The International Monetary Fund (IMF) expects Pakistan's economy to perform better than expected, with a growth of 2.5% this year and 5% in the next fiscal year, despite macroeconomic challenges, surpassing projections from other multilateral agencies. The IMF also maintains a global growth forecast of 3% for this year but warns of high inflation and downgrades outlooks for China and Germany.
The global coal industry may lose nearly 1 million jobs by 2050, primarily in China and India, due to mine closures and the transition to cleaner energy sources, warns a report by the Global Energy Monitor.
Hong Kong is seeking to rebuild its reputation as an international financial hub following protests, the implementation of the national security law, and economic challenges, as executives and diplomats gather at events in an effort to reinvigorate appeal for the city and attract high-caliber talent amidst concerns over Beijing's influence.
Bayer AG, a multinational life sciences corporation, plans to further invest in China and promote global collaboration to overcome challenges, particularly in healthcare innovation, acknowledging the country's progress and importance in the global economy.
The dollar remains steady as U.S. producer prices show a moderation in inflation, leading to speculation that the Federal Reserve is done with interest rate hikes.
Stocks are up and U.S. interest rate expectations are lower as a result of several Fed officials suggesting that rising yields may be helping their fight against inflation.
China's state-owned firms, known as "national champions," have been urged to strengthen their presence and invest more in addressing economic and technological bottlenecks caused by restrictions imposed by the US, according to a report by the Chinese Academy of Social Sciences. The report emphasizes the key role of state-owned enterprises in safeguarding industrial and supply chains in the face of external containment and supporting the country's economic development. Despite criticism, state firms have seen their stake in the Chinese economy grow significantly over the past decade, with assets reaching 308.3 trillion yuan ($42.27 trillion) in 2021.
The IMF predicts that the world economy will grow at a slower pace of 2.9% in 2024 due to ongoing risks from higher interest rates, the war in Ukraine, and the eruption of violence in the Middle East, highlighting the need for tight monetary policy to combat inflation.
Federal Reserve Bank of San Francisco President Mary Daly believes that the neutral interest rate could be higher now than before the pandemic, but it is unlikely to remain as high as it is currently; she envisions a nominal neutral rate between 2.5% and 3%.
New Zealand's major parties are promising cost-of-living relief to voters in the upcoming general election, but they face challenges due to the central bank's insistence on high borrowing costs and subdued growth to control inflation, as well as a deficit, high rents, unaffordable housing, a weakening labor market, and an impending recession.
Stocks in the US rose for the third consecutive day as bond yields fell, providing the stock market with renewed momentum amid the Israeli-Hamas conflict.
The Federal Reserve emphasizes that approaching the 2% target for annual price growth doesn't signify the completion of the job.
More than half of Americans are struggling to pay their bills as high costs, inflation, and stagnant or declining incomes continue to make consumers angry and dissatisfied.
Spending by teens has decreased by 1% year-over-year and about 4% from the spring, with high inflation being a major concern and teens relying more on their parents and spending less, leading to predictions of a highly promotional holiday season.
Asian markets are expected to have a positive start on Wednesday, driven by a slump in U.S. bond yields and comments from Atlanta Fed President Raphael Bostic suggesting that the Federal Reserve has finished raising rates, easing concerns and boosting risk appetite.
Japan's central bank is under pressure to reconsider its ultraloose monetary policy due to factors such as a weak yen, post-pandemic inflation, and the Russia-Ukraine war.
The escalation of the war between Israel and Hamas poses new challenges to the already vulnerable global economy, potentially disrupting the energy supply and increasing energy costs, which could further slow global growth and increase inflation pressures.
The world may breach the 1.5 degrees C warming threshold, or come close to it temporarily, as global temperatures continue to rise, raising concerns about the climate crisis and the targets outlined in the Paris Agreement.
The National Bank of Canada reports that Canada's housing deficit reached an all-time low in the third quarter, with soaring housing costs and supply constraints expected to further increase mortgage lending costs and rents.
The Israel-Gaza conflict is deemed an unnecessary global economic shock by World Bank President Ajay Banga, as it could hinder central banks' ability to achieve soft landings in many economies if it spreads.
Economic historian Claudia Goldin has been awarded the Nobel prize in economics for her groundbreaking research on women's labor market outcomes, including the historical wage gap and factors contributing to it. Her findings highlight the underrepresentation of women in the workforce, lower wages compared to men, and the persistent gender gap in earnings. Goldin's research suggests that investments in higher education and raising the age of marriage are key to increasing women's participation in the workforce and narrowing the gender pay gap.
Lawmakers and regulators are pushing for interest rate caps and lower fees on credit cards as total credit card debt surpasses $1 trillion and the average interest rate reaches a record high of over 21%; however, it remains unclear if these measures will be successful due to lack of support and opposition from the financial services industry.
The International Monetary Fund expects anemic growth and various challenges for the global economy, including volatility in commodities markets and China's troubled property sector, despite easing inflationary pressures.
U.S. retailers are importing goods at a similar rate to 2019 as consumer patterns normalize, indicating that consumer spending has held up better than expected despite rising prices and increased expenses, according to a report by Descartes Systems Group. This shift towards "just-in-time" inventory strategies suggests that retailers are importing based on signals from consumers rather than stockpiling goods in advance.
Barbados plans to execute a "debt-for-climate" swap to secure savings of $300 million over 15 years to fund clean water supplies and improve water management and food security.
