Fitch Ratings predicts that home prices may accelerate after the Federal Reserve cuts rates next year, but this could further exacerbate the already overvalued housing market, impacting affordability for first-time buyers.
A November poll found that only 14% of Americans feel they are better off financially since President Biden took office, with rising living costs, rents, food costs, and utilities eroding their spending power, but several individuals shared their stories of feeling better off, such as paying down debt, earning higher wages, and saving more during the pandemic.
There is a mysterious place in Jharkhand, India, called Taimara Valley where the time on people's mobile phones changes automatically, leading to speculation about heavy magnetic fields or radiation in the area causing this phenomenon. However, some claim it to be a rumor and not true. Additionally, the valley offers breathtaking views and is associated with ghost stories and a shrine.
Gen Xers are the most financially insecure generation, with 50% of them reporting that they do not feel financially secure and holding the most debt in the US.
China's economic rebound from the pandemic remains elusive, with reasons including weak consumption, a struggling real estate sector, declining foreign demand, and limited capacity for major stimulus measures.
India's increased imports of oil from Russia following the invasion of Ukraine prevented a surge in global oil prices and potential market chaos, according to the country's petroleum ministry.
India's market capitalization has surged 3.5 times since the depths of the Covid-19 crisis, positioning it as one of the best-performing markets globally, and if it surpasses Hong Kong, it will rank fourth in the world's largest equity markets.
Mortgage lending is expected to decline in 2024 as arrears and repossessions increase, but one expert predicts the market will perform better than expected due to factors such as potential rate cuts, early signs of growth, and government support. UK Finance forecasts a decrease in lending for house purchases, remortgaging activity, and internal product transfers, while anticipating a rise in mortgage arrears and repossessions, although most customers are expected to eventually recover their positions.
Bank of Japan Governor Kazuo Ueda highlighted the potential benefits of higher interest rates, such as increased room for monetary policy responses, while reiterating his commitment to patient monetary easing in pursuit of stable inflation.
The catering industry in Hong Kong experienced an 11% drop in business on Christmas Eve, as many residents chose to travel to mainland China or overseas for the festive break.
Bank of Japan Governor Kazuo Ueda stated that the likelihood of achieving the central bank's inflation target is gradually rising, and they would consider changing policy if prospects of sustainably achieving the target increase sufficiently.
The likelihood of the Bank of Japan achieving its inflation target is gradually rising, and they will consider changing policy if prospects increase sufficiently, according to Governor Kazuo Ueda.
Walmart's new "buy now, pay later" option at self-checkout registers has raised concerns about an impending recession due to the risk of extending credit to people who may not be able to afford it. Critics warn that this trend could lead to a banking collapse and a repeat of history.
China approved 105 domestic games on Monday, indicating a potential softening of its stance on industry restrictions after a recent market rout, but fears of further crackdowns remain.
Housing prices in Vietnam have not fallen despite the current economic downturn, with some segments even experiencing an increase, due to limited supply and lack of affordable housing, as well as developers maintaining high prices and utilizing promotion strategies instead of price cuts.
Nigeria lost about N289.6bn in crude oil revenue in November 2023 due to a decline in oil output, resulting in a loss of 4,358,804 million barrels of crude and a value loss of $361.52m. Despite the decrease, the government remains confident in meeting and surpassing the 2024 budget benchmark of 1.7 million barrels per day.
Struggling Australians are turning to no interest loans to cope with rising living costs, with the scheme seeing an increase in applicants who are earning a wage or a salary, according to Good Shepherd research.
President Biden criticized news coverage of the U.S. economy, urging reporters to portray it more accurately, as he faces growing backlash from voters over his handling of inflation.
Australian households are spending more than they earn for the first time since the global financial crisis, as they struggle to keep up with the high cost of living and cover daily bills, despite the record levels of wealth generated by the booming property market.
The Bangko Sentral ng Pilipinas (BSP) is optimistic about the Philippine economy in the fourth quarter of 2023, anticipating growth similar to the unexpected 5.9% in the previous quarter, due to the effects of aggressive policy tightening; however, some analysts believe that growth may fall short of the government's target.
India's farm sector, which sustained the country's economy during the COVID-19 pandemic, experienced an unprecedented weather shock, leading to a decline in agricultural output and continued volatility in food prices for the next year. The erratic monsoon and adverse weather conditions have significantly impacted kharif production, leading to concerns over food inflation and the need for reforms in the agriculture sector to achieve sustainable growth.
India's infrastructure sector, including roads, railways, and ports, is experiencing a revolution with increased investment, aiming to become a $5 trillion economy and a developed nation by 2047. The country plans to spend ₹143 trillion on infrastructure between 2024 and 2030, focusing on sectors such as roads, power, EVs, solar, wind, and hydrogen. Infrastructure growth is progressing rapidly, with a record target of building 13,800 km of highways in FY24, substantial progress in railway modernization, and the development of inland waterways. The government's commitment to connectivity and the completion of strategic projects demonstrate the focus on infrastructure development.
The Federal Government has clarified that the current scarcity of cash in Nigeria is not deliberate and that efforts are being made to produce new notes to ensure Nigerians have access to money, with the aim of improving conditions for citizens in 2024.
Borrowing irresponsibly and accumulating debt can lead to a dangerous cycle, so it's important to be mindful of signs such as high monthly installments, excessive fixed expenses, relying on frivolous loans, borrowing to settle existing debts, relying too much on credit cards, cash withdrawals using credit cards, and continued loan rejections, while also prioritizing financial literacy and responsible borrowing.
