Economy

Against the background of the forthcoming crisis and problems in the leading economies in the Euro area such as Germany and Italy, we find an unexpected example of a booming economy in the Iberian Peninsula – Portugal.

Over the past 10 years, the Bulgarian economy has changed dramatically. The manufacturing sector is gradually shifting towards higher value added production. The number of employed in traditional industries, for instance the clothing industry and furniture manufacturing, has dropped significantly.

This month, Slovak economy unpleasantly surprised the Slovak government, when the newly released economic numbers showed a relatively significant drop in the growth rate of the economy compared with the earlier expectations.

In Slovakia, non-monetary transfers are often forgotten due to the contributions system – this is set up so that only self-employed know, with exaggeration, how expensive it is. Most employees have no idea that the employer pays an additional 35% to their gross wage.

Ukrainian government needs to take steps to reduce the possibility of hostile takeovers of property and should ensure transparent and lawful conduct of the judicial system and law enforcement agencies. It should also engage Ukrainian business associations in policy making.

Ukraine’s dependence on the market for exports to Russia has been declining drastically since 2011. Until then Ukraine’s exports to Russia, the EU, and the rest of the world had been following similar paths.

Soon Ukraine might finally expand the list of products protected by the geographical indications (GIs). The AA/DCFTA includes more than three thousand GIs from the EU,1 with only two Ukrainian GIs, wines Soniachna Dolyna and Novyj Svit.

The European Commission (EC) has launched a fitness check of the 2012 State aid modernisation package, the railways guidelines and the short-term export credit insurance communication to evaluate whether the rules have actually worked in the way intended and are still fit for purposes.

The EU sets minimum levels of regulation with respect to working hours. The research shows that the countries tend to comprehensively follow the set EU standards with regard to the maximum duration of work during the day, minimum periods of rest, and some aspects of annual leave.

In an escalation of tensions between Japan and South Korea, Tokyo has moved forward with regulations on exports of chemicals to Korean technological companies like Samsung. This move is seen as a political calculation, given recent disputes of trade and negotiations between the two Asian nations.