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Tag: Business and Economy

Is China’s high-growth era over – forever? | Business and Economy
Business

Is China’s high-growth era over – forever? | Business and Economy

When much of the world went through a major recession in 2008-2009, China, through enormous government spending efforts, managed to weather the storm and buoy the global economy. With the world tottering “perilously close” to a global recession on the back of Russia’s war in Ukraine and three years of the COVID-19 pandemic, a repeat of a Chinese-led recovery seems less likely. The country’s economy expanded by only 3 percent in 2022. Growth is projected to remain slow in the early quarters of 2023 before rebounding strongly in the second half of the year, according to a survey of 37 economists conducted by Nikkei in December. The average GDP growth figure put forth by the group was 4.7 percent, with the vast majority of predictions falling between 4.0 and 5.9 percent. Yet even the most ...
Is globalisation breaking down or transforming? | Business and Economy
Business

Is globalisation breaking down or transforming? | Business and Economy

From: Counting the CostCrisis upon crisis threatens to fracture the global economy after decades of economic integration.The end of the Cold War, free trade and technological advances have helped create a global system that is sensitive to what is happening on the other side of the world. Globalisation has been credited for developing economies, increasing incomes and lifting millions of people out of poverty. But the pandemic and the war in Ukraine have exposed the fragility of that economic interdependence. At the same time, globalisation has also been criticised for increasing inequality, and international charity Oxfam says the world’s richest 1 percent pocketed nearly twice as much wealth as everyone else over the last two years. Source link