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Hello, everyone! Welcome to the new edition of <keyword id="9095853" type="UNKNOWN" weightage="60" keywordseo="insider-today">Insider Today</keyword>. Please <a href="https://www.insider.com/insider-today">sign up here to receive these updates in your inbox</a>.Insider will be observing the July 4th holiday tomorrow, so we'll be off as well. Have an excellent weekend<h2>QUOTE OF THE DAY</h2>"What we've seen over the last several days is a spike in cases that is way beyond the worst spikes that we've seen. That is not good news...we've got to get that under control, or we risk an even greater outbreak." — <a href="https://www.nydailynews.com/coronavirus/ny-coronavirus-united-states-new-record-50k-cases-24-hours-20200702-chqjewknonbdhbsfav7aodbyt4-story.html">Dr. Fauci on the BBC.</a><h2>WHAT'S HAPPENING</h2><ul><li><a href="https://www.insider.com/ghislaine-maxwell-arrested-fbi-jeffrey-epstein-partner-2020-7">Ghislaine Maxwell, the woman suspected of helping Jeffrey Epstein run a sex-abuse ring, arrested in New York</a>. The indictment accuses Maxwell of grooming young girls, engaging in sexual acts with them herself, and lying about her involvement with Epstein in sworn statements.</li><li><a href="https://www.businessinsider.com/jobs-report-june-economists-commentary-weaker-appears-recovery-reopening-hole-2020-7">The June jobs report looked great, but unemployment is still terrible, so don't pop the champagne just yet.</a> Also, the survey was done in mid-June, before the big coronavirus surge.</li><li><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-after-second-quarter-deliveries-beat-2020-7-1029362747">Tesla's stock surged another 10%. </a>It's now the most valuable car company in the world.</li></ul><h2>VIEWS OF THE DAY</h2>A new record for US daily coronavirus cases, all eyes on "deaths"More than 50,000 new cases were confirmed in the U.S. yesterday, as the coronavirus continues to rage out of control. California, Texas, and other states are re-closing bars and other facilities. New York has postponed the resumption of indoor dining. Hospitals in Houston, Arizona, and other places are filling up. Cases in some states that were previously hit hard and got the virus under control have <a href="https://twitter.com/MarkLevineNYC/status/1278682057565179906?s=20">also started to rise again</a>. The economic recovery is stalling.Meanwhile, the situation in Europe and other countries that handled the coronavirus well is the opposite. Life is returning to normal. So is economic activity. Here's a look from <a href="https://ourworldindata.org/coronavirus">Our World In Data</a>:On the bright side, coronavirus deaths in the US continue to decline from the April peak. This had led to the hope (occasionally belief) that it's different this time, that the virus is less deadly, that treatments are better, and that otherwise the current spike is benign. <div type="image" title="Screen Shot 2020 07 02 at 11.24.00 AM" height="786" width="1426" msid="76758021" hostid="261"></div>But deaths lag case-confirmations by up to a month, and the national numbers are helped by continued declines in the northeast, so any celebration is premature. Yes, the demographics of the pandemic have shifted — now, younger people are getting sick — and treatments have improved. But hospitalizations and deaths in some of the newly hard-hit states are starting to rise. So an increase in the national death rate may only be a matter of time.Here's Texas via <a href="https://covidtracking.com/data">the COVID Tracking Project</a>:<div type="image" title="Screen Shot 2020 07 02 at 8.13.05 AM" height="709" width="1600" msid="76758024" hostid="261"></div>Arizona:<div type="image" title="Screen Shot 2020 07 02 at 8.14.10 AM" height="695" width="1600" msid="76758029" hostid="261"></div>and California:<div type="image" title="Screen Shot 2020 07 02 at 8.13.44 AM" height="708" width="1600" msid="76758033" hostid="261"></div>Unfortunately, the US <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> will not fully recover until the country gets the coronavirus under control. A <a href="https://www.nber.org/papers/w27432">recent study</a> concludes that, although lockdowns did contribute to the economic impact, the vast majority of our current economic pain is caused by Americans taking precautions against getting sick. The recent reduction in consumer spending and restaurant reservations in Texas, Arizona, and Florida shows the impact of this.<div type="image" title="Screen Shot 2020 07 02 at 8.36.35 AM" height="620" width="948" msid="76758040" hostid="261"></div>One of the simplest and most effective ways for the country to control the virus and preserve as much of the economy as possible would be to <a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-national-mask-mandate-save-gdp-hit-economic-impact-2020-6-1029355543">adopt universal mask-wearing</a>. Alas, our President continues to refuse to order or even recommend this. — HBTrump still thinks he can choose between emphasizing the virus or the economy, Republicans share in that delusion.As Blodget suggests, most Americans know that the pandemic and the economy are inextricably linked, and they're showing it with their wallets. Starting on June 12, when the virus started to surge again in states like Texas and Florida, consumer confidence started to trend down substantially, according to <a href="https://twitter.com/MorningConsult/status/1277680735844007936?s=20&amp;utm_campaign=wp_the_finance_202&amp;utm_medium=email&amp;utm_source=newsletter&amp;wpisrc=nl_finance202rc=nl_finance202">Morning Consult.</a>In other words, Americans understand that it's not safe to engage in the same economic activity they used to during the pandemic. We have a demand problem stemming from the virus' very existence.Unfortunately, this appears to be lost on Trump and his aides, according to <a href="https://www.cnn.com/2020/07/01/politics/donald-trump-coronavirus-response/index.html">CNN</a>. White House Chief of Staff Mark Meadows and Jared Kushner reportedly want Trump to stop talking about the virus and instead emphasize the economy. They are operating under the delusion that this is a real choice, as if the pandemic is not what is crippling the economy. The Republican party at large shares this fantasy. Take, for example, the debate over <a href="https://www.businessinsider.com/gop-trump-administration-threatening-throw-us-economy-off-a-cliff-2020-6">continuing enhanced unemployment benefits</a>for Americans out of work. It's an extra $600 on weekly <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> benefit checks that is set to expire at the end of the month. Republicans want this supplement to fade out because some Americans are making more money staying at home than they were going to work.We'll set aside what that says about the state of wages for many working Americans, especially <a href="https://www.washingtonpost.com/outlook/2020/05/21/essential-workers-pay-wages-safety-unemployment/">essential workers who make less than the benefit</a>. This also reveals that Republicans don't understand the problem at hand. Republicans think they have a choice between sending Americans back to work in a pandemic and continuing to pay them to stay home. They don't. If the pandemic is not under control (it is not), businesses will continue to shut down, employees will be scared to go to work, and our demand problem will persist. Many workers simply won't be needed.The government should be paying people to stay home in these circumstances. It's better for the economy if people can still pay their bills, so Americans aren't trapped in debt and real damage isn't done to the financial system when this is all over. It's also easier to implement social distancing if people stay home, which will help slow the spread of the virus. So Trump and Republicans are looking at this wrong. They think they have a choice between the virus and the economy. They don't. — Linette LopezKids need to be in school, even in a pandemic <div type="image" title="Classroom empty recession" height="1000" width="2000" msid="76758041" hostid="261"></div>So says the American Academy of Pediatrics (AAP), despite the Centers for Disease Control and Prevention's (CDC) advice to err on the side of extreme caution and continue remote learning in the fall. And so says me, a parent of three.Pediatrics infectious disease specialist Dr. Sean O'Leary — an author of the AAP's new guidelines — told <a href="https://www.nytimes.com/2020/06/30/us/coronavirus-schools-reopening-guidelines-aap.html?campaign_id=57&amp;emc=edit_ne_20200701&amp;instance_id=19930&amp;nl=evening-briefing&amp;regi_id=88484025&amp;segment_id=32385&amp;te=1&amp;user_id=f9e622fe9a0393374f692a89c3b1c6df22fe9a0393374f692a89c3b1c6df">The New York Times</a>: "Kids really do seem to be both less likely to catch the infection and less likely to spread the infection. It seems to be even more true for younger kids, under 10 or under 12. And older kids seem to play less of a role than adults."O'Leary added that the "the downsides of having kids at home versus in school are outweighed by the small incremental gain you would get from having kids six feet apart as opposed to five, four or three." Essentially, the resource gap experienced between children in low and high-income families, the mental health implications, and the precious lost months of social development are too high a cost to pay for the relatively minor risk posed by having kids back in school buildings.I'm raising three children in New York City and the only thing I look forward to is the prospect of the public schools reopening on a daily basis. <a href="https://twitter.com/karol/status/1278397780013264898">We've already been given indications</a> that this is essentially out of the cards — and that's just maddening because it didn't have to be this way. <a href="https://www.businessinsider.com/coronavirus-ruined-kids-school-year-trump-response-next-covid-2020-6">As I wrote in my column yesterday</a>, the coronavirus would have likely caught any administration off guard initially. But Trump's hapless, negligent response continues to make the damage markedly worse: "Kids only have one shot at a childhood and a primary education, and Trump has made both experiences measurably worse for an entire generation." — Anthony Fisher<h2>BUSINESS &amp; ECONOMY</h2>Yes, the June jobs numbers were excellent, but…The June <keyword id="134929" type="PERSON" weightage="60" keywordseo="jobs-report">jobs report</keyword> smashed expectations, with the US adding 4.8 million jobs versus consensus expectations of 3 million, as<a href="https://www.businessinsider.com/june-jobs-report-nonfarm-payrolls-unemployment-rate-us-economy-coronavirus-2020-7"> Insider's Carmen Reineke reports</a>.<div type="image" title="nfp growth june 2020 v2" height="1250" width="1667" msid="76758043" hostid="261"></div>The unemployment rate declined sharply, to 11.1%.<div type="image" title="unemployment rate (2)" height="1250" width="1667" msid="76758047" hostid="261"></div>That's great news. But…The unemployment rate is still higher than at any point since the Great Depression of the 1930s. We're still <a href="https://twitter.com/edwardnh/status/1278672653944074241?s=20">nearly 15 million jobs</a>, or 10%, below pre-coronavirus levels, as <a href="https://www.calculatedriskblog.com/2020/07/june-employment-report-48-million-jobs.html">this chart from Calculated Risk</a> shows:<div type="image" title="EmployRecessionJune2020" height="718" width="1082" msid="76758049" hostid="261"></div>Hiring in June may also have been juiced by the terms of the government's emergency CARES Act, which <a href="https://www.calculatedriskblog.com/2020/07/june-employment-report-48-million-jobs.html">required employers to hire back any employees let go</a> in the early days of the pandemic to have their government loans forgiven. Actual demand in the economy is still far from normal levels — the CEO of Delta Airlines said this morning that the airline expects to carry <a href="https://twitter.com/e_russell/status/1278661955688058881">less than a fifth</a> of the number of passengers this weekend that flew last July 4th weekend — so some of these re-hirings may be temporary.Also, the number of "permanent" job losses <a href="https://twitter.com/NickTimiraos">rose</a> in June. And initial unemployment claims in the past week <a href="https://twitter.com/DanielAlpert/status/1278661376093945862">were still extremely high</a>. Insider contributor Dan Alpert notes further that the rate of "underemployment" remains extreme and that most of the new jobs created in June were <a href="https://twitter.com/DanielAlpert/status/1278672224761905154?s=20">crappy low-wage jobs</a>. Lastly, "continuing" jobless claims — the number of people getting benefits — is still <a href="https://twitter.com/DanielAlpert/status/1278669663312982017">parked at 19 million</a>.Lastly, much of June's jobs report was based on surveys taken in the middle of the month (red line in chart below). As economist <a href="https://twitter.com/BetseyStevenson/status/1278684553763262464?s=20">Betsey Stevenson notes</a>, this was before the recent surge in new confirmed cases really got moving:<div type="image" title="Screen Shot 2020 07 02 at 11.35.16 AM" height="1185" width="1600" msid="76758053" hostid="261"></div>In short, many analysts believe the June headline number paints an overly rosy picture of the recovery, especially now that the coronavirus is again surging and some states and businesses are again shutting down. — HB<h2>LIFE</h2><div type="image" title="margot robbie" height="650" width="1300" msid="76758056" hostid="261"></div><a href="https://www.insider.com/i-worked-out-like-margot-robbie-for-a-week">I worked out like Margot Robbie for a week, and it almost killed me</a>. Insider's Lara Walsh tried the routines the Aussie star used to get in screen-shape for "Suicide Squad" and "I, Tonya." Ouch.<a href="https://www.insider.com/beautiful-aerial-photos-2019-9">Remarkable photos that capture the beauty of the world from the air </a><a href="https://www.insider.com/watermelon-ham-soft-serve-treats-2018-8">8 takes on watermelon (video)</a> Baked. Stewed. Iced...<h2>THE BIG 3*</h2><div type="image" title="5efdbd53aee6a86ef8682a33" height="700" width="1400" msid="76758059" hostid="261"></div><a href="https://www.insider.com/video-white-woman-points-gun-black-mom-daughter-chipotle-2020-7">Video shows a white woman pointing a gun at a Black woman and her daughter after an incident at a Chipotle in Michigan</a>. The Oakland County Sheriff's Office told Insider that an investigation into the incident was ongoing, but no one had been arrested.<a href="https://www.businessinsider.com/trump-got-angry-if-warned-about-russia-so-officials-avoided-2020-7">Trump got angry every time staff briefed him about Russia, so they stopped briefing him about it.</a> Trump's defense on the Russia bounty story continues to be that he didn't know about it. Now he knows and says it's a hoax.<a href="https://www.insider.com/shane-dawson-tati-westbrook-video-jeffree-star-drama-timeline-cancelled-2020-6">A timeline of how YouTubers Shane Dawson and Jeffree Starr got canceled.</a> Both "A-list" YouTubers hit with a backlash over old racist social media posts.*The most popular stories on Insider today.<h2>YOUR LETTERS</h2>On "Insider Today"...Please remove me from this horrific newsletter. And if I am paying for it, please reimburse me.— Jessica DeLise

