Economic Conditions and Trends

Subterms

    More stories

    • 75 Shares169 Views

      in Elections

      Ferrari, Prada y hambre en Venezuela

      by

      CARACAS, Venezuela — En la capital, una tienda vende bolsos de Prada y un televisor de 110 pulgadas por 115.000 dólares. No muy lejos, un concesionario de Ferrari ha abierto, y un nuevo restaurante permite que los comensales acomodados disfruten de una comida sentados encima de una grúa gigantesca con vistas a la ciudad.“¿Cuándo fue la última vez que hicieron algo por primera vez?”, gritaba por el micrófono el anfitrión del restaurante a los clientes emocionados, mientras cantaban una canción de Coldplay.Esto no es Dubái ni Tokio, sino Caracas, la capital de Venezuela, donde una revolución socialista prometió igualdad y el fin de la burguesía.La economía de Venezuela colapsó hace casi una década, lo que provocó un enorme flujo de emigrantes en una de las peores crisis de la historia moderna de América Latina. Ahora hay indicios de que el país se está asentando en una nueva y rara normalidad, con productos cotidianos fácilmente disponibles, una pobreza que empieza a disminuir y asombrosas áreas de opulencia.Esto ha dejado al gobierno socialista del presidente autoritario de Venezuela, Nicolás Maduro, liderando un país en el que la economía está mejorando, la oposición batalla por unirse y Estados Unidos ha comenzado a reducir las sanciones petroleras que habían contribuído a obstaculizar las finanzas.Un televisor en venta a un precio superior a 100.000 dólares en una tienda de CaracasUn restaurante costoso que abrió recientemente en Caracas.Las condiciones siguen siendo terribles para una gran parte de la población, y aunque la hiperinflación que paralizó la economía se ha moderado, los precios siguen triplicándose anualmente, una de las peores tasas del mundo.Pero con la relajación por parte del gobierno de las restricciones al uso de dólares estadounidenses para hacer frente al colapso económico de Venezuela, la actividad empresarial está volviendo al que fue el país más rico de la región.Como resultado, Venezuela es cada vez más un país de ricos y pobres, y una de las sociedades más desiguales del mundo, según Encovi, una respetada encuesta nacional realizada por el Instituto de Investigaciones Económicas y Sociales de la Universidad Católica Andrés Bello.Maduro se ha jactado de que la economía creció un 15 por ciento el año pasado, con respecto al anterior, y de que la recaudación de impuestos y las exportaciones también aumentaron, aunque algunos economistas subrayan que el crecimiento de la economía es engañoso porque se produjo tras años de enormes caídas.Por primera vez en siete años, la pobreza está disminuyendo: la mitad del país vive en la pobreza, frente al 65 por ciento en 2021, según la encuesta de Encovi.Un puesto vende verduras a un dólar por pieza en bolsa en un mercado ajetreado en el centro de Caracas.Luego de años de un subibaja económico, Venezuela se ha instalado en una nueva y desconcertante normalidad impulsada por los dólares estadounidenses.Pero la encuesta también reveló que los venezolanos más ricos eran 70 veces más ricos que los más pobres, lo que pone al país a la par con algunos países de África que tienen las tasas más altas de desigualdad en el mundo.Y el acceso a los dólares estadounidenses está limitado a personas con vínculos al gobierno o a quienes están involucrados en negocios ilícitos. Un estudio del año pasado de Transparencia Internacional, una organización anticorrupción, halló que negocios ilegales como el contrabando de comida, gasolina, personas y gas representaban más del 20 por ciento de la economía venezolana.Aunque algunas zonas de Caracas están llenas de residentes que pueden adquirir una creciente variedad de productos importados, uno de cada tres niños en toda Venezuela sufría desnutrición en mayo de 2022, según la Academia Nacional de Medicina.Alrededor de siete millones de personas se han dado por vencidas y han huido de su patria desde 2015, según las Naciones Unidas.A pesar del nuevo mensaje del gobierno de Maduro —“Venezuela se arregló”—, muchos sobreviven con el equivalente a solo unos pocos dólares al día, y los empleados del sector público han salido a la calle para protestar por los bajos salarios.“Tengo que hacer maromas”, dijo María Rodríguez, de 34 años, analista de laboratorio médico en Cumaná, una pequeña ciudad ubicada a 400 kilómetros al este de la capital. Rodríguez dice que, para pagar la comida y la matrícula escolar de su hija, dependía de dos trabajos, un negocio paralelo de venta de productos de belleza y el dinero de sus familiares.Yrelys Jiménez, profesora de preescolar con estudios universitarios en San Diego de los Altos, una localidad ubicada a media hora en coche al sur de Caracas, bromeaba diciendo que su salario mensual de 10 dólares significaba “pan para hoy y hambre para mañana”. (El restaurante que permite que los comensales coman a 45 metros sobre el suelo cobra 140 dólares por comida).Yrelys Jiménez con sus hijos en la habitación que comparten.Jiménez en su larga caminata a casa con sus hijos, al volver de su trabajo como maestra.A pesar de estas penurias, Maduro, cuyo gobierno no respondió a las solicitudes de comentarios, se ha centrado en promover los crecientes indicadores económicos del país.