“After 14 months of bickering, Italy’s government collapsed on Tuesday, plunging a key European nation already hobbled by financial fragility and political chaos into a renewed period of crisis and uncertainty…
“…the country’s financial situation has darkened.
“Growth has hovered around zero percent, and the government proved ineffectual in the face of dizzying youth unemployment and a public debt of more than 2 trillion euros — about $2.2 trillion — that represents more than 130 percent of Italy’s annual economic output.”
https://www.nytimes.com/2019/08/20/world/europe/italy-pm-giuseppe-conte-resign.html
“…it feels as if decisions not yet taken this autumn [vis-a-vis Brexit] are shrouded in a mist of inevitability – the accretion of a million mistakes already made.
“Looking back, maybe historians will judge that the point of no return, the laying of the rails, happened long before the summer of 2019.”
https://www.theguardian.com/commentisfree/2019/aug/21/1914-brexit-calamity-inevitable-remainers
“Germany’s tentative steps toward a fiscal stimulus program to revive its flagging economy are a signal that the nation could be in for an unusually severe slump.”
“In Brazil and Mexico, the region’s biggest economies, weak budgetary positions are a fiscal straightjacket for governments.
“Meanwhile, central banks are wary of cutting interest rates too far for fear of sending their currencies into a tailspin – hurting foreign investment and stoking inflation.”
“Life just got a whole lot tougher for Argentina’s Mauricio Macri a week after his shock primary-election defeat sent markets into a tailspin.
“The embattled president is suddenly grappling with the resignation of his economy minister and a double downgrade to the nation’s debt. Meanwhile, his opponent Alberto Fernandez, now favourite to win the presidency on October 27, is calling on Macri to renegotiate the terms of a record $56 billion (R855bn) credit line with the International Monetary Fund.”
“Even on a continent filled with countries that have a history of violent conflicts, the recent displacement of people from Venezuela is the largest that Latin America has ever seen.
“Mass migration from the deeply troubled South American society is being caused by an unprecedented economic and humanitarian crisis.”
“As the global economy threatens to slow down, central banks around the world have been slashing interest rates.
“But that alone may not be enough to boost growth, especially in some of Asia’s emerging markets, economists say.”
https://www.cnbc.com/2019/08/21/interest-rate-cuts-in-asias-emerging-markets-may-not-be-enough.html
“India is now in the third growth recession since 2008. Economic growth has already slowed sequentially for four consecutive quarters. It is very likely that economic growth in the quarter ended 30 June will be slower than in the quarter ended 31 March.”
https://www.livemint.com/opinion/columns/opinion-is-india-headed-for-its-worst-growth-recession-in-a-decade-1566320477197.html
“A downturn in the number of students from China could be “catastrophic” for some Australian universities and may force taxpayers to prop up the budgets of some of the nation’s oldest sandstone institutions… “The risks are primarily financial,” Associate Professor Babones said.”
“Today, the trade conflict, deflation in a zero-yield world and why Fed insouciance is pushing the global economy to the brink: with each passing month of trade conflict, the world economy slips closer to stall speed.
“A partial cease-fire between the US and China – or the US and Europe – is not in itself enough to keep recession at bay.”
“The planet is facing a mounting and “invisible” water pollution crisis, according to a hard-hitting World Bank report, which claims the issue is responsible for a one-third reduction in potential economic growth in the most heavily affected areas.
“While much international attention has been focused on the question of water quantity, not least as the planet warms, a secondary impact of the climate emergency has been its effect on water quality.”
“Climate change will exact a toll on global economic output as higher temperatures hamstring industries from farming to manufacturing, according to a new study published by the National Bureau of Economic Research.
“Record-breaking heat across the globe made headlines throughout July, and now researchers say a persistent increase in average global temperature by 0.04 degrees Celsius per year, barring major policy breakthroughs, is set to reduce world real GDP per capita by 7.22% by 2100.”
Real GDP per capita in 2100 will in fact be reduced by 100%, I would suggest.
https://www.cnbc.com/2019/08/20/climate-change-to-slow-global-economic-growth-new-study-finds.html
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