The 'economy or virus' delusion

<ul class="summary-list"><li><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> grew 6.5% in the final three months of 2020, beating expectations.</li><li>The country's economy grew 2.3% in 2020 as a whole, while its rivals contracted.</li><li>A new COVID-19 outbreak threatens the recovery, but analysts still predict a solid 2021.</li></ul>The Chinese economy beat expectations to grow 6.5% in the final quarter of 2020, according to official figures on Monday, capping off a rapid recovery from the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> lockdowns in the first few months of the year and further cementing China as an economic powerhouse.The final-quarter figures meant gross domestic product grew 2.3% over 2020 as a whole. It was China's slowest expansion since the 1970s, but nonetheless made it the only major economy to grow last year.China's National Bureau of Statistics <a href="http://www.stats.gov.cn/english/PressRelease/202101/t20210118_1812432.html">said</a>: "The national economy recovered steadily, employment and living standards were ensured forcefully, and the main goals and tasks of economic and social development were accomplished better than expectation."Read More: <a href="https://www.businessinsider.com/stock-market-crash-bubble-warning-indicators-hartnett-bank-of-america-2021-1" target="_blank" rel="noopener noreferrer">Bank of America says the warning signs that stocks are hurtling into bubble territory are growing - and pinpoints 6 that could signal a bear market is beginning</a>In the first three months of 2020 China's economy shrank 6.8% as the new form of coronavirus took hold in Wuhan and the government ordered stringent lockdowns.But China's hugely powerful state clamped down on COVID-19, allowing the economy to grow 3.2% in the second quarter and 4.9% for the third.The country's overall economic growth of 2.3% in 2020 compares to <a href="https://markets.businessinsider.com/news/stocks/covid-could-cause-lost-decade-of-growth-world-bank-2021-1-1029937587">World Bank forecasts</a> of a 3.6% contraction in the US and a 7.4% fall of in the Eurozone. Advanced economies as a whole are expected to have contracted by 5.4% in 2020, the <a href="https://www.worldbank.org/en/publication/global-economic-prospects">World Bank said earlier this month</a>.China's industrial production - heavily supported by the state - has been at the heart of its recovery. Factory output jumped a further 7.1% in the final three months of 2020, after growing 5.8% in the previous quarter.Domestic consumption has been weaker, with retail sales growing 4.6% in the final quarter, but falling 3.9% across the year as a whole.But China increased the value of its exports by 4% across the year, helping it hit a new record trade surplus in December, thanks to the appreciation in the yuan.Commerzbank economist Hao Zhou said: "As the developed countries have re-imposed lockdown measures due to virus resurgence, the supply chain has been disrupted which forced many orders to shift to China as the economy has been normally operating."In our opinion, the strong exports have significantly contributed to China's economic outperformance."Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-best-profit-growth-reopening-goldman-sachs-2021-1" target="_blank" rel="noopener noreferrer">GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth</a>Despite its success in containing coronavirus after the initial outbreak, China has recently suffered a new flare-up in the north east and last week reported its first death since the spring.Tommy Wu, lead economist at consultancy Oxford Economics, said: "Following new restrictions announced due to COVID-19 outbreaks in two provinces, it is possible that reduced confidence and travel during the Chinese New Year holidays hamper Q1 growth."But for now, we think that the risk of major economic impact is low, given China's track record in containing COVID."The World Bank earlier this month predicted China's economy would grow 7.9% in 2021. Oxford Economics previously predicted growth of 8.1% in 2021, but on Monday said it would upgrade its forecasts.

China's GDP grew 6.5% in the final quarter of 2020, making it the only major economy to expand last year

<ul class="summary-list"><li>Sometimes it feels as if everyone is pushing <keyword id="11892913" type="UNKNOWN" weightage="60" keywordseo="women" source="Orion">women</keyword> to get married — even the US government.</li></ul><ul class="summary-list"><li>While more <keyword id="11921342" type="UNKNOWN" weightage="60" keywordseo="millennials" source="Orion">millennials</keyword> are postponing or forgoing marriage, the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> hasn't caught up.</li></ul>Kate Mannelly, a 29-year-old teacher living in Boston, wants to move into a one-bedroom apartment. But prices are nearly the same as the rent she now splits on a two-bedroom unit with her sister."I do feel like the renting industry really caters toward couples and those who are sharing one room and can split rent," she <a href="https://www.businessinsider.com/housing-market-boston-rent-prices-teacher-apartment-search-inflation-affordability-2022-2">told Insider</a>. "What does that mean for the rest of us that are not in a relationship or not splitting one bedroom with a partner?"Mannelly is experiencing an effect of the single tax, in which <keyword id="13165621" type="UNKNOWN" weightage="60" keywordseo="singles" source="Orion">singles</keyword> are penalized in an economy shaped by post-World War II values of marriage and family. Since then, times have changed. Millennials are postponing homebuying, marriage, and childbearing until later — or never. An Institute for Family Studies<a href="https://ifstudies.org/ifs-admin/resources/final2-ifs-single-americansbrief2020.pdf"> analysis of US Census data</a> found that a record 35% of US adults ages 25 to 50 had never married as of 2018. In 1970, that share sat at 9%. It's a sign of both distress and progress: As millennials created a new <a href="https://www.businessinsider.com/what-does-american-dream-look-like-for-millennials-2021-1">version of the American dream</a>, the single life has become more socially acceptable — and preferable for many. But while stigmas have shifted, the economic system that incentivizes marriage hasn't. The costs of being single show up in everything from social life to the tax code, housing, and health insurance. While costs are higher for singles, they also tend to <a href="https://www.businessinsider.com/single-adults-make-less-money-married-living-alone-rew-research-2021-10">earn less on average than their partnered counterparts</a>. Plus, women, who already <a href="https://www.businessinsider.com/gender-wage-pay-gap-charts-2017-3#men-have-earned-more-than-women-since-1979-the-first-year-with-available-data-1">earn less than men on average,</a> <a href="https://www.businessinsider.com/gender-wage-pay-gap-charts-2017-3#men-have-earned-more-than-women-since-1979-the-first-year-with-available-data-1">are even further behind if they are</a> Black or Hispanic. That disparity becomes even more problematic as millennials weather yet another economic woe: <a href="https://www.businessinsider.com/inflation-cpi-january-price-growth-report-omicron-wave-supply-chains-2022-2">40-year-high inflation</a>.Claudia Goldin, professor of economics at Harvard University, said that research highlights marriage as a clear cause of higher earnings for men, she said. But for women, she said, "There is little about a positive causal effect of marriage or partnering." <h2>One is the costliest number </h2>The US government defines "single" as people who aren't married, meaning you can legally be single and still have a partner. Most commonly, it refers to those who aren't married, living with a partner, or in a committed relationship. That's how the Pew Research Center defines singles, which describes<a href="https://www.pewresearch.org/social-trends/2020/08/20/a-profile-of-single-americans/"> 31% of Americans</a> in its 2020 report on America's singletons. Many single people seek solo living. But, as Mannelly's case suggests, that's hard to do in many US cities where the median rent on a one-bedroom apartment is <a href="https://www.businessinsider.com/housing-market-most-expensive-cities-single-renter-apartment-prices-inflation-2022-2">nearly the same price</a> as a two-bedroom. The <a href="https://www.businessinsider.com/mortgage-rates-buy-a-house-affordability-crisis-wages-priced-out-2022-1">declining affordability</a> due to today's housing crisis could also <a href="https://www.urban.org/urban-wire/more-women-have-become-homeowners-and-heads-household-could-pandemic-undo-progress">undo</a> progress women have made toward homeownership. "This might sound so depressing, but I truly cannot wrap my head around when I'll ever be able to buy a home," Mannelly said of living in Boston. "It just feels so unattainable right now. In some ways, I'm resigned to the possibility that I may have to rent forever if I choose to live here."<div type="image" title="Megan Rowsey and her 7-year old daughter." height="540" width="720" msid="89547093" hostid="261"></div>About 65% of single women reported that they would rather not wait until they were married to buy homes, according to data from Bank of America <a href="https://www.businessinsider.com/single-women-arent-waiting-marriage-buy-homes-millennials-generation-z-2022-1">released last month</a>. So far, one in three have bought, but Kathy Cummings, senior vice president of homeownership solutions at Bank of America, <a href="https://www.businessinsider.com/single-women-arent-waiting-marriage-buy-homes-millennials-generation-z-2022-1">told Insider</a> many single women don't feel financially ready to buy a home on their own even if they're emotionally ready. Megan Rowsey, a 27-year-old single mother, took the leap in 2019 but <a href="https://www.businessinsider.com/a-single-mother-who-used-savings-for-home-purchase-2022-1">told Insider</a> she didn't think she'd be able to do the same in today's economy."I don't think I could buy a home in today's market, as I was only able to afford a fixer-upper," she said, adding that the renovations she's been making haven't been cheap or easy. "Prices on homes and materials have gone up like crazy, and I wouldn't have been able to make it livable even if I did get the house." <h2>No one to split the bill with</h2>In her book "Spinster: Making a Life of One's Own," the author and journalist Kate Bolick explores the appeal of choosing a single life for millions of American women. "Studies show that a woman who lives alone is more likely to have an active social life and maintain family bonds," she wrote, "not because she has extra time on her hands, but because these are the bonds that sustain her."But maintaining this <a href="https://www.psychologytoday.com/us/blog/living-single/201905/the-social-lives-single-people">bigger social network</a> can be expensive when you're doing it by yourself. It means fewer dinners at home alone and more drinks out with coworkers or dinners out with friends. There are Uber rides home and Hinge dates — it can all put a dent in the bank account. So, too, can shelling out on gifts and travel to visit all these loved ones. Some travel businesses like hotels and cruise lines charge solo travelers a "<a href="https://www.nytimes.com/2013/03/10/travel/singled-out-for-the-single-supplement.html">single supplement</a>," when only one person is using the services. It doesn't help that these activities are all more expensive now thanks to <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>.<div type="image" title="travel" height="1666" width="2222" msid="89547094" hostid="261"></div>This isn't to say that married couples don't have their own social lives to pay for, but couples can split the cost. Plus, many gym memberships, cellphone plans, and meal-delivery services offer deals for family plans. <h2>Uncle Sam wants you to get married </h2>Deals for couples and families are a ripple effect of a single tax endorsed by a government that favors the married. The tax code, for example, used to call for Americans to file income taxes individually. In 1948, right around the birth of the post-war version of the <keyword id="11937539" type="UNKNOWN" weightage="60" keywordseo="american-dream" source="Orion">American dream</keyword>, <a href="https://www.taxpolicycenter.org/laws-proposals/major-enacted-tax-legislation-1940-1949">joint filing was implemented</a> to let married couples combine their incomes for tax purposes. While couples that earn about the same income see little to no benefit from filing jointly, couples in which one partner earns all or most of the income benefit from a "<a href="https://www.taxpolicycenter.org/briefing-book/what-are-marriage-penalties-and-bonuses">marriage bonus</a>" in which the higher earner's bracket can drop after marriage. Married couples also enjoy more tax breaks than single filers, such as a larger standard deduction. Insider calculated the taxes for an American who earned $50,000 for the 2021 tax year using the <a href="https://tpc-marriage-calculator.urban.org/">Tax Policy Center's marriage calculator</a>. With no itemized deductions, they would owe $4,314. If they married a partner who didn't work, earning no income, together they would only owe $2,629 in taxes because $50,000 falls into a lower tax bracket when married.Healthcare, Social Security, and retirement accounts all follow suit. For some married couples, it can be cheaper to add a spouse onto their employer-sponsored health insurance than to have separate policies. Spouses can also receive up to 50% of their other half's Social Security benefit, depending on their earnings. IRA and Roth IRA income limits are also higher for married couples with one income.That's not to mention the challenges women already face on these fronts, who have <a href="https://www.businessinsider.com/boomers-dont-have-retirement-savings-women-have-less-than-men-2022-1">less money saved</a> for retirement and spend about <a href="https://www.businessinsider.com/boomers-dont-have-retirement-savings-women-have-less-than-men-2022-1">$15,000 more on healthcare than men</a> during retirement, according to a 2019 Fidelity <keyword id="11896041" type="UNKNOWN" weightage="60" keywordseo="analysis" source="Orion">analysis</keyword>. One upside: Women tend to live longer than men. Actually, that's a financial downside as well, Whitney Pesek, director of childcare policy at the National Women's Law Center, <a href="https://www.businessinsider.com/career-decisions-working-moms-made-during-pandemic-2021-7">previously told Insider</a>."While women end up with less retirement income than men, they also tend to usually need more retirement savings because women tend to live longer than men," she said. "Women are more likely to be single later in life and have higher health costs than men as they age."Until America's singletons get a stronger support system, single women will continue to face an uphill battle in affording the things they want."For a long time, and even still if I am being honest, I would think of all the things I could do with dual income," said Rowsey, the single mom and homeowner. "At some point though, I realized I was wasting time on an idea I was not guaranteed."

