International economics

A weak lira and high interest rates made the Turkish economy grew on the heels of exports in the first half of the year, but rising political risks to foreign trade raise uncertainties for the second half With the first half of the year behind us, the climate for the Turkish economy is totally different from the first half of last year.

Global economic activity should strengthen in the second half of this year and accelerate in 2015 although momentum could be weaker than expected, IMF chief Christine Lagarde said on July 6, adding that the Fund did not expect a sharp slowdown in China.
   

Bulgaria’s National Revenue Agency will conduct an extensive nation-wide checkup of currency exchange bureaus.

The reason for the tightened control is the upcoming summer tourist season, when the frauds increase.

According to the law, currency exchange bureaus operate at an exchange rate within 5% of the one fixed by the Bulgarian National Bank (BNB).

Bulgaria has observed just 16% of economic recommendations issued by the EU Commission, a European Parliament survey reveals.

The data cited by EurActiv shows the country is close to the European average, which is 18% and which shows member states largely ignore the EU Commission's proposals for reform.

Turkey attracted around $12.9 billion foreign investment in 2013, putting the country at the 22nd place in the world, a global report has revealed, but sector representatives say the level is far from its potential.

The International Monetary Fund is considering creating a new way for indebted countries to get large loans and dropping a exception to its lending rules that enabled Greece to obtain a loan in 2010 without having to first restructure its debt.

BELGRADE - Former National Bank of Serbia (NBS) governor Dejan Soskic pointed to alarming trends in Serbia and warned that the country faces serious problems.

Speaking at the 14th Economic Summit in Belgrade on Monday, Soskic stated that 39.1 percent of the budget went this year towards debt repayment.

The initiative led by 17 unions said that outsourcing in the public sector would “leave the workers at the mercy of private employers and the market”.

“We gathered the signatures and we demand parliament hold a referendum. Otherwise, there will be trouble,” said one of the union leaders, Zeljko Stipic

Against the wishes of the IMF, Romania's government has approved a draft law cutting the social security tax paid by the employers by 5 per cent.

The bill, designed to boost jobs and business, needs the approval of parliament before becoming effective in October, but the centre-left ruling coalition has a majority in parliament to ensure it goes ahead.

The First Deputy Chairman of the PDL (Democratic Liberal Party) Catalin Predoiu on Thursday stated in a release to AGERPRES that the government is hiding the truth about the situation of the agreement with the IMF and presents a version of the truth that only takes into consideration the Prime Minister's electoral interests.