global economy

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Only One Country Beat US for Most Competitive Economy

Switzerland is No. 1 in World Economic Forum ranking

(Newser) - One of Donald Trump's platforms during the presidential campaign was to "restore America's competitive edge," but the US might not be doing so shabby after all. Quartz , which features the World Economic Forum's new Global Competitiveness Report , notes that the United States has actually ascended... More »

G20 Needs Better Bouncers

The group doesn't have to let in just everybody: essayists

(Newser) - Given the lousy state of the global economy, the nations now gathered for the G20 summit have some important work to do. Which is why it's surprising that the standards of membership are so lax, write Alex Brill and James Glassman in the Wall Street Journal . The invites got... More »

Obama: 'Private Sector Is Doing Fine'

Republicans pounce; Obama says Congress has 'no excuse' to dither

(Newser) - President Obama used a White House press conference today to chide Republicans for blocking his jobs proposals—"If Congress decides not do anything about all this because it’s an election year, they should explain to the American people why"—and to urge European leaders (in what MarketWatch... More »

In Turkey, Biden Tweaks Hosts

VP adds comments in response to prodding by Turkish official

(Newser) - Never one to sit quietly, Joe Biden traded boasts with a Turkish official in speeches last night, adding a pointed rebuttal to his prepared remarks, reports the New York Times . Turkey's deputy prime minister in charge of the economy boasted that Turkey's 7.5% growth rate this year... More »

Ahead of G20, Obama, Sarkozy Seek United Economic Front

French, American presidents meet at White House

(Newser) - President Obama and Nicolas Sarkozy discussed ways to stabilize the world economy and prevent another global financial crisis today at the White House ahead of the G8 and G20 meetings, Bloomberg reports. While the two countries would seem to be at odds on world finance—many French officials believe that... More »

Fed Fires Back at China, Germany

Soaring unemployment an 'unacceptable outcome,' says Ben Bernanke

(Newser) - Ben Bernanke offered a full-throated defense of the Fed’s recent actions in a speech in Frankfurt today, saying the $600 billion quantitative easing plan was essential to reducing joblessness. “On its current economic trajectory, the United States runs the risk of seeing millions of workers unemployed or underemployed... More »

Headline Writers Agree: Obama's World Clout Wanes

That's one quick theme emerging from the summit

(Newser) - Look like a theme is emerging from the G20, at least judging by a spate of instant-analysis headlines now moving. And the White House won't like it:
  • New York Times : "Traveling in Asia, Obama's Glow Dims"
  • Wall Street Journal : "China's Hu Rebuffs Weakened Obama at Summit"
  • Independent : "
... More »

'Guidelines,' No Specifics, at G20

Obama slams China over currency manipulation

(Newser) - G20 leaders have agreed to curb “persistently large imbalances” in saving and spending and set “indicative guidelines” against trade imbalances, but more specific decisions on how to identify and fix said imbalances were left until next year, reports the New York Times . The finance minsters are to agree... More »

Okay, Okay, I Praise China Too Much

Thomas Friedman: But it's because I'm worried about us

(Newser) - China is mocking us. At this year’s World Economic Forum, they aired a cartoon in which a runner representing America fell over panting, while others teased, “He ate too many hamburgers.” And given China’s incredible growth, they have room to tease, says Thomas Friedman in today’... More »

When It Comes to Global Competitiveness, US Is ... 4th

Large deficits, bleak economic outlook to blame

(Newser) - Today is not a great day for US dominance : For the second year in a row we've taken a hit in the global competitiveness rankings, this time falling from second to fourth due largely to our government debt and weak economic outlook. In first place until two years ago, we've... More »

G20 Leaders Head Home, Vowing to Cut Deficits

Economic powers set goals for reducing public debt

(Newser) - The leaders of the Group of 20 nations wrapped up their 2-day summit today in Toronto, striking an agreement to reduce deficits over the next 3 to 6 years without endangering the global economic rebound. The major economic powers vowed to cut their deficits in half by 2013 and "... More »

Volcker to Bankers: 'Wake Up, Gentlemen'

Former Fed chief blasts them on pay, 'innovation'

(Newser) - Former Fed chair Paul Volcker had some harsh words for international bankers and regulators about the poor practices that led to the global financial crisis—and continue to this day. Volcker, who advises President Obama, surprised a forum in Britain with this broadside on pay: “Has there been one... More »

Bartering Turns Into $10B Recession-Buster

More businesses signing on to trend of exchanging services

(Newser) - The global recession has made bartering hot, but don’t go thinking it’s all a backrub for a plumbing fix. Big money—though no cash—is changing hands through the world’s largest barter service, Bartercard. The worldwide service’s transactions are valued at $2 billion this year, up... More »

How Australia Dodged the Recession

How one country ducked the economic downturn

(Newser) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:
  • Befriending China: Australia used to export much of what it made to
... More »

IMF: Global Recession Is Over

World economy is growing, but recovery will be slow

(Newser) - The global recession is over, the International Monetary Fund said today, revising its economic forecasts in response to Asian growth and more than $2 trillion in stimulus packages worldwide. The IMF now says the world economy is growing and will expand by 3.1% in 2010, with China growing at... More »

G20 Near Deal to Open Economies to Scrutiny

'Peer review' system will let nations assess each other's policies

(Newser) - The G20 is on the brink of a deal this morning that will require members to "peer review" one another's economic policies—a substantial shift that will expose the US and China to wider scrutiny from less wealthy countries. The new top table for international negotiation wants less American... More »

G-20 Pledges to Keep Stimulus Flowing

(Newser) - Top finance officials from rich and developing countries today pledged to maintain stimulus measures to boost the global economy, warning that the fledging recovery that provided the backdrop to their meeting is by no means assured. Group of 20 finance ministers also promised a crackdown on bankers' pay—but stopped... More »

Manufacturing Drives Global Recovery

US production grows for first time since Jan. '08

(Newser) - The world may be manufacturing its way out of the global recession, with new figures showing a faster-than-expected recovery from the US to Europe and Asia. The Wall Street Journal reports that American factory output is growing for the first time since January 2008, while separate surveys showed expanded manufacturing... More »

Recession Soon Over, but Here Comes Another

Roubini: Unwinding rescue could produce 'W-shaped' recovery

(Newser) - The global recession is nearly over, but the recovery is far from certain, writes NYU professor and professional pessimist Nouriel Roubini in a Financial Times op-ed. The economist who predicted the financial crisis chides colleagues who foresee a V-shaped recovery, with a quick return to growth. Rather, the recovery will... More »

Bankers Saved the World: Bernanke

(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks... More »

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