Germany emitted its lowest amount of carbon dioxide in 70 years in 2023, driven by increased renewable energy production and a decline in coal-fired electricity, though industry emissions reduction may not be sustainable.
Cuba's Prime Minister, Manuel Marrero Cruz, presented a macroeconomic stabilization plan to address the severe economic crisis in the country, which includes reducing subsidies, increasing prices, and implementing other reforms.
India's crude oil imports from Russia in November were the most expensive in a year, as refiners paid an average of $85.90 per barrel due to lower discounts on the fuel.
China's president's chief of staff has called on propaganda officials to promote positive publicity and boost public confidence in the country's economic prospects amid a slowdown and external challenges.
The global economy faced surprises in 2023, with the US avoiding a recession, major emerging markets avoiding a debt crisis, and Japan maintaining economic growth, while the EU fell behind; looking ahead to 2024, questions remain about interest rates, China's slowdown, Japan's ability to normalize rates, a potential US recession, stability in emerging markets, and the next major source of geopolitical instability.
The global economy is expected to face challenges and potential recessions in 2024 due to factors such as high interest rates, slowing growth in China, the war in Ukraine, and upcoming elections in various countries, including the possibility of a second term for Donald Trump.
Wages offered to Chinese workers in major cities have experienced the largest decline on record, indicating ongoing deflationary pressures and weak consumer confidence in the country's economy.
Mortgage experts predict a lending price war as lenders compete to undercut each other, benefiting home-buyers, while a record number of sellers put their homes up for sale, signaling a heated property market and advising first-time buyers to seize good deals.
China's actions, including regulatory crackdowns on the virtual economy and the deepening property crisis, have raised concerns among investors about the country's commitment to reform and innovation, potentially impacting global economic growth and investor confidence in China.
Kenya 2040: A Nation's Triumph and Economic Resurgence is a scenario where Kenya experiences significant economic growth, reduced corruption, and improved public services, becoming a model for the continent, while the Managed Economic Stagnation scenario depicts a government-dominated economy, increased public debt, and limited growth in the private sector. The Jua Kali Kingdom scenario portrays an informal economy with limited formalization and stagnant growth, and the Eastern Sunset Scenario shows a decline in economic development, institutional weaknesses, and political instability.
China is considering converting rural migrants into urban residents to stimulate consumption and fill the gap in global consumption, though the impact would be diminished due to current belt-tightening measures by local authorities to control debt, and analysts warn that the challenges facing the country cannot be fully resolved through this initiative alone.
China's services sector expanded at the fastest pace in five months in December, thanks to a rise in new business, according to a private-sector survey, offering a contrast to an official survey that showed a contraction in the sector, and raising hopes for more stimulus measures in the new year.
The Federal Reserve's policymakers chose to keep interest rates unchanged and signaled possible rate cuts in 2024 due to easing inflationary pressures and a cooling job market, according to the minutes of their December meeting.
HSBC has become the first major bank to offer fixed-rate mortgage deals under 4%, starting a mortgage price war that is expected to benefit Tory election hopes by alleviating pressure on household finances. Rival lenders are expected to follow suit and reduce their rates as well.
Office-loan delinquencies for mortgages in bond deals reached a five-year high in November and are expected to continue rising in 2024, due to increasing borrowing costs and maturing debt, according to Moody's Investors Service.
Investor Steve Eisman warns that overly optimistic investors may face disappointment and potential market downturns, despite positive economic factors such as infrastructure programs and manageable federal debt.
A new survey found that 85% of Americans are concerned about job loss in 2024 due to factors such as a reduction in remote positions, the growth of artificial intelligence, and economic anxieties. To succeed in this environment, experts suggest maintaining an updated resume, upskilling, and building professional networks. Financially, individuals should monitor expenses, increase savings, and consider opportunities in the gig economy.
A new working paper proposes using a spectrum auction model to reform California's water transfer market, allowing water to be allocated based on willingness to pay rather than seniority rights.
Nearly 6 in 10 American workers have experienced wage growth that exceeds inflation, with median hourly wages increasing by about 45 cents after inflation, according to a new analysis from the Center for American Progress.
Americans had $1.08 trillion in credit-card debt by the third quarter of 2023, and with increasing interest rates, paying off credit-card debt has become more urgent in 2024. Experts recommend examining debt, creating a budget, setting up automatic payments, prioritizing which cards to pay off first, and setting achievable goals to effectively pay down debt.
BRICS is set to expand in 2024 with 16 new countries expected to join and ditch the US dollar in favor of their native currencies for global trade, including ASEAN nations and countries in Africa and the Middle East.
The US economy ended 2023 with strong growth, exceeding expectations, fueled by factors such as government subsidies, high consumer spending, and robust wage growth; however, the possibility of a resurgence in inflation threatens the outlook and raises concerns about the need for continued rate hikes.
The Federal Reserve officials signaled that interest rates may have reached their peak, but provided little information regarding when rate cuts might occur, as they anticipate cuts in 2024 due to increased uncertainty about the length of strict monetary policy and progress in lowering inflation.
Maryland's economy has been stagnant since 2017 despite having the highest median household income, lowest unemployment rate, and low poverty rates, with factors such as a constrained labor supply and high costs of living contributing to the lack of growth.
Federal Reserve officials indicated that interest rates might be at their peak while still leaving room for future rate increases, as revealed in the minutes from their December meeting, signaling a shift in the central bank's strategy against inflation.
