This week brought a mix of emotions for India, with sporting triumphs at the Paris Olympics contrasted by devastating natural disasters and economic anxieties. While Lakshya Sen made history with his Olympic semi-final berth, landslides in Kerala claimed hundreds of lives and Wall Street’s woes cast a shadow on the Indian financial landscape.
Pakistan’s banks are experiencing a surge in profits despite the country’s economic struggles, driven by high interest rates and a booming government debt market. This trend raises concerns about the long-term health of the Pakistani economy, as private sector lending remains limited and the country relies heavily on IMF bailouts.
Prime Minister Narendra Modi highlighted the importance of wealth creators in driving India’s economic growth, asserting that the country is poised for a bright future and that the world is optimistic about its prospects. He also emphasized the government’s commitment to fostering an investment-friendly environment for industries to thrive.
India’s unemployment rate for individuals aged 15 years and above has significantly decreased to 3.2% in fiscal year 2023 (FY23), according to the labor ministry. This marks a substantial decline from 6% in FY18, highlighting a positive trend in employment growth. The report also reveals a decrease in unemployment among youth aged 15-29 years, with the rate falling to 10% in FY23 from 17.8% in FY18.
Ethiopia has announced a significant easing of foreign exchange restrictions as part of a broader economic reform package, a move that aims to attract international investment and secure a multi-billion dollar bailout from international lenders. The decision comes as the country faces economic challenges, including high inflation and a shortage of foreign currency reserves.
Bangladesh is facing a potential $10 billion economic loss due to recent political violence sparked by student protests over government job quotas. The curfews and internet shutdown have crippled businesses and impacted foreign investment, putting pressure on the country’s dwindling foreign exchange reserves. The situation raises concerns about the government’s crackdown on protests and its impact on the nation’s economic recovery.
This article argues that Vice President Kamala Harris’s socialist policies, particularly her support for the Green New Deal and Medicare for All, pose a significant threat to the American economy and individual liberty. The author contends that these policies, if implemented, would lead to economic catastrophe, reduced consumer choice, and an erosion of the free market system.
A wave of high street closures is set to hit the UK in August, with notable names like Marks and Spencer, Clinton Cards, Tesco, and Wickes closing stores. The closures are attributed to the ongoing impact of the COVID-19 pandemic, the cost of living crisis, and rising rental costs. This trend adds to the already significant number of shop closures in recent years, highlighting the challenges faced by the retail sector.
China’s economic growth is slowing, and the government is struggling to find a solution. While some economists suggest a liquidity trap, others argue for a fiscal stimulus. However, the effectiveness of these solutions in China’s unique economic system remains uncertain.
India’s External Affairs Minister S Jaishankar will lead the Indian delegation to the Quad Foreign Ministers’ meeting in Tokyo from July 28th to 30th. The meeting will focus on strengthening security and economic cooperation in the Indo-Pacific region, with key discussions on maritime security, critical minerals, resilient supply chains, and infrastructure projects. The ministers are also expected to review the progress of the Quad’s health security working group and discuss the ongoing Russia-Ukraine conflict.