Federal Reserve Governor Christopher Waller reiterates the central bank's determination to reduce inflation to its 2% target, without commenting on the economic outlook or his view on monetary policy.
The shrinking US money supply is driven by factors such as changes in Federal Reserve policy, rising interest rates, and financial innovation, which could have negative implications for the SPDR® S&P 500 ETF Trust (SPY) and the broader financial landscape.
Deutsche Bank warns that there is still a risk of inflation expectations spiraling out of control, pointing to four reasons why stagflation risks remain present in the economy, making it too early for the Fed to declare victory on inflation.
Americans expect high inflation to persist over the next few years, with a median estimate of a 3.7% inflation rate one year from now, indicating that sticky inflation may continue, according to a survey by the Federal Reserve Bank of New York.
India's space economy is projected to reach $44 billion by 2033, with the country aiming to expand its share in the global space economy to 8 percent, according to the Chairman of Indian National Space Promotion and Authorisation Centre (IN-SPACe), Pawan Goenka. The initiatives taken by IN-SPACe, along with the opening of doors for private players in space by the Indian Space Research Organisation (ISRO), are expected to boost the space economy and contribute to India's vision of self-reliance.
Atlanta Federal Reserve Bank President Raphael Bostic believes that the US central bank does not need to raise interest rates further and does not see a recession on the horizon, despite the slowing economy and falling inflation caused by previous rate hikes. He also emphasized that the recent conflict between Israel and Hamas creates uncertainty and could impact the global economy.
Wholesale inventories in the U.S. have continued to decline for six straight months, matching expectations, as the motor vehicle industry shows slight improvement and sales at wholesalers rise.
The number of centi-millionaires in London has decreased by 4% since 2022, with many wealthy individuals choosing to relocate to Paris due to threats of higher taxes and the potential abolition of non-dom status by Labour, while Emmanuel Macron's tax reforms have made France an attractive destination for wealthy expats.
Renewable energy has been losing investor confidence, with the sector's share prices plummeting over 30% in the past three months, due to factors such as high interest rates, inflation, and supply chain issues.
Rising interest rates on government bonds could pose a threat to the U.S. economy, potentially slowing growth, increasing borrowing costs, and impacting the Biden administration's priorities and the 2024 presidential election.
Major equity markets advanced on Tuesday as Federal Reserve officials suggested that a recent spike in US Treasury yields could prevent more interest rate hikes, while oil prices fell due to the Israel-Gaza conflict.
Wall Street's main indexes open higher as U.S. Treasury yields retreat and caution remains due to tensions in the Middle East.
Since President Tinubu's election in Nigeria, the country's private sector has faced challenges due to the removal of fuel subsidies and currency devaluation, resulting in high inflation rates, but some companies have continued to thrive, contributing to Nigeria's economy. Business activity, as measured by the Purchasing Managers' Index (PMI), has fluctuated throughout the year, indicating both improvement and deterioration in business conditions.
Ireland plans to establish a sovereign wealth fund worth €100bn by the mid-2030s, utilizing some of the corporation tax windfall received from global companies, according to Finance Minister Michael McGrath. The Future Ireland Fund aims to safeguard living standards and public services, while a second €14bn fund will be dedicated to infrastructure spending during economic downturns and climate change initiatives.
The average mortgage interest rates for 30-year fixed, 15-year fixed, and 5/1 adjustable rate mortgages have all increased in the past week.
Fannie Mae has revised its prediction for a mild recession in the US economy, now forecasting it to occur in the first half of 2024, as consumer spending continues to outpace incomes and previous interest rate increases by the Federal Reserve take effect.
The World Intellectual Property Organisation (WIPO) has ranked Angola, Niger, Burundi, Mali, Guinea, Mauritania, Mozambique, Ethiopia, Burkina Faso, and Cameroon as the top 10 least innovative African economies in 2023.
Yardeni Research raises the risk of a recession before the end of next year to 30% due to the start of the Israel-Hamas war, with concerns over the possibility of a prolonged conflict, potential involvement of Hezbollah, and the impact of tightening sanctions on Iran's oil exports.
Around 5% of global banks are at risk if central bank interest rates remain high, while 30% would be vulnerable to low growth and high inflation, according to the International Monetary Fund (IMF)'s Global Financial Stability Report. The IMF emphasized the need for stronger bank supervision and increased capital levels to enhance resilience.
China's largest property developer, Country Garden, is facing a potential default on its loan repayments, which could have significant repercussions on the country's financial system.
Treasury Secretary Janet Yellen is optimistic about the ability of American consumers, businesses, and banks to handle rising interest rates, and she believes the Federal Reserve's efforts to tame inflation are going well. She also dismissed concerns that a strong jobs report could have negative effects on the economy.
Egypt's largest banks have temporarily suspended debit card withdrawals and purchases made in foreign currency in order to address a foreign exchange shortage and combat struggling economic growth, with the government likely to ease the restrictions once it secures more funding from foreign institutions by the end of the year.
India's economy needs to grow at a rate of 8% per year and focus on investment in traditional sectors in order to surpass China as the largest contributor to the global economy, according to Barclays.
Despite the chronic unreliability of economic projections and the frequent revision of forecasts, economists' consensus often guides economic policymaking, which highlights the need to focus on current economic conditions rather than short-term projections.
China's largest private developer, Country Garden, has warned of possible default on its international debts, with liabilities of $200 billion and nearly $11 billion in offshore bonds, further adding to the challenges faced by the country's property industry.