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International News Networks / Latest data in: The Empire’s economy is now officially in recession
« on: March 23, 2019, 05:51:01 PM » Latest data in: The Empire’s economy is now officially in recession
TINS news anchor
The latest data in from the Imperial government has confirmed what many Tamorans were expecting, the economy of the Empire contracted by 1% in 2018. The Imperial Statistics Office has also explained that while the first two quarters of 2018 the economy saw the usual modest growth the Empire has been experiencing for decades, the last two quarters have seen the economy contracted and the year average is a decrease in GDP of 1%. This marks the first time in 20 years the Empire has seen a recession.
Financial experts have said that international sanctions are the main contributing factor for the recent downturn of the economy. The Empire’s economy has been hammered by sanctions on a constant basis in the last 6-9 months with almost half of Mundus nations sanctioning the Empire in one form or another. The other causes for the recession are the massive Borlander terrorist attacks that have disrupted trade in Mundus last year as well as the rising tensions with Slava Lavosk. Financial analysts are mixed on whether Tamora’s economy will manage to resume growth or if the current recession will deepen this year. 2019 has already seen the Rokkenjima, the second largest economy in Mundus, break all economic relations will Tamora further hurting the Empire’s economy. They were followed by further sanctions from East Moreland, Seaforth, Xaeth, Krimeon and New Derusmia among others. To make matters worse, Tamora is now only one step away from war with Slava Lavosk, has broken all ties with the rebel government of Kaitaine and new international sanctions are expected as the Achkaerin Senate is debating it. The only bright spots on the horizon are Zimalia opening its economy to Tamorans goods through lowering its tariffs and the massive increase in exports to Royal Seleucid we have seen in the last 9 months.
The recession has affected the population by increasing unemployment, which made things even worse in 2019 when food prices skyrocketed as a result of the locust swarm hitting our Eastern neighbor, Royal Seleucid. Enslavement as a result of bankruptcy skyrocketed with 120 thousand people being enslaved last year as a result. Creditors are now quick to seek bankruptcy of their debtors in an effort to protect their capital as there is little prospect the debtors will be able to recover. Families with four or more children were most affected by debt enslavement as they often hard only one bead earner in the family. In the first two months of 2019, the courts have already sentenced to slavery 30 thousand individuals, with economic analysts expecting the number to reach 240 thousand by the end of the year if the current recession continues.
Tamoran businesses have each sought to weather the storm by taking various measures including but not limited to: cutting wages, reducing the labor force, cutting prices, attempting to use crypto currencies to ease the effects of the sanctions or switching to other markets like Royal Seleucid. For businesses that used no slave labor adopting the Freestone mark was vital if they relied on exports otherwise they risked going belly up even if they didn’t use slave labor at all. There is no official estimate but reports have said that around 10 thousand businesses got the Freestone mark certification so far with another 5 thousand pending; almost all of them got the bronze level. The notable exceptions were some of banks and IT companies based in the federated kingdom of Attica that have applied and got the gold level. While most of the businesses that applied for the Freestone mark were already not using slave labor, there have been some businesses that opted to sell their slave labor in order to become compliant with the requirements, with a few businesses even opting to free their slaves in order to gain the gold level Freesome Mark and earn publicity for international clients. The few cases that happened were of businesses that resided in the federated kingdoms of Attica and Vojvodina.
On the other hand, in the Imperial Enclave the public backlash against the Freestone mark and the hate group behind it has been so severe that eventually all business which applied for the Freestone mark dropped their application and publicly apologized for choosing profits over principles. In fact the Imperial Enclave remains the only federated kingdom that has no registered businesses applying or having the Freestone mark. On this front, unfortunately yet again the federated kingdom of Attica disappoints with almost 6000 businesses there having the Freestone mark, followed the federated kingdom of Vojvodina with 2000, West Seleucid and Akkar with almost one thousand each and Altai will less than a hundred. The federated kingdom of Attica remains a special case, not only have businesses there flocked to please foreigners but there have been reports that local businesses are bullied by the Queen of the federated kingdom into adopting the Freestone mark. So far the Emperor has yet to take action or launch an imperial investigation over these allegations. If Freestone group reports are to be believed, in 2018 alone almost ten thousand individuals have been released from slavery as a result of applying for the Freestone mark. TINS has been unable to get info regarding 2019 but experts on the matter say the trend is increasing in line with the applications for the mark.
