The Green Party's convention in Germany addressed multiple crises, including the budget, climate change plans, opposition from the conservative bloc, and the Middle East conflict, while facing public discontent and declining popularity.
The IMF has revised its projection for Pakistan's external debt, estimating it to be around $131 billion by June 2025, $8 billion less than previous forecasts, due to reduced debt repayments and a lower current account deficit.
More than half of Europeans have experienced tightened budgets and one-third are in a precarious financial situation due to rising prices, leading to difficult choices and compromises such as skipping meals, according to a recent survey on poverty and precariousness. Additionally, nearly half of Europeans fear falling into a precarious situation in the near future, and the majority are concerned about coping with inflation, particularly escalating food prices.
Black Friday online sales in the US reached a record $9.8 billion, indicating a recovery and offering hope for retailers facing lackluster sales forecasts for the holiday season.
According to the National Retail Federation, holiday spending is expected to reach record levels, with the most growth occurring in online sales, while in-store traffic and sales may decline for traditional brick-and-mortar stores.
Sky-high mortgage rates have made the housing market inaccessible for many middle-class Americans, hindering their ability to build wealth and leading to a widening wealth gap.
The market is expected to see increased momentum as investors await exit poll predictions, GDP data, and economic growth numbers, both globally and domestically.
Baby Boomer parents are putting spare cash into their adult children's mortgage offset accounts, which could impact the effectiveness of rate rises by the Reserve Bank of Australia (RBA) and lead to higher interest rates in order to reduce demand and inflation, according to Sydney mortgage broker James Watson and Grattan Institute economic policy director Brendan Coates; however, Coates suggests allowing people to withdraw superannuation guarantee contributions above a certain threshold instead of using mortgage offset accounts, while the Albanese government plans to legislate the purpose of superannuation to prevent the Coalition from using it for housing.
China's capital city, Beijing, is opening up its services sector to overseas and private investors in order to address capital flight, a slow economic recovery, and a global economic slowdown, with measures including greater access for overseas investors and lifting the cap on foreign investment in certain telecoms services.
The popularity of Germany's Green Party has reached its lowest point in over five years, according to a poll, as the coalition government faces a significant budget shortfall. The Green Party's support has dropped to 12%, while the Social Democrats and Free Democrats remain stable at 16% and 6% respectively, and the conservative opposition CDU/CSU holds the strongest position at 30%.
Inflation in the US and euro zone is expected to show the smallest annual increases since early or mid-2021, suggesting that interest rates will not be raised again.
A novel thought experiment explores the idea of money with an expiration date and how it could transform the concept of currency, as proposed by economist Silvio Gesell over a century ago.
Rishi Sunak signals hopes for future tax cuts and promises to do more when possible, while also emphasizing the need for driving up public-sector productivity.
The official trade numbers between India and China show a wide discrepancy, with China reporting higher exports to India than India reports imports from China, potentially resulting in under-invoicing and financial losses for India. Trade experts highlight concerns over the large gap and call for further investigation into the root causes and corrective measures to be taken.
The bond market decline has led to some lenders cutting their fixed-term mortgage rates, creating an opportunity for homebuyers to secure lower rates through mortgage rate holds and pre-approvals.
China's rise as an economic superpower is reversing, with its share of the global economy shrinking for the first time in decades, potentially leading to a reordering of the world economy. China's decline is mainly being filled by the US and other emerging nations such as India, Indonesia, Mexico, Brazil, and Poland. Factors such as a shrinking share of the world's workers, high debt levels, and slowing productivity growth make it difficult for China to regain global share.
Young progressives, particularly British graduates in London, are supporting policies that undermine their own economic interests due to the high cost of living, limited housing availability, and the disproportionate allocation of social housing to unemployed foreign nationals.