“Parece que el enfermo se recupera, se para, camina y corre”, dijo Maduro en un discurso reciente, comparando a Venezuela con un paciente de hospital que se cura repentinamente.El cambio de estrategia de Estados Unidos hacia Venezuela ha beneficiado en parte a su gobierno.En noviembre, después de que el gobierno de Maduro accediera a reanudar las conversaciones con la oposición, el gobierno de Biden concedió a Chevron una licencia de seis meses, prorrogable, para extraer petróleo en Venezuela. El acuerdo estipula que los beneficios se utilicen para pagar las deudas que el gobierno venezolano tiene con Chevron.Y, mientras Estados Unidos sigue prohibiendo las compras a la petrolera estatal, el país ha aumentado las ventas de petróleo en el mercado negro a China a través de Irán, según los expertos en energía.Esculturas flotantes en una tienda departamental de lujo en CaracasLa flexibilización de las restricciones sobre los dólares por parte del gobierno venezolano ha facilitado que algunas personas gasten el dinero enviado desde el extranjero.Maduro también está saliendo del aislamiento de sus vecinos latinoamericanos porque un giro regional hacia la izquierda ha provocado el deshielo de las relaciones. Colombia y Brasil, ambos dirigidos por líderes de izquierda recientemente elegidos, han restablecido las relaciones diplomáticas. El nuevo presidente de Colombia, Gustavo Petro, ha sido particularmente cálido con Maduro, reuniéndose con él en repetidas ocasiones y acordando un acuerdo para importar gas venezolano.Con las elecciones presidenciales previstas para el próximo año y la reciente disolución del gobierno paralelo de la oposición, Maduro parece cada vez más confiado en su futuro político.La tasa de inflación del año pasado, del 234 por ciento, sitúa a Venezuela en el segundo lugar del mundo, por detrás de Sudán, pero palidece en comparación con la hiperinflación registrada en 2019, cuando la tasa se disparó hasta el 300.000 por ciento, según el Banco Mundial.Con la producción y los precios del crudo al alza, Venezuela también ha empezado a experimentar un aumento de los ingresos procedentes del petróleo, su exportación clave. La producción del país, de casi 700.000 barriles al día, es superior a la del año pasado, aunque fue dos veces mayor en 2018 y cuatro veces mayor en 2013, dijo Francisco J. Monaldi, investigador de política energética de América Latina en la Universidad Rice.La flexibilización por parte del gobierno venezolano de las restricciones sobre los dólares ha facilitado que algunas personas puedan usar el dinero enviado desde el extranjero. En muchos casos, no se intercambia dinero en efectivo. Los venezolanos con medios utilizan cada vez más aplicaciones digitales como Zelle para usar dólares en cuentas del extranjero para pagar bienes y servicios.Amigas celebran un cumpleaños en un restaurante de moda en Caracas.Una encuesta halló que los venezolanos más adinerados eran 70 veces más ricos que los más pobres.Aun así, los funcionarios estadounidenses califican el panorama económico de Venezuela de ilusorio de alguna manera.“Fueron capaces de ajustarse a muchos de sus problemas tras la aplicación de las sanciones a través de la dolarización”, según Mark A. Wells, subsecretario de Estado adjunto, “por lo que con el tiempo empieza a parecer que son capaces de alcanzar un estatus que básicamente ayuda a las élites de allí, pero los pobres siguen siendo muy, muy pobres”.“Por lo tanto, no es que todo sea más estable y mejor ahí”, agregó Wells.Maduro asumió el cargo hace casi 10 años y fue reelegido en 2018 en unos comicios ampliamente considerados como una farsa y que fueron repudiados por gran parte de la comunidad internacional.La creencia generalizada de que Maduro ganó fraudulentamente llevó a la Asamblea Nacional elegida democráticamente a declarar vacante la presidencia en 2019 y utilizar una disposición de la Constitución para nombrar a un nuevo líder, Juan Guaidó, un exdirigente estudiantil. Fue reconocido por decenas de países, incluido Estados Unidos, como gobernante legítimo de Venezuela.Pero como figura principal de un gobierno paralelo que supervisaba las cuentas financieras internacionales congeladas, carecía de poder dentro del país.Juan Guaidó lideró un gobierno reconocido por Estados Unidos pero que no tenía poder dentro del país.Rebuscando en un gran contenedor de basura en un mercado callejero de Caracas. La mitad del país vive en la pobreza, menos que el 65 por ciento que vivía en esa situación en 2021.En diciembre, la Asamblea Nacional destituyó a Guaidó y eliminó el gobierno interino, una medida que algunos observadores consideraron como un impulso a Maduro. Varias figuras de la oposición han anunciado que se presentarán a las primarias previstas para finales de octubre, a pesar de que muchos analistas políticos son escépticos de que Maduro permita una votación creíble.“Lo que Maduro tiene hoy es una oposición desarticulada y dispersa”, dijo Guaidó en una entrevista telefónica. “También tiene a la mayoría del pueblo en su contra. Sigue siendo un dictador sin apoyo popular, una economía destruida por su propia culpa, con profesores, enfermeras, ancianos y trabajadores protestando ahora mismo mientras hablamos”.Incluso gente como Eugenia Monsalves, propietaria de una empresa de suministros médicos en Caracas y que envía a sus dos hijas a colegios privados, está frustrada con el rumbo del país.Aunque es de clase media alta, dice que tiene que cuidar cómo gasta su dinero.Sale a comer de vez en cuando y ha visitado algunas de las nuevas tiendas de lujo de la ciudad, pero sin comprar nada.“La gran mayoría de los venezolanos viven una situación complicada, muy complicada”, dijo.Monsalves cree que el gobierno de Maduro debe irse, pero le preocupa que los mejores candidatos hayan sido forzados al exilio o descalificados. La oposición, dijo, no se ha unido en torno a lo que más necesita: un líder que pueda energizar al electorado.“Eso es lo que yo más quisiera, así como muchísimos otros venezolanos”, dijo. “Pero la verdad es que de esta manera, y sin un panorama claro de la oposición, una propuesta clara de un candidato, lo veo muy difícil”.Un restaurante de lujo en un hotel recién remodelado en Caracas.Nayrobis Rodríguez colaboró con reporteo desde Sucre, Venezuela, y More