The finances of the government were also affected by the downturn as they saw their tax income dwindle. Each federated kingdom had its own approach to deal with the loss of revenues. The Imperial government and the Imperial Enclave were quick to cut spending across the board which included layoffs, reduction in wages, cuts in acquisitions and investments in infrastructure. Defense spending however saw an increase with the Imperial government confirming last year that military equipment acquisitions like the SU-57 air superiority fighter (among others) will continue as planned. The cuts in spending saw the imperial budget ending the year with a negligible surplus but the federated kingdoms have each approached their budgets differently with some opting to freeze hiring and spending and go on deficit with the hope that the recession would not last long. However, 2019 was worse so far for government finances as the governments had to suspend sales tax and import tariffs on food products in an effort to stop the rising food prices. Even analysts that are optimistic about the outlook of the economy do not expect the tax revenue to be matching that of last year, so all levels of government will have to find ways to cut spending or risk using more of their reserves. To make matters worse, the looming war with Slava will likely mean war spending will increase by a great amount putting further stress on government finances.
Latest statement from the Rokkenjiman government denies plans to imprison Fairuza Kuto
Pyrena Castle has issued a statement saying there are no plans to arrest, Fairuza Kuto, the Zimalian born naturalized Tamoran citizen that was the first Tamoran to go into space. We here at TINS have informed the public of the looming danger that the Rokkenjiman government will seek to retaliate against Fairuza Kuto for her allegiance to Tamora. It remains to be seen how solid the assurances of the Rokkenjiman government and its Empress are considering their reputation of changing “their mind”. Ayatollah Azad Arak, the world renowned foreign policy expert, has assured that Fairuza Kuto will be back to Tamora as scheduled by the end of the week saying that it usually takes over a month before Rokkenjimans change their minds, “if Fairuza Kuto were to be returning by late April, I would be very worried but I see no possibility for the Empress to change her mind by Friday when our dear Fairuza Kuto is set to return”.
MIACHD reports that over 10 thousand Tamorans have sent letters to the Rokkenjiman government
Following the latest campaign initiated by MIACHD, over 10 thousand Tamorans have sent letters to the Rokkenjiman government explaining the health risks associated with exposure to Endosulfan. MIACHD encourages citizens all Mundus countries to join the heath aware campaign.
Iman Ali Montazeri, the founder of MIACHD, explained for TINS how he and MIACHD got involved in an issue that concerns the Bene Gesserit rather than Tamorans.
“I watched in horror as the “government” of Kaitaine casually announced that it was using chemicals to get rid of the people in Setch and I naturally expected the international community to be outraged. Instead, with few notable exceptions, we haven’t seen much. Worse still we have seen support for the chemical attack with Empress Beatrice leading the way in praising the “government” of Kaitaine. I immediately realized that something isn’t right and decided to do something about. I am glad to say that many in MIACHD were also of the same opinion and this is how the campaign started. “
He also added that:” The way the Bene Gesserit population is treated by the “government” of Kaitaine is very similar to the way Tamorans living in Slava are treated by the Slavan government. They are being exterminated. I still member how I felt when many in the international community stood by and did nothing and we couldn’t be like them when the same thing happens to the Bene Gesserit.”
He said that he’s confident that Rokkenjima will evolve on the issue because it has done so in the past. “I remember when Rokkejima recognized what the government was doing as genocide. So I strongly believe there is a good chance their government will listen to reason on this issue. After all they don’t have to agree with our position if they don’t like it, they can agree with their own position they themselves had on the issue just a couple of years ago before they switched. “
Until next time: God bless the Emperor! God bless Tamora!