Subterms
In 2014, early in Indian Prime Minister Narendra Modi’s first term, the world was abuzz with India’s demographic dividend. More than half of India’s population was under the age of 24, GDP was growing at 7% to 8% annually in spite of corruption and high inflation, and Modi had won a decisive mandate in national […] More
Around the world, the news agenda is dominated by the coronavirus and the policy responses to it. Naturally, most of the attention is paid to things like how many people are dying and when the various lockdowns can be lifted. However, in every industry, there is a story to be told about the impact of […] More
Republicans, including the president, have opposed the additional funds. But their expiration could bring ‘incredible suffering’ Coronavirus – latest US updates Coronavirus – latest global updates People wait in line to get care packages with food donations from the Food Bank for New York City in Brooklyn on 15 May. Photograph: Alba Vigaray/EPA James Phillips […] More
America begins to unlock for summer – but is it inviting a disastrous second wave? Covid-19 deaths are still rising, but there are signs of quarantine fatigue – and experts warn relaxing the rules too soon could have devastating consequences Coronavirus – live US updates Live global updates Folly Beach in South Carolina last weekend. […] More
Economists like to think of the wreckage caused by stock market downturns, widespread bankruptcies and corporate downsizing as “creative destruction.” As it destroys the old and the dysfunctional, the capitalist system continually spurs innovation, much as a forest fire prepares the ground for new growth. Or so the representatives of the dismal science argue. Donald […] More
Classic textbooks teach us that economic shocks typically hit either the demand or the supply sides of the economy. They usually stem from domestic developments, but sometimes they emerge from abroad. COVID-19, the disease caused by the novel coronavirus, has defied this logic and has done so in new ways. For example, one of its distinctive features — one that has been particularly excruciating for policymakers — has been […] More
A larger proportion of Americans have lost their jobs during this pandemic than at any time since the Great Depression. In the UK, unemployment increased to 2.1 million in April, and economists expect millions more people to become unemployed once the furlough scheme ends. The current, acute crisis in unemployment is likely to become a […] More
The US economy risks “permanent damage” if coronavirus lockdowns continue for months, the treasury secretary, Steven Mnuchin, has warned Congress. Mnuchin’s comments came in a joint appearance before the Senate banking committee with Jerome Powell, the chairman of the Federal Reserve. Appearing via video link, the pair offered a stark assessment of the fragile state […] More