    • 75 Shares169 Views

      in Elections

      Nigerian Election 2023: What to Know

      by

      The presidential election this month in Africa’s most populous country is completely unpredictable. An unexpected third candidate with a huge youth following may upend decades of traditional politics.Nigerians go to the polls next week to choose a new president — one of the most important elections happening anywhere in the world this year. Nigeria is Africa’s most populous country, with about 220 million people, and what happens there reverberates across the continent and the globe.The Giant of Africa, as Nigeria is known, is at an inflection point. Nearly eight years of rule by an ailing president, Muhammadu Buhari — a military dictator turned reformed democrat — has seen the country lurch from one economic shock to the next. Over 60 percent of the people live in poverty, while security crises — including kidnapping, terrorism, militancy in oil-rich areas and clashes between herdsmen and farmers — have multiplied. Young, middle-class Nigerians are leaving the country in droves.Many Nigerians see the 2023 election as a chance to change course, and are planning to break with the two traditional parties to vote for a third candidate. Not since the rebirth of Nigeria’s democracy in 1999 has the country faced an election as nail-biting — and as wide open — as this one.When is the election?The vote is scheduled for Feb. 25, unless it is postponed, as it was in 2019, just five hours before polls were to open. The head of the Independent National Electoral Commission, or I.N.E.C., has warned that if the myriad security challenges Nigeria is facing are “not monitored and dealt with decisively,” elections could be postponed or canceled in many wards, causing a constitutional crisis.Who are the main candidates?There is Bola Ahmed Tinubu, 70, who as the candidate of the governing All Progressives Congress has serious political machinery behind him. A canny, multimillionaire former governor of Lagos, Nigeria’s biggest city, Mr. Tinubu is a Muslim from the southwest and boasts that he brought Mr. Buhari to power. His catchphrase, “Emi lo kan” — Yoruba for “It’s my turn” — speaks to his record as a kingmaker in Nigerian politics, but alienates many young voters.Officials of the Independent National Electoral Commission sort voter cards at a ward in Lagos, Nigeria, last month ahead of the presidential election in February.Pius Utomi Ekpei/Agence France-Presse — Getty ImagesThe former vice president and multimillionaire businessman Atiku Abubakar is the candidate of the Peoples Democratic Party, or P.D.P. Mr. Abubakar, 76, has run for the presidency five times since 1993, and this year could be his last shot. A Muslim from the north, he hopes to pick up far more votes there than he has in the past, now that he does not have to run against his old nemesis, Mr. Buhari, who had an ardent northern following.The surprise candidate is Peter Obi, 61. Hailed as a savior by a large chunk of Nigeria’s digitally savvy youth, Mr. Obi — a Christian and former governor from the southeast who has hitched his wagon to the lesser-known Labour Party — has thrown this election open. His fans — mostly young, southern Nigerians walloped by economic hardship, joblessness and insecurity — call themselves the Obidients.These are the three leading contenders among the 18 candidates in all. However, a fourth candidate worth mentioning is Rabiu Kwankwaso, 66. While unlikely to win the election, Mr. Kwankwaso, also a Muslim, could profoundly affect the result by splitting the vote in parts of Nigeria’s north, including the major state of Kano, where he has a huge base.Why does this election matter?Nearly 90 percent of Nigerians believe the country is going in the wrong direction, according to a recent survey by Afrobarometer — by far the worst perception it has ever recorded in Nigeria. For many, this election seems like a last-ditch chance to rescue their country.People waited at a bus stop with heavy traffic in Lagos last month. A recent survey found that nearly 90 percent of Nigerians believe the country is going in the wrong direction.Akintunde Akinleye/EPA, via ShutterstockA nation bursting with entrepreneurs and creative talent, Nigeria is held back by rampant insecurity, widespread unemployment, persistent corruption and a stagnating economy, which together mean that simply surviving can be a major struggle.What is different about this ballot?Recent changes in the voting system — using biometric data to ensure voters’ identities and sending results electronically rather than manually — were put in place to prevent the tampering and vote rigging that have undermined previous elections.There is no incumbent on the ballot, and for the first time in decades, there are major candidates from each of Nigeria’s three main ethnic groups: Yoruba, Igbo and Hausa-Fulani.All the usual, if unofficial, rules of Nigerian elections have been blown apart:1: It’s a battle between the two established parties. Mr. Obi broke this one when he lost the P.D.P. ticket to Mr. Abubakar but insisted on running anyway, and joined another party.2: The presidency is supposed to alternate between the north and the south, and so parties should field candidates accordingly. Mr. Buhari is a northerner, so Mr. Abubakar was expected to let a southerner helm his party. But he did not, and he may pay the price by losing the P.D.P.’s traditional southern strongholds.3: There should be a Muslim and a Christian on the ticket. Mr. Tinubu, a Muslim, bulldozed through this rule by picking a Muslim from the northeast as his running mate. That could cost him dearly in the south, too.Religious identity is a factor in Nigerian elections. Muslims celebrated the holiday of Eid al-Adha in Abuja, last year.Afolabi Sotunde/ReutersWhat does a candidate need to win?An absolute majority plus 25 percent of the vote in two-thirds of the nation’s 36 states are essential for victory. If no candidate achieves this, the election will go to a runoff — which has never happened since democracy returned but which analysts now say is a distinct possibility.Turnout is usually extremely low — around 35 percent of registered voters voted in the last election, because of insecurity, logistical problems and apathy. But this year, according to I.N.E.C., more than 12 million new voters have registered, most of them young people. The election result may hinge on whether those new voters turn out or not.Results are expected two or three days after the election.What does polling show (or not show)?Several recent polls put Mr. Obi ahead of his rivals — some by a wide margin. But what many of these surveys have in common is that a large proportion of people polled refuse to say who they are voting for or say they are undecided.One poll by the data and intelligence company Stears tried to solve this problem by making an informed guess about which way the “silent voters” would cast their ballots based on their profiles and how they responded to other questions.Stears found that if there is a high turnout on election day, Mr. Obi would most likely win by a large margin. But if, as in 2019, few people show up at the polls, Mr. Tinubu would be by far the more likely winner.Above the Ibadan expressway in Lagos, a campaign poster shows presidential candidate Bola Ahmed Tinubu and his running mate Kashim Shettima, of the governing All Progressives Congress party.Pius Utomi Ekpei/Agence France-Presse — Getty Images More

