Since the global financial crisis, credit to the private nonfinancial sector in emerging markets and developing economies (EMDEs) has surged. Credit to the nonfinancial private sector increased to 60 percent of GDP. A large literature has identified credit booms as an early warning indicator of macroeconomic or financial stress. Source: WEF
The EU has announced an additional €30 million in humanitarian assistance. Another €20 million in development funding will contribute to the reconstruction of the country’s cultural heritage. Source: European Commission
Spain’s Socialist government announced a 47 billion euro ($53 billion) public investment plan on Wednesday to tackle climate change over 10 years, which would be partly financed by issuing green bonds. Source: Reuters
Honda is closing its factory in Turkey as the country’s new-car sales collapse.
Vehicle sales in Turkey dropped 35 percent last year to 612,607 as the value of the local currency fell, figures from JATO Dynamics show. Honda’s sales bucked the trend by rising 8.5 percent due to the popularity of the locally made Civic sedan, Turkey’s fourth best-selling car last year.