Single women are losing in today's economy

<ul class="summary-list"><li>The US added 467,000 jobs in January, even as <keyword id="12616996" type="UNKNOWN" weightage="60" keywordseo="omicron" source="Orion">Omicron</keyword> gripped America.</li><li>It indicates the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> is continuing to mutate along with the virus, adapting to a new normal.</li></ul>It's been nearly two years of the <keyword id="11896136" type="UNKNOWN" weightage="60" keywordseo="pandemic" source="Orion">pandemic</keyword>, and the economy seems like it's finally adapted.In January, hiring was unexpectedly strong, with the country <a href="https://www.businessinsider.com/january-jobs-report-467000-payrolls-unemployment-rate-omicron-labor-market-2022-2">adding 467,000 jobs</a>. It was a big surprise: The White House <a href="https://www.bloomberg.com/news/articles/2022-02-01/white-house-warns-latest-jobs-data-will-be-ugly-due-to-omicron">had been anticipating</a> a gnarly jobs report. Economists surveyed by Bloomberg <a href="https://www.businessinsider.com/january-jobs-report-467000-payrolls-unemployment-rate-omicron-labor-market-2022-2">forecast</a> that the country would only add 150,000 jobs. Instead, January saw strong employment growth, even as the Omicron variant <a href="https://www.businessinsider.com/covid-experts-poop-data-shows-omicron-peaking-in-the-us-2022-1">swept across the country</a>. Even December and November weren't as bad economically as originally dreary reports said, with the <keyword id="13106576" type="UNKNOWN" weightage="60" keywordseo="bureau-of-labor" source="Orion">Bureau of Labor</keyword> Statistics revising those reports up by <a href="https://www.businessinsider.com/january-jobs-report-bls-revisions-in-2021-payrolls-2022-2">709,000 jobs</a>. "In the past, we have seen that rises in COVID cases have slowed the job market recovery," Daniel Zhao, a senior economist at Glassdoor, told Insider. "But it's possible that the tenor of that is different now."Even with <a href="https://www.reuters.com/world/us/record-number-americans-missed-work-due-illness-january-2022-02-04/">3.6 million workers out sick</a>, the economy boomed. It's all a sign of how business has reshaped itself after two years of a new normal, with Omicron potentially severing the link between a spike in cases and a dive in employment. The economy has mutated with the variants.<h2>A mutating economy</h2>Back when Delta threw a wrench into Americans' hot vax summer, JPMorgan Funds' chief global strategist David Kelly <a href="https://www.businessinsider.com/will-delta-send-us-lockdown-economy-vaccinated-unvaccinated-repeat-2020-2021-8">said that the way the economy is "mutating"</a> left it less vulnerable and more productive. He said key shifts that occurred during the first year of the pandemic — like the QR menu at restaurants and video-conferencing boom — would protect the US from another pandemic-related recession.He was right: While Delta slowed down the speed of the US economic recovery, it didn't pummel the country back into the economic turmoil it experienced the year before. When the even-more-contagious Omicron emerged in December, it felt like March 2020 all over again: Events and shows <a href="https://www.nytimes.com/2021/12/15/theater/broadway-coronavirus-cancellations.html">were canceled</a>, colleges <a href="https://nypost.com/2021/12/15/nyu-moves-finals-online-cancels-indoor-events-over-covid-surge/">moved final exams</a> online, and it became <a href="https://nypost.com/2021/12/15/nyu-moves-finals-online-cancels-indoor-events-over-covid-surge/">difficult to get tested for Covid</a> again. But the recent jobs data has proved that Kelly's theory on a mutating economy still stands in the face of other variants, evolving along with Covid itself."If the Omicron variant really has reached its peak and, and is beginning to ebb then yeah, this means that we're on a path to a very solid recovery," Dr. William Spriggs, the chief economist of the AFL-CIO and economics professor at Howard University, told Insider. "We did the stimulus the way we did because it means that households are continuing to spend at a level that can get us to that recovery." With <a href="https://www.nytimes.com/2021/06/30/world/asia/virus-delta-variant-global.html">three-quarters</a> of Americans vaccinated, many are still living their lives with a degree of normalcy and thus keeping the economy running. While Omicron has proved more evasive of vaccines than previous variants, <a href="https://www.businessinsider.com/omicron-chart-protection-2-3-vaccine-booster-effectiveness-hospitalization-symptomatic-2022-1">protection against hospitalization</a> remains high — especially for the 27% of Americans who are <a href="https://www.businessinsider.com/how-well-do-boosters-vaccines-protect-omicron-chart-2022-1">boosted</a>. <h2>The economy still has a ways to go</h2>There's still plenty of economic turmoil. <a href="https://www.axios.com/omicron-cases-deaths-vaccines-us-d52d9142-599a-45c2-9b57-14e58b97d191.html">Every day</a>, 2,600 Americans die from Covid, hospital systems are overwhelmed by the unvaccinated, and a record <a href="https://www.marketwatch.com/story/a-record-8-75-million-people-missed-work-because-covid-is-in-their-house-11642702013">8.75 million Americans</a> missed work because they became infected. For many, that means a loss in income — or <a href="https://www.businessinsider.com/workers-are-forced-into-their-jobs-whilst-positive-covid-19-2022-1">having to go into work sick</a>. Childcare <a href="https://www.businessinsider.com/meet-mom-teacher-leaving-workforce-childcare-pandemic-paid-leave-2022-1">also continues to be an issue for parents</a>, who are back to juggling remote work while taking care of their kids at home as the Omicron surge leads to <a href="https://www.insider.com/covid-shut-down-school-two-days-after-classes-started-2022-1">school closures</a> and <a href="https://www.wsj.com/articles/omicron-drives-covid-19-child-hospitalizations-to-new-highs-11642242603">increased hospitalizations among children</a>. That's not to mention other blows to the economy that existed before Omicron: soaring inflation, a housing crisis, and a serious supply-chain shortage, to name a few. But that jobs and productivity are growing is evidence of how we've learned to <a href="https://www.businessinsider.com/how-covid-changes-remote-work-housing-entertainment-fashion-flexible-economy-2021-7">be flexible</a> — just like the economy. <a href="https://sports.yahoo.com/healthcare-experts-warns-public-not-231647881.html">Healthcare experts have warned</a> against succumbing to pandemic fatigue. We still need to be vigilant as <a href="https://www.businessinsider.com/covid-omicron-ba2-prolong-wave-infections-scientists-ba1-2022-1">variants continue to evolve</a>. There may be more systemic measures to take to get to full recovery while keeping workers safe and protecting their income."People will get better labor force participation when we fix the care economy," Spriggs said. "People need paid sick days, and they need that ability to be on leave and come back to work."