    • 113 Shares189 Views

      in Elections

      Anger Over Quake Response Challenges Erdogan Ahead of Election

      by

      A furor is building among some survivors over the government’s handling of the crisis. “I have been voting for this government for 20 years, and I’m telling everyone about my anger,” said one. “I will never forgive them.”GAZIANTEP, Turkey — A powerful earthquake struck northwestern Turkey in 1999, killing more than 17,000 people, exposing government incompetence and fueling an economic crisis. Amid the turmoil, a young, charismatic politician rode a wave of public anger to become prime minister in 2003.That politician was Recep Tayyip Erdogan.Now, as president, Mr. Erdogan faces challenges similar to those that brought down his predecessors — posing what is perhaps the greatest threat of his two decades in power to his political future.The deadliest earthquake to strike Turkey in almost a century killed at least 20,000 people this past week, with the bodies of countless others still buried in the rubble. It hit after a year of persistently high inflation that has impoverished Turkish families, leaving many with scarce resources to bounce back.The quake’s aftermath has highlighted how much Mr. Erdogan has reshaped the Turkish state, analysts said. Critics accuse him of pushing the country toward autocracy by weakening civil rights and eroding the independence of state institutions, like the Foreign Ministry and the central bank. And in a series of moves aimed at undercutting his rivals and centralizing control, he has restricted institutions like the army that could have helped with the earthquake response while stocking others with loyalists.Mr. Erdogan acknowledged on Friday that his government’s initial response to the disaster had been slow, and anger was building among some survivors, a sentiment that could hamper his bid to remain in power in elections expected on May 14.“I have been voting for this government for 20 years, and I’m telling everyone about my anger,” said Mikail Gul, 53, who lost five family members in a building collapse. “I will never forgive them.”Residents searched for their relatives in a collapsed building in Kahramanmaras, near the epicenter of the quake, on Friday.Emin Ozmen for The New York TimesMr. Erdogan assessed the earthquake damage in Kahramanmaras on Wednesday.Adem Altan/Agence France-Presse — Getty ImagesThe president, who faced harsh criticism in 2021 over his government’s failure to control disastrous wildfires, has long portrayed himself as a leader in touch with the common citizen. He visited communities hit hard by the quake in recent days. Dressed in black, his face grim, he visited the wounded and comforted people who had lost their homes and emphasized the magnitude of the crisis.“We are face to face with one of the greatest disasters in our history,” he said on Friday during a visit to Adiyaman Province. “It is a reality that we could not intervene as fast as we wished.”The 7.8 magnitude earthquake — the most powerful in Turkey in decades — and hundreds of aftershocks toppled buildings along a 250-mile-long swath in the south, destroying thousands of buildings and causing billions of dollars in damage. Across the border in Syria, nearly 4,000 dead have been counted, a toll that is expected to rise significantly.“This is the largest-scale disaster that Turkey has to manage, and, inevitably, this will create a backlash against the government,” said Sinan Ulgen, the director of Edam, an Istanbul-based think tank. “But much will depend on how effectively it can address the needs of the affected population.”A man mourning the death of his father in Kahramanmaras on Friday.Emin Ozmen for The New York TimesMany residents of the disaster zone have expressed frustration with the government’s response, saying that in some areas, the state was nowhere to be seen during the initial aftermath.Emin Ozmen for The New York TimesThe Turkish government has begun an extensive aid operation, dispatching 141,000 aid and rescue workers to search for the dead and wounded, to distribute food, blankets and diapers and to erect tents for the tens of thousands of homeless, many of them sleeping in cars to avoid the subzero winter chill.Deadly Quake in Turkey and SyriaA 7.8-magnitude earthquake on Feb. 6, with its epicenter in Gaziantep, Turkey, has become one of the deadliest natural disasters of the century.A Devastating Event: The quake, one of the deadliest since 2000, rippled through neighboring countries; an area along the Syrian-Turkish border was hit particularly hard.From the Scene: Thousands of people have been killed, and dozens of cities have been gutted. Here is how witnesses described the disaster.A Desperate Search: When buildings fell in Antakya, Turkey, families poured in from all over to help. Videos capture the dig for survivors.Syrian Refugees: Millions of people fled the war in Syria for the safety of neighboring Turkey. Now, those killed in the quake are being returned home.Nevertheless, many survivors have expressed frustration with the government’s response, saying the state was nowhere to be found during the initial aftermath, leaving residents alone to find shelter and free trapped loved ones from collapsed buildings.The scarcity of trained rescue squads and heavy machinery during the critical first days most likely increased the death toll because many people who could have been saved were not.When government agencies arrived, residents said, their equipment seemed insufficient and they failed to coordinate the efforts of volunteers who were already struggling to help survivors.For two days after the quake, Mr. Gul said his family lacked food and water and felt helpless amid the destruction.“The house next to us collapsed and there was a girl inside saying, ‘Save me! save me!’” he said.The girl was saved, but Mr. Gul and his relatives had to dig out their five dead family members, he said.He had worked in Germany for 20 years, funneling his savings into 10 apartments in the city of Kahramanmaras, near the quake’s epicenter, so he could live off the rent. But all of the apartments were destroyed, and he has to start over.“I don’t know what I’m going to do,” he said.Distributing aid in the southern city of Antakya on Wednesday.Emily Garthwaite for The New York TimesTurkish soldiers joined a rescue operation in Kahramanmaras on Friday.Emin Ozmen for The New York TimesDuring his two decades as prime minister and president, Mr. Erdogan has argued that changes to the way Turkey was run were necessary to protect it from a range of domestic and foreign threats, including military coups and terrorist groups.He has also restricted the army, which played a key role in the government’s response to the 1999 earthquake.Turker Erturk, a former Navy admiral who was a commander in the crisis center set up after that quake, said in an interview that the army had swiftly intervened. But in the years since, Mr. Erdogan’s government had limited that ability and the army had stopped planning and training for it, he said.After Monday’s quake, the government called on the army only after public criticism, according to Mr. Erturk.“It is because of one-man rule,” he said. “In authoritarian governments, those decisions are made at the very top, and they wait for his commands.”On Friday, the army said in a tweet that its soldiers had been helping “from the first day” and now had more than 25,000 soldiers deployed. But their presence has not been obvious in many of the hardest-hit areas.Leading the government’s earthquake response is the Disaster and Emergency Management Presidency, or AFAD, which critics say Mr. Erdogan has stocked with loyalists and empowered at the expense of other organizations, like the Turkish Red Crescent.AFAD, the agency leading the government’s earthquake response, set up shelters for the homeless on the edge of Antakya on Thursday.Emily Garthwaite for The New York TimesA family gathered around a fire to stay warm in Antakya on Wednesday.Sergey Ponomarev for The New York TimesThe earthquake has also led to increased scrutiny of the government’s use of construction codes aimed at preventing buildings from collapsing, according to analystsAlthough no one can predict the precise timing of an earthquake, seismologists have been warning for years that a big one was expected in this region.Three days before the quake, a prominent geologist, Naci Gorur, wrote on Twitter that he was concerned that other seismic activity in Turkey had put pressure on the faults near the epicenter of Monday’s tremor. He even posted a map pinning some of the locations that would be the hardest hit if his predictions came to pass.After the quake, he tweeted again, saying: “As geologists, we grew exhausted of repeating that this earthquake was coming. No one even cared what we were saying.”Following the 1999 quake, Turkey strengthened its construction codes to make buildings more earthquake resistant.But the zone devastated by the recent quakes is dotted with areas where some buildings survived while others nearby — some relatively new — completely collapsed, raising questions about whether some contractors had cut corners.A damaged artist’s studio in Antakya.Emily Garthwaite for The New York TimesThe body of an earthquake victim at the entrance to a mosque in Antakya.Emily Garthwaite for The New York TimesAt one collapsed apartment block this week, volunteer construction workers spotted what they said was inferior rebar and they broke up chunks of concrete with their hands, saying it was poor quality.In the days since, a lawyers’ association has asked prosecutors in Kahramanmaras to identify contractors who built buildings that collapsed and inspectors who checked them so they can be investigated for possible criminal violations. Prosectors in Gaziantep have started collecting rubble samples for their own investigation.The earthquake left behind billions of dollars in damage, and government plans will require billions more at a time when the state budget is already strained.Before the quake, Mr. Erdogan’s government unleashed billions of dollars in new spending aimed at cushioning the blow of high inflation to citizens before the election, a cash injection that some economists predicted could tip the country into recession this year.On top of economic hardship, the earthquake will deepen Turks’ distress, and not in a way that makes them feel that they are contributing to a greater cause, said Selim Koru, an analyst at the Economic Policy Research Foundation of Turkey.“This, by its nature, comes out of nowhere, and it makes people even more miserable, and not just in the earthquake zone,” he said. “The economy is going to suffer, and I’m not sure it gives that suffering any meaning.”Searching for clothing in a donation pile in Antakya.Sergey Ponomarev for The New York TimesWatching the search and rescue operation in Antakya.Sergey Ponomarev for The New York TimesThe earthquake’s proximity to the presidential and parliamentary elections that must be held on or before June 18 could lead to other challenges.The Reuters news agency quoted an unnamed Turkish official on Thursday as saying the earthquake’s devastation posed “serious difficulties” for the vote. It was the first hint that the government could seek to postpone it.Trying to unseat Mr. Erdogan is a coalition of six opposition parties that want to bolster the economy and restore independence to state institutions. They have already started trying to turn the quake response into an election issue.But even some angry voters still trust Mr. Erdogan.“We failed this test,” said Ismail Ozaslan, 58, a long-haul truck driver in a park in Gaziantep where part of his family was cramped inside a tent. “We are like patients left to die. There is no management here.”But his criticism of local and national officials, whom he accused of corruption and neglect, stopped short of Mr. Erdogan.“It’s like a building where the roof is strong but the pillars are rotten,” he said. “We don’t have a chance other than Erdogan. May God grant him a long life.”The damaged Kurtulus mosque in Gaziantep.Emin Ozmen for The New York TimesSafak Timur More

    • 88 Shares159 Views

      in Elections

      Will Americans Even Notice an Improving Economy?

