President Joe Biden's approval rating has dropped to its lowest level since he took office, with disapproval of his economic policies rising due to financial stress caused by factors such as rising interest rates, higher gas prices, and renewed student loan payments.
Artificial intelligence is projected to have a $4.1 trillion economic impact on the labor force, affecting 44% of jobs, by changing input costs, automating tasks, and transforming information processing, according to Morgan Stanley.
Pakistan's annual inflation rate increased to 31.4% in September, driven by high fuel and energy prices, as the country faces challenges in its economic recovery under a caretaker government following an IMF bailout program that imposed conditions complicating inflation control efforts.
Germany's housing market is experiencing a decline, with residential home prices falling by 9.9% year over year, making cities like Berlin, Leipzig, Munich, and Hamburg attractive for luxury buyers due to their long-term growth potential and more diverse economies.
Mortgage rates have increased in the past week, with average rates for 15-year fixed, 30-year fixed, and 5/1 adjustable-rate mortgages experiencing upticks; however, it is still uncertain whether rates will continue to rise in 2023.
Bill Ackman, the billionaire head of Pershing Square Capital Management, believes that U.S. economic growth is slowing and the Federal Reserve is likely finished with raising interest rates, as high real interest rates are starting to impact the economy.
The US economy is experiencing softening growth, with the latest estimates showing a decline in second quarter growth compared to previous estimates, and consumer spending is crucial for economic growth, indicating a trend towards services in the near future.
Biden delivers remarks to celebrate the Americans with Disabilities Act on a live stream.
Pakistan's inflation rate rose to 31.4% year-on-year in September, and the Ministry of Finance expects inflation to remain high in the coming months, with a predicted range of 29-31%.
The Economist is hosting its first-ever Space Economy Summit in Los Angeles, California, to explore the opportunities and advancements of a space-based economy. Over 100 speakers from the space sector and beyond will discuss topics such as spaceflight sustainability, on-orbit manufacturing, and long-term space commercialization and exploration. The summit aims to facilitate conversations that can accelerate innovation in the space economy.
Many homeowners in Canada are expected to face financial pain as their mortgage comes up for renewal, with borrowers expected to see significant increases in their mortgage payments due to higher interest rates, particularly for those with fixed rates or variable rates but fixed monthly payments, according to the Bank of Canada; however, banks and lenders are responding by stretching out amortizations to reduce monthly payments, which is raising concerns about extended mortgage terms and how quickly homeowners build equity in their homes.
China's growth is expected to slow down in 2024, with the World Bank attributing the gloomy outlook to a slowdown in China, weak indicators, stagnant house prices, increased household debt, and trade tensions with the US.
Britain's Treasury chief Jeremy Hunt announced a hike in the national minimum wage to at least £11 per hour, but ruled out tax cuts, fueling concerns within the Conservative Party.
Bill Ackman, CEO of Pershing Square Capital Management, warns that the economy is starting to slow due to aggressive rate hikes, high mortgage rates, and high credit card rates, leading to concerns about a potential recession and impacting investors in the commercial real estate market.
Zoho Corporation's CEO, Sridhar Vembu, warns of a potential global economic downturn after experiencing a noticeable slowdown in growth across countries and products in September.
China's investments in its power sector may exceed 100 trillion yuan ($13.7 trillion) from 2020 to 2060 in order to achieve the goal of net-zero emissions by 2060 and curb global warming by 0.2-0.3 Celsius, according to State Grid Corp. of China.
The Bihar government released a caste census report revealing that the Extremely Backward Classes (EBC) and Other Backward Classes (OBC) make up 63 percent of the state's population, leading to mixed political reactions and calls for a pan-India caste census.
Louis Dreyfus Company (LDC), one of the world's largest crop merchants, experienced a decrease in net profit and sales in the first half of 2023 compared to the previous year, largely due to a decline in prices and a decrease in volumes shipped, although volatility in most markets eased and certain segments, such as robusta coffee, sugar, rice, and citrus juices, saw price increases.
The resumption of payments on federal student loans in the US after a pandemic-era pause is raising concerns about its impact on the economy, with experts predicting higher delinquencies, decreased consumer spending, and potential declines in GDP growth.
China's official manufacturing purchasing managers' index (PMI) indicates expansion for the first time since March, suggesting that the Chinese economy may be regaining momentum, while bumper travel figures during the Golden Week holiday are also seen as a positive sign, despite concerns over the troubled property sector.
India's unemployment rate dropped to a one-year low in September, with joblessness in rural areas falling despite weak monsoon rains, leading to the overall joblessness rate sliding to 7.09%.
China Evergrande's financial struggles are putting the future of the historic Chateau Montebello, an iconic log cabin resort in Quebec, at risk as the property deteriorates under Evergrande's ownership and cuts to maintenance budgets.
The unemployment rate in the eurozone reached its lowest level ever at 6.4% in August, thanks to the strong economic recovery following the COVID-19 pandemic, with the highest rates recorded in Spain and Greece, and youth unemployment remaining higher than the general population.
The CEO of Zoho, a major software-as-a-service company, has noted a slowdown in business in September, indicating concerns about the global economy taking a turn for the worse due to factors such as the Russia-Ukraine war and inflation.
The US economy needs to see a weaker labor force and weaker economic data in order to see inflation get down to 2% and for the bond market to soften.
