India's current account deficit for the first half of 2023-24 decreased significantly to $17.5 billion from $48.8 billion in the same period last year, primarily due to a narrowing merchandise trade deficit.
Boxing Day, which is celebrated on December 26 in various Commonwealth nations, has historical origins that include collecting donations for the less fortunate and employers giving gifts to their employees, and it is not recognized as a holiday in the United States.
Argentina's President Javier Milei expresses concern over Argentina's economic crisis and calls for the return of the Falkland Islands, suggesting a solution similar to the Hong Kong agreement between the UK and China, but the UK dismisses any possibility of revisiting the issue.
Boxing Day, celebrated on December 26, has a rich history dating back to 1871 and is observed in several countries including the UK, Ireland, Canada, Australia, and New Zealand; it involves giving back, participating in sporting events, shopping deals, socializing, and family bonding.
A total of $173 billion worth of holiday gifts are expected to be returned this year due to the high record of holiday sales, and experts advise to keep receipts and be aware of retailers' return policies. Additionally, gift cards worth tens of billions of dollars often go unused or forgotten, and while federal laws protect them from expiring for five years, it is still recommended to use them quickly to avoid inactivity fees and potential loss if the retailer goes bankrupt.
The United States' clean energy economy experienced significant growth in 2023, thanks to President Biden's Inflation Reduction Act and increasing demand for clean energy technologies, resulting in nearly $100 billion in new investment and over 80,000 new jobs.
India's current account deficit (CAD) decreased to 1% of GDP in Q2 2023-24, down from 1.1% in the previous quarter and 3.8% a year ago, primarily due to a narrowing of the merchandise trade deficit.
Boxing Day, celebrated on December 26, originated in Britain during the Victorian era as a gift-giving holiday for servants and the poor, and has now evolved to include shopping and sports traditions.
Despite Texas' record-setting job growth and economic resilience, the state is not immune to the effects of labor market fluctuations, affordability issues, geopolitical tensions, and a contentious presidential election, with 60% of workers reporting that their incomes have not kept up with household expenses due to inflation; however, Texas' economic growth is still expected to outpace the nation in the first half of 2024.
The rate of inflation in Texas is expected to slow down in 2024, but it will still be felt unevenly throughout the economy, with higher stress levels among Texans due to a larger population living below the poverty level compared to the national rate. Meanwhile, Dallas-Fort Worth's inflation rate is expected to remain above the national rate due to the high cost of housing. Additionally, while supply chain corrections have helped lower prices for some consumer goods, grocery prices remain high. The average price of a new car has increased significantly in the past decade, leading to "sticker shock" for those who haven't purchased a car in a long time. However, low promotional interest rates and increased inventory levels have eased the burden for car buyers. Food prices are trending lower, but some grocery categories, such as breakfast cereals, still remain high. Finally, hotel rates in Texas are increasing significantly, particularly in anticipation of the total solar eclipse in April.
The US economy in 2023 defied expectations and performed well, with low inflation, strong job market, and growth in consumer spending, leading to optimism for 2024, although there are still risks and uncertainties.
Luna Luna, an amusement park featuring iconic artwork from renowned artists such as Salvador Dali and Jean-Michel Basquiat, has opened in Los Angeles after being restored with a $100 million investment from Drake; although visitors cannot ride the attractions, they can immerse themselves in the magical experience of the art installations.
President Joe Biden criticized the media's coverage of the economy and inflation before leaving for a Christmas vacation, asserting that the economy is on a positive trajectory and urging the media to report it accurately; recent polls indicate that Americans' confidence in the economy has slightly improved but remains mostly negative.
Analysts who were bullish on 2023 and predicted positive economic outcomes were proven right, and they anticipate a similar trend in 2024, while others warn that the impact of the Federal Reserve is still uncertain.
Americans increased their spending during the holiday season, providing relief for retailers worried about a weakening economy, with retail sales increasing 3.1% compared to the same period last year, driven by a healthy labor market and wage gains.
European economies are expected to underperform compared to Asia due to green policies impacting growth, according to a report by the Centre for Economics and Business Research (CEBR), which predicts global output to nearly double by 2038 with catch-up growth between previously less developed and more mature economies.