      by

      Imagine that your picture of the U.S. economy came entirely from headlines and cable news chyrons. Would you know that real gross domestic product has risen 6.7 percent under President Biden, that America gained 4.5 million jobs in 2022 and that inflation over the past six months, which was indeed very high last winter, was less than 2 percent at an annual rate?This isn’t a hypothetical question. Most people don’t read long-form, data-driven essays on the economic outlook. Their sense of the economy is more likely to be shaped by snippets they read or hear.And there is a yawning gulf between public perceptions and economic reality. Recent economic data has been positive all around. Yet a plurality of adults believes that we’re in a recession. In an AP-NORC survey, three-quarters of Americans described the economy as “poor,” with only 25 percent saying it was “good.”You might be tempted to say, never mind the data, people know what’s happening to the economy from personal experience. But there’s a big disconnect on that front, too.Even with 75 percent of the public saying the economy is poor, a majority of Americans rate their own financial situation positively. On average, people seem to be saying that they’re doing reasonably well but that very bad things are happening to somebody else.This “I’m OK, you aren’t” syndrome was especially clear in a Federal Reserve survey carried out in late 2021; we won’t have the 2022 results until later this year, but I expect them to look similar. According to the 2021 survey, 78 percent of households said they were doing “at least OK” financially, a record high; only 24 percent said the national economy was “good or excellent,” a record low. Assessments of local economies, for which people have some personal knowledge, were in between.Now, this isn’t the first time I’ve written about the disconnect between economic perceptions and reality. In the past, however, I got a lot of pushback from people insisting that the public was in deep shock over the resurgence of inflation after years of more or less stable prices.At this point, however, that’s becoming a harder position to sustain. Since last summer prices of some goods, notably of eggs, have soared, but other prices, notably of gasoline, have plunged. As I said, the overall inflation rate in the second half of 2022 was around 2 percent, which has been normal for the past few decades, while the unemployment rate in December, at 3.5 percent, was at a 50-year low. Oh, and inflation-adjusted wages, which fell in the face of supply-chain problems and the Ukraine shock, have been rising again.So what explains the public’s sour view of what is objectively a pretty good economy?Partisanship is clearly part of the story. One striking aspect of that AP-NORC survey was that Democrats and Republicans weren’t that different in their assessments of their personal financial situation; majorities of both groups rated their condition as good. But 90 percent of Republicans said the national economy was poor. A longer view, from the Michigan Survey of Consumers, finds Republicans rating the current economy worse than they did in June 1980, when unemployment was above 7 percent and inflation was 14 percent.What about media coverage? Some of my colleagues get upset about any suggestion that economic reporting has had a negativity bias that affects public perceptions. Yet there’s actually hard evidence to that effect. The Michigan Survey asks respondents about what news they’ve heard about specific business conditions; all though 2022 — as the economy added 4.5 million jobs — more people reported hearing negative than positive news about employment.All of which raises an obviously important political question: Will Americans even notice an improving economy?To be fair, we don’t know whether the economic news will stay this good. Although many forecasters have backed off predictions of imminent recession, experts I talk to consider a growth hiccup over the next quarter or two to be likely. There’s also a raging debate among economists over whether we’ll need a sharp rise in unemployment to keep inflation low.But let’s assume that we get past any near-term wobbles and enter 2024 with both unemployment and inflation low. How many Americans will hear the good news?At this point we have to assume that as long as a Democrat sits in the White House, Fox News and Republicans in general will describe the economy as a disaster area whatever the reality. What’s less clear is how mainstream media will cover the economy, and what voters in general will perceive.Reports say that Biden’s political team plans to “lean into the economy” for the 2024 election. Indeed, while nothing is certain in economics (or life), Biden will most likely be able to run on a record of solid growth in incomes and jobs, with the inflation surge of 2021-22 receding in the rearview mirror.But we can safely predict that many people, not all of them Republican partisans, will insist, no matter what, that his record was a disaster. And I, at least, have no idea what voters will end up believing.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

    • 63 Shares149 Views

      in Elections

      Britain’s Cautionary Tale of Self-Destruction

      by

      In December, as many as 500 patients per week were dying in Britain because of E.R. waits, according to the Royal College of Emergency Medicine, a figure rivaling (and perhaps surpassing) the death toll from Covid-19. On average, English ambulances were taking an hour and a half to respond to stroke and heart-attack calls, compared with a target time of 18 minutes; nationwide, 10 times as many patients spent more than four hours waiting in emergency rooms as did in 2011. The waiting list for scheduled treatments recently passed seven million — more than 10 percent of the country — prompting nurses to strike. The National Health Service has been in crisis for years, but over the holidays, as wait times spiked, the crisis moved to the very center of a narrative of national decline.Post-Covid, the geopolitical order has been thrown into tumult. At the beginning of the pandemic, commentators wondered about the fate of the United States, its indifferent political leadership and its apparently diminished “state capacity.” Lately, they have focused more on the sudden weakness of China: its population in decline, its economy struggling more than it has in decades, its “zero Covid” reversal a sign of both political weakness and political overreach, depending on whom you ask.But the descent of Britain is in many ways more dramatic. By the end of next year, the average British family will be less well off than the average Slovenian one, according to a recent analysis by John Burn-Murdoch at The Financial Times; by the end of this decade, the average British family will have a lower standard of living than the average Polish one.On the campaign trail and in office, promising a new prosperity, Boris Johnson used to talk incessantly about “leveling up.” But the last dozen years of uninterrupted Tory rule have produced, in economic terms, something much more like a national flatlining. In a 2020 academic analysis by Nicholas Crafts and Terence C. Mills, recently publicized by the economic historian Adam Tooze, the two economists asked whether the ongoing slowdown in British productivity was unprecedented. Their answer: not quite, but that it was certainly the worst in the last 250 years, since the very beginning of the Industrial Revolution. Which is to say: To find a fitting analogue to the British economic experience of the last decade, you have to reach back to a time before the arrival of any significant growth at all, to a period governed much more by Malthusianism, subsistence-level poverty and a nearly flat economic future. By all accounts, things have gotten worse since their paper was published. According to “Stagnation Nation,” a recent report by a think tank, there are eight million young Brits in the work force today who have not experienced sustained wage growth at all.Over the past several decades, the China boom and then the world’s populist turn have upended one of the basic promises of post-Cold War geopolitics: that free trade would not just bring predictable prosperity but also draw countries into closer political consensus around something like Anglo-American market liberalism. The experience of Britain over the same period suggests another fly in the end-of-history ointment, undermining a separate supposition of that era, which lives on in zombie form in ours: that convergence meant that rich and well-​governed countries would stay that way.For a few weeks last fall, as Liz Truss failed to survive longer as head of government than the shelf life of a head of lettuce, I found myself wondering how a country that had long seen itself — and to some significant degree been seen by the rest of the world — as a very beacon of good governance had become so seemingly ungovernable. It was of course not that long ago that American liberals looked with envy at the British system — admiring the speed of national elections, and the way that new governing coalitions always seemed able to get things done.Post-Brexit, both the outlook for Britain and the quality of its politics look very different, as everyone knows. But focusing on a single “Leave” vote risks confusing that one abrupt outburst of xenophobic populism with what in fact is a long-term story of manufactured decline. As Burn-Murdoch demonstrates in another in his series of data-rich analyses of the British plight, the country’s obvious struggles have a very obvious central cause: austerity. In the aftermath of the 2008 global financial crisis, and in the name of rebalancing budgets, the Tory-led government set about cutting annual public spending, as a proportion of G.D.P., to 39 percent from 46 percent. The cuts were far larger and more consistent than nearly all of Britain’s peer countries managed to enact; spending on new physical and digital health infrastructure, for instance, fell by half over the decade. In the United States, political reversals and partisan hypocrisy put a check on deep austerity; in Britain, the party making the cuts has stayed steadily in power for 12 years.The consequences have been remarkable: a very different Britain from the one that reached the turn of the millennium as Tony Blair’s “Cool Britannia.” Real wages have actually declined, on average, over the last 15 years, making America’s wage stagnation over the same period seem appealing by comparison. As the political economist William Davies has written, the private sector is also behaving shortsightedly, skimping on long-term investments and extracting profits from financial speculation instead: “To put it bluntly, Britain’s capitalist class has effectively given up on the future.” Even the right-wing Daily Telegraph is now lamenting that England is “becoming a poor country.”Of course, trends aside, in absolute terms Britain remains a wealthy place: the sixth-largest economy in the world, though its G.D.P. is now smaller than that of India, its former colony. And while the deluded promises of Brexit boosters obviously haven’t come to pass, neither have the bleakest projections: food shortages, crippling labor crunches or economic chaos.Instead, there has been a slow, sighing decay — one that makes contemporary Britain a revealing case study in the way we talk and think about the fates of nations and the shape of contemporary history. Optimists like to point to global graphs of long-term progress, but if the political experience of the last decade has taught us anything, it is that whether the world as a whole is richer than it was 50 years ago matters much less to the people on it today than who got those gains, and how they compare with expectations. Worldwide child mortality statistics are indeed encouraging, as are measures of global poverty. But it’s cold comfort to point out to an American despairing over Covid-era life expectancy declines that, in fact, a child born today can still expect to live longer than one born in 1995, for instance, or to tell a Brit worrying over his or her economic prospects that added prosperity is likely to come eventually — at the same level enjoyed by economies in the former Eastern Bloc.Can Britain even stomach such a comparison? The wealthy West has long regarded development as a race that has already and definitively been won, with suspense remaining primarily about how quickly and how fully the rest of the world might catch up. Rich countries could stumble, the triumphalist narrative went, but even the worst-case scenarios would look something like Japan — a rich country that stalled out and stubbornly stopped growing. But Japan is an economic utopia compared with Argentina, among the richest countries of the world a century ago, or Italy, which has tripped its way into instability over the last few decades. Britain has long since formally relinquished its dreams of world domination, but the implied bargain of imperial retreat was something like a tenured chair at the table of global elders. As it turns out, things can fall apart in the metropole too. Over two centuries, a tiny island nation made itself an empire and a capitalist fable, essentially inventing economic growth and then, powered by it, swallowing half the world. Over just two decades now, it has remade itself as a cautionary tale.David Wallace-Wells (@dwallacewells), a writer for Opinion and a columnist for The New York Times Magazine, is the author of “The Uninhabitable Earth.” More

