economic growth Archives

The Outlook for the Global Economy in 2024

November 29, 2023November 29, 2023 Business

The global economy is expected to experience a slowdown in 2024 due to factors such as wars, high inflation, and high interest rates. The OECD projects international growth to decline to 2.7% in 2024, marking the slowest year of growth since the onset of the COVID-19 pandemic. While the risks of recessions are expected to be avoided, concerns remain regarding persistently high inflation and the impact of geopolitical tensions on commodity prices. The slowdown is influenced by the deceleration of the US and China, the two largest economies, as well as factors affecting the Eurozone. Despite the challenges faced since 2020, economic expansion has proven resilient. However, the OECD warns that economic growth is now moderating, driven by tighter financial conditions, weak trade growth, and low business and consumer confidence.

Russia Claims Economic Growth Despite Sanctions

November 21, 2023November 27, 2023 Business

Russia has claimed to have overcome the Western sanctions and is expecting strong economic growth. Kremlin spokesperson Dmitry Peskov acknowledges that the nation faced collapse due to unprecedented sanctions but states that it has bounced back. However, doubts remain regarding Russia’s economic future as critical sectors like the auto industry continue to decline.

US Housing Market Continues to Grow: Case-Shiller Report

October 31, 2023November 22, 2023 Business

The US housing market continues to thrive, with the national house price index reaching a new all-time high. The Case-Shiller report for August shows year-over-year growth, meeting expectations and indicating stability in the housing market.

Biden Administration Designates Tech Hubs Across the United States

October 23, 2023November 11, 2023 Business

The Biden administration has designated 31 ‘tech hubs’ across 32 states and Puerto Rico to promote innovation, create jobs, and bridge the tech investment gap between major cities and the rest of the country. The initiative received an overwhelming response, with 400 applications received by the Commerce Department. The tech hubs aim to stimulate investments in emerging technologies and spread economic opportunities across various states and regions.