GDP

Exploring the Digital Silk Road in the Ancient Capital of Xi'an

Retrieved on: 
Monday, April 15, 2024
Online, Education, Multimedia, Digital, Belt, City, Silk, RMB, GDP, Conference, Silk Road, Retail

XI'AN, China, April 15, 2024 /PRNewswire/ -- CRI Online News: The 2024 World Internet Conference Digital Silk Road Development Forum will open in Xi'an, Shaanxi Province, on April 16, with the "Digital Connectivity Shines on the Silk Road" media event held in the run-up to the forum.

Key Points: 
  • XI'AN, China, April 15, 2024 /PRNewswire/ -- CRI Online News: The 2024 World Internet Conference Digital Silk Road Development Forum will open in Xi'an, Shaanxi Province, on April 16, with the "Digital Connectivity Shines on the Silk Road" media event held in the run-up to the forum.
  • As part of the event, a media delegation was invited to witness local development trends in high-end, precision, and sophisticated innovation firsthand in the ancient capital of Xi'an.
  • Shaanxi's digital economy for 2023 has been valued at RMB 1.4 trillion, accounting for over 40% of the province's GDP.
  • An increase of 18% to the added value of digital product manufacturing has contributed significantly to the construction of the 21st century Digital Silk Road.

Zhengzhou taking action to spur economic prosperity and high-quality growth

Retrieved on: 
Friday, April 12, 2024
Internet, State, China Daily, Computer, Research, Environment, Local government, Science, GDP, Central China, Multimedia, Algorithm

Total retail sales of consumer goods and fixed asset investment in Zhengzhou were up 7.7 percent and 6.8 percent, respectively.

Key Points: 
  • Total retail sales of consumer goods and fixed asset investment in Zhengzhou were up 7.7 percent and 6.8 percent, respectively.
  • Also, the city's proportion of spending on research and development to GDP has outperformed the national average for two consecutive years.
  • In the government work report, it said 2024 is crucial for Zhengzhou to construct a modern national center.
  • In 2023, 12 institutional innovation achievements in the Zhengzhou Area of China (Henan) Pilot Free Trade Zone were replicated and promoted nationwide.

HMC TO ADVERTISING & MARKETING EXECUTIVES: STOP LATINO COATING

Retrieved on: 
Thursday, April 11, 2024
McKinsey & Company, Organization, Language, WPP plc, Hispanic, Zubi, Research, CMOS, HMC, SMI, Culture, GDP, Movement, Trust, Marketing, Advertising, Behavior, Human, Growth

FAIRFAX, Va., April 11, 2024 /PRNewswire/ -- In today's competitive marketplace, CMOs face immense pressure to achieve growth. Proper investment and authentic engagement with U.S. Latinos, who are influencing mainstream culture and fueling demographic shifts is the clear answer. The Hispanic Marketing Council (HMC) unveiled a new campaign at its 2024 Annual Summit calling on the advertising and marketing industries to "Stop Latino Coating." The resounding message? Give Hispanic marketing the weight it deserves, connect authentically or kiss your careers goodbye—#STOPLATINOCOATING.

Key Points: 
  • The Hispanic Marketing Council (HMC) unveiled a new campaign at its 2024 Annual Summit calling on the advertising and marketing industries to "Stop Latino Coating."
  • HMC is calling on all advertising and marketing professionals, particularly CMOs, to join the movement by visiting stoplatinocoating.com and stop this ineffective practice.
  • Latino Coating is defined as a superficial marketing approach coating products, campaigns, media or entertainment with Latino elements for the appearance of diversity without genuine understanding or respecting Latino culture.
  • HMC advises marketing leaders to...
    Increase Hispanic marketing spend levels commensurate with the Latino $3.2 trillion buying power.

Global long-distance coach market projected to outperform GDP growth, supported by ongoing liberalisation unlocking latent demand, and premiumization, OC&C Strategy Consultants report finds

Retrieved on: 
Wednesday, April 10, 2024
OC, Consultant, Travel, EUR, Growth, GDP, Tourism

Global long-distance coach market size between EUR 70-75 billion with c.9% projected CAGR (2023-28), driven by ongoing liberalisation, addition of convenient, high-quality supply, and pricing potential

Key Points: 
  • Global long-distance coach market size between EUR 70-75 billion with c.9% projected CAGR (2023-28), driven by ongoing liberalisation, addition of convenient, high-quality supply, and pricing potential
    MUNICH, April 10, 2024 /PRNewswire/ -- The global long-distance coach market is expected to grow by an average annual rate of c.9% between 2023 and 2028, according to a new market report by OC&C Strategy Consultants.
  • With a size of EUR 70-75 billion (2023), the global long-distance coach market is driven by several supportive macro-economic and industry-specific trends, including growing affluence and per capita spend on travel (especially in less developed markets).
  • Between 2017 and 2019, the global long-distance coach market grew at 5-6% per year, outperforming global GDP by one percentage point.
  • For the period between 2023 and 2028, the growth rate is expected to be between 4-6 percentage points ahead of GDP growth.

