business this week | economist

business this week |  economist
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In his final perspective, OECD predicts that Global Economy There will be a growth of 5.8% this year, a sharp increase from the previous estimate. The successful deployment of vaccines in the most prosperous world and the massive incentive program in the United States helped improve global prospects. start per capita has already returned to pre-pandemic levels in some countries, such as the United States and South Korea, but OECD He believes it will take another year for much of Europe to bridge the gap, and two to five years in Argentina, Mexico and South Africa. By the end of 2022, real world output will be $3 trillion less than it would have been. without crisis.

of Brazil The official statistics office said the country’s economy had returned to pandemic size in the first quarter, when start It grew 1.2% from the previous quarter, a faster pace than many economists expected. From India The economy was also recovering in the first quarter, driven by production and government spending, but this was before the escalation of Covid-19 infections that ravaged the country in April and May.

A study by the International Labor Organization found that more than 108 million staff And their families around the world live on $3.20 or less a day in terms of purchasing power parity compared to 2019, bringing the working poverty rate back to 2015. The recovery will create 100 million jobs this year, although total employment is below its pre-crisis. Level.

Eurozone annual rate rate inflation It jumped 2% in May, surpassing the European Central Bank’s target of “below but close to 2%” for the first time in more than two years. In Germany, it reached 2.4% (compared to 1.6% at the beginning of the year). hey ECB, along with the Federal Reserve, insists that the rise in prices is temporary and will eventually fall. Rising energy costs are a significant factor driving inflationary pressures. Gasoline (gas) prices in the United States hit a seven-year high ahead of the Memorial Day holiday.

There are some indications that these prices will drop in the near future. This week, Brent crude closed above $70 a barrel for the first time in two years OPEC+ (which includes Russia) noted that . Want petroleum There will be an increase at the end of this year. Excess oil, which kept prices low before the pandemic, has slowed enough to encourage OPEC to increase production.

The decline in COVID-19 cases and the easing of restrictions made Americans more willing to travel during Memorial Day weekend. More than 1.9 million people screened airports in america Friday and Monday, the busiest days. This was up from 300,000+ every day last year, but less than 2.5 million in 2019.

for cyber attack On JBSThe world’s largest meat processor, has closed its operations in the United States and Australia. This is the third major cyber attack in recent weeks, following attacks on US and Irish health systems. Russian criminal gangs are believed to be behind all three.

long way ahead

transport to london, the city’s public transport authority received its third government emergency aid package since the start of the pandemic. the main reason tFto meThe problem has in recent years been a shift in dependence on passengers’ income from subsidies. This revenue was around £5 billion ($7 billion) before Covid-19, but has since declined. Government funding position will lead to a hike in rates. But there’s some light at the end of the tunnel: The passengers are returning, though hesitant.

Great Britain begins the long process of joining the Comprehensive and Progressive Trans-Pacific Partnership Agreement after 11 countries free trade zone Agreed to your application. Japan, in particular, supported Britain’s call to give more importance to the treaty; The United States withdrew from a pioneering agreement during the Trump administration.

A former banker at MM Warburg, one of Germany’s oldest private banks, was found guilty of tax evasion, which increased due to his involvement. “Co-Ex” Scandal, where the stock transaction occurred in expediency or immediately before the day the dividend payment was recorded, allowing the participants to claim the tax refund in duplicate. The unknown banker is in his 70s. Your conviction will be the first of many; There are 1,000 other suspects.

from turkey President Recep Tayyip Erdogan has once again challenged the independence of the country’s central bank with a fresh call to cut interest rates in July or August.

book count

Closing Increased Sales and Revenue bloomsbury For the year ended 28 February. “Reading’s popularity has been a ray of sunshine in a very dark year,” said the publisher’s CEO, as the company again raised earnings expectations for 2021.

This article appeared in the World section of this week’s print edition under the title “Business This Week”.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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