economicgrowth
No matter what President Joe Biden and former President Donald Trump promise you, and no matter its past as the untouchable "third rail" of American politics, Social Security will be modified one way or another within the next 10 years. While both candidates are misleading their voters, the party with the most to lose from ignoring Social Security's troubles is the GOP. First, some background. It doesn't matter that some people continue to believe the money for Social Security is in an account with their name on it, or that they trust Biden's and Trump's word not to touch the program. If Congr...
Reason
Taylor Swift has taken the world by storm to become one of the most popular artists in the past few years. Commanding the loyalty of millions of fans, she joined the billion dollar club recently, with a net worth of about $1.1 billion (€1.01 billion) in April 2024. This wealth has mostly been gathered through her music catalogue, record sales, concert tour ticket sales and streaming deals. Swift is also one of the few artists who has made the most of her wealth through her main occupation as a singer and performer, rather than ancillary businesses such as fashion lines, beauty brands, restaura...
Euronews (English)
The World Economic Forum (WEF) released its latest Chief Economists outlook on Wednesday, which surveys top economists from both the private and public sectors. According to 82% of chief economists, the global economy is likely to become more robust, or at the very least, stay the same in 2024. This is nearly twice as many as was seen towards the tail end of 2023. On the other hand, the percentage of chief economists betting on worldwide conditions worsening plunged from 56% in January 2024, to 17% in May. More than two-thirds of chief economists also expect global growth to be boosted signifi...
Euronews (English)
With more tariffs on electric vehicles and an election featuring two pro-tariff presidential candidates on the way, the debate about how best to support and strengthen the U.S. manufacturing sector is back. Some argue, mistakenly, that the key to protecting American industries and manufacturing jobs is a set of tariffs on industrial imports. This approach is ultimately counterproductive. There are better ways to help American manufacturing, not the least of which is to remove regulatory barriers and reform the tax code. U.S. tariffs—taxes on Americans' purchases of imports—are touted as a mean...
Reason
The EBRD, which is holding its annual meeting in Yerevan, Armenia, has published its new growth forecasts for the regions it covers and highlighted how sanctions on Russia have impacted its economy. "I think it was unrealistic to expect that sanctions against Russia would lead to a deep economic and financial crisis, as many had hoped," Beata Javorcik, chief economist of the EBRD, told AFP. Russia, which had economic growth of 3.6% last year, is expected to see its gross domestic product (GDP) grow by 2.5% this year, 1.5 percentage points higher than forecast in September, according to the EBR...
Euronews (English)
"Part-time work must be the exception, not the rule," said politician Michael Kretschmer in an interview with German newspaper The Handelsblatt published earlier this week. As part of his campaign to be re-elected to the state parliament this year, the centre-right CDU minister homed in on the question of Germany's productivity. "We have to ensure that we come out of the crisis with growth and full employment - for me that means a 40-hour week for everyone," he said. "It was a mistake that the option of part-time has gone from being an exception to a legally secured rule." Since 2001, when Ger...
Euronews (English)
The UK economy grew by 0.6% in the first three months of this year, according to figures released by the Office for National Statistics on Friday. This exceeds forecasts of 0.4% given by both the Bank of England (BoE) and economists polled by Reuters. The GDP result also brings the UK out of last year's shallow recession, marked by two consecutive quarters of declining output. Last year, the economy contracted by 0.1% in the third quarter and 0.3% in the fourth quarter. GDP on a monthly basis grew by 0.3% in January, an upwardly-revised 0.2% in February, and 0.4% in March. Friday's data will c...
Euronews (English)
The OECD said there are signs that the global outlook has started to brighten, though growth remains modest. "The impact of tighter monetary conditions continues, especially in housing and credit markets, but global activity is proving relatively resilient, inflation is falling faster than initially projected and private sector confidence is improving, the report said. The OECD also highlighted that supply and demand imbalances in labour markets are easing, with unemployment remaining at or close to record lows. "Real incomes have begun to improve as inflation moderates and trade growth has tu...
Euronews (English)
There are 44 countries in Europe and across all of them there’s an estimated 32 million active enterprises, according to 2022 data from the European Commission. However, growth has been pretty bleak in the past few years. The European Central Bank (ECB) estimated growth in 2023 to be 0.6%, and is only projecting a marginal improvement of 0.8% in 2024. To put that in context, in the USA GDP increased at an annual rate of 3.3% in the fourth quarter of 2023 and both Reuters and the World Bank have put China’s 2023 growth at 5.2%. So what is Europe doing wrong? In this episode of The Big Question,...
Euronews (English)
The UK's gross domestic product rose by 0.1% in February, confirming that the UK economy has now been expanding for two consecutive months. January’s growth reading, formerly 0.2%, was also revised up to 0.3%, according to data released by the Office for National Statistics on Friday. The expansion seen in February, which was in line with analysts' forecasts, comes as a welcome sign after the UK slipped into a recession late last year, marked by two consecutive quarters of economic contraction. If the economy expands in the first three months of 2024, the recession can be classed as over, mean...
Euronews (English)
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