    • 138 Shares199 Views

      in Elections

      China Returns to Davos With Clear Message: We’re Open for Business

      by

      Emerging from coronavirus lockdown to a world changed by the war in Ukraine, China sought to convey reassurance about its economic health.DAVOS, Switzerland — China ventured back on to the global stage Tuesday, sending a delegation to the World Economic Forum to assure foreign investors that after three years in which the pandemic cut off their country from the world, life was back to normal.But the Chinese faced a wary audience at the annual event, attesting to both the dramatically changed geopolitical landscape after Russia’s war on Ukraine, as well as two data points that highlighted a worrisome shift in China’s own fortunes.Hours before a senior Chinese official, Liu He, spoke to this elite economic gathering in an Alpine ski resort, the government announced that China’s population shrank in 2022 for the first time in 61 years. A short time earlier, it confirmed that economic growth had slowed to 3 percent, well below the trend of the past decade.Against that backdrop, Mr. Liu sought to reassure his audience that China was still a good place to do business. “If we work hard enough, we are confident that growth will most likely return to its normal trend, and the Chinese economy will make a significant improvement in 2023,” he said.Mr. Liu, a well-traveled vice premier who is one of China’s most recognizable faces in the West, insisted that the Covid crisis was “steadying,” seven weeks after the government abruptly abandoned its policy of quarantines and lockdowns. China had passed the peak of infections, he said, and had sufficient hospital beds, doctors and nurses, and medicine to treat the millions who are sick.A clinic waiting room in Beijing in December. The Chinese government announced a broad rollback of its zero Covid rules earlier that month.Gilles Sabrie for The New York TimesHe did not mention the 60,000 fatalities linked to the coronavirus since the lockdowns were lifted, a huge spike in the official death toll that China announced three days ago.Mr. Liu’s mild words and modest tone were in stark contrast to those of his boss, President Xi Jinping, who came to Davos in 2017 to claim the mantle of global economic leadership in a world shaken up by the election of Donald J. Trump in the United States and Britain’s vote to leave the European Union.Since then, the United States and Europe have united to support Ukraine against Russia, leaving the Russians isolated with the Chinese among their few friends. Russia’s revanchist campaign has raised questions among Europeans about whether China might have similar designs on Taiwan, and escalated security concerns among the world’s democracies.Mr. Liu steered clear of political issues like the war in Ukraine or China’s tensions with the Biden administration. But he did say, “We have to abandon the Cold War mentality,” echoing a frequent Chinese criticism of the United States for attempting to contain China’s influence around the world.But it is China’s demographics and economic growth that are raising the biggest questions among businesspeople. The decline in population lays bare the country’s falling birthrate, a trend that experts said was exacerbated by the pandemic and will threaten its growth over the long term. The 3 percent growth rate, the second weakest since 1976, reflects the stifling effect of the government’s Covid policy.“The Chinese are worried, and they should be,” said Evan S. Medeiros, a professor of Asia studies at Georgetown University. “The entire international business community is way more negative about China over the long-term. A lot of people are asking, ‘Have we reached peak China?’”Children playing in the village square after school in Xiasha Village in Shenzhen, China, in November. China’s population has begun to shrink, the government announced on Tuesday.Qilai Shen for The New York TimesProfessor Medeiros, who served as a China adviser in the Obama administration, said, “For the past 20 years, China has benefited from both geoeconomic gravity and geopolitical momentum, but in the last year it has rapidly lost both.”The signposts of China’s economic weakness are everywhere: the government announced on Friday that exports fell 9.9 percent in December relative to a year earlier. “China has an export slowdown, construction is in crisis, and the local governments are running out of money,” said Jean-Pierre Cabestan, professor of political science at Hong Kong Baptist University. “China needs the world: to boost its economy, to accompany the return to more normalcy.”Mr. Liu laid out a familiar set of economic policies, from upholding the rule of law to pursuing “innovation-driven development.” He insisted that China was still attractive to foreign investors, who he said were integral to China’s plan to achieve the government’s goal of “common prosperity.”Lianyungang port in China’s eastern Jiangsu province. The government announced on Friday that exports fell 9.9 percent in December relative to a year earlier.Agence France-Presse — Getty Images“China’s national reality dictates that opening up to the world is a must, not an expediency,” Mr. Liu said. “We must open up wider and make it work better. We oppose unilateralism and protectionism.”But China’s delegation was a reminder of how the government has sidelined some of its own best-known entrepreneurs as it has reined in powerful technology companies. Jack Ma, a co-founder of the Alibaba Group, used to be one of the biggest celebrities at the World Economic Forum, holding court in a chalet on the outskirts of Davos. Now shunted out of power, Mr. Ma is absent from Davos.Instead, China sent less well-known executives from Ant Group, an affiliate of the Alibaba Group, as well as officials from China Energy Group and China Petrochemical Group. Unlike other countries, notably India and Saudi Arabia, which plastered buildings in Davos with advertisements for foreign investment, China has been low-key, holding meetings at the posh Belvedere Hotel.After his speech, Mr. Liu, who has a command of English and holds a graduate degree from Harvard, met privately with business executives. Some expected him to be more candid in that session about the challenges China has faced.Mr. Liu did not meet top American officials in Davos, though he will meet Treasury Secretary Janet Yellen in Zurich on Wednesday. Martin J. Walsh, the labor secretary who is at the conference, said he welcomed China’s return. “China’s in the world economy,” he said. “We need to engage with them.”Mr. Liu speaking on Tuesday.Fabrice Coffrini/Agence France-Presse — Getty ImagesThough Mr. Liu, 70, has a significant international profile — having led trade negotiations with the Trump administration — China experts noted that he is not in Mr. Xi’s innermost circle. He is also no longer a member of the Chinese government’s ruling Politburo, though analysts said he retained the trust of Mr. Xi.When he spoke at Davos in 2018, Mr. Liu’s speech was among the best attended of the conference. This year, however, about a quarter of the hall emptied before Mr. Liu spoke, after having been packed for a speech by Ursula von der Leyen, the president of the European Commission.The difference in crowd sizes reflected the reshuffled priorities of the West, now focused on exhibiting unity against Russian aggression.Ms. von der Leyen, who celebrated that solidarity in her remarks, did not exactly warm up the audience for Mr. Liu. She accused the Chinese government, in its drive to dominate the clean-energy industries of the future, of unfairly subsidizing its companies at the expense of Europe and the United States.“Climate change needs a global approach,” she said in a chiding tone, “but it needs to be a fair approach.”Mark Landler More