India's growth rates have consistently been underestimated, but recent data suggests a more resilient national balance sheet and potential for a new era of high growth.
The Bank of Canada's efforts to restore price stability through rate hikes are expected to ease inflation and potentially lead to interest rate cuts in 2024, although the impact on mortgage holders and the economy may be challenging.
Despite the strong labor market and official economic stats, the Biden economy is facing criticism from the public, who view the economy as poor and have concerns about rising prices and declining wages, despite Biden's efforts to make smart investments and promote pro-union sentiments. Critics argue that Biden's focus on private investment over public investment and lack of action against fossil capital are shortcomings in his economic policies. Furthermore, his administration's lack of effective messaging and failure to evoke a sense of a better future may impact his chances of reelection.
The economic power in the eurozone has shifted, with countries like Italy, Spain, Greece, and Portugal emerging as strong performers while Germany's economic model and reliance on dictatorships have proven to be a weakness, leading to potential recession and stagnation.
An economist has warned that the US is heading towards the biggest economic crash in our lifetime, citing overvalued markets and excessive stimulus spending as catalysts for the crisis.
Russia's central bank will wait for two to three months to make sure inflation is consistently falling before deciding on interest rate cuts, according to the bank's governor Elvira Nabiullina.
Bank of America's economists have compiled a list of the 10 questions that people will likely ask about the economy this holiday season, including topics such as economic growth, interest rate cuts, inflation, consumer spending, national debt, home prices, and the job market.
The nation's capital, along with nine other states, has not fully recovered the jobs lost during the first months of the pandemic, while other states have seen strong job growth due to shifts in remote work and population migration to more attractive areas.
The US economy is expected to experience a "soft landing" in 2024, with inflation slowing down and interest rates expected to fall, although concerns remain about high mortgage rates, student loan payments, and elevated inflation in certain areas.
Brazil's poor have been promised financial inclusion by Silicon Valley-backed digital banks, but many borrowers are worse off as high interest rates and lack of regulation lead to a debt crisis with disastrous consequences.
Russia is facing a severe shortage of workers, with around 4.8 million positions unfilled in 2023 and an expectation that the problem will continue in 2024, according to experts and research from the Russian Academy of Science's Institute of Economics. The shortage is impacting various sectors, including manufacturing, construction, and transportation, leading to increased wages in an attempt to attract more employees.
The shekel has strengthened due to doubts about the state budget and concerns about inflation, making it difficult for the Bank of Israel to cut interest rates.
Zimbabweans are rushing to obtain passports before a planned price hike in January, as economic desperation and hopes for a better life abroad drive migration.
India's attempt to use the rupee for crude oil imports has faced resistance from suppliers due to concerns about fund repatriation and high transaction costs, with the US dollar remaining the default payment currency.
Hong Kong's finance chief, Paul Chan, has urged traditional brands to innovate in order to enhance their competitiveness and business opportunities globally, emphasizing the importance of continuous innovation, creativity, and staying attuned to market changes. He pointed to the success of the revamped Temple Street bazaar as an example of how traditional brands can innovate and attract both locals and tourists. Chan also highlighted the festive atmosphere and the presence of mainland Chinese influencers at the Hong Kong Brands and Products Expo as significant drivers of local consumption and international appeal.
The heavily indebted government of Pakistan is facing an increase in debts and liabilities of Public Sector Enterprises (PSEs), despite pressure from the IMF to privatise these entities.
Atlanta, Georgia has been named the best city in the US for Christmas due to its generosity and ample shopping opportunities, according to a WalletHub study. The city scored high in traditions and fun, shopping, and generosity, but ranked lower in costs.
The departure of Procter & Gamble from Nigeria's manufacturing sector, along with the exodus of several other foreign firms, highlights the country's unfavorable operating environment and the need for effective interventions by President Bola Tinubu to attract investment and improve the economy.
US prices fell in November, pushing inflation below 3% and increasing the likelihood of an interest rate cut from the US Federal Reserve in March.
Datuk Seri Anwar Ibrahim is optimistic about Malaysia's economic growth in 2024 due to increased foreign investment interest, expecting a record-breaking year, and emphasizing the need for efficiency, reduced bureaucracy, and improved ease of doing business to further attract investments.
Texas ranks as the 9th state with the highest debt levels in the US, primarily due to its high auto loan debt, with over 100 million Texans having loans on their cars, resulting in more than $1.5 trillion in debt.
The decline of two-parent households is driving class and racial gaps in children's opportunities and resources, which is why it is important to commit to strengthening families to ensure better outcomes for future generations, according to economist Melissa Kearney.
China has suspended Argentina's $6.5 billion currency swap agreement after Argentina declined an invitation to join the BRICS economic alliance.
Super Saturday, the busiest shopping day after Black Friday, is expected to see a sharp increase in shoppers this year, with an estimated 142 million Americans planning to shop in stores or online, signaling resilient consumer spending during the holiday season.
If Sir Keir Starmer were to win a majority in 2024, it is likely that Britain will face a budget crisis due to unsustainable levels of government expenditure, and spending cuts will become inevitable, as history has shown that it takes a severe shock to convince voters that cuts are necessary. To avoid this fate, Starmer could consider bringing the NHS in line with European healthcare systems, building more houses to boost GDP, and cutting benefits, particularly the triple-locked state pension, without facing accusations of harming the poor.
Bank of America remains optimistic about the US economy and predicts a positive future for the US dollar against BRICS, despite the threat posed by BRICS' mission for de-dollarization and the expansion of the alliance.