The Indian government is actively exploring the creation of a sovereign wealth fund (SWF) as part of its ambition to become a $30 trillion economy by 2047. The proposed fund, potentially starting with a $5 billion initial investment, aims to enhance India’s financial influence globally, particularly in infrastructure projects in neighboring countries and Africa. The government is seeking feedback from public sector companies and plans to involve institutions like JICA in the future.
A prominent economist predicts that the Federal Reserve might be forced to halt its planned rate cuts due to potential supply side shocks, but they are unlikely to reverse course completely. This decision stems from the Fed’s uncertainty in responding to geopolitical events and their traditional focus on demand side factors rather than supply side issues.
Pakistan’s consumer price index (CPI) rose by 9.6% year-on-year in August, marking a 34-month low. The decline in inflation is attributed to various government measures, including tax adjustments and exemptions in specific sectors, implemented to meet the International Monetary Fund’s criteria for a bailout package. This positive economic development follows a period of significant financial pressure for the country.
Sweden’s recent decision to grant visa-free travel to citizens of 191 countries is a major milestone that promises significant economic benefits. The policy is expected to boost Sweden’s global standing, enhance travel freedom, stimulate tourism, and fuel economic growth across various sectors.
The third stage of the Tour of Britain Men will take place in Sheffield on September 5th, 2024, featuring top cycling teams and bringing significant travel implications and economic benefits to the city. The event is expected to cause traffic disruptions, increase demand for local businesses, and inspire the next generation of athletes.
Despite global economic challenges and the bankruptcy of a major German tour operator, Cyprus’ tourism industry is experiencing a surge in 2024. The island is seeing increased visitor numbers and revenue, with the UK remaining a key market. Deputy Minister of Tourism Kostas Koumis attributes this success to the island’s resilience and diversification efforts.
South Korea’s manufacturing sector saw a surge in activity in August, reaching its highest growth rate in over three years, despite a decline in foreign demand. This growth was driven by increased domestic demand and a slowdown in input price inflation.
Tamil Nadu Chief Minister M.K. Stalin, during his visit to the United States, has appealed to the Tamil diaspora to encourage more American companies to invest in the state. He highlighted the strong presence of American companies in Tamil Nadu, emphasizing the state’s potential as an investment destination.
Jason Furman, former Chair of the Council of Economic Advisers under President Obama, expressed regret over failing to eliminate the penny during his tenure. He highlighted the inefficiency and cost of producing pennies that are rarely spent, advocating for a single decimal currency system.
Donald Trump has hinted at imposing a universal tariff on all goods imported into the U.S., potentially affecting the $3 trillion worth of imports annually. This move could fuel inflation and disrupt trade relations, particularly with China. While the IEEPA could offer a legal path for Trump’s plan, the economic implications remain a source of debate and concern.
