The latest State of Working India report reveals that economic growth in India has led to a decrease in job disparities and greater upward mobility, but job creation has not kept pace with GDP growth, particularly in the manufacturing sector, and there are deep divides in pay across gender, caste, and religion. The COVID-19 pandemic further increased reliance on agriculture and self-employment, particularly among women.
Banks are becoming more stringent with their credit card terms and conditions, offering lower credit limits to high-risk customers, asking customers to tie their salary accounts to the bank for better control over cash flow, and taking term deposits as security for credit card limits; furthermore, banks are adopting a self-selection process to screen potential customers and capping benefits on credit cards, all while looking to retain customers who generate revenue and pay their outstanding balances in full.
Policymakers in the US and Europe may find comfort in the slowdown of underlying measures of consumer-price growth, but rising crude oil prices could still fuel further inflation.
Labor strikes and a likely government shutdown are adding to the challenges faced by the Fed, making their job even more difficult.
Tech salaries in the US have experienced a 3% year-over-year decline and reached their lowest point in five years, while salaries in the UK have seen a 4% increase, according to a report by Hired. Junior talent has been hit the hardest, with a nearly 5% decrease in salaries. The demand for tech roles has also decreased, leading to concerns about a skills gap in the industry.
A hypothetical scenario is presented where Liz Truss's policies, including tax cuts and less regulation, have led to economic turmoil and extreme inequality, resembling the current economic landscape overseen by Rishi Sunak, but with some differences due to U-turns and global forces.
Tensions between India and Canada have escalated due to Canadian Prime Minister Justin Trudeau's allegation that the Indian government was behind the fatal shooting of Hardeep Singh Nijjar, leading to a dispute that could have negative consequences for both countries.
The World Bank warns that Pakistan is facing mounting woes and economic hardships, including inflation, rising electricity prices, severe climate shocks, and a 'silent' human capital crisis, while urging the incoming government to make crucial decisions themselves.
Prime Minister Narendra Modi had a light-hearted conversation with the team responsible for organizing the G20 meeting, with a member sharing how his wife was proud of his extra work hours for the summit.
The declining birth rates in China are being worsened by health and professional obstacles faced by women, including career pressure, infertility, and high costs, according to research published by authorities in the province of Hunan, further exacerbating the country's demographic crisis.
China's property sector has slumped since 2021, with big-name developers teetering close to default and an abundance of vacant homes that even China's population of 1.4 billion can't fill, according to a former official.
Stefan Dercon, a visiting professor at Oxford University, says that Pakistan's elite must change in order to revive the economy and reduce dependence on foreign currency inflows, as maintaining the status quo will not provide a solution, and the IMF and other bilateral donors will not rescue the ailing economy.
Former US treasury secretary Larry Summers has stated that India needs to achieve 8% economic growth in order to bring about significant improvements in the lives of its citizens, and has called for increased capital and authority for multilateral development banks to address challenges such as climate change and pandemics.
The community of Lahaina in Hawaii will need long-term support to recover from recent wildfires, and there are several ways to help, including donating to impacted businesses, buying local products online, donating digital goods and services, planning a neighbor island staycation, and supporting favorite businesses on social media.
The economic status quo in Pakistan is deemed untenable by Professor Stefan Dercon of Oxford University, who emphasizes the need for sensible macroeconomic policies and alignment between politics and economic policies for long-term growth and development.
The caretaker government in Pakistan has hinted at lowering fuel prices in the next review, following a 20% increase since taking office, and assured efforts are being made to stabilize the economy.
Malaysia's Prime Minister Anwar Ibrahim believes that Malaysia has the potential to become a thriving economy once again, thanks to its ample resources, skilled workforce, and supportive policies.
Experts are divided on whether interest rates in New Zealand will continue to rise or have already peaked, with some forecasting a further increase to 6% while others believe rates will remain stagnant or even decrease in the future.
Ireland's economic success is mostly based on multinational output and does not necessarily translate into prosperity for its citizens.