New ‘cold war’ grows ever warmer as the prospect of a nuclear arms race hots up

Retrieved on: 
Thursday, April 25, 2024
Digital technology, Nuclear warfare, Submarine-launched ballistic missile, UN, Uranium, Australian National University, People Power Party, Attitude, Risk, Posture, Conventional weapon, National university, Silk Road, White, Weapon, Trump, GDP, Anglo-French Wars, Government, Architecture, Uranium mining

Bush met on the cruise ship, Maxim Gorky, off the coast of Malta to declare the end of the cold war.

Key Points: 
  • Bush met on the cruise ship, Maxim Gorky, off the coast of Malta to declare the end of the cold war.
  • With the cold war over, Gorbachev liberalised the Soviet Union, presiding over its dismantling, which formally occurred on December 26 1991.
  • To their own people.” Reagan and Gorbachev agreed that a nuclear war couldn’t be won, so must never be fought.
  • He has now explicitly threatened to resort to use of nuclear weapons three times since launching his invasion in 2022.

‘Nuclear neolateralism’

  • A new Silk Road nexus has emerged across China, Russia, Iran, Israel and North Korea since the wars in Ukraine and Gaza.
  • This web of relationships is shaped by regional dynamics, strategic interests and global power shifts that influence security and global weapons proliferation.
  • But tensions remain along shared borders – and freshly leaked classified papers reveal Russia’s fear of Chinese nuclear attack.
  • In February 2023, the leader of the People Power Party, Chung Jin-suk, argued that South Korea needs nuclear weapons.
  • Saudi Arabia does not have nuclear weapons, but officials have said that they will acquire them if their regional rival, Iran, becomes nuclear.

A new arms race

  • The UN has said that a quantitative arms race seems imminent.
  • The latest US nuclear posture review revealed a plan worth US$1.5 trillion (£1.21 trillion) to modernise US nuclear capability and create a “nuclear sponge” of 450 nuclear silos to absorb a future Russian attack.
  • Now the UK has announced it will increase its defence budget to 2.5% of GDP to put it on a “war footing”.


Becky Alexis-Martin receives funding from ICAN.

Press release - New EU fiscal rules approved by MEPs

Retrieved on: 
Thursday, April 25, 2024
Stability, Growth, EPP, European Parliament, SGP, S&D, Commission, Council, Investment, GDP, Government

MEPs approved a revamp of EU fiscal rules making them clearer, more investment friendly, better tailored to each country’s situation, and more flexible.Committee on Economic and Monetary Affairs Source : © European Union, 2024 - EP

Key Points: 


MEPs approved a revamp of EU fiscal rules making them clearer, more investment friendly, better tailored to each country’s situation, and more flexible.Committee on Economic and Monetary Affairs Source : © European Union, 2024 - EP

New EU trade rules could put poor countries in a billion dollar ‘green squeeze’

Retrieved on: 
Thursday, April 25, 2024
Employment, Climate change, Steel, Risk, Coffee, Travel, Classification, News, Carbon, Poverty, European Green Deal, GDP, Iron, Renewable energy

Without more focused support, the EU risks undermining its existing partnerships with developing nations to support global development and trade goals.

Key Points: 
  • Without more focused support, the EU risks undermining its existing partnerships with developing nations to support global development and trade goals.
  • Without accompanying support, the combined effects of the new green trade measures risk increasing barriers to trade that would reduce extreme poverty.
  • It’s ironic, because these countries have contributed the least emissions to the climate crisis and are already footing the bill.

A ‘green squeeze’ for the poorest countries

  • For instance, new EU deforestation regulations alone could set some of the poorest countries’ exports back by 10% and reduce an individual country’s GDP by 1%.
  • Ethiopia isn’t unique: a similar situation is playing out in other poorer countries exporting goods into the EU.
  • For example, the deforestation regulation had initially sought to classify countries as high, low or standard risk of their exports being linked to deforestation.
  • And there will still be checks on 3% of operators and traders (compared to 9% if countries were classified as high risk).
  • There are already reports that EU coffee importers are sourcing less from Ethiopia because they are concerned growers will not be able to comply.
  • Listening to countries that have asked for more time to adapt, like Ethiopia, would be a good place to start.
  • This way we can avoid the green squeeze and avoid hurting the poorest countries.


Jodie Keane has received funding from the Bill and Melinda Gates Foundation and is affiliated with ODI (formerly known as the Overseas Development Institute).