Former Deputy Finance Minister and National Democratic Congress (NDC) Member of Parliament, George Kweku Ricketts-Hagan, criticizes Vice President Dr Mahamudu Bawumia for dismissing former President John Mahama's proposed 24-hour economy policy, suggesting that digitalization initiatives could support the implementation of the policy. Ricketts-Hagan advises Bawumia to exercise caution when criticizing policies proposed by his political opponent.
The United States, once a leader in passenger trains, has seen a decline in rail travel due to the focus on cars and planes, but recent efforts to revive railroad travel, fueled by the push to lower emissions, show potential for a renaissance in train travel in the country.
Rising interest rates in the UK have brought financial pain for mortgage holders but have boosted savers' bank balances, according to documents published after the chancellor's Autumn Statement. The UK's official economic watchdog, the Office for Budget Responsibility, has stated that the benefit of better returns on savings has outweighed the hit of higher mortgage rates, resulting in a slight increase in disposable income in 2023. However, a forecast drop in disposable income in 2024 suggests that more pain is yet to come.
Ghana's public debt decreased by ¢14.2 billion between June and September 2023, reaching ¢567.3 billion ($51.0 billion), due in part to gains by the cedi and the suspension of borrowings on the international market, with the total debt representing 66.4% of GDP; the country is also negotiating a deal with creditors to access the second tranche of $600 million from the International Monetary Fund.
Building wealth has become increasingly difficult in modern times due to high borrowing costs, inflation, and the inaccessibility of the housing market, resulting in a widening wealth gap and limited opportunities for Americans to grow their net worth.
V.F. Corporation, the parent company of brands like Vans and The North Face, has experienced a significant decline in share price over the past three years, but a recent earnings report and an upgrade from JP Morgan suggest a potential turnaround and the possibility of a rally at the end of the year.
Minimum retail prices for alcohol are expected to increase in Ukraine, with wine set to rise the most at 57%.
The retirement crisis in America is being exacerbated by inflation, as explained by Jaspreet Singh, an attorney and financial influencer, in a recent YouTube video. The annual cost of living adjustment (COLA) for Social Security beneficiaries is not enough to keep up with rising costs, making it important for future retirees to have additional sources of income. Working part-time or taking on side gigs can provide seniors with extra income and help mitigate the impact of inflation on their retirement savings.
Nigeria's central bank is planning major changes to address inflation and stabilize the country's currency, including transitioning to inflation targeting and strengthening regulations, according to Governor Olayemi Cardoso.
Former President and NDC presidential candidate John Dramani Mahama's proposal for a 24-hour economy in Ghana has been praised by political risk analyst Dr Theo Acheampong, who believes it could help reduce unemployment rates and contribute to national development. However, the concept has been mocked by the current leader of the NPP, Dr Mahamudu Bawumia, who claims that 24-hour services already exist and that Mahama is lacking in new ideas.
Nigeria's central bank, under new leadership, aims to restore price stability and steady the country's currency by implementing tighter monetary policies, and has instructed banks to boost their capital to support economic expansion.
Indigenomics, a movement focused on economic growth for Indigenous communities in Canada, aims to reach a $100 billion Indigenous economy by creating business opportunities, implementing procurement policies, and driving economic growth in sectors such as infrastructure, clean energy, and defense. With the rising tide of economic development, Indigenous business leaders see new opportunities and hope for a future where Indigenous communities are fully engaged as partners in the economy.
HSBC could face a £6.3 billion financial loss due to unsecured commercial property loans in China, which could potentially have a negative impact on the bank's equity and affect the British economy, warns UK-based tax consultant Bob Lyddon.
Heads of agencies and departments under the Ministry of Marine and Blue Economy in Nigeria have signed a performance bond to ensure efficiency and effectiveness in the development of the marine and blue economy sector from 2023-2027.
The valuation practices of private equity firms, which often overvalue their investments, could lead to a significant pension funds crisis as retirement savings are funneled into private equity funds at exaggerated prices.
House prices in 25 major cities around the world have experienced a sharp decline, reducing the risk of a real estate bubble, according to a study by Swiss bank UBS, with only Zurich and Tokyo remaining in the "bubble risk" category. Despite the price corrections, access to housing remains a challenge in cities like Paris and London where prices are still disconnected from wages.