Former US Treasury Secretary Lawrence Summers believes that a combination of free market forces, infrastructure improvement, and public sector reform could lead to an eight-fold expansion of India's economy by 2050, with an annual growth rate of 8%. Summers also urged multilateral development banks (MDBs) to address pressing issues like climate change, warning that failure to do so may lead to the creation of new institutions. Summers emphasized the importance of transforming MDBs to meet the challenges facing the world.
Pakistan is facing a major economic crisis with high inflation, insufficient public resources, and policy decisions influenced by vested interests, according to the World Bank. The country needs to make hard choices and prioritize coordinated, efficient, and adequately financed service delivery to improve human development outcomes. Additionally, the Pakistani Rupee has reached a record low against the US dollar.
Malaysia's pursuit of wealthy investors through programs like Malaysia My Second Home (MM2H) may have misread the market by imposing stricter requirements, potentially hindering the country's ability to attract affluent foreigners and stimulate its economy.
Chinese investors are rushing to sell their overseas properties, particularly in Southeast Asia, due to worsening financial conditions and the need for cash to solve domestic issues such as business failures and mortgage loan defaults. Uncertain economic conditions, low confidence in production and consumption, and tightening regulations on property developers in China have contributed to the struggle to offload these investments.
The Future Hospitality Summit in Abu Dhabi will bring together over 1,000 hospitality leaders from around the world for three days of discussions, networking, and announcements, focusing on topics such as investment, sustainability, and technology in the sector. The event will also feature a startup pitch competition and highlight the importance of sustainability in the hospitality industry.
Credit card company losses in the US are increasing at their fastest pace in nearly 30 years, driven by rising consumer debt and delinquencies, with losses projected to peak in late 2024 or early 2025, according to Goldman Sachs.
Global debt reached an all-time high of $307 trillion in the second quarter of 2023, increasing by $100 trillion over the past decade, with advanced economies contributing the most to the rise, signaling potential concerns about sustainability and the ability to service the debt as interest rates increase.
Credit market titans expressed concerns about looming headwinds as the impact of higher interest rates slowly filters through to consumers and companies, with James Zelter of Apollo Global Management skeptical about an economic soft landing and Joshua Easterly of Sixth Street Partners and Hamza Lemssouguer warning of rising defaults as riskier debt comes due for refinancing.
Egypt and the International Monetary Fund (IMF) have agreed to merge the first and second reviews of Egypt's economic reform program, which had been delayed due to concerns over Egypt's progress in meeting the IMF's terms.
The Japanese government is considering tax breaks to lower production costs in fields such as semiconductors, batteries, and biotechnology in order to strengthen the ability of corporations to supply important goods.
Hundreds of demonstrators gather in Accra for a third day of anti-government protests against economic hardship, resulting in multiple arrests, as protesters decry high living costs and a lack of jobs amidst a severe economic crisis.
The BRICS coalition, along with new members, aims to reduce the dominance of the US dollar by using their own currencies for oil trade, posing potential risks to the US's global leadership and economy.
The Asian Development Bank has lowered India's GDP growth forecast for FY 2023-24 to 6.3% due to the impact of extreme rainfall patterns on agriculture, while maintaining a growth projection of 6.7% for FY 2024-25, citing corporate profitability and strong bank credit as key factors. Additionally, the bank expects inflation to moderate and retail sales to be affected by food inflation, while India's external trade is expected to be affected by weak global demand. Despite these challenges, India's GDP growth outlook remains higher compared to its Asian peers.
Arizona man Nicholas Bauer sacrificed a few years of comfort by living in cars in order to pay off all his debt, ultimately achieving a debt-free and financially independent lifestyle.
India and Canada are currently experiencing tension after Canadian Prime Minister Justin Trudeau alleged the "potential" involvement of Indian agents in the killing of Khalistani extremist Hardeep Singh Nijjar, a claim that India has vehemently rejected; the US has called on India to cooperate with Canada in the investigation, while India has reduced its diplomatic staff and stopped visa services with Canada.
