Affluent citizens of Manhattan have been escaping to their beach homes at the famous Hamptons or the picturesque coast of nearby Massachusetts. Parisians are deserting their spacious apartments overlooking parks and boulevards, descending on quaint villages in Normandy or beyond. London has noted stagnation in the number of new renters and buyers, and Londoners with property in peaceful countryside are moving out of the city, ready to work from home. Futurologists, sociologists and city planners are noting a new trend, brought about by COVID-19: centers of major cities worldwide, which just a year ago were bustling with consumers and unending traffic, are thinning out, with companies deserting office buildings, possibly never to return.
For the last 70 years, the social order in Europe has been based on the concept and practice of inter-generational solidarity. The welfare state granted every citizen, in addition to education and universal health services (and dependency care when needed in the most advanced welfare states), an old-age pension, which ensures that older generations do not suffer a huge income loss when retiring from work and are protected against insecurity. Population aging means that now, according to official statistics, over one quarter of EU residents—26.5% or almost 120 million people—receive some type of pension, old-age pensions in three-quarters of cases.
L’Afrique a perdu 70 % de ses arrivées touristiques en 2020, selon le dernier baromètre de l’Organisation mondiale du tourisme (OMT), soit un peu moins que la moyenne mondiale (74 %).
The Covid-19 pandemic has induced a major shift in Carolina Zuheill Rosales’ career. This internal medicine doctor founded Guimedic in 2011, when she was 25. Through its mobile clinics, this NGO provides medical consultations in remote and poor areas throughout Mexico. The main focus is to treat indigenous communities.
L’expression « casse-tête chinois » est empruntée pour décrire toute situation noueuse où s’entrelacent les possibilités de solution et où l’intelligence et la lucidité ne peuvent se passer de la patience pour dénouer les boucles multiples et diverses, ou pour trouver le chemin à suivre pour arriver à bon port en dépit des méandres et des labyrinthes.
The monetary policy report submitted by the Board of Governors of the Federal Reserve System to the U.S. Congress on Friday Feb. 19 showed that the Fed’s members have improved economic growth expectations for 2021 and 2022, expect lower unemployment rates. Meanwhile, only two of the 18 participants projected PCE (personal consumption expenditures) inflation to (slightly) exceed the 2% that serves as the longer-run objective for the monetary policy regime.
While the economic recovery around the world remains uneven, fragile, and unbalanced across sectors, financial markets are generally doing very well, thanks! In the United States, only half of the unemployment caused by the pandemic last year has been reversed, while stock markets continued to boom. Of course, this largely reflected the extraordinary support given by monetary authorities since March last year.
The new president of the United States has already issued over 40 executive orders, reversing many of Donald Trump’s most contentious policies. Biden’s arrival will likely help heal internal and international divisions. His policies are also likely to boost U.S. economic growth in the short-run and make it more equitable and sustainable. However, numerous obstacles could delay and dilute the impact of the new administration.
This article was originally published on IMF blog.
The road to recovery for the Middle East and Central Asia region will hinge on containment measures, access to and distribution of vaccines, the scope of policies to support growth, and measures to mitigate economic scarring from the pandemic. The virus’s second wave, which began in September, hurt many countries in the region, where infection and death rates far surpassed those seen during the first wave . Most countries resumed selective restrictions to help lessen their negative humanitarian and economic impact, while some have started vaccination campaigns.