Soaring levels of inflation in Russia have left many pensioners unable to afford rent and food, relying on their children for help, as the country's economy struggles with the effects of the war in Ukraine and Western sanctions.
European stock markets traded slightly lower on Friday following weak German growth data, with limited trading volumes due to a U.S. market holiday. The German economy shrank in the third quarter, confirming a previous estimate, and recent data points to the possibility of a mild recession in the eurozone. The European Central Bank, which recently held interest rates unchanged, must resist cutting rates early, according to Bundesbank President Joachim Nagel. Meanwhile, a truce between Israel and Hamas begins, Barclays plans to cut jobs, and oil prices remain steady ahead of the OPEC+ meeting.
Turkey's central bank has implemented a surprising sixth consecutive interest rate hike, raising it to 40% in an effort to tackle the country's double-digit inflation and stabilize the economy.
Inflation and rising prices in Russia have left shoppers feeling empty-handed as the economy struggles under the effects of the country's military operation in Ukraine and Western sanctions, with the Central Bank raising interest rates four times this year to stabilize the ruble. The bank predicts inflation to be around 7.5% for this year and the next, but some shoppers claim prices have increased by as much as 25%.
Ireland's accession to the EEC (now the European Union) 50 years ago allowed the country to take control of its economic destiny and opened up new economic perspectives, transforming its standard of living, despite some initial costs, and benefiting from the removal of trade barriers within the union. European Union membership also influenced Ireland's institutions and ways of thinking.
Japan's core consumer price index rose 2.9% in October 2023, missing forecasts for a 3% rise and remaining outside the Bank of Japan's 2% target for the 19th month, while food prices increased by 8.6% and the annual inflation rate rose to 3.3%, prompting the central bank to revise its inflation forecasts higher for future years.
Japan's core consumer price growth accelerated slightly in October, reinforcing the belief that stubborn inflation may prompt the Bank of Japan (BOJ) to end monetary stimulus soon, despite the central bank's view that cost pressures are driven by global commodity prices rather than strong domestic demand.
China is considering creating a "white list" of property developers to receive bank financing in an attempt to address the country's struggling real estate sector and post-COVID economic woes.
China's share of the global economy is declining, which could have significant implications for the world, as its share of world GDP is expected to shrink by 1.4 percent over the next few years, potentially reshaping the global economic order.
Central bankers and market practitioners have been unable to accurately predict the direction of interest rates, revealing that current models and forecasts are unreliable indicators.
British consumers are expected to spend slightly more during the Black Friday sales this year, but data indicates that they will buy fewer goods due to the impact of inflation and strikes at some Amazon warehouses. The focus of spending is expected to be on discounted Christmas presents, with online sales predicted to be down 2% and physical stores expecting a slight increase in footfall.
Pakistan's Minister for Information Technology and Telecommunications, Dr Umar Saif, has unveiled the country's first IT and ITeS Export Strategy, with the aim of increasing IT exports to $10 billion within the next three years. The strategy focuses on skill development, creating an IT ecosystem, appropriate marketing, and improving macro conditions in the country.
The average price of Christmas trees has increased by 10% this year, with prices ranging from $80 to $100, according to the American Christmas Tree Association.
Indonesia's three presidential candidates are focusing on job creation, economic diversification, and sustainable growth to address the challenge of slowing economic growth in the country.
Nigerians spent N3.05tn less on food and other household consumption in the first half of 2023, indicating a decline in household consumption due to worsening economic conditions and rising prices, leading to increased poverty rates and a decrease in consumer expenditure.
Thai Prime Minister Srettha Thavisin has outlined plans to address debt issues and agricultural challenges, including increasing farmers' income and improving water management, in order to boost the country's economy and enhance its competitiveness.
Argentina's banks are shifting their investments from longer-term securities to short-term notes issued by the central bank in order to increase liquidity, amid concerns over how President-Elect Javier Milei will handle the country's debt.
Canada is facing a rental crisis as average rents rise at a high rate, contributing to the country's inflation rate, with major cities like Vancouver and Toronto experiencing particularly high rental costs. The problem is exacerbated in Atlantic Canada, where recent population growth and limited construction of rental units have led to significant rent increases.
Retailers are facing a potentially lackluster holiday season due to discount fatigue, exaggerated crime concerns, and carrying too much inventory.
The UK's North Sea oil industry has been warned of a "sudden demise" by politicians who have been accused of putting the industry "at risk of 'sudden demise,' a day after the closure of Scotland's only oil refinery was announced." The executives accused politicians of making negative and "muddled" statements about the energy sector, with net zero commitments leading the industry to feel it was "rapidly approaching" a "cliff-edge." Oil prices in November reached a high of over $136 a barrel, up from less than $1.40 a barrel the previous year.
Bangladesh's economy experienced a slowdown in fiscal year 2022-23, with growth averaging at around 6.03 percent, due to fluctuating factors such as inflation and raw material costs, although it bounced back to 5.78 percent in the fourth quarter, driven by higher industrial output.
A political conspiracy to increase property values and win votes is being supported by the banking industry in order to increase profits, resulting in a housing affordability crisis in Australia.
Argentina's former central bank chief, Luis Caputo, is reportedly leading the economic transition team of President-elect Javier Milei and is a likely candidate for the position of economy minister.
Consumers are expected to heavily rely on "buy now, pay later" payment plans during the holiday season, which benefits retailers but raises concerns among credit experts due to the potential for excessive debt and loan-stacking.
