Japan’s central bank raised interest rates for the first time since 2007 on Tuesday, pushing them above zero to close a chapter in its aggressive effort to stimulate an economy that has long struggled to grow. In 2016, the Bank of Japan took the unorthodox step of bringing borrowing costs below zero, a bid to […]
Read MoreTag: Economic Conditions and Trends
Little Suspense Over Russian Vote. What Comes Next Is Less Certain.
Maria and her husband, Aleksandr, are certain that President Vladimir V. Putin will secure a fifth term as Russia’s leader in the presidential election this weekend. But the couple, who live in Moscow with their three children, are not so sure about what will follow. Foremost in their minds are fears that Mr. Putin, emboldened […]
Read MoreRussians Know Putin Will Be Re-Elected, but Many Worry What Comes Next
Maria and her husband, Aleksandr, are certain that President Vladimir V. Putin will secure a fifth term as Russia’s leader in the presidential election this weekend. But the couple, who live in Moscow with their three children, are not so sure about what will follow. Foremost in their minds are fears that Mr. Putin, emboldened […]
Read MoreChina’s Exports Surge Are Drawing a Global Backlash
China’s factory exports are powering ahead faster than almost anyone expected, putting jobs around the world in jeopardy and setting off a backlash that is gaining momentum. From steel and cars to consumer electronics and solar panels, Chinese factories are finding more overseas buyers for goods. The world’s appetite for its goods is welcomed by […]
Read MoreChina’s Growth Slows but Xi Jinping Keeps to His Vision
Even with growth faltering in China, Xi Jinping appears imperiously assured that he possesses the right road map to surpass Western rivals. China’s economy has lurched into a slower gear. Its population is shrinking and aging. Its rival, the United States, has built up a lead in artificial intelligence. Mr. Xi’s pronouncement several years ago […]
Read MoreBig American Tech Profits From Chinese Ad Spending Spree
The trade relationship between China and the United States has plenty of friction. But at least one area is booming: Chinese start-ups looking to establish a presence in the West are spending billions of dollars for advertisements on services owned by some of Silicon Valley’s biggest technology companies. Temu, the international arm of the Chinese […]
Read MoreHow China Came to Dominate the World in Solar Energy
China unleashed the full might of its solar energy industry last year. It installed more solar panels than the United States has in its history. It cut the wholesale price of panels it sells by nearly half. And its exports of fully assembled solar panels climbed 38 percent while its exports of key components almost […]
Read MoreU.K. to Cut Taxes Again as Election Nears
Amid lackluster prospects for economic growth, the British government announced it would cut taxes for workers ahead of a general election this year. Jeremy Hunt, Britain’s top financial official, told lawmakers on Wednesday that he would cut National Insurance, a payroll tax paid by workers and employers that funds state pensions and some benefits, by […]
Read MoreChina Cancels a News Conference, Shutting a Window for Its People
For more than 30 years, the Chinese premier’s annual news conference was the only time that a top leader took questions from journalists about the state of the country. It was the only occasion for members of the public to size up for themselves China’s No. 2 official. It was the only moment when some […]
Read MoreChina’s Big Political Show Is Back to Normal. Sort of.
Finally, it appeared, things were back to normal. As nearly 3,000 delegates filed into Beijing’s Great Hall of the People on Tuesday for the opening of China’s annual legislative meeting, none wore face masks. Officials pressed together to shake hands and pose for photos. Around them, reporters and diplomats from around the world milled about […]
Read MoreChina’s New Economic Agenda, a Lot Like the Old One: Takeaways
Beijing was abuzz with politics on Tuesday. China’s annual legislative meeting — the National People’s Congress, when Communist Party leaders promote their solutions for national ills — opened for business. The event is a chance for the leaders to signal the direction of the economy and outline how and where the government will spend money […]
Read MoreChina Sets Economic Growth Target of About 5%
China’s top leaders on Tuesday set an ambitious target for growth as its economy is laboring under a steep slide in the housing market, consumer malaise and investor wariness. Premier Li Qiang, the country’s No. 2 official after Xi Jinping, said in his report to the annual session of the legislature that the government would […]
Read MoreMurder and Magic Realism: A Rising Literary Star Mines China’s Rust Belt
For a long time during Shuang Xuetao’s early teenage years, he wondered what hidden disaster had befallen his family. His parents, proud workers at a tractor factory in the northeastern Chinese city of Shenyang, stopped going to work, and the family moved into an empty factory storage room to save money on rent. But they […]
Read MoreU.K. Economy Shrank as 2023 Ended, Tipping Into Recession
The News Britain’s economy sunk into a recession at the end of last year, capping off a year of economic strain in which interest rates were pushed to their highest level in a decade and a half to stamp out high inflation. Gross domestic product contracted 0.3 percent in October to December from the previous […]
Read MoreJapan’s Economy Slips Into Recession and to No. 4 in Global Ranking
The Japanese economy contracted at the end of last year, defying expectations for modest growth and pushing the country into a recession. Japan’s unexpectedly weak economy in the fourth quarter was the result of a slowdown in spending by businesses and consumers who are grappling with inflation at four-decade highs, a weak yen and climbing […]
Read MoreChina’s Investors Are Losing Faith in Its Markets and Economy
Like many Chinese people, Jacky hoped that he could make enough money investing in China’s stock markets to help pay for an apartment in a big city. But in 2015 he lost $30,000, and in 2021 he lost $80,000. After that, he shut down his trading account and started investing in Chinese funds that track […]
Read MoreThis Arctic Circle Town Expected a Green Energy Boom. Then Came Bidenomics.
