ECONOMIC ANALYSIS

Submitted to
CHITKARA BUSINESS SCHOOL
In partial fulfillment of the requirements for the award of
Degree of Master of Business Administration

Submitted by: - Supervised by: -

MANISHA (1920982531) DR. RENUKA SHARMA
KHUSHBOO (1920984506) ASSOCIATE PROFESSOR
AMISHA (1920984502) CHITKARA BUSINESS SCHOOL
GARIMA (1920982531)
ARUSHI (1920982512)
TWINKLE (1920984518)
RISHWA (1920984511)

CHITKARA BUSINESS SCHOOL

CHITKARA UNIVERSITY
2019-2021
ECONOMIC ANALYSIS
We have taken total of 15 countries and had done an economic analysis on the
basis of few parameters.

I. GDP:
South Korea: GDP of South Korea is to be expected to reach 1450.00 USD billion
at the end of 2020 which is reduced than last year. According to some experts, this
reduction is not for long time, GDP will improve in 2021.

Russia: Russia’s GDP contributes the 1.42 percent to the world economy. There
are some expectations that GDP of the country will reduced at the end of 2020 from
1699.9 to 1250.00 USD billion but this will be move to upward in 2020, according to
some surveys.

Australia: GDP of Australia contributes the 1.16 percent to the world economy but
in this year this percent is reduced due to Covid and GDP of the country will
reduced at the end of 2020 from 1392.7 to 1320 USD billion. The main reason is
only Covid 19.

Indonesia: The GDP value of Indonesia contributes the 0.93 percent of the world
economy.GDP of Indonesia has been reduced as compare to last year from
1119.19 USD billion and according to some assumption it will be 970.00 USD billion
at the end of this year.

Spain: The GDP of Spain contributes the 1.16 percent to the world economy. But it
has been reduced in 2020 as compare to 2019. According to some forecasts, it will
be 1200.00 USD billion. It has been reduced due to Covid pandemic situation.

US: The GDP of the US contributes the large proportion to the world economy and
it is approx. to 17.65%. But is goes to downward with high rate because GDP
growth rate is recorded in negativity. Economy of the US is highly affected by Covid
19, US-China trade war, US-Iran tensions, and there are many other reasons.
UK: The GDP of United Kingdom contributes the 2.23 percent to the world
economy. But at the end of 2020, this rate will be affected by the Covid 19; GDP in
the United Kingdom is expected to 2280.00 USD Billion by the end of 2020 which is
less than last year. Covid 19 affects the UK growth rate.

Germany: Germany is a developing country and its GDP contribution is 3.17

percent to the world economy. GDP in Germany is expected to 3400.00 USD Billion
by the end of 2020 which is lower than last year because Germany is also highly
affected by Corona virus, but there are many chances that this recession is for short
time period.

China: China is one of the largest developed countries in the world and it is
contributed 11.81 percent to the world economy which is the 2 nd largest contribution
to the world economy. This country is only one country which shows the positive
growth this year. But according to some experts, China hides important information
which could affect its growth in negative manner.

Japan: Japan is known for its innovations in the world and it is a growing country
but this country is also affected by corona virus. GDP of Japan has been reduced to
4750.00 USD billion at the end of this year and it contributes to the world economy
with the proportion of 4.22 percent of the world economy.

France: France is a developing country and it contributes 2.26% to the world

economy. Before Covid, it was growing quickly. But after Covid, it GDP growth rate
is moving to downward and show negativity.

Italy: Italy represents the GDP value which contributes 1.16 percent to the world
economy. Its GDP has been decreased from 2001.24 to 1800.00 USD billion. This
country is highly affected by Corona virus, pharmaceutical sector majorly
contributed to the country’s GDP but due to corona virus, it has failed.
 India: The GDP of the country contributes to the world economy approx. to 2.36%.
The GDP growth of India has gone to negative position which will be take time to
recover towards positivity. GDP of India is affected by Covid-19, India-China border
tensions, some other insider issues. The GDP of the country has been decreased
from 2875.14 to 2610.00 USD billion at the end of 2020.

