Economy

    • European economy on a path of steady, but moderate growth

      European economy on a path of steady, but moderate growth

      The European economy is set to continue on a path of steady, moderate growth, according to the Winter 2020 Economic Forecast published last Thursday by the Commission. The euro area has now enjoyed its longest period of sustained growth since the euro was introduced in 1999. The forecast projects that Eurozone gross domestic product (GDP) growth will remain stable at 1.2% in 2020 and 2021. For the EU as a whole, growth is forecast to ease marginally to 1.4% in 2020 and 2021, down from 1.5% in 2019.

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    • Coronavirus impact on China economy grows

      Coronavirus impact on China economy grows

      For China the coronavirus outbreak is already having a damaging economic and business impact, affecting everything from tourism to the supply of parts to the automotive and technology industries. Stock markets have been volatile and China’s economy – which makes up one-sixth of the global economy – hammered. 

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    • 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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