The US economy is at risk of a slowdown as inflation has eroded household savings, leaving consumers with little cash buffer to sustain spending, according to experts.
India's rupee is expected to remain resilient due to a narrowed current account deficit and bolstered forex reserves, making it less susceptible to volatility in global financial markets.
Mortgage rates have dropped significantly, leading to a dilemma for homebuyers on whether to buy now or wait for even more favorable rates, with experts advising that it is difficult to time the market but buyers have the option to refinance if rates continue to fall; however, caution is advised as moving quickly may limit the time for additional savings and there is a risk of a decline in home value if the market worsens.
The U.S. national debt has exceeded $34 trillion for the first time, according to data from the Treasury Department, as Congress faces more spending deadlines in the new year after narrowly avoiding government shutdowns last fall.
Central Ohio is experiencing sluggish job growth due to slowing population growth and high housing costs, with the region projected to add just 9,800 jobs this year compared to the national rate of 1.5%.
The November JOLTS report shows that job openings are slightly below estimates, but the labor market remains very tight with workers finding new jobs quickly, indicating a hot labor market; however, despite people wanting the Federal Reserve to cut interest rates, the average quarterly GDP growth rate of 3.5% suggests a healthy economy that doesn't justify rate cuts.
Federal agencies under White House control issued the highest percentage of regulations for every law passed since 1995, indicating the president's team is using red tape to advance its agenda, with 46 regulations issued for every law passed in 2023 compared to an average of 24 rules over the past decade.
Approximately 17.9% of new-vehicle monthly car payments were at or above $1,000 in Q4 of 2024, up from 15.7% in Q4 of 2022, primarily due to rising car prices, higher interest rates, and restricted availability of affordable vehicles. Additionally, Kia and Hyundai reported positive sales results, with Kia's cheaper cars performing better, while there are rumors about trouble for Chinese automaker HiPhi.
Global stock markets continued to slide and the dollar strengthened as concerns about a soft landing for the economy increased and tensions in the Middle East escalated.
Cuba's economy is in a dire state, with high inflation, a large fiscal deficit, and a shrinking GDP, which has led to a surge in migration and an exodus of teachers; the reluctance of Cuba's rulers to allow the private sector to thrive and outdated policies are major hindrances to economic recovery.
Despite a robust end to 2023, experts are divided on whether the US economy will enter a recession in 2024, with some indicators suggesting a potential downturn while others point to continued growth and optimism in the stock market.
Credible Operations, a personal finance marketplace, provides current mortgage rates and information on how to compare rates and qualify for a mortgage.
Job openings in November hit their lowest level since March 2021, indicating a cooling labor market as the number of job openings fell slightly below expectations, according to data from the Bureau of Labor Statistics.
Job openings in the US fell to a 32-month low of 8.8 million in November, indicating that the hiring boom is fading due to higher interest rates.
US manufacturing activity rose slightly in December, but the sector remains weak with the key new-orders index falling and only one industry reporting growth.
Richmond Fed President Tom Barkin warns that while a soft landing is possible, further interest rate hikes are still on the table if inflation heats up again.
Indian oil minister Hardeep Singh Puri explains that any decrease in imports of Russian oil is due to pricing and market conditions as Indian refiners seek the best deals, and assures that there are no payment issues.
Economists warn of potential economic turmoil in Britain due to escalating conflicts in the Middle East and attacks on shipping in the Red Sea, which could lead to higher transportation costs, longer shipping times, and possible inflation.
Today's mortgage interest rates, updated daily by Bankrate, show a 0.05 percentage point increase to 7.05% for 30-year fixed rate mortgages, while 15-year fixed rate mortgages remain steady at 6.41% and the average rate for a 5/1 adjustable rate mortgage (ARM) has increased by 0.02 percentage points to 6.39%.
HSBC has announced mortgage interest rate cuts, with reductions of up to one percentage point, following similar moves by other big UK lenders, signaling potentially better times for mortgage buyers.
Russia's President Vladimir Putin announced that BRICS is open to allowing more countries to join the bloc, with the possibility of another round of expansion in the upcoming BRICS summit, aiming to reshape trade and end reliance on the US dollar.
Financial expert Jaspreet Singh explains in a YouTube video that "fake rich" Americans who purchased high-end luxury items in 2020 and 2021 are now facing financial difficulties due to the crashing value of these assets and the impact of interest rate hikes, emphasizing the importance of managing money wisely and making prudent financial decisions in the future.
The Albanese government in Australia is considering addressing competition issues and increasing unemployment benefits and pensions to tackle cost-of-living pressures, without reigniting inflation, according to economists. The government aims to provide cost-of-living relief while avoiding the distribution of additional cash, which could worsen inflation.
Extreme weather events, including hurricanes, drought, wildfires, and floods, are predicted to be the leading cause of disruptions in supply chains in 2024, surpassing environmental regulations and trade wars, according to Everstream Analytics' annual Risk Report. The Panama Canal is currently experiencing its worst drought since 1950, leading to restrictions on drafts and vessel traffic, potentially causing longer waiting times for shipping in the future. Winter storms, changes in precipitation patterns, and other extreme weather events are also expected to contribute to delays and disruptions in supply chains.
Greece emerges as the top-performing economy in 2023, experiencing strong GDP growth and a rise in the value of its stock market, while the rest of Europe faces various economic difficulties.