Brazil: This country is contributed 1.53% to the world economy. The GDP of the
country has been decreased to 1690.00 USD billion as compare to last year. This
country hadn’t taken corona virus seriously and this mistake affected its GDP.

Canada: It contributes the GDP value of 1.45% to the world economy. The GDP of
the country has been decreased to 1590.00 USD billion from 1730.91 USD billion.

II. INFLATION:

South Korea: South Korea's inflation rate is increased year-on-year in August of

2020 following a 0.3 percent rise in the previous month, while markets expected a
0.4 percent gain. This is the positive indicator for the country’s economy.

Russia: The annual inflation rate in Russia has risen to 3.6 percent in August of
2020 from 3.4 percent in the month of July. It was highest since October 2019,
which was pushed up by prices of food products, non-food products and services.

Australia: Consumer prices in Australia were dropped by 0.3% year-on-year in Q2

2020, compared with market consensus of a 0.4% fall and after a 2.2% rise in Q1.
This was the first shortfall in consumer prices since Q3 1997, as the economy
struggled to contain the COVID-19.

Indonesia: Indonesia's annual inflation rate declined to 1.32% in August 2020, the
lowest since May 2000, from 1.54% and below market expectations of 1.4%, as
restriction was imposed by the government to prevent the spread of COVID-19 led
consumers to stay at home

Spain: Inflation rate has gone to in negativity from0.788 to -0.62 at the end of this
quarter which is not good for any economy, it play an important role in the growth
on an economy as well as GDP. Spain is also in the list of those countries which
are highly affected by Covid-19.

US: The US consumer price inflation rate reported to 1.0 percent year-on-year in
July 2020, recovering further from May's four-and-a-half-year low and beating
market expectations of 0.8 percent. Energy prices dropped 11.2 percent, as the
declines in gasoline and fuel oil cost eased following the lifting of corona virus-
induced restrictions.

UK: Annual inflation rate in the UK jumped to 1% in July of 2020 from 0.6% in June,
beating market forecasts of 0.6%. It is the highest reading since March, and there
were some restrictions caused by the corona virus pandemic have been eased. But
still now, it is less than last year inflation rate which was 1.50%.

Germany: Germany's consumer prices are expected to remain unchanged year-on-

year in August 2020, because it shows the negativity to -0.09 following a 0.1
percent decline in the previous month and it has moved to negative position from
positive. The government announced a stimulus package to help Europe's largest
economy recover from the corona virus shock.

China: China's annual inflation rate reported to 2.4 percent in August 2020 from 2.7
percent in the previous month and in line with market expectations and which is
reduced as compare to last year from 4.41%. It may be reduced due to Covid 19,
China border tensions with neighbor countries, US-China trade war, other. Some
countries like US and Australia are imposing serious charges on China related to its
growth, spread of Corona virus, and border tensions.

Japan: Japan's consumer price inflation climbed to 0.3 percent in July from an over
3-year low of 0.1 percent in June 2020, as the pandemic continued to hamper
consumption excluding food. Prices fell in education and transport &
communication. It has been reduced to 0.295% from 0.788.
France: The inflation rate in 2020 decreases as compared to the previous year
because of the downfall in the prices of manufacturing products which are linked to
the products which are to be sold in summer sale.

Italy: There ids downfall in the inflation rate in 2020 as compared to year 2019
because in 2020 the prices of regulated and non-regulated energy products
decreases  as their demand reduces in the market. On monthly basis the consumer
prices increases because of increase in the price of processed and unprocessed
food which includes alcohol.

India: The inflation rate decreases from 9.2% to 5.3% in 2020 as compared to the
previous year. Due to disruption in the supply chain management the food prices
rises abruptly. Other reason includes the disruption in transport, communication;
housing, personal care etc are affected by the pandemic which results in affecting
the inflation rate.

Brazil: The inflation rate decreases to 2.3% from 4.3% in 2020 because there is
increase in the price of food and beverages, health and communication. The cost of
clothing drops at faster pace.

