There is a lack of political will in expanding and increasing the capital of multilateral development banks due to financial deficits and nationalist sentiments in member countries, according to Lawrence H Summers, former US Secretary of the Treasury.
The impending federal shutdown, combined with other economic challenges such as rising gas prices, student loan payments, and reduced pandemic savings, is expected to strain American households and potentially weaken economic growth in the last quarter of the year.
High home prices and interest rates have created challenges for young Americans, but the boomer generation has benefited from high home prices and bond yields, making them less affected by the economic cons.
Pakistan's poverty rate has risen to 39.4% with 12.5 million more people falling below the poverty line, prompting the World Bank to urge the country to take urgent steps to achieve financial stability by taxing agriculture and real estate and cutting wasteful expenditures.
Poverty in Pakistan has risen to 39.4% as economic conditions worsen, with 12.5 million more people falling below the poverty line, according to the World Bank, which urges the country to take urgent steps towards financial stability and suggests taxing agriculture and real estate and cutting wasteful expenditures.
President Ferdinand Marcos Jr. expects an improved palay harvest, which could lead to a drop in rice prices and potentially fulfill his campaign promise of reducing the price to P20 per kilo this year.
Many Americans are finding it more difficult to get credit and are resorting to payday loans due to the impact of higher interest rates set by the Federal Reserve, leading to increased financial strain for households.
Higher grocery prices on P.E.I. due to inflation can be mitigated by careful shopping, with beef prices seeing significant increases while produce prices have remained relatively stable.
Economist David Rosenberg has not yet seen his recession prediction materialize, as the US economy has shown strength and resilience; however, he still believes a downturn is imminent and suggests investors focus on defensive sectors such as consumer staples, healthcare, telecommunications, and utilities. He also recommends considering long-term bonds as the best risk-reward prospects in fixed income.
The Pakistani rupee has gained significantly against the US dollar due to administrative measures taken by the interim government, leading to a possible reduction in petroleum prices in the upcoming review.
Kenya's total debt has exceeded Ksh10 trillion ($69.3 billion) in June 2023, with foreign borrowing accounting for 53.51% of the debt, driven in part by the devaluation of the Kenyan shilling, as multilateral organizations like the IMF and World Bank continue to play a crucial role in financing the country's budget.
Prospective Indian students considering higher education in Canada may reconsider due to safety concerns and potential hate crimes, leading to a shift in student preferences towards the US and the UK as alternative choices.
Load shedding in South Africa could potentially cost the property industry up to R30 billion over the next five years, as the industry is forced to invest in diesel and backup power solutions to combat power interruptions.
The Indian government is considering removing cabotage laws to improve coastal shipping and compete with other countries, but the issue has been a topic of debate and contention for many years.
Germany's economy, once dominant in global markets, has become the worst-performing major developed economy due to the loss of cheap Russian natural gas and other chronic problems, leading to criticism and concerns about de-industrialization and job losses.
A drop in savings among Americans and record credit-card debt could have disastrous consequences for the economy if a recession occurs, as data shows personal savings rates remain historically low and many Americans have less than $5,000 in savings.
Pakistan is facing a deep economic crisis that has negatively impacted living standards, the private sector, and the environment, and the World Bank argues that urgent policy shifts are needed to address low quality basic services, improve fiscal management, create a more dynamic and open economy, and address failures and distortions in the agri-food and energy sectors.
Saudi Arabia's gross domestic product (GDP) has surpassed $1 trillion for the first time, achieving its national goal ahead of schedule, with the country's private sector playing a significant role in its economic growth.
Despite financial stress caused by the rising cost of living, one third of Australians are throwing away unused vegetables on a weekly basis, with young adults being the guiltiest, according to a survey by Birds Eye foods.
Former Union Minister and MP Harsimrat Kaur Badal expressed support for Indo-Canadian singer Shubh, whose India tour was cancelled due to allegations of his support for the Khalistan cause, stating that he is a proud son of Punjab and India and urging people not to label him as anti-national.
The Estonian Ministry of Economic Affairs and Communications is aiming to cut €130 million from the country's unemployment assistance budget over the next three years, with potential reductions in benefit payments and changes to training programs offered by the Unemployment Insurance Fund.
China is facing a significant issue of mass youth unemployment, resulting in young adults being burned out or living at home without a job.
Pakistan's National Engineering Services Pakistan (Nespak) has secured a landmark project in Saudi Arabia's Neom worth $46.5 million, marking the first time a Pakistani firm has obtained such a contract, with a focus on overseeing construction management for energy sector projects in various zones.
Saudi Arabia's Vision 2030 is bringing about transformative projects in Riyadh, including Sports Boulevard, New Murabba, Qiddiya, and King Salman Park, aiming to create sustainable urban spaces, promote sports and recreational activities, enhance cultural sites, and provide entertainment options.
Argentina is facing a currency crisis and high levels of inflation, but the annual Mundial de Tango competition continues to take place amidst the economic chaos.
The United Kingdom's private sector is experiencing a high rate of job cuts, potentially indicating a recession, as the labor market shows signs of weakening, according to S&P Global.