    • 75 Shares179 Views

      in Elections

      Your Wednesday Briefing: China’s Dual Crises

      by

      Last year, China’s economy had one of its worst performances in decades. Its population is also shrinking.Together with Japan and South Korea, China has one of the lowest fertility rates in the world.Qilai Shen for The New York TimesChina’s twin crisesAt the World Economic Forum in Davos, Switzerland, China sought to reassure the world that its economy was back on track. A delegation told world leaders that business could return to normal now that the country has relaxed its “zero Covid” policy.But China’s projected resilience does not align with two major revelations about its long-term health and stability.Yesterday, China revealed that its economy had just had one of its worst performances since 1976, the year Mao Zedong died. Its economy grew by just 3 percent, far short of its 5.5 percent target.Perhaps more consequential, China also revealed that its population had shrunk last year for the first time since the Great Leap Forward, Mao’s failed economic experiment.In the population data, experts see major implications for China, its economy and the world. Births in China have fallen for years, and officials have fought to reverse the trend. They have loosened the one-child policy and offered incentives to encourage families to have children. Those policies did not work. Now, some experts think the decline may be irreversible.A shrinking Chinese population means that the country will face labor shortages in the absence of enough people of working age to fuel its growth. By 2035, 400 million people in China are expected to be over 60, nearly a third of its population. That will have major implications for the global economy; the country has been the engine of world growth for decades.Context: The problem is not limited to China. Many developed countries are aging, and toward the middle of this century, deaths will start to exceed births worldwide. The shift is already starting to transform societies. In East Asia, people are working well into their 70s, and in France, an effort to raise the retirement age from 62 to 64 is expected to expose older workers to hiring discrimination.Opinion: China’s population decline creates two major economic challenges, writes Paul Krugman. The state pension system will struggle to handle the unbalanced ratio of older adults to the working population. And the decline may harm China’s overall productivity.Olena Zelenska pressed leaders at Davos to support Ukraine.Gian Ehrenzeller/EPA, via ShutterstockThe Ukraine war dominates at DavosThe war in Ukraine is taking center stage at the World Economic Forum in Davos, Switzerland, as Ukraine pushes for more aid and advanced weapons from the West.Olena Zelenska, Ukraine’s first lady, is there in person. Yesterday, she called on world leaders and others at the forum to use their influence to help Ukraine. She also outlined the 10-point peace plan that her husband, President Volodymyr Zelensky, announced last fall, which includes Russia’s complete withdrawal.Pressure is now growing on Germany to export its main battle tank to Ukraine, or allow other countries to do so. Poland and Finland are waiting for Germany’s approval to send the German tanks, which could help Ukraine better defend itself against Russian aerial attacks and take the initiative along the front line in the east.The State of the WarDnipro: A Russian strike on an apartment complex in the central Ukrainian city was one of the deadliest for civilians away from the front line since the war began. The attack prompted renewed calls for Moscow to be charged with war crimes.Western Military Aid: Britain indicated that it would give battle tanks to Ukrainian forces to help prepare them for anticipated Russian assaults this spring, adding to the growing list of powerful Western weapons being sent Ukraine’s way that were once seen as too provocative.Soledar: The Russian military and the Wagner Group, a private mercenary group, contradicted each other publicly about who should get credit for capturing the eastern town. Ukraine’s military, meanwhile, has rejected Russia’s claim of victory, saying its troops are still fighting there.What’s next: The dispute over German-made tanks should be resolved by the end of the week. Vocal U.S. support could help sway Germany. Yesterday, a senior NATO official said that Britain’s recent announcement that it would send 14 tanks to Ukraine was making Germany’s reluctance untenable.Context: Ukraine and its allies are growing more worried that there is only a short window to prepare for a possible Russian offensive in the spring.Elsewhere: The Australian Open banned Belarusian and Russian flags yesterday. It has allowed tennis players from those countries to compete, but not as representatives of their country.Brayan Apaza, 15, is the youngest person who was killed in the protests.Federico Rios Escobar for The New York Times.A referendum on Peru’s democracyProtests in rural Peru that began more than a month ago over the ouster of the former president, Pedro Castillo, have grown in size and in the scope of demonstrators’ demands.The unrest is now far broader than anger over who is running the country. Instead, it represents a profound frustration with the country’s young democracy, which demonstrators say has deepened the country’s vast inequalities.At first, protesters mainly sought timely new elections or Castillo’s reinstatement. But now at least 50 people have died, and protesters are demanding a new constitution and even, as one sign put it, “to refound a new nation.”“This democracy is no longer a democracy,” they chant as they block streets.Background: Peru returned to democracy just two decades ago, after the authoritarian rule of Alberto Fujimori. The current system, based on a Fujimori-era Constitution, is rife with corruption, impunity and mismanagement.Context: The crisis reflects an erosion of trust in democracies across Latin America, fueled by states that “violate citizens’ rights, fail to provide security and quality public services and are captured by powerful interests,” according to The Journal of Democracy. Just 21 percent of Peruvians are satisfied with their democracy, according to one study. Only Haiti fares worse in Latin America.THE LATEST NEWSAsia PacificMursal Nabizada was one of a few female legislators who stayed in Afghanistan after the Taliban seized power. Wakil Kohsar/Agence France-Presse — Getty ImagesA former Afghan lawmaker was fatally shot at her home in Kabul. No one has been arrested, and it was unclear whether it was a politically motivated murder or a family conflict.New Zealand is facing an egg shortage. One reason is a decade-old disagreement about how to farm poultry.Vietnam’s president resigned yesterday after he was found responsible for a series of corruption scandals, The Associated Press reports.Around the WorldArmed insurgents kidnapped 50 women in Burkina Faso, which has been battling a jihadist insurgency since 2015.Britain’s government blocked a new Scottish law that made it easier for people to legally change their gender.Experts think European inflation has probably peaked, after an unusually warm winter drove down gas prices.Science TimesSome 130,000 babies get infected with H.I.V. each year in sub-Saharan Africa.Malin Fezehai for The New York TimesEfforts to treat adults for H.I.V. have been a major success across sub-Saharan Africa. But many infections in children are undetected and untreated.Dolphins can shout underwater. But a new study suggests that underwater noise made by humans could make it harder for them to communicate and work together.The rate of big scientific breakthroughs may have fallen since 1945. Analysts say that today’s discoveries are more incremental.A Morning ReadPrincess Martha Louise of Norway stepped away from her royal duties last year to focus on her alternative medicine business.Lise AserudThe British aren’t the only ones with royal drama. Thailand, Norway, Denmark and Spain have zany monarchies, too.ARTS AND IDEAS“The Reading Party,” painted in 1735 by Jean-François de Troy, was sold for $3.6 million last month. Christie’sTough times for the old mastersThe art market, like pretty much everything else in our culture, has become all about the here and now. European paintings from before 1850 were once a bedrock of the market. But now, works by the old masters make up just 4 percent of sales at Sotheby’s and Christie’s.Instead, buyers increasingly want works by living artists. Last year, Sotheby’s, Christie’s and Phillips offered works by a record 670 “NextGen” artists, who are under 45. A January report found that their art grossed more than $300 million. Experts say that younger collectors often regard art from the distant past as remote and irrelevant, and contemporary art reflects the fast-forward cultural preoccupations of our society. There may also be a financial incentive: Works by younger, Instagram-lauded artists are routinely “flipped” at auction for many multiples of their original gallery prices.Related: A new book, “The Status Revolution,” argues that class signifiers have flipped. The lowbrow has supplanted luxury as a sign of prestige.PLAY, WATCH, EATWhat to CookArmando Rafael for The New York Times. Food Stylist: Simon Andrews. Prop Stylist: Paige Hicks.Instant pistachio pudding mix is the secret to this moist Bundt cake.How to NegotiateThere is an art to asking for a raise.HealthIs it bad to drink coffee on an empty stomach?FashionHere’s how to choose the perfect work T-shirt.Now Time to PlayPlay the Mini Crossword, and a clue: Whole bunch (four letters).Here are the Wordle and the Spelling Bee.You can find all our puzzles here.That’s it for today’s briefing. See you next time. — AmeliaP.S. Adrienne Carter, who has led our newsroom in Asia since 2019, will be the next Europe editor. Congratulations, Adrienne!“The Daily” is on China’s “zero Covid” pivot.We’d like your feedback! Please email thoughts and suggestions to briefing@nytimes.com. More