Economic growth tops the priority list for Canadian policymakers — here’s why

Retrieved on: 
Thursday, April 25, 2024
Transfer, Old Age Security, Canada Health Transfer, Logic, Tax, Growth, Government, Canada Pension Plan, Environment, Federation, Natural Resources, Pension, Equalization, Policy, Boil, Old age, Food, Carbon, Pandemic, Housing, Happiness, GDP, Renewable energy

The real GDP growth forecast for 2024 is 0.7 per cent.

Key Points: 
  • The real GDP growth forecast for 2024 is 0.7 per cent.
  • While the Canadian economy is not growing as rapidly as the United States, he argued, few are.
  • In our recent book, Fiscal Choices: Canada After the Pandemic, we explain why Canada’s anemic growth rate is worrying and why politicians and their advisors believe, almost unanimously, that economic growth is a policy imperative.
  • Similarly, transfers to other governments — the Canada Health Transfer and Equalization payments, for example — are legal requirements.
  • Reductions in spending or increases in taxes are austerity measures and austerity has so far produced limited, if any, payoffs in terms of economic growth.

Interest rates are outpacing growth rates

  • When growth is strong and interest rates are low, debt is manageable.
  • As long as the social rate of return from government spending is greater than the real interest rate, fiscal deficits help maintain output at potential.
  • But right now, interest rates are higher than growth rates.
  • At the time, interest payments on the debt consumed 7.04 per cent of the federal budget.
  • In 2023, by contrast, the interest rate on bonds had climbed to 3.3 per cent and growth had declined to 1.1 per cent nationally.

Government review processes

  • In the 2022 budget, the federal government announced a review of programs to realize savings in the order of $6 billion over five years.
  • The 2023 budget and the 2023 Fall Economic Statement doubled down on this initiative, requiring savings in the order of $15.8 billion.
  • With the exception of the review process undertaken by the federal government under Jean Chrétien in 1994, program reviews have yielded very little in long term savings.

Economic progress

  • There is nothing wrong with reviewing our assumptions about what economic progress looks like and who benefits from a bigger economy.
  • But we also need economic growth — not just so we can consume more, or generate more revenue for governments, but so we can take better care of one another.
  • Improved productivity, in both the public and private sectors, is another way of saying more sustainable economic growth.


Michael M. Atkinson receives funding from the Social Sciences and Humanities Research Council of Canada. Haizhen Mou receives funding from the Social Sciences and Humanities Research Council of Canada.

Isabel Schnabel: The state contingency of monetary policy transmission

Retrieved on: 
Thursday, April 25, 2024
Consensus, HHI, Hamas, Tax, MIR, BLS, Consensus Economics, HSBC Finance, Employment, Compression, Champ, Transport, Foodservice, DFR, SDW, European Systemic Risk Board, APP, Policy, Bank of Greece, PEPP, BSI, S&P Global, House, ECB, Unemployment, Risk, ESCB, SPF, NFC, Imir, QSA, Refinitiv, GDP, Index, Oesterreichische Nationalbank, Banco de Portugal, RHS, Kilowatt-hour, Person, Weather, Consumption, Communication, PMI, Bank of France, News, Food, OIS, Credit, HFCS, Service, European Central Bank, Mining, Roe, Conference, Pressure, Central bank, Growth, Caldara, HH, LHS, GPR, Household, Rubric, Bank, ROE, Capital, ILS, Energy, Bloomberg, HICP, IBoxx, Reference, Deutsche Bundesbank, Water, Unit, Inventory, BEIR, IBES, Interval (mathematics), Fused quartz
Key Points: 

Dominant currency pricing in international trade of services

Retrieved on: 
Thursday, April 25, 2024
SF1, Goldberg, LCP, Statistics, Research Papers in Economics, VCP, Place of birth, Postal, A.4, Journal of International Economics, Business, International, ISIC, Data collection, Heritage, Macroeconomics, Banco de Portugal, Computer, Tech, Prevalence, MCI, Agriculture, Audiovisual, European Economic Association, CNY, Journal of Monetary Economics, Pauwels, Insurance, Paper, Corsetti, Laurent, Environment, R2, Portuguese Economic Journal, Website, Table, Working paper, VB, Public opinion, World Bank, Collection, Travel, Transport, Science, PII, International economics, PDF, ECB, Foreign exchange market, Policy, Angelo Bacchetta, Social science, Labour economics, Communication, Journal, Research, Classification, A.5, Literature, DCP, European Central Bank, Mining, Export, Equation, Monetary economics, Section 5, Practice of law, Elasticity, ISO, COVID-19, BIS, Electricity, Automation, The Economic Journal, Chung, Employment, A.2, Telecommunications, International Monetary Fund, Tourism, UTC+01:00, Section 4, IUSD, Health care, F14, Database, Section 3, PCP, International finance, NIPE, Annual report, Note, Section 2, Conference, CPI, Central bank, SH42, Incidence, FE, American Economic Review, SF3, Exercise, Test, Justice, Forestry, SK22, Quarterly Journal, GDP, Central Statistics Office (India), Green, SG1, B.1, SF, Swings, Payment, IES, A.6, JPY, Colum, Bank, Reproduction, World Trade Organization, IMF, SF2, F31, Geography, Data, SF4, Cryptocurrency