China's largest developer, Country Garden Holdings, is facing a major crisis as it struggles with a mountain of debt repayments, a slowing property market, and negative sentiment towards the sector following defaults by other Chinese peers; the company's focus on smaller cities has become a disadvantage as the housing market faces a potential decline.
Short-term inflation in Pakistan reaches new high as retail prices of petroleum products soar, leading to increased transport fares and higher cost of moving goods; prices of essential vegetables also see a rise, except for tomatoes which experience some relief after the reopening of the border with Afghanistan.
Hotels in Phuket are experiencing strong demand from a diverse range of markets, with Chinese tourists returning and international travel demand rebounding, leading to expectations of a successful high season despite a sluggish European economy and weak British currency.
The Canadian economy has entered a long-delayed recession due to highly indebted households, overvalued home prices, and a slowdown in consumer spending, with the recession expected to last until the first quarter of 2024 and result in a 1.5% decline in GDP and an increase in the unemployment rate to 7.2%.
Credit card losses for issuers in the US have reached record levels and are expected to continue rising, signaling an unusual trend that typically occurs during economic downturns.
The Biden administration has prioritized reform of the World Bank and the International Monetary Fund, with a proposed financing package to increase their lending capacity by $50 billion, emphasizing the need for more resources and a new approach to support developing countries in addressing poverty and the climate crisis.
The U.S. Treasury Department has established two new working groups to engage in regular direct meetings with China for discussions on economic and financial policy matters, signaling improved communication between the two countries.
The United States needs to cultivate strategic relationships with Vietnam, India, the Philippines, and Saudi Arabia, known as the VIPS, in order to counterbalance the growing influence of the BRICS (Brazil, Russia, India, China, and South Africa) and navigate the challenges of a changing global landscape.
Oil prices close the week lower due to profit-taking and concerns about supply stemming from Russia's fuel export ban against future rate hikes.
China's youth unemployment and a desire for independence have led to a rise in young people becoming social media influencers, with some making significant earnings by charging companies to promote their products, but the long-term sustainability of this career path remains uncertain.
At least one more interest-rate hike is possible, according to Federal Reserve officials, who suggest that borrowing costs may need to remain higher for longer in order to address inflation concerns and reach the central bank's 2% target.
The Canadian dollar edged lower against the US dollar but still maintained a weekly gain due to higher oil prices and the possibility of more interest rate hikes by the Bank of Canada.
Proposed subsea cables connecting Egypt and Europe will enable the exportation of solar and wind energy from North Africa to the UK and Europe during periods of decreased output from wind farms, helping to bolster energy security in a net zero world.
Republican presidential candidate Nikki Haley unveiled an economic proposal aimed at cutting middle-class taxes, reducing government control, and tackling inflation, while criticizing both Democrats and Republicans for reckless federal spending.
Mortgage holders and first-time buyers receive a boost as lenders cut rates, with some fixed deals available below 5%.
Gas prices in the US have slightly decreased due to the switch to less expensive winter blend gasoline, but the decline is being slowed by higher oil costs, with the potential for prices to spike as oil prices surge. The Federal Reserve is pausing interest rate hikes as inflation, driven by a surge in oil prices, increases, but future rate hikes could impact consumer debt, including car insurance. Some states saw significant shifts in gas prices, with Nevada experiencing the largest increase and California having the highest gas prices in the nation. Shopping for cheaper auto insurance can help lower car ownership costs.
UK lenders are expected to reduce mortgage rates following the Bank of England's decision to keep interest rates unchanged, potentially leading to a mortgage price war among banks and building societies. However, consumer champion Martin Lewis warns that attractive fixed-rate savings accounts may soon have lower rates.
Nigerian President Bola Tinubu's efforts to revive the struggling Nigerian economy by removing fuel subsidies and overhauling exchange-rate policies have faced backlash from rising food and fuel costs, causing the economy to stumble.
The threat from China is reshaping relationships in the Indo-Pacific, as discussed in this episode of the podcast on democracy in America.
China Evergrande Group has canceled upcoming creditor meetings and stated it needs to reassess its proposed restructuring, leading to more uncertainty surrounding one of China's largest ever restructurings.
Saudi Arabia's Vision 2030 is bringing transformative projects to Riyadh, including Sports Boulevard, New Murabba, Qiddiya, and King Salman Park, which aim to create sustainable urban spaces, promote sports and recreation, enhance cultural heritage, and provide entertainment and leisure options for residents and visitors. These projects will significantly enhance the standard of living and quality of life in the city.
The US and China have announced the creation of two economic working groups aimed at cooling tensions between the two countries and allowing for substantive discussions on economic and financial policy matters.
Bill Ackman, CEO of Pershing Square Capital, believes that the Federal Reserve's goal of 2% inflation is unlikely to be achieved in the near future due to factors such as ongoing worker's strikes and the rising national debt, and he predicts long-term rates will rise further as a result.
Conservative New York Times columnist David Brooks complains about the price of food at Newark airport, but his followers and investigative reporters quickly debunk his claim, highlighting the high cost of his alcoholic drinks and ridiculing his complaint.