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☆ IMF warns on China's property market worsening as it cuts country's growth outlook
▼ + stars: | 2024-10-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Qilai Shen | Bloomberg | Getty ImagesThe International Monetary Fund (IMF) warned of a possible worsening of the state of China's property market as it trimmed its growth expectations for the world's second-largest economy. In a report published Tuesday, the IMF trimmed its forecast for growth in China for this year to 4.8%, 0.2 percentage points lower than in its July projection. In 2025, growth is expected to come in at 4.5%, according to the IMF. The Washington, D.C.-based organization also highlighted that China's property sector contracting by more than expected is one of many downside risks for the global economic outlook. Subsidies in certain sectors, if targeted to boost exports, could exacerbate trade tensions with China's trading partners," the agency said.

Persons: Qilai Shen, Gourinchas Organizations: Bloomberg, Getty, Monetary Fund, IMF, The, D.C, U.S, Reuters Locations: Nanjing, Shanghai, China, The Washington, Japan

☆ IMF: Global battle against inflation ‘largely won’
▼ + stars: | 2024-10-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

“It looks like the global battle against inflation has largely been won, even if price pressures persist in some countries,” the IMF said in its latest World Economic Outlook. The rosy outlook on consumer prices comes just weeks before the US election, with inflation a key issue for voters. While upside risks to inflation are receding around the world, threats to economic growth are multiplying, according to the IMF. The IMF sees the global economy expanding 3.2% this year, as it forecast in July. “Economic growth must come instead from ambitious domestic reforms that boost technology and innovation, improve competition and resource allocation, further economic integration and stimulate productive private investment,” it argued.

Persons: Downside Organizations: London CNN —, International Monetary Fund, IMF, US Consumer Locations: East, Europe, China, India

☆ IMF says global fight against inflation is 'almost won' but warns of rising risks
▼ + stars: | 2024-10-22 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +5 min

"The global battle against inflation is almost won," the IMF report trumpeted, even as it called for "a policy triple pivot" to address interest rates, government spending, and reforms and investment to boost productivity. The fund kept its global growth estimate at 3.2% for 2024 and 2025 — which it called "stable yet underwhelming." Market volatility among key downside risksHeightened financial volatility is another threat to global growth, the IMF report said. Further challenges to global financial markets could come in the final stretch of the fight against inflation. The IMF forecasts global growth will rise 3.1% annually at the end of the 2020s, the lowest level in decades.

Persons: Pierre, Olivier Gourinchas Organizations: International Monetary Fund, Global, Vigilance, IMF Locations: Washington , DC, United States, The Washington, Brazil, Mexico, America, Europe

☆ IMF hikes UK growth outlook amid lower inflation and interest rates
▼ + stars: | 2024-10-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

General view of the City of London skyline, the capital's financial district, in October. LONDON — The International Monetary Fund on Tuesday raised its 2024 growth outlook for the United Kingdom, saying declines in interest rates and inflation would boost domestic demand. The IMF now sees 1.1% growth for the U.K. economy this year, up from a July forecast of 0.7%. Inflation in the U.K. came in at 1.7% in September, a decline from 11.1% in October 2022. Economic growth has been tepid so far this year, coming in at 0.2% in August after flatlining in June and July.

Persons: flatlining Organizations: LONDON, Monetary Fund, IMF, Bank of England Locations: London, United Kingdom

☆ The IMF just raised its growth forecast for the US economy this year — but expects a slowdown in 2025
▼ + stars: | 2024-10-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The International Monetary Fund raised its growth forecast for the US economy to 2.8% this year. AdvertisementThe International Monetary Fund raised its growth forecast for the US, projecting the world's largest economy would expand by 2.8% this year instead of the 2.6% it predicted in July. However, they predicted GDP growth would slow to 2.2% in 2025 as the US government curbs its spending and the labor market cools, sapping consumption. The IMF projected global growth of 3.2% in both 2024 and 2025, virtually unchanged from its previous prediction. They underscored their latest forecast for global growth over the next five years of 3.1% was "mediocre" compared with the pre-pandemic average.