In a neverending pandemic, the economy is winning

<ul class="summary-list"><li><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> could slip into <keyword id="42667" type="PERSON" weightage="60" keywordseo="deflation">deflation</keyword> in coming months, a senior HSBC economist warned Tuesday.</li><li>HSBC's chief China economist Qu Hongbin <a href="https://twitter.com/selinawangtv/status/1260093658251972609">told Bloomberg TV in a phone interview Tuesday</a>: "The bigger risk in China is not <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword>, but instead deflation is the bigger risk."</li><li>China's economy <a href="https://www.businessinsider.com/china-economy-falls-first-quarter-2020-after-half-century-growth-2020-4">contracted in the first quarter of 2020,</a> the first contraction since 1992 as the coronavirus pandemic has battered consumer spending. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>One of HSBC's most senior economists thinks the country is at risk of falling into deflation amid the unprecedented economic slowdown caused by the coronavirus.HSBC chief China economist Qu Hongbin <a href="https://twitter.com/selinawangtv/status/1260093658251972609">told Bloomberg TV in a phone interview Tuesday</a>: "The bigger risk in China is not inflation, but instead deflation is the bigger risk."Hongbin added: "<keyword id="6355865" type="UNKNOWN" weightage="60" keywordseo="CPI">CPI</keyword> is above 3% but it is trending lower which means there is more room to step up that easing going forward."Chinese inflation has dropped rapidly in recent months, <a href="https://tradingeconomics.com/china/inflation-cpi">falling from a five-year high of 5.4% in January to 3.3% now.</a> That drop, Hongbin said, suggests that deflation is now a risk.Deflation, which occurs when prices for everyday goods and services fall over time rather than increasing, is generally seen as an negative economic negative as it increases the value of debt and weakens consumer spending power.Read now: <a href="https://www.businessinsider.com/real-estate-investment-strategy-how-to-create-passive-income-leybovich-2020-5?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">A real-estate investor who generates $165,000 in revenue a year lays out his 'absolutely perfect' strategy for aspiring entrepreneurs clamoring for passive income</a>Hongbin also said there was room for more stimulus in China to deal with the fallout from the virus, which originated in the city of Wuhan.Asked what policy measures he expects in the upcoming China People National Congress next week, he said: "Things I am watching for is even without a numerical GDP growth target, what is the tone of the policy goals, in terms of the growth and the employment jobs, that will give a sense of how much catch up in terms of the stimulus the government of China will do in the months ahead."There has been speculation that the Chinese ruling party will adjust <a href="https://www.ft.com/content/983d5074-805d-11ea-8fdb-7ec06edeef84">or even completely remove the formal GDP growth targets</a> it normally sets for the country of around 6% annually.<div type="image" title="china people's national congress" height="684" width="1368" msid="75700922" hostid="261"></div>China has rescheduled its most important political event for May 22, suggesting the government is ready to restore normal order.The annual session of the National People's Congress (NPC), <a href="http://www.npc.gov.cn/englishnpc/c2847/201903/bcc988763e4140d298515047a9c1549a.shtml">China's parliament</a>, was due to sit on March 5 but was <a href="https://www.businessinsider.com/coronavirus-china-postpones-pivotal-national-peoples-congress-event-2020-2">canceled on February 24</a> due to the coronavirus outbreak."Whether they are going to have a much lower but more realistic range of the GDP growth like 2-3% or they simply drop the number completely off. That will make a difference in terms of the magnitude of the stimulus being put forward," Hongbin added. Read now:<a href="https://www.businessinsider.com/stock-picks-contrarian-investment-recommendations-strategy-todd-ahlsten-parnassus-2020-5?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener"> A fund manager who's quadrupled his competitors' returns for 15 years breaks down his 3 favorite stocks - and his top 3 contrarian ideas</a>The second thing he is looking out for is whether any more stimulus will be announced. Hongbin said: "Particularly on the political policy front, there are already talks about the special treasury bond when they are going to issue that and what is the magnitude."China's economy <a href="https://www.businessinsider.com/china-economy-falls-first-quarter-2020-after-half-century-growth-2020-4">contracted in the first quarter of 2020,</a> the first contraction since 1992 as the coronavirus pandemic has battered consumer spending. The National Bureau of Statistics reported that GDP fell by 6.8% during the first quarter. Early data from the second quarter shows that while China's economy has not fully recovered from the fall seen in Q1, it is on it's way back.<a href="https://tradingeconomics.com/china/composite-pmi">A Caixin composite PMI of the Chinese economy</a> showed a reading of 47.6 in April, below the 50 breakeven point, but up from 46.7 in March.Read the original article on <a href="https://www.businessinsider.com/china-economy-coronavirus-deflation-risk-hsbc-warns-2020-5">Business Insider</a>

China's coronavirus-battered economy is at risk of sinking into deflation, one of HSBC's top economists warns