Foreign firms in China are reconsidering their plans to modernize and expand, leading to an outflow of profits and making China's economic recovery more challenging. Factors such as interest rate differentials, a weakening economy, strained trade relations with the West, and increased belligerence towards Taiwan and foreign firms contribute to the decline in foreign investment in China.
More than £57m of funding from a UK government department is being withheld from Northern Ireland due to the absence of a power-sharing government in Stormont, including funds from the Department for Levelling Up and other initiatives such as the Shared Prosperity Fund and Long-Term Plan for Towns.
TD Bank is forecasting a 10 percent drop in home prices in Canada due to increased supply and the loosening of housing markets in British Columbia and Ontario.
Global demand for oil and gas needs to decline by over 75 percent by 2050 to limit global warming to 1.5 degrees Celsius, according to the International Energy Agency.
Argentina's grains trade is paralyzed due to a lack of soybeans caused by drought and farmers holding onto produce, as they anticipate a devaluation of the peso under President-elect Javier Milei.
The cost of household energy in the UK will increase by £94 or 5% in January, putting more financial strain on billpayers during the winter months, due to higher wholesale costs faced by suppliers, according to energy regulator Ofgem. Analysts predict that prices will fall back in March. The price cap set by Ofgem affects 29 million households in England, Wales, and Scotland.
Homeowners should prepare for higher mortgage rates for the next five years as inflation remains high, causing interest rates to settle at 4% instead of the previously predicted 3% by 2028-29, according to the Office for Budget Responsibility (OBR). This will lead to an increase in average mortgage rates from 2% in 2021 to a peak of 5% in 2027, impacting households with fixed-rate mortgages that are yet to be renewed.
The British government is pushing for pension funds to invest in domestic startups in order to boost growth capital for British firms and improve returns for savers, addressing long-standing issues with pension investment in the country.
China's GDP growth is expected to pick up in 2024, driven by increased private sector investment and government measures to support the economy, according to PwC China senior economist G. Bin Zhao. The country's GDP growth for 2023 is projected to be around 5.5%, supported by consumer spending, despite weaknesses in real estate demand and global trade. However, risks such as geopolitical tensions and inflation still remain.
The decline in real incomes, unwinding of the COVID welfare state, and inflation have led to dissatisfaction with personal finances, despite the increase in wealth driven by inflated home and car prices, which is not accessible to regular people.
Argentine President-elect Javier Milei may face challenges in implementing his plan to remove the central bank and adopt the US dollar and potentially Bitcoin as the country's currency, but the move could attract back vast amounts of savings held abroad and improve the country's monetary base.
Chinese financial conglomerate Zhongzhi, which is linked to the struggling property market, has revealed a £30 billion shortfall and admitted it is "severely insolvent" due to internal mismanagement and the departure of senior executives. Concerns about contagion in China's economy have been reignited, although experts believe that financial regulators will intervene if the situation worsens.
The Wall Street Journal criticized the Biden administration and the media for promoting "Bidenomics" and downplaying inflation, citing rising prices of Thanksgiving dinner items and a decrease in inflation-adjusted weekly earnings.
British voters are facing a "living standards disaster" as household incomes are expected to fall between national elections, despite Jeremy Hunt's tax cut plan, due to employment tax increases and rising debt costs.
UK living standards are expected to decline despite tax cuts, marking the first time since 1974 that household incomes will be lower at the end of Parliament than at the beginning, according to a think tank. The decline is attributed to various factors, including employment tax increases and inflation, leaving the government with limited room for maneuvering on tax cuts or increased spending.
California Governor Gavin Newsom suggests that the inflation concerns experienced by Americans this Thanksgiving are unfounded, highlighting that prices for Thanksgiving items have decreased compared to last year; however, overall inflation has still risen significantly since before the pandemic.
Pakistan's caretaker IT Minister, Dr Umar Saif, has unveiled the country's first-ever IT Export Strategy, aiming to increase Pakistan's IT exports by up to $10 billion in the next three years by adding 200,000 skilled people to the existing IT workforce and implementing various initiatives.
Kenya is planning to privatize 35 state companies and potentially 100 more as part of a revised law to boost the private sector's participation in the economy, amid challenges including depleted government coffers and high debt.
Rents in Canada have surged by 8.2% year-over-year, outpacing the growth in personal income for the first time in 60 years, highlighting the housing unaffordability crisis, according to BMO chief economist Doug Porter.
China's share of world GDP is expected to decline by 1.4 percentage points over two years, indicating a reversal in its rise as an economic superpower, according to Ruchir Sharma in the Financial Times.
The California Inflation Relief Check 2023 is a government program that provides financial assistance to individuals and families affected by inflation, with eligible recipients receiving payments based on their Social Security Number.
China's major financial regulators are pledging support for the tech industry and aiming to direct more financial resources to boost tech innovation, with a focus on driving high-quality development and becoming a leading tech power.
Turkey's central bank raised interest rates to 40% in an effort to combat high inflation, leading to a rally in the lira.
The Canadian Mortgage Charter, unveiled in the Fall Economic Statement, is a set of rules and expectations that financial institutions are expected to follow to help vulnerable borrowers, including allowing temporary extensions on mortgage amortization periods and waiving fees for mortgage relief measures.
Net migration to the UK is booming, with record numbers of people coming to the country, despite the negative impact on the economy, society, and politics. The UK's dependence on mass migration is becoming a catastrophe that needs to be addressed in order to see improvements.
British Columbia's restaurant sector is relying on a lucrative December to help them survive the uncertain economic climate and repay pandemic loans due in January.