Canada: The inflation rate decreases 2020 as compared to previous year. The cost
of transport drops down and the prices of air transport dropdown for the first time as
airlines are giving incentives ,reduced fees and promotions so that people starts
travelling in this pandemic. Inflation remains steady for alcohol and beverages. The
cost of education and recreation fell down due to pandemic.
III. UNEMPLOYMENT RATE

SOUTH KOREA

As the unemployment rate decreases from 2019 in 2020 because the economy of
the country is suffering from the pandemic this year as this pandemic affects the
whole world .Due to increase in global trade tensions and COVID-19 hits the capital
investment and hiring particularly in the manufacturing sector. Now government had
decided to offer supplementary budget for this year 2020 to aid economic growth
and job creation which results in slight increase in the condition of the economy of
the country.

RUSSIA

The unemployment rate in Russia increases to 6.3% in 2020 as compared to the

previous year because the coronavirus pandemic hit the labour market and people
are loosing jobs because of closing manufacturing units. The no. of unemployed
people increased by 125 thousand from a month earlier to 4.731million.

AUSTRALIA

The country is also worst affected by the pandemic as the rate increases to 7.5%.
As people are loosing their jobs due to economy hit by the pandemic. Now people
who always work full time and never prefer doing part time jobs , those people are
now looking for part time jobs because of cutting down opf work forces b y the
companies in large number.

INDONESIA

The unemployment rate decreased to 4.9%-5.28% in year 2020. It is among the

third largest country in the world and better health facilities and growing economy
results in less hit by pandemic.
SPAIN

The unemployment rate increases to 15.33% from 13.92%. Many people are
leaving jobs because they are not able to meet the technical criteria as in this
pandemic highly skilled professionals in IT sector are required as compared to the
freshers and who are not having much skills and the main reason is this pandemic
make the people to be on furlough because they are not meeting the criteria.

USA

There is an abrupt increase in the unemployment rate in year 2020 as compared to

the previous year.Due the Pandemic people are leaving jobs but along with that the
major reason was US-China trade war which was continuing from the long
time.Official figures are not still disclosed as amny people are being classified as
employed even though they bare absent from the work.

UNITED KINGDOM

In UK also the unemployment rate not very much as compared to previous year ,
there was less fluctuation in this. As many people gave up jobs and who were
therefore not considered as unemployed. There were also around 300000 people
away from work because of the pandemic and receiving no pay in June .A large
number are to be estimated to be temporarily away from work including furloughed
workers.

GERMANY

There is less difference in the unemployment rate .As people are looking for the job
and not considered as unemployed and all are ready to work part time if there is no
option in front of them.

CHINA

As there is no much fluctuations in the unemployment rate in china as compared to

previous year. The reason may be because china is hiding all the things from other
countries as pandemic was originated from china.
JAPAN

The unemployment rate increases in 2020 as the pandemic hit all the world .The
manufacturing units were adversely affected by the pandemic which further results
in losing jobs in almost all the sectors.

FRANCE

In france the unemployment rate decreases in 2020 from the previous year 2019.
The reason behind this is the number of jobless people declaring themselves
actively looking for work during the period of lockdown .For the people under the
age of 25-49 the rate fell sharply but increase strongly for the people aged 15-24.

ITALY

There is no much fluctuation in the unemployment rate in Italy in 2020 as compared

to previous year as corona virus pandemic continues to hit the labour market. The
number of unemployment rate decreases because of the lockdown in the country
due to Covid-19 by which almost all sectors faces lose which will be very difficult to
recover in a short span of time.

INDIA

The unemployment rate increases to 11% from 7.6% in 2020 as compared to the
previous year. Due to the pandemic, the companies are facing a huge amount of
loss as compared to overall revenue so company wants to cut down the workforce
which results in increasing the unemployment rate. Expert felt that it would be a
great challenge for the economy to retain the falling trend in the unemployment rate
because of long nationwide lockdown between March and June to prevent the
spread of Covid-19 which further results in losing jobs in all the sectors.

