic failure ravages the majority of the continent: indeed, only 28% of all African citizens maintain stable, salaried jobs. Several East African nations have expressed a collective interest in the advancement of their public transit systems. The fiscal opportunities withheld by the African continent is expected to rise in the long run.
This concludes our Global Outlook for early December!
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