Economy

    • Climate impacts will cost the world $7.9trn by 2050

      Climate impacts will cost the world $7.9trn by 2050

      Climate change could cost the world economy $7.9trn by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, new analysis showed Wednesday. The conclusions are part of Economist Intelligence Unit's (EIU) Climate Change Resilience Index, which measured the preparedness of the world's 82 largest economies.

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    • Merkel's conservatives lose support, polls show

      Merkel's conservatives lose support, polls show

      Support fell for Chancellor Angela Merkel’s conservatives over the past week, but rose slightly for their Social Democrat coalition partners after the ruling alliance agreed a $60bn climate package, which includes a new domestic carbon pricing scheme, bigger incentives for buying electric cars, higher road tolls for trucks from 2023, and surcharges on domestic flights.

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    • Taxonomy to make business sustainable

      Taxonomy to make business sustainable

      The EU ambassadors greenlighted last Wednesday a proposal for the first EU-wide classification system, or taxonomy, to allow businesses to determine what economic activities can be termed sustainable. The step is part of the EU's efforts to implement its strategy on financing sustainable growth and the transition to a low-carbon, resource-efficient economy.

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    • UN calls for 'Global Green New Deal' to boost world economy

      UN calls for 'Global Green New Deal' to boost world economy

      The world must dramatically rethink its economic model in order to tackle growing environmental stress, inequality and development challenges, the UN said Wednesday, calling for a "Global Green New Deal". In a fresh report, the UN trade, investment and development agency (UNCTAD) called for countries to join forces and enable trillions of dollars in public sector investments to help reboot the global economy and counter climate change.

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    • Italy unemployment rate reaches 9.9% in July

      Italy unemployment rate reaches 9.9% in July

      Italy’s unemployment rate reached almost 9.9% in July after an upward revision to the previous month’s data, as some 18,000 jobs were lost, national statistics bureau ISTAT reported on Friday. That compares with the Eurozone average of 7.5% and is much higher than 3.4% in the Netherlands and 5% in Germany.

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    • Eurozone second-quarter growth slows

      Eurozone second-quarter growth slows

      The eurozone’s GDP barely grew in the second quarter of 2019, data showed on Wednesday, as economies across the bloc lost steam and the largest, Germany, contracted thanks to a global slowdown driven by world trade conflicts and uncertainty over Brexit.

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    • UK economy posts worst quarter since 2012

      UK economy posts worst quarter since 2012

      The British economy has shrunk for the first time since late 2012, after official data Friday showed second-quarter gross domestic product (GDP) contracted by 0.2%, dragged down by a slump in manufacturing just as Prime Minister Boris Johnson prepares to leave the European Union with or without a divorce deal.

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    • EU should prepare for economic shock

      EU should prepare for economic shock

      In its annual growth report, released last week, the Organisation for Economic Co-operation and Development (OECD) painted a gloomy picture for the global market economy - rising inequalities, slowing growth and strong headwinds, notably because of increasing uncertainties on the world political stage and ongoing trade wars.

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    • China's economic growth the lowest in 27 years

      China's economic growth the lowest in 27 years

      China released on Monday its second-quarter figures on Monday and they are showing that country's economy slowed to 6.2% - the weakest rate in at least 27 years, as the country’s trade war with the US remains still unsolved. The 6.2% growth from a year ago is in line with the expectations of analysts polled by Reuters, but is way lower than the 6.4% year-on-year growth in the first quarter of 2019.

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