BRAZIL

The unemployment rate increases from 11.6%-13.3% in year 2020. The reason is
COVID -19 hit the labor market. The employment rate and labor force participation
rate also went down as people are losing their jobs and not able to get the fresh
jobs in the market.

CANADA

The unemployment rate increases in 2020 as compared to 2019 because of

economic hit by the pandemic but they are trying to reduce it and for that country is
taking necessary steps of creating full time jobs and part time work in IT sector and
manufacturing units. Now country is looking forward for increase in the labor force
participation rate.

IV. INTEREST RATE

SOUTH KOREA :

The Bank of Korea kept its base rate unchanged at a record low of 0.5 percent
on August 27th, 2020, as widely expected, amid the prolonged impact of the
COVID-19 crisis.
As they are expecting to increase the rates in the coming year but due to the
covid the interest rates got decreased and it affects the whole economy .

RUSSIA :

The Bank of Russia lowered its benchmark one-week repo rate by another 25
bps to 4.25 percent during its July meeting, saying inflation expectations have
stabilized following a decrease in May-June. It was the fourth rate cut this year,
aiming to support the economy hit by the coronavirus pandemic.
0.25 rate has decreased from the earlier rate and as per the situation it is
expected that the rate will decreased in the coming days.
AUSTRALIA:

The Reserve Bank of Australia kept the cash rate unchanged at a record low
of 0.25 percent during September . the COVID effects the economy and now
it seems that this will continue till June 2021 and now the decision is taken
that monetary policy should be formed in a way that supports the recovery
businesses, jobs etc..

Before COVID the rate was 0.5 and now it reduced to 0.25 . which was not
expected to be.

INDONESIA:

Bank Indonesia held its 7-day reverse repurchase rate at 4.0 percent during
its July meeting, as widely expected. Policymakers said that the current level
was consistent with efforts to support the economy while maintaining stability
amid the coronavirus pandemic.

Now the strategy used to make the monetary policy better so that it supports
the recovery .the rate was decreased by 0.25% from the earlier rate.

SPAIN :

As the central bank remain unchanged with the rate at 0% and the deposits
are at -0.5 %.

In addition, the central bank pledged to buy up to €1.35 trillion worth of debt
through June 2021 under its Pandemic Emergency Purchase Programme.
How badly this pandemic situation affects the economy.
US:

The Federal Reserve on Friday its pledge to maintain interest rates lower for
years to support recovery from the coronavirus crisis and recession and the
monetary policy is formed in way that it supports the recovery from this
situation.

As the rate get decreased by 1% from the previous year. And now it seems to
maintain same rate to get safely run out from this situation.

UNITED KINGDOM:

Economy will take longer to recover from the coronavirus-induced recession

than initially thought and warned about the risks of cutting interest rates below
zero. Meanwhile, the central bank said CPI inflation is expected to fall further
below the 2% target, largely reflecting the direct and indirect effects of Covid-
19. As now the rates reduce to 0.1 from the previous rate 0.7.

GERMANY:

It remain unchanged from the previous rate it is same at 0% rate to face the
current situation of COVID to recover from or not to fall more they decided to
remain unchanged.

CHINA:

The benchmark the china is set to be at 3.85% get reduced from the 4.05%
as the 0.2% fall in the rate . Due to the COVID they want to maqke their
monetary policy strong still there is less fall as compared to other countries .
JAPAN :

the central bank said that Japan's economy is likely to improve gradually from
the second half of this year, with the pace is expected to be only moderate
while the impact of COVID-19 remains worldwide. the outlook for economic
activity and prices are extremely unclear, depending on the consequences of
the virus and the magnitude of their impacts on domestic and overseas
economies.

The rate as decreased to -0.1% from 0 by remaining on this rate for 10 years
they are expected to make the economy better.

FRANCE :

It remain unchanged from the previous rate it is same at 0% rate to face the
current situation of COVID to recover from or not to fall more they decided to
remain unchanged.