Persons: — Organizations: Monetary Fund, IMF, Service, UN Locations: China, East, Central Asia, Africa, Asia

☆ BRICS: The West wants Putin isolated. A major summit he’s hosting shows he’s far from alone
▼ + stars: | 2024-10-21 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Brazilian President Luiz Inacio Lula da Silva was expected to join but canceled his trip after suffering an injury at home. “This BRICS summit is really a gift (for Putin),” said Alex Gabuev, director of the Carnegie Russia Eurasia Center in Berlin. Russian President Vladimir Putin, Chinese leader Xi Jinping, then-Brazilian President Jair Bolsonaro, South African President Cyril Ramaphosa and Indian Prime Minister Narendra Modi pose as they arrive for the BRICS summit in Brasilia in November 2019. While BRICS is primarily geared toward economic collaboration, its meeting last year took place in the shadow of the war in Ukraine. The gathering in Kazan also gives Putin ample opportunity for one-on-one facetime with his fellow BRICS leaders and other friendly dignitaries in attendance.

Persons: Vladimir Putin, –, Xi, India’s Narendra Modi, Iran’s Masoud, Cyril Ramaphosa, Recep Tayyip Erdogan, Luiz Inacio Lula da Silva, Putin –, Xi –, Putin, BRICS, Donald Trump, ”, Alex Gabuev, …, BRICS “, ” Gabuev, Xi Jinping, Jair Bolsonaro, Narendra Modi, Adriano Machado, Mahmoud Abbas, Israel –, Jonathan Fulton, Volodymyr Zelensky, Yevhen Titov, they’ll, Manoj Kewalramani Organizations: CNN, Carnegie Russia Eurasia Center, Indian, Reuters, International, Israel, Atlantic Council, United Nations General Assembly, US, New Development Bank, World Bank, International Monetary Fund, BRICS, Kremlin, Takshashila Locations: Ukraine, Moscow, Russian, Kazan, Brazil, Russia, India, China, South Africa, Egypt, United Arab Emirates, Ethiopia, Iran, Beijing, Tehran, United States, Berlin, Brasilia, Johannesburg, Israel, Gaza, Hezbollah, Lebanon, Abu Dhabi, “, Gabuev, BRICS, Kharkiv, Indian, Bangalore

ACCRA, Ghana — Illegal small-scale gold mining in Ghana has been linked with the destruction of the environment and illness. A protest in Accra, Ghana, demanding government action on illegal gold mining. Yaw Amoafo, who owns several small gold mines employing 20 to 30 people each, said public anger at galamsey mining has forced him to cease operations. He added that he feared the government would introduce a short-term ban on small-scale mining, like the one it implemented in 2017. Earlier this year it opened the government-backed Royal Ghana Gold Refinery, with the intent of getting it accredited by the LBMA.

Persons: galamsey, Nana Akufo, Nipah Dennis, Cristina Aldehuela, Addo, Yaw Amoafo, “, ”, Amoafo, Eddie James Richmond, Neil Harby, Harby, Francis Kokoroko, Swissaid Organizations: West, Water Resources Commission, Getty, Ghana’s Ministry of Land, Resources, Ghana Water Ltd, International Institute for Strategic Studies, Watch, Ghana’s Minerals, International Monetary Fund, Sahara Royal Gold Refinery, London Bullion Market Association, Reuters, State Department, Royal, Royal Ghana Gold Refinery Locations: ACCRA, Ghana, Accra, ”, AFP, Cape Coast, Pra, Kibi, London, U.K, South Africa, Africa, Switzerland, Mali, Zimbabwe, Royal Ghana

☆ IMF chief warns 'not yet time to celebrate' as low growth and high debt weigh on global economy
▼ + stars: | 2024-10-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The head of the International Monetary Fund cautioned on Thursday that high debt and low growth remained major impediments to the global economy. "When we look into the challenges ahead of us, the biggest one is low growth, high debt. "It is successful major economies that have done really well … and there are pockets in the world where inflation is still a problem," she said. Georgieva warned that international trade would no longer be the "engine of growth" it once was, highlighting the proliferation of restrictive policies among many economies. Earlier on Thursday, Georgieva also pointed to wider geopolitical tensions as one of the key risks to global financial stability.

Persons: Kristalina Georgieva, Karen Tso, Georgieva, Ukraine — Organizations: International Monetary Fund, IMF, CNBC, Washington DC, World Bank Group, European Union, Ukraine Locations: Washington, U.S, China, United States

☆ This tiny country is giving $2,000 to every household as an Exxon oil boom supercharges its economy
▼ + stars: | 2024-10-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Guyana, the tiny South American nation, is giving $2,000 to every household in the country. AdvertisementThe world's fastest-growing economy is handing the equivalent of $2,000 to every household as it works to share its newfound oil wealth and soften the sting of higher living costs. Its oil fund held over $1.7 trillion of assets at the end of June, or more than $300,000 per Norwegian citizen. Sharing the wealthGuyana's $2,000 payment to households "sounds like great news," Karl Widerquist, a philosophy professor at Georgetown University-Qatar and the author of several books about universal basic income (UBI) told BI. Guyana's one-off, unconditional cash grant is a "positive step," Cleo Goodman, the basic income lead at the Autonomy Institute think tank, told BI.