In Mo i Rana, a small Norwegian industrial town on the cusp of the Arctic Circle, a cavernous gray factory sits empty and unfinished in the snowy twilight — a monument to unfulfilled economic hope. The electric battery company Freyr was partway through constructing this hulking facility when the Biden administration’s sweeping climate bill passed […]
Read MoreIt’s a Myth That Americans Don’t Understand the Economy
We look to be headed for what could be the most unpopular sequel since “Home Alone 3”: Biden versus Trump 2.0. One question goes to the heart of shaping expectations for that matchup: Why does everyone think the economy stinks? The answer is critical, given that this election is probably going to be close and […]
Read MoreNew York City Wants to Revise Its Zoning Code to Restore the City’s Soul
Over the past decade, there has been much hand-wringing about New York’s puzzling empty storefront problem, with vacancy rates sitting north of 15 percent last fall in some of the city’s most celebrated areas. How did streets, from the East to the West Village, once home to the urbanist Jane Jacobs, a champion of the […]
Read MoreMaui Economy, 6 Months After Wildfire, Is Still Reeling
Twisted and charred aluminum mixed with shards of glass still lines the floor of the industrial warehouse where Victoria Martocci once operated her scuba diving business. After a wildfire tore through West Maui, all that remained of her 36-foot boat, the Extended Horizons II, were a pair of engines. That was six months ago, but […]
Read MoreTop U.S. Treasury Officials to Visit Beijing for Economic Talks
The Biden administration is dispatching a high-level delegation of Treasury Department officials to Beijing this week for a round of economic talks as the world’s largest economies look to continue engagement efforts that President Biden and his Chinese counterpart, Xi Jinping, agreed to pursue last year. A Treasury official, speaking on the condition of anonymity […]
Read MoreHow Nevada Is Pushing to Generate Jobs Beyond the Casinos
Before the pandemic brought everyday life to a halt, Joe Kiele supported himself through the industry that dominates Nevada’s economy. He waited tables at a steakhouse inside a casino in Reno. Four years later, Mr. Kiele, 49, remains in Reno, yet he now spends his workday inside a factory. In place of worrying about the […]
Read MoreWhy Are Americans Wary While the Economy Is Healthy? Look at Nevada.
Toni Irizarry recognizes that the economy has improved. Compared with the first wave of the pandemic, when Las Vegas went dark, and joblessness soared to levels not seen since the Great Depression, these are days of relative normalcy. Ms. Irizarry, 64, oversees a cafe at the Orleans Hotel and Casino, a property just off the […]
Read MoreA City Built on Steel Tries to Reverse Its Decline
Gary, Ind., was once a symbol of American innovation. The home of U.S. Steel’s largest mill, Gary churned out the product that built America’s bridges, tunnels and skyscrapers. The city reaped the rewards, with a prosperous downtown and vibrant neighborhoods. Gary’s smokestacks are still prominent along Lake Michigan’s sandy shore, starkly juxtaposed between the eroding […]
Read MoreU.S. Leading Soft Landing for Global Economy
The world is starting 2024 on an optimistic economic note, as inflation fades globally and growth remains more resilient than many forecasters had expected. Yet one country stands out for its surprising strength: the United States. After a sharp pop in prices rocked the world in 2021 and 2022 — fueled by supply chain breakdowns […]
Read MoreHow Shrinking Populations Fuel Divisive Politics
In the 2000 film “Almost Famous,” Cameron Crowe’s comedy-drama about rock musicians in the 1970s, the character played by Zooey Deschanel at one point gives her younger brother some advice. “Listen to ‘Tommy’ with a candle burning, and you’ll see your whole future,” she says. I’m going to borrow that thought for today’s newsletter: Stare […]
Read MoreIndia’s Quiet Push to Steal More of China’s iPhone Business
India is quietly grabbing from China more manufacturing of Apple’s iPhones and other electronics gear. It is happening in South Indian industrial areas on muddy plots that were once farmland. In Sriperumbudur, people call Apple “the customer,” not daring to say the name of a company that prizes its secrets. But some things are too […]
Read MoreHow China Censors Critics of the Economy
China’s top intelligence agency issued an ominous warning last month about an emerging threat to the country’s national security: Chinese people who criticize the economy. In a series of posts on its official WeChat account, the Ministry of State Security implored citizens to grasp President Xi Jinping’s economic vision and not be swayed by those […]
Read MoreIs the European Union’s Economy Really Worse Off Than America’s?
In my most recent column I had a bit of fun with Kristi Noem, the governor of South Dakota, who has ominously warned that President Biden will turn us into Europe. I joked that this would mean adding five or six years to our life expectancy. When I shared Noem’s remarks on social media, some […]
Read MoreGlobal Economy Is Heading Toward ‘Soft Landing,’ I.M.F. Says
The global economy has been battered by a pandemic, record levels of inflation, protracted wars and skyrocketing interest rates over the past four years, raising fears of a painful worldwide downturn. But fresh forecasts published on Tuesday suggest that the world has managed to defy the odds, averting the threat of a so-called hard landing. […]
Read MoreEurozone Economy Flatlines, Raising Concerns About Falling Behind
The eurozone economy stagnated late last year as a lingering energy crisis sparked a loss of competitiveness in some European industries, and consumers reined in spending to grapple with high living costs, Europe’s statistics agency reported Tuesday. But economists believe the worst may be over, as the European Central Bank continues its campaign to wring […]
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