ITALY:

The European Central Bank left monetary policy unchanged during its July
meeting, as policymakers took a wait-and-see approach to assess the
effectiveness of a series of unprecedented measures taken over the past four
months to support the bloc's economy amid the coronavirus crisis

The rate get reduced from 2.6 to 1.2 as to tackle with the situation wants to
remain same till next meeting.
INDIA:

The Reserve Bank of India kept its benchmark repo rate at 4 percent during
its August meeting, surprising markets that had forecast a 25 bps rate cut,
aiming to ensure inflation remains within target going forward following a
recent climb in prices due to the coronavirus pandemic. Headline inflation rate
has been above the central bank's 4 percent target since the beginning of the
year and it is expected to ease only in the second half. Policymakers also
pledged to continue to keep its accommodative policy stance "as long as
necessary to revive growth". The central bank also said it would allow
restructuring of corporate loans by banks, in order to ease debt strains on
companies and lenders.

The current rate falls from 4.4 to 4 . to get recovery from this situation it is
remain for some time.

BRAZIL:

The Central Bank of Brazil unanimously decided to slash its benchmark

interest rate by 25 bps to a new all-time low of 2.00 percent on August 5th,
2020, as widely expected. Inflation is expected to pick up in 2021 and 2022 to
3.0 percent and 3.5 percent, respectively, from 1.6 percent in 2020. The bank
does not foresee further reductions in the monetary stimulus, despite a high
level of uncertainty from the coronavirus pandemic. By seeing that the rate
get increased by assuming the above situation.
 CANADA:

The Bank of Canada kept its benchmark interest rate steady at the effective
lower bound of 0.25 percent on September 9th 2020, as widely expected. The
Committee said that it will continue its quantitative easing program with large-
scale asset purchases of at least CAD 5 billion per week of government bonds.
Policymakers noted that the Canadian economy is recovering amid the easing of
coronavirus restrictions and supported by government programs to replace
incomes and subsidize wage. They said that as the economy moves from
reopening to recuperation, it will continue to require extraordinary monetary
policy support. The Bank Rate and deposit rate were also left unchanged at 0.5%
and 0.25%, respectively less

From these 15 countries rate analysis the rate are reduced . Due to the
pandemic situation which effects the whole economy to tackle the situation all
want to make a better monetary policy. So that they get recovery from this
situation.

V. FOREIGN EXCHANGE RESERVE

Foreign exchange reserves are the foreign assets held or controlled by the
country central bank the reserves are made of gold or a specific currency they
can also be special drawing rights and marketable securities denominated in
foreign currencies like treasury bills government bonds corporate bonds and
equity and foreign currency loans.

South Korea had 4,03,000 USD million in September 2019 As foreign exchange
reserve and it increased to 416530USD million in July 2020.Russia In 2020
August Had 594422USD million in their foreign exchange reserves. Which
whereas was approximately 52, 50,000 in September 2019. In case of Australia
the foreign exchange reserve in 2019 September was 69038.66USD million and
it decreased to59944USD million in July 2020. In Indonesia Twenty20 foreign
exchange reserves increased to137041USD million in August 2020 where as it
were around 12, 23,000 in September 2019. In Spain the foreign exchange
reserve in 2019 was 68174.2 8A you are 1 million are you it was almost equal in
2020 August It was 67463.1 EUR million Foreign exchange reserves in the
United States increased to 139971USD million in July 2020 whereas it was
around 127000 in September 2019. United Kingdom foreign exchange reserve
almost remains same as the year in 2019 it was 179000USD million in October
and it was 182692.8 6USD million in August 2020.