Persons: —, Mohamed Irfaan Ali of, Ali, They've, Nicolas Suarez, Suarez, Karl Widerquist, Cleo Goodman Organizations: Service, Department, Public, Guyanese, P Global Market Intelligence, Resource Fund, Bank, Exxon, Guyana ramped, Monetary Fund, Georgetown University, Qatar, Autonomy Institute Locations: Guyana, Mohamed Irfaan Ali of Guyana, America, Riding, Britain, Venezuela, Brazil, Suriname, Netherlands

☆ Gold is the 'last safe haven' as Treasurys face risks from soaring US debt, Bank of America says
▼ + stars: | 2024-10-17 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Traders and central banks should increase exposure to gold, Bank of America says. The analysts see gold hitting $3,000 an ounce by the end of next year, implying 11% upside. AdvertisementGold is increasingly attractive as other traditional "safe haven" assets face mounting risks, Bank of America strategists said. "Gold looks to be the last 'safe haven' asset standing, incentivising traders including central banks to increase exposure," the strategists said in a Wednesday note. The Bank of America analysts note that gold now makes up 10% of central bank reserves, up from 3% a decade ago.

Persons: — Organizations: Bank of America, Service, International Monetary Fund, US Treasury, Investors, Federal Reserve

☆ An incoming 'M&A supercycle' wouldn't just be a win for dealmakers
▼ + stars: | 2024-10-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, Goldman Sachs' earnings result might be a sign of the long-awaited return of M&A . The big storyM&A for allWin McNamee/Getty ImagesDon't look now, but M&A might finally be coming back. Goldman Sachs, Wall Street's perennial M&A king, smashed analysts' third-quarter expectations , notching $3 billion in profits. One analyst took things a step further, floating the idea of an "M&A supercycle" once the money that's been sitting on the sidelines finally gets put to work.

Persons: —, Goldman Sachs, Win McNamee, Insider's Reed Alexander, David Solomon, that's, Jenny Chang, Rodriguez, Mariana Bazo, Tyler Le, TSMC, Biden, Donald Trump, Elon Musk, TK, Alex Brandon Elon Musk, Kamala Harris, Alain Tascan, Jeet Shroff, Shroff, Morgan Stanley, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi Organizations: Business, Service, LaGuardia Airport, Getty, BI, Monetary Fund, Chartered, Apple, Bloomberg, Google, Trump, PAC, America PAC, AP, Trump PAC, Epic, Discover Financial Services Locations: Midtown Manhattan, China, lockstep, New York, London

☆ Global government borrowing is set to top $100 trillion — and shows no signs of slowing down
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Global government borrowing is set to hit $100 trillion this year, the International Monetary Fund said. In a report, it warned mushrooming public debt raises the chances of a "broader financial crisis." AdvertisementGlobal public debt is on track to surpass $100 trillion this year for the first time — and the increase threatens a wider financial crisis, the International Monetary Fund warned. The IMF also warned of a "severely adverse scenario," in which global debt could balloon to 115% of global GDP by 2026 because of "weaker growth, tighter financing conditions, fiscal slippages, and greater economic and policy uncertainty." The debt looks set to grow further with both presidential candidates, Kamala Harris and Donald Trump, pledging to spend big if they enter the White House.

Persons: —, Kamala Harris, Donald Trump, Harris, Trump Organizations: International Monetary Fund, Service, IMF, Treasury, Social Security Locations: China, United States, Israel, Ukraine

☆ Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order
▼ + stars: | 2024-10-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Russia is proposing alternative payment systems and commodity centers. Challenges include entrenched dollar dominance and existing global trading systems' liquidity. Other than championing alternative payment systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources. Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document. Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems.