The International Monetary Fund warns that the Russian invasion of Ukraine, which has led to higher global metal prices, is expected to cause further price increases for essential metals used in electric vehicle batteries, such as nickel, cobalt, lithium, and copper.
The resumption of student loan payments has had a less severe impact on the economy than anticipated, as many borrowers are not paying and are taking advantage of the Biden Administration's income-based payment and loan forgiveness programs.
President Joe Biden's favorability and polling on the economy are plummeting, with only 14% of Americans believing his economic policy has been helpful, despite his claims of creating over 14 million jobs, of which only 4.7 million are additional jobs created under his administration and many of which are in the unproductive government and healthcare sectors. Private-sector wage growth remains stagnant, indicating a weaker labor market than Biden suggests.
Despite some signs of stability and normalcy in the economy for 2024, experts caution that inflation, higher interest rates, and labor market shifts are likely to persist and that the concept of "normal" may simply be the establishment of a new normal rather than a return to pre-pandemic conditions.
Low mortgage rates in Canada are expected to stimulate housing demand, but renewed loans in the new year could still lead to a slowdown in the overall economy due to high mortgage costs.
Beijing has released a three-year action plan to create a world-leading business environment in its Greater Bay Area, aiming to attract investors and multinational companies to establish their headquarters in the technology and innovation hub while enhancing market integration and international competitiveness.
Germany's last nuclear power plants shut down, a shipwreck almost caused an environmental disaster, the highest court overturned a multibillion-euro budget plan, German commuters received a significant discount on public transport, and a major chipmaker chose Dresden for its new factory.
Shoppers are expected to spend £3.7bn this Boxing Day, marking a 3% decrease from last year, as Black Friday events and cautious budgeting overshadow the sales, with fewer consumers planning to participate due to inflation and high household bills. The rise of blended families, online shopping, and the popularity of secondhand sites have all contributed to the decline in Boxing Day high street visits. Despite a decrease in online sales leading up to Christmas, an upturn is expected in December with improved delivery services. The clothing market has been affected by a mild autumn and the growing acceptance of buying secondhand. However, health and beauty products, electrical goods, and fragrances are performing well during this holiday season.
China's economic growth is predicted to slow to 4.6% in 2023 due to a slump in the real estate market and stagnant consumption.
Hong Kong residents made over 1.32 million outbound trips during the Christmas holidays, outnumbering visitor arrivals and leading to a decrease in local consumption, prompting industry representatives to call for more measures to boost spending.
Net zero policies will have significant costs for advanced economies, accelerating the shift of economic power to rapidly growing Asian countries, according to the Centre for Economics and Business Research (CEBR), while warning that US debt is becoming unsustainable due to President Biden's spending on net zero policies. The CEBR also predicts that China's time as the world's largest economy will be short-lived, with the US overtaking it in the 2050s and India becoming the largest economy by the 2080s.
Russian central bank governor Elvira Nabiullina expects more sanctions, but says Russia's economy has adapted quickly and remains resilient despite the pressures.
The taxation of vehicles in Europe varies significantly, with environmental considerations influencing tax rates; VAT rates on car purchases differ across EU members, ranging from 17% in Luxembourg to 27% in Hungary, but other taxes, fees, and bonuses largely contribute to the variations in car prices before and after tax.
Core inflation in Singapore dipped slightly in November, indicating weaker consumer demand and potentially allowing the central bank to maintain its current monetary policy to support the economy.
Despite falling world commodity prices, low transportation costs, and stability in the exchange rate, consumers in Pakistan have not seen any relief in the last five months as retail prices for food and utilities have either increased or remained unchanged, highlighting an ineffective price checking mechanism and reluctance by manufacturers and retailers to pass on cost savings.
Philippine President Ferdinand Marcos Jr. has approved the extension of reduced tariffs on rice and other food items until the end of 2024 to maintain stable prices and ensure food security in light of the threat of dry weather and African Swine Fever.
Thousands of Australians flocked to shopping centers on Boxing Day to take advantage of the sales, with retailers expecting an increase in sales compared to last year, despite a relatively subdued Christmas spending season.
The International Monetary Fund (IMF) suggests that Bangladesh may have experienced capital flight due to an outflow of funds and unrealized export proceeds, raising concerns about the country's financial account and forex reserves, with factors such as foreign currency shortages, trade credit delays, and uncertainty surrounding elections being contributing factors. The IMF recommends a transition to a more flexible exchange rate regime to enhance external resilience and integration into the global financial system. However, some experts argue that immediate reforms are needed to address the ongoing challenges faced by Bangladesh's economy.