In Germany 2, 31,000 million was foreign reserve in 2019 and there was a slight
increase in 2020 it increased to 2, 33,547 million. In China Foreign exchange
reserves rose to 3.165 trillion in August 2020 Which was around 3.08 trillion in
October 2019.Japan is one of the country in which the foreign exchange
reserves decreased and it decreased to 1398500 USD million in August 2020
From 1402500USD million in July 2020 but overall it has increased from 2019
because in 2019 October it was around 1330000. France foreign exchange
reserves increased to 200.39 EUR billion in July 2020 from 181.92 August 2019.
There is a noticeable increment in the foreign exchange reserves of Italy which
increased to 180077.50 EUR million in July 2020 which was around 158,000 in
August 2019. Foreign exchange reserve ratio in India increased to 5,
41,431USD million in 2020 August from 4, 57,548.
VI. NAME OF CENTRAL BANK
1. U.S- Federal Bank
2. UK- Bank of England
3. JAPAN- Bank of japan
4. INDIA- Reserve bank
5. CHINA- people’s bank of china
6. FRANCE- Bank of France
7. GERMANY- Germany federal bank
8. BRAZIL- Central Bank of Brazil
9. ITALY- European Central bank
10. INDONESIA- Bank of Indonesia
11. CANADA- Bank of Canada
12. AUSTRALIA- Bank of Australia
13. SPAIN- Bank of Spain
14. SOUTH KOREA- Bank of Korea
15. RUSSIA- Bank of Russia

VII. NUMBER OF STOCK EXCHANGE

 A Stock Exchange is an organization that anchors formulated market for dealing in
securities, derivatives, commodities, and other financial equipment. It is one of the
powerful ingredients of the financial market. Here, buyers and sellers club together
to carry out transactions. And, securities are bought and sold out according to
clear-cut rules and regulations.
Among the 15 countries
India has highest no of stock exchange i.e. 23 BSE and NSE are the top most
stock exchange among those 23. And after India the second largest number of
stock exchange is of United States which is 13 there are two major U.S financial
securities markets which are the in New York stock exchange and nasdaq
and third largest number is 8 which is of Germany that means total there are 8
stock exchange in Germany.
The topmost stock exchange of Germany is Frankfurt stock exchange and xetra
stock exchange from among the eighth stock exchange of Germany next is
Canada, Canada is having total number of six stock exchange India country
Toronto stock exchange which is situated in Toronto Ontario it is the ninth largest
exchange in the world by market capitalization there are a total of 2 231 number of
companies listed under this stock exchange.
if we talk about the Japan, Japan is having total 5 stock exchange in the country
Tokyo stock exchange and Osaka stock exchange are the largest of all five stock
exchange in the Japan.
In Russia, there are total three stock exchange which are RTS i.e. Russian trading
system, Saint Petersburg stock exchange and Moscow exchange.
In Italy there is only one stock exchange that is borsa Italian.
And in France, France is also having a one stock exchange that is Paris stock
exchange on the other hand China; China is having to stock exchange that is
Shanghai and Shenzhen stock exchange.
South Korea is also having a one stock exchange which is named as Korea
exchange. Brazil country is also having a one stock exchange in its country.
Australia is also having one stock exchange which is the merger of Australian
stock exchange and future exchange which was merged in 1999 and become
Australia security exchange.
In Indonesia, Indonesia is also having one stock exchange named as Indonesia
stock exchange which is based in Jakarta, Indonesia.
Last but not least penis pain is having a total of 4 official Spanish stock exchange it
is operated as distinct market among them one of them is Barcelona stock
exchange Bilbao stock exchange Madrid stock exchange and Valencia stock
exchange.
VIII. TRADE SETTLEMENT DURATION
In securities industry the trade settlement period refers to the time between
the trade date month day and year that an order is executed in the market
and the settlement date when a trade is considered final.
When shares of stock or other securities are boat or salt both buyer and seller
must fulfill their obligations to complete the transaction during the settlement
period the buyer must pay for this year's and the seller must deliver the
shares on the last day of settlement period and the buyer becomes the holder
of record of the security.
for many years the trade settlement period was of five days then in 1993 the
security exchange commission change the settlement period for securities
transactions from 5 to 3 business days which is known as t + 3 for example
under the t + 3 regulation, if you sold shares of stock on Monday the
transaction would settle on Thursday. The three day settlement period made
sense when cash checks and physical stock certificates still were exchanged
to US postal system.
Among the 15 countries South Korea, Russia, Spain, us, Germany, Japan,
France Italy, India , Brazil, Canada, are having settlement duration of t + 2
In Indonesia equity is settled in 2 days and fixed income in securities are
settled by t+ 2 and t+ 3
And UK follows CREST system to settle their trade transactions.
and lastly in China securities are settled in t + 0 and cash trade are settled in t
+ 1 and B shares are settled in t+ 3Among the 15 countries South Korea,
Russia, Spain, us, Germany, Japan, France Italy, India , Brazil, Canada, are
having settlement duration of t + 2
In Indonesia equity is settled in 2 days and fixed income in securities are
settled by t+ 2 and t+ 3.
IX. TOTA NUMBER AND TYPES OF SECURITIES