The UK economy is predicted to continue its stagnant state in 2024, with some economists and business groups even foreseeing a recession, while others, including the Bank of England, the IMF, and the OECD, anticipate modest growth despite high interest rates and a slowing global economic outlook. Different factors, such as labor hoarding and regions bucking the trend, complicate the overall picture, but overall, a stagnant or minimally growing economy seems likely.
ING Bank has lowered its economic growth forecast for the Philippines to 4.8 percent due to increased inflation and potential interest rate hikes by the central bank, which may hamper GDP expansion in the second half of the year.
Former US treasury secretary Larry Summers believes that an eight percent GDP growth target is achievable for India and would have a transformative impact on the lives of millions of people, although he acknowledged that there are hindrances to achieving this goal such as issues between states and the central government; Summers also discussed the urgent need for renewable energy and increased international cooperation to combat climate change.
Canadian Prime Minister Justin Trudeau expects interest rates to start coming down by the middle of next year, despite recent economic data that has made the central bank more hawkish.
China's property market is facing a crisis with an overwhelming amount of unsold homes, surpassing the number of people in the country, as the sector continues to slump since the default of China Evergrande group.
The question of who bears the costs of inflation in the UK is answered by examining the distribution of wealth between capitalists and workers, with evidence showing that real wages have been falling and working-class living standards are declining while energy and banking giants are recording record profits. The ruling Conservative government, led by Boris Johnson, has failed to address the regional inequality and has shifted away from its promise of "levelling up" the economy. The Labour Party, under leader Keir Starmer, has also failed to strengthen its connection with the working class, instead focusing on social mobility and ignoring structural issues of poverty and inequality. However, a strike wave in the UK has shown the potential for class struggle and the need for independent political organization that champions a consistent class politics.
The article discusses the 15 fastest-growing cities in the world economically, highlighting factors such as population growth and investments by multinational companies.
Former US Treasury Secretary Lawrence Summers has warned that Multilateral Development Banks (MDBs) have a "last clear chance" to address key global issues such as climate change, stating that the world is not patient and may seek alternative directions if the banks fail to act quickly. Summers also suggested that some competition and pluralism among MDBs is desirable, and that India has the potential to achieve 8% annual growth until 2050.
Rent in Brampton, Canada, has increased at a rate three times faster than the national average, with one-bedroom units seeing a 29% increase, due to factors such as high immigration rates, a shortage of affordable housing, and the scrapping of rent control for newer units.
China's population of 1.4 billion would not be enough to fill all the empty apartments in the country, which has been facing a crisis-hit property market, according to a former official.
The Sindh governor claims that the Pakistani rupee will further decline against the US dollar, with petrol prices expected to fall on October 1 due to the appreciation of the rupee and the government's crackdown on currency smugglers, hoarders, and black marketers.
Caretaker Commerce and Industries Minister Gohar Ejaz expresses hope for a decrease in petrol prices in Pakistan as the rupee strengthens, while interim Information Minister Murtaza Solangi expects a decrease in the coming days; the caretaker government faced criticism for back-to-back increases in petrol prices.
An expert warns against relying on Chinese Official Development Assistance (ODA) as it could result in substantial debt, and instead recommends strengthening Public-Private Partnerships (PPPs) in the Philippines.
India is considering a one-year delay on the requirement for licenses for imported laptops, tablets, and personal computers, offering relief to companies like Apple, Samsung, and Lenovo. The move aims to promote local manufacturing and reduce dependence on imports.
China's population of 1.4 billion would not be enough to occupy the vast number of empty apartments in the country, according to a former official, highlighting the ongoing crisis in the property market.
India and Canada are experiencing a diplomatic crisis following the killing of a Khalistani separatist leader, with Canadian Prime Minister Justin Trudeau accusing India of involvement based on shared intelligence among Five Eyes partners.