Abstract

Key Points: 
    • Abstract
      We analyze, for the first time, how firms choose the currency in which they price transactions
      in international trade of services and investigate, using direct evidence, whether the US dollar
      (USD) plays a dominant role in services trade.
    • JEL: F14, F31, F41
      Keywords: dominant currency paradigm, international trade, services.
    • Related research has
      shown that the US dollar (USD) exchange rate is a major source of swings in
      global trade in goods?a ?dominant currency pricing? (DCP) phenomenon?since
      most goods traded internationally are invoiced and sticky in USD.
    • Yet it is also key to look at dominant currency pricing in international trade
      in services for several reasons.
    • First, global trade in services is big?accounting for
      about a quarter of global gross trade flows and for around 40% in terms of valueadded trade.
    • Third, and relatedly, the
      future of globalisation might be in trade in intermediate services?as progress with
      digitech lowers technological barriers to such trade across borders.
    • But perhaps the main reason is that trade in services is conceptually different
      from trade in goods.
    • Our paper is the first, to our best knowledge, that analyzes how firms choose
      the currency in which they price transactions in international trade of services and
      that examines whether dominant currency pricing differs between trade in goods
      and services using direct evidence? hitherto unavailable?on patterns of currency
      choices in international transactions in services compared to goods.
    • Work on dominant currency pricing has
      almost exclusively focused on trade in goods.
    • One reason is that data on patterns
      in invoicing currency for trade in services are ?virtually nonexistent? (Adler et al.
    • Yet it is important to look at dominant currency pricing in international trade
      in services for several reasons.
    • Using the exporter?s (or producer) currency in exports is known in the literature as producer
      currency pricing (PCP), while using the importer?s currency is known as local currency pricing (LCP)
      and using a third currency is known as vehicle currency pricing (VCP).
    • Our paper is the first, to our best knowledge, that analyzes how firms choose the
      currency in which they price transactions in international trade of services and that
      examines whether dominant currency pricing differs between international trade in
      goods and services using direct evidence ? hitherto unavailable ? on patterns of
      currency choices in international transactions in services compared to goods.
    • First,
      we rule out compositional effects, that is that differences in the use of currencies
      reflect differences in trade partners in services vs. goods trade.
    • Both in extra-EU and intra-EU trade, the EUR is the
      most widely used currency, be it on the export or import side.
    • Based
      on the framework, we stress which factors should determine currency choices in
      international trade, and to what extent one should expect differences between
      services trade and goods trade.
    • Second, it can price in the importer?s currency
      (local currency pricing, LCP).4 Third, it can use a third currency, say currency
      v (vehicle currency pricing, VCP).
    • That is,
      the currency choice problem is equivalent to determining the currency in which the
      desired price is least volatile.
    • (2022)
      provide systematic empirical evidence ? firm size and exposure to foreign currencies
      in imported inputs ? should also shape currency choices in services trade.
    • Dominant currency pricing in USD ? services vs. goods trade
      Having established that currency choice in international trade of services is an
      active firm-level decision as well as the determinants of this decision, we now

      8.

    • Services and goods exports: prevalence of different pricing strategies (percent)
      Notes: The table shows the shares (in value terms) of different pricing strategies: producer currency
      pricing (PCP), local currency pricing (LCP) and vehicle currency pricing (VCP).
    • To make comparisons with goods trade, we rely on Eurostat?s
      macro data on international trade in goods by invoivcing currency.
    • If intra-EU trade is more important in services than
      in goods trade, this could hence be an explanation for the lower prevalence of the
      USD in services trade.
    • We showed
      that while the USD is also extensively used as a vehicle currency in services trade, its
      prevalence is systematically lower than in goods trade.
    • Hence for all travel services exports
      the invoicing currency is the EUR; for travel imports it is the currency of the
      destination of travel (i.e.
    • Also for these

      ECB Working Paper Series No 2932

      33

      services it seems plausible that trade does not take place vis-?-vis all counterparts
      in each currency.

    • Figure B.2: Share of international trade in services in global GDP broken down by type (%)
      Notes: Authors? calculations using World Bank and World Trade Organization data.
    • An earlier version of this paper circulated under the title ?Currency choices and the role of the
      U.S. dollar in international services trade?.