The move to retire 2,000-rupee notes, worth $24, has triggered bad memories of a similar campaign in 2016. It has also left some businesses short of change.
Category: Economic Conditions and Trends
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German Economy Slipped Into Recession in First Quarter
Consumer spending and exports fell in the first three months of this year, adding to a slump in late 2022 in Europe’s largest economy.
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Nanchang, Once a Symbol of China’s Growth, Signals a Housing Crisis
Nanchang’s skyscrapers represented urban transformation, but the city added apartments faster than its population grew. The result: vacant homes and offices.
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U.K. Inflation Slowed in April, but Remains Stubbornly High
Consumer prices rose 8.7% from a year earlier, the slowest pace since March 2022.
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Alibaba, Baidu and Tencent Signal First Steps in Bumpy Recovery
The economy is open again, helping Alibaba, Baidu and Tencent claw back in the first quarter from a miserable 2022, though they will likely face continuing skepticism from investors.
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China’s Youth Unemployment Crisis: 1 in 5 Are Out of Work
The youth unemployment rate, which spiked during the pandemic, reached a record high this week, showing the perils of China’s uneven economic recovery.
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For Biden, Debt Limit Crisis Complicates Trip to Asia
Volatility has become the new norm in Washington as the president heads to Japan, where he will reassure world leaders that the debt ceiling showdown will not upend the global economy.
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U.K. Economy Continues to Grow Slowly
The increase of 0.1 percent in the three months that ended in March, which was driven by construction and information services, matched the slow rise in the previous quarter.
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Kemal Dervis, Who Eased Turkey’s Economic Crisis, Dies at 74
Changes he spearheaded in 2001 helped avert disaster. He later led the United Nations Development Program.
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Bank of England Raises Interest Rates to 4.5%, Highest Level in 15 Years
The central bank lifted its benchmark rate a quarter point, to 4.5 percent, as part of its aggressive policy to tame inflation, which has remained stubbornly high.