Several large metropolitan areas are visible, marked by their relatively large and brightly lit areas, such as the capital cities of Madrid, Spain - located near the center of the peninsula's interior - and Lisbon, Portugal - located along the southwestern coastline. The ancient city of Seville, visible at image right to the north of the approximately 14 km 9 mi -wide Strait of Gibraltar, is one of the largest cities in Spain. The view is looking outwards from the ISS towards the east. The network of smaller cities and towns in the interior and along the coastline attest to the areal extent of human presence on the Iberian landscape.
Despite the recent rise in oil prices, oil and gas revenues are likely to continue falling, with production collapsing The non-oil economy is expected to contract further, suffering from a lack of investment following years of neglect in favour of the oil and gas sector.
The difficulty of obtaining intermediate products and capital goods is undermining industrial output, because the private sector depends on the state for access to foreign currency — which has become increasingly scarce. This decline in productive capacity is taking place in a context of hyperinflation.
The monetisation of the public deficit due to the decline in oil revenues has caused inflation to soar, exacerbated by the plummeting value of the Venezuelan bolivar and rocketing import prices.
In this context, household purchasing power continues to be seriously diminished, and remittances from the growing expatriate population are often the main source of household income.
Investment is likely to continue its decline in a business climate that is being undermined by the government arbitrary expropriations, intrusive checks, and inspections by the state and in a context of widespread political insecurity.
Fragile budget and external positions The decline in oil revenues, together with the real-term reduction in non-oil revenues, has resulted in a rocketing of public deficit. However, the government has not reduced social spending in the same proportion. Venezuela has been accumulating arrears on its principal payments on its sovereign and quasi-sovereign PDVSA debts to private creditors since the 2nd Novemberand on payments to the Inter-American Bank of Development since the 14th December The country is facing the need to restructure its debt in order to recover access to international financing.
Russia has granted it a restructuring covering USD 3. However, a more comprehensive restructuring appears to be more difficult following an unfruitful first round of meetings with creditors, while arrears keep accumulating. US sanctions against certain Venezuelan officials, including lead negotiator Tareck El Aissami accused of drug traffickingwill prevent any US creditor from taking part in these negotiations and, hence, forbid any refinancing.
In terms of the current account, the trade balance should be slightly in surplus. This surplus will offset the deficit in services, linked with the collapse in tourism and the cost of oil industry engineering services, as well as the high cost of debt servicing.
This could still help soften the decline in currency reserves at USD 9. In order to reduce the gap between the official rate and the black market rate, the government devalued the bolivar by Significant efforts are being made at the same time to fight the black market.
This has translated in an intervention in one of the country's major banks to control current account transactions attributed to the black market. The authorisation has also been granted to officially exchange expatriate remittances at a lower rate than the official rate but still higher than the black market rate in order to attract some of the remittances into the official foreign exchange reserves.
Tense political situation was a year of rising political tensions resulting from the economic crisis, to which the government has so far been unable to propose a solution. The election of a Constituent Assembly in August was preceded by three months of conflict between government forces and supporters of the opposition, resulting in over a hundred deaths.
An example of this was the announcement of Congress dissolution in August However, the wave of international outrage following this, accompanied by demonstrations within the country, forced the government to rescind the announcement — without actually defusing the situation.
Elections of regional governors in Octoberlargely won by the governing PSUV party, strengthened the hand of President Maduro by highlighting divisions within the opposition. The decision by four governors — each members of MUD — to be sworn in by the Constituent Assembly generated considerable disagreement within the MUD coalition, as the vast majority of its members claim that the Assembly is without any legitimacy.
The victory of the PSUV in the municipal elections in Decemberboycotted by the opposition, further exacerbated these tensions. On the international scene, the government is trying to get closer to Russia and China in order to gain access to financing, while the EU and the United States, along with a majority of Latin American countries, are imposing sanctions against the country — although they have not gone as far as stopping oil purchases entirely.Let's Continue this very important course in which Rahul Agrawal has analysed all the IR and Geography Questions asked in Prelims This PEST country analysis report on Trinidad and Tobago provides a holistic view of the country, with insightful analysis of current and future issues, supplemented with relevant quantitative data to support trend analysis.
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Spain is one of the most “decentralised” democracies in Europe – although there is a national parliament that governs the country, each of Spain’s 17 regions manages its own schools, hospitals and other public services.
Smart card is a type of chip-card or a plastic card which contains embedded micro chip includes microprocessor or memory type. It stores and manages data used in different applications such as in electronic cash payments, telephone calling and more.
Each geography market is further segmented to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, India, Brazil, and GCC countries. This report provides: 1) An overview of the global market for Global Prosthetic Heart Valves Market and related technologies.