<ul class="summary-list"><li><keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>'s <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> is set to shrink 45% this year, while <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s will contract 11%, the World Bank has said.</li><li>In its spring report, the institution said the "catastrophic" war would cause over $100 billion of damage to Ukrainian infrastructure.</li></ul>The "catastrophic" war in Ukraine will cause the country's economy to shrink 45% this year and Russia's to contract 11%, the World Bank has predicted.Russia's invasion has destroyed infrastructure across Ukraine and led to severe shortages of water, food, heating, and energy, the international financial institution <a href="https://openknowledge.worldbank.org/handle/10986/37268">said</a> on Sunday in a new report.It estimated that the damage to infrastructure was likely to be well above $100 billion, or about two-thirds of Ukrainian <a href="https://www.businessinsider.com/what-is-gdp#:~:text=Gross%20domestic%20product%20(GDP)%20is,the%20economy%20and%20particular%20industries.">gross domestic product</a> in 2019. Half of Ukrainian businesses have shut, while the other half are operating well below capacity, it said.The World Bank said Ukrainian GDP — the most common measure of the size of an economy — would likely shrink by 45.1% in 2022. However, it said the forecast was highly uncertain, and could be higher if the war drags on for longer, or lower if the conflict ends soon."Russia's invasion of Ukraine has triggered a catastrophic humanitarian toll and severe economic contraction," the World Bank said in its spring report."Ukraine needs massive financial support immediately as it struggles to keep its economy going and the government running to support Ukrainian citizens who are suffering and coping with an extreme situation."Russia's war will also severely damage the country's domestic economy, the World Bank said. It said the economy has already plunged into a deep recession, and predicted GDP would contract by 11.2% in 2022.The World Bank said <a href="https://www.businessinsider.com/russia-economy-gdp-crash-ukraine-war-inflation-sanctions-energy-putin-2022-3">Western sanctions</a> on Russia would do much of the damage. The US and its allies have cut Russia's central bank off from the bulk of its foreign currency reserves; sanctioned banks, companies and oligarchs; and curtailed trade with the country."Sanctions have impaired Russia's sizable macroeconomic buffers and triggered trade, financing, and confidence shocks," the report said.The World Bank also said the economies of countries around Ukraine and Russia would be hit hard, while the war could trigger a sharp global slowdown. The conflict has triggered a sharp rise in <a href="https://www.businessinsider.com/fertilizer-prices-threaten-widespread-hunger-higher-inflation-ukraine-russia-war-2022-4">food and energy prices</a>, which is likely to be particularly destabilizing for developing economies, the report said.Read more: <a href="https://www.businessinsider.com/investing-french-election-strategy-stock-bond-market-outlook-experts-europe-2022-4" target="_blank" rel="noopener noreferrer">8 investing experts share their markets outlook for the French election — including how a shock Marine Le Pen win could impact stocks and bonds</a>

'Catastrophic' war will shrink Ukraine's economy by 45% and Russia's by 11% this year, World Bank predicts

