It’s global. The numbers are there for all to see. From developed to underdeveloped nations, economies are slowing down and/or contracting.
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SPECIAL REPORT: THE GLOBAL DEBT TSUNAMI
Next year, net interest payments on the U.S. national debt will rise to 3.1 percent of GDP, the highest proportion since 1940, then climb steadily to 3.9 percent by 2034, the nonpartisan Congressional Budget Office (CBO) reported last week, assuming current fiscal and political trends persist.
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AUSTRALIA’S CENTRAL BANK TRIMS 2024 GROWTH FORECAST
The Reserve Bank of Australia (RBA) lopped a half-point from its growth forecast in the current fiscal year ending 30 June. The country’s GDP will grow by 1.3 percent, the bank said, not the 1.8 percent it had expected in November.
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LNG PRICES FALL CLOSE TO PRE-WAR LEVELS, GLUT EXPECTED NEXT YEAR
After Russia invaded Ukraine, Russia ended its natural gas exports to Europe and Eurozone countries joined Western allies in banning imports of Russian petroleum fuels.
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GERMANY: “THE SICK MAN OF EUROPE”
Germany’s economy shrank by 0.3 percent in 2023’s final quarter and will grow by only that much this year, according to the newest forecast by the Organization for Economic Cooperation and Development (OECD). The group’s new projection has cut in half its estimate of Germany’s 2024 performance.
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GOING OUT OF BUSINESS TRENDS
In recent times, the economic landscape has presented an array of challenges that have profoundly affected the business community. Some of the most significant challenges include soaring inflation rates, escalating interest rates, looming fears of a recession, and a tangible decrease in revenues for many sectors…
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MEXICO REPLACES CHINA AS TOP U.S. TRADE PARTNER
Last year, for the first time since 2003, Mexico exported more to the U.S. than China did, the U.S. Census Bureau reported.
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U.S. TRADE DEFICIT WITH CHINA SMALLEST IN 13 YEARS
In 2023, the U.S. trade deficit with China fell to its lowest since 2010 as U.S. firms and government agencies continued to “reshore” and “friendshore” their suppliers to protect the flow of materials and in response to China’s stumbling economy and the country’s geopolitical tensions with the West.
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SLAVELANDIA: RENTS GO DOWN FOR THE RICH, UP FOR THE POOR
As more and more low- and modest-income households find it harder to pay their rent, the well-off are being offered discounts on their housing costs.
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JOBS MARKET REBALANCES, GIVING EMPLOYERS MORE POWER
For the past two years, companies were desperate for workers, raising wages and offering various work-related concessions. Now that the labor market has begun to rebalance, employers are regaining power in their dealings with employees, the Financial Times reported.