    • 88 Shares169 Views

      in Elections

      Brazil’s President Lula Has No Easy Choices

      by

      Brazil’s new president is hemmed in by protesters on one side and financial markets on the other. He needs to spend money to please the public, but he needs to demonstrate fiscal responsibility to keep investors from abandoning Brazilian assets, which could cause interest rates to soar and cripple the economy. Unfortunately, it will be extremely difficult to do both at once.It’s a tough spot for President Luiz Inácio Lula da Silva, the leftist who served two terms from 2003 to 2010 and narrowly won election to a third term in October over the far-right incumbent, Jair Bolsonaro. On Sunday, thousands of Bolsonaro supporters broke into government buildings in the capital, Brasília, to protest what they falsely believe was a stolen election.Lula, as he is known, was able to spend generously on social programs during his first period in office in part because of high prices for many of the commodities that Brazil exports. Brazil is a major producer of steel as well as agricultural products such as citrus and soybeans. Now commodity prices are faltering because of expectations of a global economic downturn. On top of that, Brazil’s central bank has raised its key lending rate to nearly 14 percent in an effort to extinguish inflation, which is running around 6 percent.Bolsonaro, although far right in his politics, governed as a free-spending populist. His government bolstered fuel subsidies last year, which won him votes but worsened the government’s financial situation.Lula, who was inaugurated on Jan. 1 in the company of his adopted pet dog, Resistência, has handed the vital job of finance minister to Fernando Haddad, a fellow leftist who hasn’t (at least yet) won the confidence of investors.With Bolsonaro’s supporters roiling Brasília and other cities, “The capital flow of foreign buyers that entered the Brazilian market recently is likely to be undone,” Matthew Ryan, the head of market strategy at Ebury, a financial services firm, wrote in a note on Monday.In a warning to investors, Filippos Papasavvas, a markets economist at Capital Economics, wrote in a client note on Monday that “any worries about widespread protests could see Lula double down on the more popularist (and less market-friendly) parts of his agenda, such as significant increases to social spending.”For a closer look at Lula’s dilemma, I interviewed Monica de Bolle, a senior fellow at the Peterson Institute for International Economics. A native of Brazil, she was named an honored economist by the Order of Brazilian Economists in 2014 for her contributions to the Brazilian policy debate.“He has no room to do the kinds of things that people expected him to do,” de Bolle told me. On the spending side, investors who worry about deficts spending will rebel if the government increases social spending or puts through a big increase in the minimum wage. Conversely, the public will rebel if he attempts to roll back subsidies on fuel that Bolsonaro put in place.De Bolle said that Brazil’s Wall Street is thick with Bolsonaro supporters. She argued that they gave Bolsonaro the benefit of the doubt but aren’t cutting Lula any slack. I told her that sounded like a great opportunity for investors from outside Brazil: If indeed domestic investors are overly pessimistic about Lula’s ability to rein in spending, then prices of Brazilian debt must be too low, presenting a good deal for buyers. She agreed. “Brazil will certainly present that opportunity,” she said.Then again, if Ebury’s Ryan is correct, foreign investors will be reluctant to scoop up Brazilian assets as long as the political situation remains uncertain. There’s no second honeymoon for Lula.Outlook: Georges Ugeux“Why is nobody talking about the debt?” Georges Ugeux, the chairman and chief executive of Galileo Global Advisors, a New York-based company that advises on mergers, acquisitions and management, asked in an article posted on Medium on Thursday. Rising interest rates have increased the burden of debt. It isn’t just a problem for emerging markets, he wrote. “The over-indebtedness of the United States, Europe, Japan and China could create a much more severe debt crisis, both at sovereign and at corporate levels.” He predicted that 2023 will be “the year where we will start paying the cost of our inconsiderate addiction to debt.”Quote of the Day“Japan’s experience of prolonged deflation suggests that it takes a great deal of effort to dispel anxiety over deflation. Nevertheless, there was no need to give up the challenge of overcoming deflation simply because the economy fell into deflation; against the background of the Bank’s monetary policy measures adopted since 2013, the economy has improved and is currently no longer in deflation.”— Masazumi Wakatabe, deputy governor of the Bank of Japan, in his keynote speech at the annual meeting of the Japan Association of Business Cycle Studies, Dec. 3, 2022Have feedback? Send a note to coy-newsletter@nytimes.com. More