Suzy Leanos worked hard through the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword> in her digital-marketing job, and by March of this year she was burned out. She quit without anything lined up.A self-described "microinfluencer," Leanos earns some income with influencer work, and she wrote an <a href="https://www.adweek.com/creativity/a-cautionary-marketers-tale-dont-ignore-your-pandemic-stressors-and-burn-out/">article for AdWeek</a> on burning out.She recently told Insider that she wants something more from her next job: flexibility.In the past month, she applied for two jobs. She began interviewing for a position that said it was close to her house.Then came the reveal: It would actually be a commute of more than an hour (she might have been able to work out of the office's closer location once a week). After the call, she let the company know she wasn't interested."It made me feel empowered as an employee looking for a job or as a person looking for a job, that there are options out there," Leanos said. "Especially through the COVID situation, the lockdown we went through, we know employers can be flexible."She added: "People are reevaluating their time, like how they spend their time, how they work, because we have options and choices. And we know it can be done, because we just did it."As workers tentatively peek out from the pandemic, they're bringing a whole new work experience with them, from an abrupt lay-off, a newfound love of <keyword id="123591" type="PERSON" weightage="60" keywordseo="Work-from-home">work from home</keyword>, or an unexpected revelation about where they want to live. Just as the pandemic led to the <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">rise of the homebody economy</a>, it's reshaping how people work and socialize.The desire for flexibility at work is spilling over into every other aspect of the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, from where people live to what they do with their free time to how they dress. The need for it is underscored by each uncertain twist of the pandemic, including <a href="https://www.businessinsider.com/cdc-fully-vaccinated-people-infected-can-transmit-covid-study-2021-7?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+businessinsider%2Fthelife+%28The+Life%29+Life%29">the Delta variant</a>.The <a href="https://www.businessinsider.com/loreal-sees-post-pandemic-roaring-20s-driving-cosmetics-rebound-2021-2">roaring '20s</a> are the beginning of the <a href="https://www.businessinsider.com/us-economic-outlook-2020s-new-era-stimulus-vaccines-remote-work-2021-2">next chapter</a> for work and the economy. Welcome to the hi-flex economy, where flexibility for what workers want is the name of the game.<h2>Employees want to work on their own terms</h2>For decades, the idea of work has been tied to an office. It was synonymous with a commute, office politics, and the increasingly lavish perks companies offered to keep their workers at their desks for longer.The pandemic unwound all of that.Workers are quitting their jobs <a href="https://www.nytimes.com/2021/06/20/business/economy/workers-quit-jobs.html">in record numbers</a>, some in search of <a href="https://www.npr.org/2021/06/24/1007914455/as-the-pandemic-recedes-millions-of-workers-are-saying-i-quit">more money or happiness at work</a> and others <a href="https://www.nytimes.com/2021/04/21/technology/welcome-to-the-yolo-economy.html">looking for a career reprieve</a> after a year - or many more - of burnout. Service workers <a href="https://www.businessinsider.com/labor-shortage-hospitality-workers-restaurant-hotels-pay-wages-joblist-survey-2021-7">want a new deal as well</a>, resulting in a labor shortage. Many of those staying put want to <a href="https://www.forbes.com/sites/bryanrobinson/2021/05/02/future-of-work-what-the-post-pandemic-workplace-holds-for-remote-workers-careers/?sh=4f51e207f5b8">continue working remotely full time</a> or want a hybrid work arrangement long after the pandemic is over.This desire for flexibility and autonomy was on the rise prepandemic, said Tara Sinclair, a senior fellow at the Indeed Hiring Lab. But it wasn't until the pandemic hit that employers began to embrace the technology that enabled employees to work from home."We all know this technology works now, so that genie is out of the bottle," she said. "And I don't think either the employer or the worker wants to completely put that genie back in the bottle."<div type="image" title="remote work" height="1660" width="2214" msid="84945926" hostid="261"></div>The types of flexibility that workers get depends on who's in a bargaining position, she added, which is in the hands of employees. Employees are <a href="https://www.businessinsider.com/media-staffers-are-pushing-back-on-return-to-office-plans-2021-7">pushing back</a> against employers who want them to return in person. Even though the unemployment rate is still elevated, employers are having a hard time finding workers and having to make concessions.Consider the restaurant industry, where workers are having their own <a href="https://www.businessinsider.com/labor-shortage-hospitality-workers-restaurant-hotels-pay-wages-joblist-survey-2021-7">work-related epiphanies</a> and <a href="https://www.businessinsider.com/burger-king-we-all-quit-sign-viral-workers-labor-shortage-2021-7">quitting en masse</a>. As wages rise in other industries - and conditions in the restaurant industry are laid bare - many are jumping ship for higher pay and more consistent opportunities.These expanded opportunities have disrupted how "captive" and ubiquitous low-wage jobs are, William Spriggs, an economics professor at Howard University and chief economist at the AFL-CIO, <a href="https://www.businessinsider.com/3-things-labor-shortage-people-quitting-work-afl-cio-spriggs-2021-7">previously told Insider</a>.Workers are ultimately taking advantage of their newfound freedom. They are "separating themselves from anything other than trading labor for money," Ed Zitron, the author of "<a href="http://ez.substack.com/">Where's Your Ed At?</a>" and the CEO of <a href="http://www.ezpr.com/">EZPR</a>, a national tech PR and media-relations firm, told Insider.He said that, when you're working from home, you don't get any of the things that you could use to excuse how bad your job is, such as enjoying your coworkers, free office food, or the office nap pod. "Without them, you are diluting it to the necessary, which is, 'How much am I being paid for what I'm doing and what I'm tolerating?'" <h2>The freedom of living wherever you want</h2>Another genie out of the bottle is location. Workers can now trade in the expensive cities their jobs tied them to for more affordable metros or for the slower-paced outlying suburbs.The migration of remote workers, coupled with record-low mortgage rates, fueled a housing boom last year that morphed into a historic housing shortage this year, accompanied by record high prices. So many workers wanted housing flexibility that the market has broken down."Besides weather and taxes, being near friends and family is a major pull factor that has driven migration over the past 15 months," Ali Wolf, chief economist for home-building property-tech company Zonda, told Insider. "For those able to move from a high-cost area to a low-cost area without taking a pay cut, the relatively low cost of housing is a driving force for homeownership and home price appreciation."What's happening now as a result of flexibility could shape <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> for years to come. As urban expert Richard Florida <a href="https://www.businessinsider.com/future-of-post-pandemic-big-cities-remote-work-richard-florida-2021-2">previously told Insider</a>, big cities may thrive in new ways after the pandemic, but their midsize peers - like Austin or Charlotte - will also rise.