Japan's labor market remains tight in November, with 128 job offers for every 100 applicants, putting pressure on employers to increase wages as annual wage negotiations with unions approach.
Goldman Sachs' head of global currency, rates, and emerging-markets strategy reflects on the failure of the bet on China's reopening boom in 2023, identifying two lessons: the need to treat China and other emerging markets separately, and the resilience of broader emerging markets despite challenging circumstances.
Foreign investors have been buying Chinese bonds at a rapid pace, but experts caution that this trend may not be sustainable due to Beijing's constraints, concerns about China's debt, and the appeal of cheaper emerging-market assets.
India has the potential to grow at 10% due to factors such as demography, young population, consumption, investment, and diverse skill sets, aided by reforms like GST and tax digitisation, according to Anand Rathi, Founder and Chairman of the Anand Rathi Group. The infrastructure and digitisation advancements in India have also contributed to its growth, although land and labour reforms are still pending. The stock market rally in India is sustainable in the long term, but short-term volatility and concerns about stock valuations exist. The rise in mutual fund folios and investments from smaller towns indicate increased interest in equity as an investment asset class. Retail investors looking to invest in the market are advised not to focus on short-term volatility and instead have a long-term vision of five years.
Economist Prof John Gatsi disagrees with President Akufo-Addo's claim that Ghana's economy has turned the corner and is on the path to growth, stating that the economic indicators do not support such a claim, particularly in the manufacturing and industrial sectors.
Daily Kos encourages involvement in the upcoming elections, particularly in support of the Black community.
Foreign direct investment in India increased by 64% in October to reach $8.4 billion, the highest in 18 months, driven by improving global economic conditions and a pause in central bank interest rate hikes. Despite this growth, overall FDI inflows between April and October 2023 were 6.7% lower than the previous year, attributed to weak global sentiment and geopolitical risks. The Indian government has been actively courting investors and offering incentives to attract companies diversifying their manufacturing bases.
The phenomenon of "shrinkflation" is affecting the Philippines, with companies reducing the amount or volume of products while maintaining their prices, as Filipinos struggle with rising prices and food insecurity.
California is facing a multitude of economic challenges, including a budget deficit, flat tax revenue, sluggish job growth, and massive unemployment insurance debt, with ongoing layoffs and slowdowns in the tech industry and IPOs as major concerns for 2024.
Billions of dollars go unspent on gift cards each year, with many cards being lost or forgotten, and some states requiring retailers to return the money from unspent gift cards to consumers through unclaimed property programs.
Insolvency and company restructuring specialists predict that more businesses will go bankrupt in the second half of next year due to factors such as inflation, high interest rates, tight labor markets, and aggressive tax enforcement, which will reverse the record low levels of business collapses seen during the COVID-19 pandemic.
Households in Australia have been hit hard by a cost-of-living crisis, resulting in reduced spending on discretionary items like electronics and furniture, while essential expenses such as accommodation and fuel have increased; however, spending on dining out remains relatively stable. Mortgage delinquencies and personal loan repayment stress have also risen, particularly among individuals aged 36-45 with large mortgages.
President Biden expressed frustration with the media's coverage of the economy as his approval ratings on the issue remain low, highlighting his ongoing struggle to gain public support.
Ethiopia has become Africa's latest defaulter as it fails to make an interest payment, putting it among a growing number of developing nations that have defaulted on Eurobonds in recent years, such as Zambia, Ghana, and Sri Lanka.
The value of commercial property in Britain, particularly office spaces, has been severely impacted by high interest rates, leading to a significant downturn and further predicted declines, as businesses reevaluate their space needs due to increased remote working and eco-requirements.
The Public Investment Fund (PIF) of Saudi Arabia has made several high-profile launches and partnerships in 2023, including the establishment of Dan Co., Tasaru Mobility Investments, Al Balad Development Co., SRJ Sports Investment Co., Saudi Facility Management Co., Sawani Co., Saudi Tourism Investment Co., and Pharmaceutical Investment Co., signaling a commitment to economic diversification and the growth of non-oil sectors in the country.