CHINA

Types of securities: A shares, B shares and H shares

Total securities: 3

JAPAN

Types of securities: IC, 2C, 3P, 4P, 5P

Total securities: 5

ITALY

Types of securities: The different categories are V, T AND E

Total securities: 3

CANADA

Types of securities: The different categories are A, 2C, M, 2N, O, 2T and V

Total securities: 7

INDIA

Types of securities: A, B, M, T, MT, S, TS and Z

No. of securities: 8

INDONESIA

Types of securities: C, I, J, L and S

No. of securities: 5

RUSSIA

Types of securities: 2C, 2P, 4P

No. of securities: 3
SOUTH KOREA

Types of securities: 33P, 103P

No. of securities: 2

UK

Types of securities: A, B, E, L, P, R, T, U

No. of securities: 8

US

Types of securities: A, B, C, D, E, F, G, J, M, R, S, T, V, W

No. of securities: 15

SPAIN

Types of securities: 11A, 11B, 2B, 8E, 2F, 3G, 4I, J, 4M, 4N, O, 4P, 2R, 2S,

2T, 2U, Z

No. of securities: 69

FRANCE

Types of securities: 5C, S

No. of securities: 2

AUSTRALIA

Types of securities: A, B, F, G, J, N

No. of securities: 6

BRAZIL

Types of securities: D, J, S, R, B, G, C

No. of securities: 7
X. MAJOR MACRO ECONOMIC POLICIES

CHINA

Macro-Economic Policy: Economic Growth and Stability

JAPAN

Macro-Economic Policy: Boost domestic demand and gross domestic product

(GDP)

ITALY

Macro-Economic Policy: Unemployment, Economic growth (Italy’s economic

policy)

CANADA

Macro- Economic Policy: Long Run Growth (Fiscal Policy, Monetary Policy)

INDIA

Macro-Economic Policy: Target on GDP and unemployment (Monetary Policy

and Fiscal Policy)

US

Macro-Economic Policy: Target on GDP (Fiscal Policy)

INDONESIA

Macro-Economic Policy: Inflation Targeting (Monetary Policy)

RUSSIA

Macro-Economic Policy: Inflation, National debt is low

SOUTH KOREA

Macro-Economic Policy: Growth recovery

UK

Macro-Economic Policy: Economic growth, inflation targeting

BRAZIL
Macro-Economic Policy: Fiscal Budget Policy, Balance Of Payments
equilibrium, GDP growth rate

AUSTRALIA

Macro-Economic Policy: Regulatory Efficiency, Business Freedom, inflation

Policies, GDP growth

SPAIN

Macro-Economic Policy: Stability and Growth Pact, GDP growth (Fiscal

Policy)

FRANCE

Macro-Economic Policy: Unemployment system, Public administration (Fiscal

Policy)
REFERENCES

 https://www.clearstream.com/clearstream-
en/products-and-services/settlement/central-
bank-money-settlement-csd-/settlement-cycles
 https://euroccp.com/2014/06/11/t2-settlement-
cycle-announcement/
 https://www.global-rates.com/en/economic-
indicators/inflation/inflation.aspx
 https://tradingeconomics.com/france/foreign-
exchange-reserves
 https://www.bok.or.kr/eng/bbs/E0000634/view.do
?nttId=10060121&menuNo=400069
 https://countryeconomy.com/key-rates