<div type="image" title="open house" height="2663" width="3551" msid="84945929" hostid="261"></div>Consider that to meet demand builders will need to build more homes farther from downtown, where there's more land to do so, which Wolf says will improve suburban amenities in the long run and create gathering places and hotspots.She also anticipates the rise of second headquarters among companies, allowing them to recruit talent from different parts of the US. She anticipates that employees will still want to remain connected to their company and coworkers as they work from home.Even Americans who haven't made permanent moves are taking advantage of location. The "workcation," in which people are vacationing for more extended periods while also working remotely, is a <a href="https://www.businessinsider.com/travel-returning-boom-airlines-hotels-restaurants-spending-vacation-2021-3">burgeoning travel trend</a>. As Americans flocked to larger homes in nonurban areas, <a href="https://www.businessinsider.com/airbnb-prices-higher-travel-rebound-earnings-hotels-spending-vacation-2021-5">Airbnb prices surged by 35%</a> in the first quarter of this year.If employers maintain flexibility for their workers - as some companies like Facebook and Twitter have - these real-estate trends will likely become a new normal.<h2>Hi-flex means <keyword id="34615" type="ORGANIZATION" weightage="60" keywordseo="restaurants">restaurants</keyword> and entertainment live in your house now</h2>Many sectors of the economy have had to be more flexible to survive. Restaurants had to creatively pivot to <a href="https://www.businessinsider.com/coronavirus-restaurants-suburban-takeout-orders-2020-4">takeout</a>. Movies shifted straight to <a href="https://www.businessinsider.com/how-many-movies-went-straight-to-streaming-release-2020-data-2021-2">streaming</a>, and New York Times Cooking saw a 40% increase in website visitors in 2020, <a href="https://www.businessinsider.com/nyt-cooking-bon-appetit-dominance-marketing-kitchen-studio-video-strategy-2021-1">Insider's Kari McMahon reported</a>, as workers' kitchens replaced their cafeterias.When it comes to entertainment, people will still want those in-person experiences, said Sarah Unger, a cofounder of the consulting firm Cultique. But as consumers could increasingly just access content at home, they "definitely don't want artificial restrictions placed on them by a business model when they know it's possible to have it both ways.""Having the flexibility feels really important to consumers, so that they can make the decisions best suited for their mood. So one night a person could want to do in home, and one night eat out," Unger said. She added: "It's hard to offer people choice and then rescind it."While it's impossible to say what, exactly, the future cultural landscape will look like because of the pandemic's effects, consumers' experiences of it will probably shape how it evolves."One thing we can probably be sure of is that consumers are very loath to let go of new habits that make their lives more convenient, make their lives easier," Linda Ong, the CEO of Cultique, said. "We're seeing that with the early results on streaming versus theatrical releases."<h2>People want to dress up and down</h2>The era of remote work has evolved the <keyword id="6" type="ENTERTAINMENT" weightage="60" keywordseo="fashion">fashion</keyword> world into two extremes: dressing up and dressing down.What's resulted, <a href="https://fashionista.com/2021/05/covid-19-pandemic-fashion-psychology">reported Maura Brannigan for Fashionista</a>, is an individualized wardrobe based on whether one wants to perpetuate or optimize their mood. Like with nearly everything else, the pandemic accelerated a trend in the casualization of fashion, with loungewear and <a href="https://www.businessinsider.com/why-did-people-buy-pajamas-during-pandemic-quarantine-self-care-2021-4">luxury pajamas</a> dominating wardrobes. While some people want to continue living in sweatpants forever, others are ready to hit the bars in <a href="https://www.theguardian.com/fashion/2021/jan/30/how-get-dressed-after-lockdown-victoria-beckham-alexa-chung-laura-bailey-amber-butchart">full Met Gala looks</a>.At the center of it all is comfort. Much like the desire for a hybrid work environment, consumers are looking for hybrid outfits that are both easy to move around in and stylish.<div type="image" title="covid fashion trends" height="1647" width="2200" msid="84945932" hostid="261"></div>Look no further than casualwear's entry into the workplace, marked by the fall of white, preppy retailers like <a href="https://www.businessinsider.com/brooks-brothers-j-crew-black-lives-matter-white-america-uprising-2020-8">Brooks Brothers</a> and the rise of Wall Street <a href="https://www.businessinsider.com/bankers-back-to-office-attire-suits-business-casual-tailor-trends-2021-5">bankers shopping</a> for more comfortable and stretchy attire.Tracy Margolies, chief merchandising officer at Saks Fifth Avenue, <a href="https://www.businessinsider.com/bankers-back-to-office-attire-suits-business-casual-tailor-trends-2021-5">previously told Insider</a> that office dress won't be as "buttoned up" as it has been in the past. "As people start to transition back to the office, there has been a shift from the pre-pandemic formality of getting dressed in traditional corporate attire to a more casual approach for work attire," she said.Even those intent on dressing up for out-of-work activities are seeking comfort, opting for <a href="https://www.npr.org/2021/06/10/1005019843/as-more-people-return-to-the-office-will-they-be-dressing-up">looser silhouettes and wide-legged jeans</a>. One-third of consumers say dressing up has become more casual for them than it was prepandemic, <a href="https://www.npd.com/news/press-releases/2021/npd-group-dressing-up-has-become-about-looking-and-feeling-good/">according to a survey</a> by market research company NPD Group and CivicScience.<h2>The 2020s: An era of flexibility</h2>The big question that remains is will the shift to flexibility be temporary or permanent? With variants of the virus still circulating, it's hard to predict what the economy will look like in a truly post-pandemic world."How much is it just in response to the pandemic, and how much of this will be here to stay?" Sinclair, the Indeed economist, said. "You can imagine that some of it is temporary, but I think a lot of it is just bringing it forward."In particular, the <a href="https://www.businessinsider.com/delta-covid-variant-cases-threatening-economy-markets-reopening-lockdown-02021-7">highly contagious Delta variant</a>, which now makes up the majority of US Covid cases, adds an extra layer of unpredictability. While it's too soon to say what its effects will be, it could make demands for flexibility greater than ever, since the continued uncertainty of the pandemic requires it. The CDC even said in internal documents - <a href="https://www.washingtonpost.com/context/cdc-breakthrough-infections/94390e3a-5e45-44a5-ac40-2744e4e25f2e/?_=1">reported on by The Washington Post</a> - that "the war has changed" when it comes to the Delta variant.Of course, the economy won't solely be shaped by flexibility. The next chapter of the economy, Sinclair said, all comes down to whether we can make it more productive going forward.Sinclair said the next decade of the economy will also be influenced by how America ends up paying for the government stimulus during the pandemic, as well as what happens with <a href="https://www.businessinsider.com/what-is-inflation-runaway-hyperinflation-price-growth-interest-rates-fed-2021-5">high inflation</a> that may be temporary or more permanent.Considering that working from home has <a href="https://www.bloomberg.com/news/articles/2021-04-22/yes-working-from-home-makes-you-more-productive-study-finds?sref=BLKWHazc">boosted worker productivity</a>, greater flexibility should be part of the answer. The pandemic has ultimately shifted Americans' mindset on how they want to live, work, and play: all things that will reshape the economy.Leanos, a mother, points out that kids have shifted to doing everything online; even school, children's number one in-person obligation, was forced to go remote. The next generation of workers might accept a flexible environment as a norm, not an anomaly.In 10 years, she said, workers are going to be wherever they want to be."Everyone's just going to carry their phone and their laptop everywhere, and do a little work here, take a break, do a little work there, take a break," she said. "It's going to be high-tech and remote and can be done anywhere."