China's economic troubles and increasing state intervention in the private sector make it a potential danger to its neighbors, heightening tensions with the United States and its allies, and increasing the risk of war over the next decade.
The Bank of Japan defending its yield curve control is expected to be a catalyst to halt the recent selloff in Treasuries and stabilize global bond markets.
Futures faltered after a surprise short-term funding deal avoided a U.S. government shutdown, Biden promises Ukraine backing, UAW workers reach labor deal with Mack Trucks, World Bank lowers growth forecast for China, and oil prices stabilize amid supply tightness.
As governments implement "homeland economics" or "global resilience" policies to reduce economic risks and protect national economies, this special report argues that it will create more harm than good, increasing inequality, hindering global cooperation, and failing to address climate change effectively.
Governments around the world are investing billions of dollars in industrial policies to boost manufacturing and technological innovation, but historical evidence suggests that the effectiveness of such policies is limited and often comes with high economic costs.
Pakistan refiner Cnergyico has imported the country's first private-sector shipment of Russian crude oil, taking advantage of Moscow's discounted prices, despite challenges with port infrastructure.
The diamond industry is closely monitoring the recovery of big economies and hoping for a rebound in prices after a dip caused by changing consumer behavior in the post-pandemic era.
Javier Milei, the "anarcho-capitalist" presidential candidate in Argentina, gained popularity by promising to dollarize the economy and provide a solution to the country's economic crisis. However, economists and the IMF have raised concerns about the feasibility of dollarization as a solution.
The government of Pakistan is preparing to increase gas tariffs across various sectors, including residential, fertiliser, export, and commercial, in order to tackle the rising circular debt in the gas sector and address the unsustainable nature of the industry.
Tensions between the West and China are rising, impacting global markets by increasing inflation and interest rates, shifting supply chains, creating opportunities for emerging nations and tech giants, and affecting industries such as manufacturing, infrastructure, luxury goods, and technology. Investors are split on how to approach the Chinese market amidst these tensions.
Investors are hoping for positive economic data to start the fourth quarter, with a round of purchasing managers index (PMI) data from Europe and speeches from U.S. central bank officials being closely watched.
The US economy may be on the brink of a recession due to a combination of factors including the impact of Fed hikes, auto strikes, student loan repayments, higher oil prices, and a global economic slowdown.
Despite China's struggling economy, record numbers of people are traveling during the annual "Golden Week" holiday, with over 21 million people flying domestically and young Chinese exploring closer to home on a tight budget.
Iceland will implement higher taxes on tourists to protect the environment and mitigate the impact of tourism on the country's pristine nature, with the policy set to take effect in 2024.
Skyrocketing sugar prices in Africa are impacting the poorest nations, leading to a decrease in sugar consumption and increased food costs for families and restaurants.
Candidates running for Ecuador's presidency, Luisa Gonzalez and Daniel Noboa, agree on the need to improve security, but differ on economic strategies. Gonzalez aims to boost oil production and inject $2.5 billion of international reserves, while Noboa plans to incentivize companies to hire young people and promote private investment in electricity and oil refining.
The summer's positive economic indicators, such as lower inflation and strong job numbers, have led to optimism that the US will avoid a recession, but factors such as a potential auto strike, the resumption of student-loan repayments, and a government shutdown could contribute to a downturn. The combined impact of these factors, along with others like higher interest rates and oil prices, suggests that a recession may be looming.
Thailand's Prime Minister plans to inject 560 billion baht into the economy through a digital wallet policy, including a 10,000 baht handout for citizens, in an effort to boost the sluggish economy, attract investors in green energy, and pursue free trade pacts.
Business sentiment among major Japanese manufacturers improved for the second consecutive quarter, with non-manufacturers also showing positive sentiment, thanks to the gradual recovery of tourism and easing supply chain disruptions caused by the COVID-19 pandemic.
The high cost of electricity in Pakistan is due to poor governance, policy lapses, volatile global energy prices, and rupee devaluation, leading to inflated energy costs, a lack of dispatching excess power to consumers, and inadequate transmission and distribution systems; to address these issues, the government should implement a multifaceted strategy that includes shifting to local renewable energy sources, upgrading and modernizing the power supply network, promoting energy efficiency and conservation measures, and offering subsidies and tax exemptions for renewable energy technologies.
Cryptocurrencies like Bitcoin transcend being just a financial asset, as they are rooted in a socio-political movement focused on privacy and freedom from government control. This movement originated from the development of encryption technology outside of government circles and has gained favor among tech enthusiasts and advocates of minimal government interference in the economy.
American consumers are still upset with President Biden as prices for essentials like gas and milk remain higher than in 2019, leading to disappointment and criticism of his handling of the post-pandemic economy, despite falling inflation rates.
The World Bank has lowered its growth forecast for developing East Asia and the Pacific, citing a sluggish China, dampened trade, and high debt levels as factors contributing to the downgrade.
Pakistan secured $2.3 billion in funding from the World Bank, making it the top borrower of the International Development Association (IDA) in fiscal year 2023, while the World Bank approved $10.1 billion for 37 operations in South Asia.
Australians in the middle class with six-figure salaries are seeking financial crisis support due to a surge in hardship requests, with many relying on credit cards, loans from family and friends, or pay later schemes to make ends meet, and a record increase in interest rates has exacerbated concerns about housing costs and the risk of mortgage stress.