Renowned economist Dr. Jeffrey Sachs has highlighted Pakistan's economic challenges, suggesting that the country needs to invest in education, healthcare, energy, sustainable land care, urban renewal, and digital transformation, while also increasing revenue collection and savings rate in order to achieve long-term development. A political approach and structural reforms are necessary to address the economic crisis, which cannot be resolved through textbook economics or short-term solutions.
The implementation of the new Axle Load Regime (ALR) in Pakistan is expected to result in a price hike for various items, including essential commodities, leading to increased living costs for consumers already affected by inflation.
The annual short-term inflation in Pakistan remains above 40% for the second consecutive week, primarily due to a significant increase in gas prices, with the prices of other items also rising sharply.
Argentina President-elect Javier Milei has spoken with the director of the International Monetary Fund (IMF), Kristalina Georgieva, about adjusting the country's fiscal policy and monetary program, with the IMF committed to supporting efforts to reduce inflation and improve public finances.
The Central Bank of Nigeria will direct banks to increase their capital base in order to support the projected $1tn economy, according to the Governor of the Central Bank, Dr Olayemi Cardoso, who also highlighted the need for price stability and addressed issues affecting the bank's reputation.
The generational wealth gap in Australia is widening, with older Australians experiencing rising savings and income from retirement funds while younger generations struggle with living costs, soaring rents, and mortgage repayments, leading to financial stress and a shift of wealth.
Germany's reputation as a reliable partner for industry and its ability to fund green and industrial projects are at risk due to a constitutional court ruling that blocks the government from using unused debt from the pandemic era to fund a climate fund, raising concerns among companies dependent on government support for their decarbonization efforts and future investments.
Javier Milei, Argentina's President-elect, plans to close the central bank and dollarize the economy as part of his mission to overhaul the country's economic policies and address hyperinflation, but economists warn of potential risks and uncertainties in such a radical approach.
The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has revealed that previous administrations of the bank implemented quasi-fiscal policies that injected N10tn into the economy through various intervention programs, and he promises to tackle the issues affecting the bank and restore stability.
Argentina's incoming government under Javier Milei is not planning to immediately lift currency controls, but instead aims to reach a fiscal surplus by 2024, according to a member of Milei's team. The government also sees dollarization as a medium-term goal for the country.
The economic crisis in China is attributed to a lack of transparency and accounting standards, leading to a loss of faith in the Chinese government's system, according to experts.
The US national debt has increased by over $102 billion in just 15 days, as the Biden administration spends at a rate that conservative think tank The Heritage Foundation warns could lead to the government being unable to pay its bills.
Malaysia's move to lift price controls on chickens and shift away from blanket subsidies for basic necessities to targeted subsidies is raising concerns among business owners and consumers about the impact on the cost of living, especially with the depreciating ringgit and global supply chain issues causing inflationary pressures on food prices.
A quarter of Americans still have holiday debt from 2022 and experts warn that high interest rates could take 40 months to pay off a $1,000 credit card bill.
The global outlook summary from Vanguard predicts a structural shift to a higher interest rate environment that will have profound implications for the global economy and financial markets, with borrowing and savings behavior resetting, capital being allocated more judiciously, and asset class return expectations being recalibrated. This shift will provide a solid foundation for long-term risk-adjusted returns for investors, but near-term financial market volatility is expected. Higher rates will also depress asset price valuations and squeeze profit margins, making equities overvalued compared to bonds.
Argentine former central banker Luis Caputo met with local and international bank officials to discuss the economic plans of President-elect Javier Milei, emphasizing the need for an abrupt economic adjustment to tackle inflation and rebuild net reserves.
Megatrends are significant and unstoppable forces that have a broad impact on various aspects of human life, such as climate change, the rise of artificial intelligence, and the growing importance of digitalization and remote work, shaping the future in unpredictable ways.