Pandemic Financial News

India’s economy is now forecast to expand 7%, up from the 6.8% the IMF had projected in April, in part because of stronger consumer spending in rural areas. Overall, the IMF said Tuesday that it still expects the world economy to grow a lackluster 3.2% this year, unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8% a year.

Driven by growth in online advertising and live events, global entertainment and media revenue is expected to grow 3.9% annually on average over the next five years, jumping from $2.8 trillion in 2023 to $3.4 trillion in 2028, according to a new report from PricewaterhouseCoopers LLP. 

A new survey by Debt.com reveals that inflation is exacerbating the challenges many Americans face in paying their medical bills. The survey, which polled 1,000 Americans, highlights a significant rise in medical debt since the onset of the COVID-19 pandemic.

The Bahnsen Group founder and CIO David Bahnsen surveys the real estate market as younger homebuyers struggle with the ongoing housing crisis. 

Funding for AI startups in India stood at $8.2 million in the April-June quarter, declining about 91% sequentially and by 82% year on year, data sourced by ET from market tracking firm Tracxn showed. This, however, comes on a nearly 110% sequential growth in funding in the previous quarter, and 56% in the quarter ended December 2023.

RBI) recent analysis of employment data for the pandemic year 2020-21 has revealed significant increases in employment within agriculture and allied activities, construction, health, and social welfare. This report, which measures productivity across 27 sectors, has sparked debate due to the unexpected rise in employment during a year marked by severe economic downturns, resulting from COVID-19. According to RBI's report released last week, there was an 18.5 million increase in employment in agriculture and allied services, while the construction sector saw a 4.8 million rise. These figures align with the real gross value added (GVA) in agriculture, which grew by 4%, against an overall GVA contraction of 4.1%. On Saturday, Prime Minister Narendra Modi referred to the report, stating, «80 million new jobs were created during the last three-four years,» adding that this should silence those perpetuating false narratives about the lack of job creation.

China says its economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter

Also read | Household savings plummet to 5-year low in FY23: Where did young India’s savings go? Savings, debt, and consumption are key considerations for households. Given that households are the biggest savers in India—who help fund the government’s fiscal deficit, along with helping private firms to invest—and private consumption is the largest component of the GDP, the three variables mentioned above have much to reveal about the state of the economy.

Prime Minister Narendra Modi on Saturday credited the record rise in India's stock markets to small and big investors being «happy» as they know that «only the NDA government can give stability». «Small and big investors in the country have welcomed our third term; they know that only the NDA government can give stability. Immediately after taking over as the Prime Minister, I had said that we would work three times faster, and today we are seeing it happen,» Modi said. He was speaking at the NESCO centre in Goregaon after laying the foundation stone and unveiling a slew of infrastructure projects in Mumbai and neighbouring regions worth Rs 29,000 crore. Modi attacked the opposition saying his government had created record employment in the country and attributed a Reserve Bank of India report to say that in the last three to four years, 80 million new jobs were created.

Scientists suspect that one culprit behind your new illness might be the infection you got a couple of years ago. The link between new health problems and your past health history appears to be particularly prevalent with Covid. A new Nature Medicine study found that health problems stemming from even mild Covid infections can emerge as many as three years afterward.

Rent growth has stalled overall in recent months in Canada, with some of the country’s most expensive cities seeing annual declines in asking rents while other rental markets continue to see prices soar.

Greece has introduced a new law allowing certain private-sector workers to enforce a six-day workweek. Effective July 1, this measure aims to support the country's aging workforce and provide additional income for workers, while ensuring respect for workers' rights. The law targets specific industrial and manufacturing sectors, particularly businesses operating continuous shifts 24/7, and will be applied only in exceptional circumstances, such as an unexpectedly increased workload. Labor unions, advocating for better working conditions, have strongly opposed the move, sparking heated debates and protests. Greece already has the longest average workweek in the European Union, and it remains uncertain whether this extension will enhance productivity.

Much of north India has witnessed an intense heatwave in recent weeks, with several heatstroke-related deaths being reported. Monsoon rains could not have arrived any sooner. The effects of air pollution and climate change on human health are profound and increasingly palpable.

We observed in March that working hours in banking were back to the 100-hour weeks+ that led Goldman's technology banking team to bitterly complain during the pandemic. Since then, things have possibly got worse. 

Inflation has throttled back significantly since peaking two years ago. The U.S. economy is even seeing some prices deflate for consumers.

America’s oldest flour company opened in 1790, when George Washington was president

A South African restaurant and bar has served up a sandwich that's nearly 10 feet long in the latest offering from an establishment with a taste for the supersized

The hard times continue for REITs in 2024 as a key index continued to flash red in the second quarter.

'Mansion Global' host Katrina Campins discusses the state of the housing market on 'Making Money.'

property sector in crisis and deflation fears. Here AFP looks at the main challenges facing the world's second-largest economy:

The U.S. government will pay the vaccine maker Moderna $176 million to accelerate development of a pandemic influenza vaccine