Argentina’s construction sector registered growth of 21.2% year-on-year in the first half of 2006, a study by the Business University of Argentina shows. Sales of cement jumped 25.9%, followed by sales of iron with a 24.7% increase. Construction sector costs rose 18.6%, boosted by the increases in the prices of raw materials and in wages. The construction sector is the biggest contributor to Argentina’s growth.
Poland's GDP will rise by 5% in 2006, but will slow somewhat to 4.5% in 2007 according to the IMF’s World Economic Outlook, out this week. "Economic growth in emerging markets is particularly visible in the Baltic States and Turkey, but also in the Czech Republic and Slovakia… Nevertheless an economic revival can also be seen in Poland, which is boosted by increased exports, a rebound in foreign investor sentiment, but also an improvement in the labour market,” says the report.
Vietnam needs to accelerate reforms despite the remarkable growth achieved by the country over the past years, said Juan Jose Daboub, managing director of the World Bank. The country has reached the halfway mark to becoming a fully industrialised country, he said while speaking to the press on Saturday. Since adopting market-oriented reforms the country has achieved 7% economic growth in the past 15 years, lifting 30 million people out of poverty. However Vietnam must accelerate the reform process as neighbouring countries are pushing ahead.
Moody's announced that it has placed Qatar National Bank on review for an upgrade. The bank’s long-term foreign currency rating is A1. The review follows similar rating actions on Qatar 's foreign currency country bank deposit ceiling (A1).