Persons: —, Yakov, Brent Organizations: Service, Russia's Finance Ministry, Partners, Tass, Chicago Mercantile Exchange, Grain, country's Agriculture Ministry, Brent, International Monetary Fund Locations: Russia, Moscow, Ukraine, Brazil, India, China, South Africa, Russian, Pakistan, Kazan, masse, Scotland

☆ 3 US-based academics awarded the Nobel Prize in economics for their work on wealth inequality
▼ + stars: | 2024-10-14 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

US-based academics Daron Acemoglu, Simon Johnson, and James A. Robinson won the Nobel Prize in economics. Their work has helped demonstrate how institutions affect wealth inequality, the prize committee said. AdvertisementThree economists based at US universities have been awarded the 2024 Sveriges Riksbank Prize in Economic Sciences for their work on how institutions affect wealth inequality. Daron Acemoglu, Simon Johnson, and James A. Robinson will share the $1.1 million prize money, the prize committee said. The prize, known in its entirety as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is widely considered the most prestigious prize in the field.

Persons: Daron Acemoglu, Simon Johnson, James A, Robinson, —, Alfred Nobel, Jakob Svensson, Acemoglu, Johnson, Jan Teorell, Robinson “, ” … Organizations: Service, Sveriges, Economic Sciences, Royal Swedish Academy of Sciences, Massachusetts Institute of Technology, University of Chicago's Pearson Institute, Global, International Monetary Fund, Prosperity Locations: Acemoglu

☆ China's Ministry of Finance is taking aim at local debt problems before tackling broader economic challenges
▼ + stars: | 2024-10-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — China's Ministry of Finance press briefing over the weekend underscored how it is focused on tackling local government debt problems, instead of the stimulus markets have been waiting for. In his opening remarks on Saturday, Minister of Finance Lan Fo'an laid out four measures, starting with increasing support for local governments in resolving debt risks. China's real estate market slump has cut into a significant source of revenue for local governments, many of which struggled financially even before needing to spend on Covid-19 measures. He added that a large plan to address local governments' hidden debt would be announced in the near future, without specifying when. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Persons: Finance Lan Fo'an, Lan, Robin Xing, Morgan Stanley Organizations: Goldin Finance, Nurphoto, Getty, BEIJING, China's Ministry, Finance, Ministry of Finance, International Monetary Fund Locations: Tianjin, China, Covid

☆ Turkey should continue tight, monetary policy until inflation at target, IMF says
▼ + stars: | 2024-10-12 | by ( ) www.cnbc.com time to read: 1 min

The International Monetary Fund called for continued tight, data-driven monetary policy in Turkey until inflation converges to target as it concluded an Article IV consultation. The policy turnaround has reduced economic imbalances and revived confidence the IMF said on Saturday, adding that improved market sentiment caused foreign and domestic investors to shift into lira-denominated assets. In a statement containing the executive board assessment of Turkish economic policies, the IMF said the central bank needs to ensure that the path of disinflation stays on track.

Organizations: Monetary, IMF Locations: Turkey

☆ Trump's close relationship with Putin could come back to haunt the US
▼ + stars: | 2024-10-09 | by ( Tom Porter | Hannah Abraham | ) www.businessinsider.com time to read: +10 min

The relationship between Trump and Putin has long been a source of controversy. AdvertisementWith only a month to go before the presidential election, Donald Trump's relationship with Russian President Vladimir Putin has once again come under the spotlight. In a forthcoming book, journalist Bob Woodward says that the former president and Putin have a closer friendship than previously known. The Ukraine war has already roiled markets for food, oil, gas, and other products, and wider conflict could have an even more devastating impact. If Russian President Vladimir Putin is victorious in Ukraine, it may embolden Chinese leader Xi Jinping to invade Taiwan.

Persons: Trump, Putin, —, Donald Trump's, Vladimir Putin, Bob Woodward, Steve Cheung, Woodward, Robert Mueller, Yuri Gripas, Joe Biden, he'd, he's, JD Vance, Volodymyr Zelenskyy, Philip Ingram, Zelenskyy, Kenneth Rogoff, William Pomerantz, Vance, Xi, Ingram, Xi Jinping, Sergei Savostyanov, Jamie Dimon, Dimon, William Reinsch, Kamala Harris, Harris, Pomeranz Organizations: Service, CNN, Washington Post, Putin, Trump, Kremlin, REUTERS, Republicans, International Monetary Fund, Wilson Center, Getty, JPMorgan, CNBC, TV18, Center for Strategic, International Studies, Wall Street Locations: Ukraine, Russia, British, Europe, Washington ,, China, Russian, Taiwan, NATO, Asia, India, Pennsylvania

☆ Peru has attracted a slew of foreign investors into its credit market. Here's why
▼ + stars: | 2024-10-08 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +5 min

Foreign investors now hold 39% of Peru's sovereign bond market holdings, the highest level across all emerging market countries. This underscores the increasingly positive sentiment surrounding the Peru's fixed income outlook. "It has recognized the need to provide international investors positive returns on domestic assets, and for central banks to be aligned with international investors and provide positive returns on domestic assets." "In some sense, the lack of a strong executive has led to better fixed income outcomes," Austerweil added. Dhawan also underscored that Peruvian fixed income is a high quality market for foreign investors.

Persons: Moody's, Dina Boluarte's, Pramol Dhawan, Pimco, Dhawan, David Austerweil, Soberano, Austerweil Organizations: Southern Copper Corp, Lawmakers, Peruvian, International Monetary Fund, Central Reserve Bank of, Bank of America, Mining Locations: Peru, Sol, Central Reserve Bank of Peru, America, U.S, Peruvian, China

☆ 'Next dragon': Fund manager names an under-the-radar, 'very cheap' market to play right now
▼ + stars: | 2024-10-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

Emerging markets on the MSCI list include Brazil, China, Greece, India, Indonesia, South Korea, Malaysia, Mexico, the Philippines, Qatar and Thailand. One fund manager, however, is looking outside that list, at an "up and coming emerging market and the next dragon in Asia" — Vietnam. "It's in a sweet spot in terms of economic growth, urbanization, labor market participation and having the right government policy. In spite of its strong growth, Vietnam is still not part of the MSCI Emerging Markets Index. A 'big theme' Mafli is betting on "high growth sectors" and stocks "doing well in underperforming sectors."

Persons: Li Mafli, Eric Sturdza, Mafli —, Mafli Organizations: Eric Sturdza Investments, Vietnam Prosperity, CNBC Pro, General Statistics Office, International Monetary Fund, FTSE, Index, Mobile World Investment, Infrastructure Locations: Brazil, China, Greece, India, Indonesia, South Korea, Malaysia, Mexico, Philippines, Qatar, Thailand, Asia, Vietnam

☆ Tunisia heads to the polls with a fading reputation as the Arab Spring’s only success story
▼ + stars: | 2024-10-06 | by ( Associated Press | ) edition.cnn.com time to read: +9 min

Not long ago, Tunisia was hailed as the Arab Spring’s only success story. He advanced to a runoff promising to usher in a “New Tunisia” and hand more power to young people and local governments. Seventeen potential candidates filed paperwork to run and Tunisia’s election authority approved only three: Saied, Zouhair Maghzaoui and Ayachi Zammel. That includes the 83-year-old leader of Tunisia’s most well organized political party Ennahda, which rose to power after the Arab Spring. People stand in line outside a polling station during the presidential election in the capital Tunis, Tunisia, on October 6, 2024.

Persons: Press — Tunisians, Kais Saied, El, Ben Ali —, Zouhair Maghzaoui, Saied, Saied’s, Zouhair, Ayachi, Jihed Abidellaoui, Rached Ghannouchi, party’s, Abir, Ennahda —, Tunisians, Zoubeir Souissi, Yassine Mahjoub, who’ve, Tunisia won’t Organizations: Press, Abid, Authorities, Reuters, Free Destourian Party, World Bank, European Union, Today, International Monetary Fund, Reuters Economic, Tunisia's, Independent Authority, Elections, Getty, Initiative, Saied Locations: TUNIS, Tunisia, Egypt, Libya, Yemen, Tunis, Europe, Saharan Africa, Africa, AFP, ”, Iran, Russia, Saied, Israel

☆ Russia is facing a 'time bomb' at the heart of its economy, economist says
▼ + stars: | 2024-10-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia is breaking down institutions and "borrowing from the future," Konstantin Sonin says. The economist notes Russia is taking measures to exert more control over its economy. But those actions are hurting Moscow's economic future, Sonin said. Konstantin Sonin, a professor at the University of Chicago Harris School of Public Policy, said he foresaw a dark economic future ahead for Russia. Putin's war not only imposes on today's Russians a worse life than they otherwise would have had.

Persons: Konstantin Sonin, Sonin, — Organizations: Service, University of Chicago Harris School of Public, Syndicate, Heineken, International Monetary Fund Locations: Russia, Ukraine, Moscow

☆ Israel’s economy is paying a high price for its widening war
▼ + stars: | 2024-10-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —In late September, as Israel’s nearly year-long war widened and its credit rating was downgraded yet again, the country’s finance minister, Bezalel Smotrich, said that, while Israel’s economy was under strain, it was resilient. Israel’s economy could shrink even more than that, based on a worst-case estimate by the Institute for National Security Studies at Tel Aviv University. Before the October 7 attack and ensuing Israel-Hamas war, the International Monetary Fund forecast that Israel’s economy would grow by an enviable 3.4% this year. Smotrich, the finance minister, is confident that Israel’s economy will bounce back once the war ends, but economists are concerned the damage will far outlast the conflict. Florion Goga/ReutersOther sectors of Israel’s economy, while less important than tech, have been hit much harder.

Persons: London CNN —, Bezalel Smotrich, ” Smotrich, Hassan Nasrallah, ratcheting, Karnit, ‘, Menahem Kahana, ”, “ Israel, “, Smotrich —, Flug, Ahmad Gharabli, Fitch, —, Coface, Avi Hasson, Hasson, Florion Goga, Yaron Liberman, ” Liberman Organizations: London CNN, CNN, West Bank, United Nations, BMI, Fitch Solutions, Institute for National Security, Tel Aviv University, International Monetary Fund, of Israel, Getty, Bank of Israel, Israel Democracy Institute, Institute for National Security Studies, Moody’s, Startup Nation Locations: Lebanon’s, Beirut, Israel, Lebanon, Gaza, Israel’s, Iran, AFP, Egypt, Syria, Golan, Jerusalem's Old City, United States, Tel Aviv, housebuilding . Tourism

☆ Russia's economy faces 'near stagnation' with sanctions whittling down annual GDP growth, European economist says
▼ + stars: | 2024-10-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Russia's economy is staring at "near stagnation," according to Anders Åslund. That's according to Anders Åslund, a Swedish economist who says Russia's economy is taking a bigger hit from Western sanctions than some believe. "My own view is that the current sanctions regime shaves off 2-3% of GDP each year, condemning Russia to near stagnation. AdvertisementRussia's GDP technically grew 3.6% last year, with another 3.2% real GDP growth expected in 2024, according to estimates from the International Monetary Fund. Consumer prices rose 8.5% year-per-year the week of September 17, according to official figures from Russia's Economic Development Ministry.

Persons: Anders Åslund, —, Putin, Åslund, SWIFT Organizations: Service, Ukraine, Syndicate, International Monetary Fund, Labor, Economic Development Ministry, Soviet Union, Wealth Fund Locations: Swedish, Moscow, Ukraine, Russia, Soviet

New U.S. tariffs on $18 billion in Chinese goods take effect Friday as trade tensions intensify between the world’s two largest economies. For example, the U.S. imports almost no Chinese EVs, largely because of an existing 27.5% tariff that is now increasing to 100%. Lithium-ion batteries, however, are a different story, accounting for about $13 billion of the $18 billion in affected Chinese goods. Similarly, the U.S. has been increasing its Chinese imports of natural graphite, another crucial component of EVs. “Cheaper Chinese solars and cheaper Chinese EVs can actually take jobs away from a lot of manufacturers in, say, the West.

Persons: Donald Trump, Joe Biden, Trump, Chim Lee, ” Lee, Charles Benoit, “ that’s, Benoit, ”, Biden, Julie Kozack, Lee, it’s Organizations: Economist Intelligence Unit, Biden, China, European, Coalition for, Prosperous, International Monetary Fund, U.S Locations: U.S, Beijing, China, Asia, Southeast Asia, Mexico, Malaysia, Prosperous America

☆ Fearful of the 'middle-income trap,' Indonesia pushes for major policy reform
▼ + stars: | 2024-09-26 | by ( Shafi Musaddique | ) www.cnbc.com time to read: +4 min

Incoming President Subianto has promised to continue the charge toward making Indonesia a high-income economy. Economic reforms passed through by the outgoing president will make the achieving Indonesia's grand vision easier. "Widodo put in place a bunch of economic reforms, the most noticeable being making it easier to hire and fire new workers. Indrawati hopes to avoid "the middle-income trap" — an economic development situation where growing economies stagnate at middle-income levels and are unable to advance to the ranks of high-income countries. Major policy reforms, she believes, will help Indonesia sidestep that.

Persons: Sri Mulyani Indrawati, CNBC's, Joko Widodo, Prabowo Subianto, Subianto, Widodo, Gareth Leather, Indrawati Organizations: Afp, Getty, country's Finance, International Monetary Fund, Defense, Capital Economics, CNBC, Lowy Institute Locations: Jakarta, Indonesia, Washington, Australian, China, Asia

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