Welcome to the hi-flex economy, where everything's optional

<ul class="summary-list"><li>The <keyword id="47890" type="ORGANIZATION" weightage="60" keywordseo="global-economy">global economy</keyword> could take a hit of some $82 trillion in a worst case scenario from the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>, according to the Judge Business School at the University of Cambridge.</li><li>In case of speedy recovery, an "optimistic loss" of $3.3 trillion is likely. But in the extreme event of an economic doomsday scenario, the global <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> could lose $82 trillion in damages, the Centre for Risk Studies, part of the university, said.</li><li>The figures are not meant to represent a shrinkage of the global economy, but rather how much potential growth the economy could lose if it slipped into a prolonged <keyword id="6354802" type="DEFINITION" weightage="60" keywordseo="depression">depression</keyword>.</li><li>"The world economy is still in the midst of the 'full stop' described by Daniel Defoe some 300 years ago," Keith Wade, chief economist at UK fund manager Schroders, said in a separate note.</li></ul>The global economy could be set back by a harrowing $82 trillion in damages related to the coronavirus pandemic over the next five years, according to recent <a href="https://insight.jbs.cam.ac.uk/2020/economic-impact/?utm_source=MeltwaterPressRelease&amp;utm_medium=Email&amp;utm_campaign=COVID19&amp;utm_content=GDPRisk_CRS&amp;mod=article_inlined=article_inline">findings</a> by a University of Cambridge department that examines systemic risks.These cost projections are based on 2019 gross domestic product volumes which stood at $69.2 trillion for the world's 19 leading economies. The contrast, in comparison, is visibly massive.The Centre for Risk Studies at the University of Cambridge Judge Business School determined that the potential toll could range between what it called an "optimistic loss" of $3.3 trillion in case of rapid recovery, and $82 trillion in the event of an economic depression.While lost value of $82 trillion is the worst case scenario, the centre's consensus projection was a loss of some $26.8 trillion, or 5.3%, of global GDP in the coming five years.Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fhedge-funds-saw-more-than-80-billion-redemptions-in-march-2020-5%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">Tens of billions in redemptions, hundreds of billions in losses: Here's a look at how the hedge fund industry hemorrhaged money in March</a>To put a figure on the potential impact to some of the leading global economies, the following five-year loss projections added more context (All %'s represent five-year GDP estimates):<ul><li>US: Best case: $550 billion (0.4% of GDP). Worst case: $19.9 trillion (13.6%)</li><li>UK: Best case: $96 billion (0.46%). Worst case: $2.5 trillion (16.8%)</li><li>China: Best case: $1 trillion (0.9%). Worst case: $19 trillion (16.5%)</li></ul>The centre was keen to stress that its metrics are not forecasts for what will happen, rather projections on what might occur. They are also not meant to reflect an economic contraction, but rather how much potential GDP is at risk."The new calculations on GDP@Risk from the pandemic are not forecasts, but rather are projections based on various plausible scenarios that could unfold in the next five years related to the economic impact of <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword>," Andrew Coburn, the centre's chief scientist said.Strikingly, financial <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> do not seem to be weighing in a doomsday scenario. The S&amp;P 500 continues to advance, making gains of over 30% compared to March.In other related impacts, future <a href="https://www.schroders.com/en/uk/adviser/insights/economics/covid-19-the-inescapable-truths-faced-by-investors/">growth and return on assets</a> could continue to be depressed up to 40 years after the passing of the pandemic, according to Keith Wade, chief economist at Schroders UK. Wade's recent note was <a href="https://www.marketwatch.com/story/today-in-scary-numbers-pandemic-could-cost-global-economy-82-trillion-2020-05-19">first reported by Marketwatch.</a>By citing studies on the long-term economic impact of past pandemics, Wade shed some light on outbreaks spanning back to the 14th century Black Death up to the H1N1 explosion of 2009. Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Finvesting-advice-10-pro-money-managers-share-overlooked-market-risks-2020-5%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">10 big-money investors each share the single market risk they think traders are overlooking right now</a><div type="image" title="Screenshot 2020 05 20 at 10.51.54" height="1174" width="1456" msid="75847039" hostid="261"></div>"The world economy is still in the midst of the 'full stop' described by Daniel Defoe some 300 years ago," Wade said. "The virus is likely to reinforce the trends that were driving activity before the outbreak struck, by challenging the growth path, creating greater pressure on government finances and increasing inequality as technology becomes ever more pervasive."Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fstock-picks-to-buy-cheap-banks-financials-extreme-gains-btig-2020-5%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">Buy these 14 bank stocks that are jarringly cheap and positioned for extreme moves higher, BTIG says</a>Read the original article on <a href="https://www.businessinsider.com/coronavirus-pandemic-cost-global-economy-82-trillion-cambridge-study-2020-5">Business Insider</a>

The coronavirus pandemic could cost the global economy a nightmarish $82 trillion over 5 years, a Cambridge study warns

<div class="image-container float_right" style="width:480px"><div class="image">Iron Man 3Iron Patriot</div></div>WASHINGTON (Reuters) - As many a former factory worker can attest, U.S. companies have invested so heavily in technology that some plants now practically run themselves.
So it is rather odd that official data suggests American businesses for decades have been growing less aggressive at investing in their operations.
This apparent contradiction helps illustrate a rethinking under way on how to measure economic output, a discussion that is leading to an overhaul of government data this week that will show the U.S. economy is a bit larger than previously thought.
The idea is that while companies might be spending less of their income on tangible things like buildings and equipment, they appear to be spending more than ever on ideas, such as the engineering research behind an automated factory.
Private spending on research and development has roughly doubled as a share of investment in the last 50 years. The thing is, it doesn't actually count as investment, so <a class="cite">America</a>'s output of cancer drugs adds to economic growth but the research to develop them does not.
This will change on Wednesday when the <a class="cite">Commerce Department</a> releases decades of revised data that will include R&amp;D as a category of investment. Under the new framework, R&amp;D added about $300 billion to GDP in 2010.
"It's gotten to be an even bigger part of the economy, so it's incumbent on us to incorporate it," <a class="cite">Steven Landefeld</a>, director of the department's <a class="cite">Bureau of Economic Analysis</a>, said in an interview.
Money spent creating enduring artistic products like movies and books will also now count as investment. Adding up the full revisions will add nearly 3 percent to the size of <a class="cite">America</a>'s economy, the BEA says.
This could give the impression of the government waving a magic wand to make the economy look larger. However, the <a class="cite">United States</a> will not be alone in adopting the new methodology. Government statistical agencies from around the world agreed to new standards for measuring economic growth as part of a 2008 agreement at the <a class="cite">United Nations</a>. The <a class="cite">European Union</a> will start counting research and development as investment in 2014.
Also, some prominent researchers say the BEA if anything is low-balling the spending in the knowledge-based economy, which has increased in parallel to the rapid advance in <a class="cite">information technology</a>.
<h3>STILL TRYING</h3>
Economists <a class="cite">Charles Hulten</a> of the <a class="cite">University of Maryland</a> and <a class="cite">Carol Corrado</a> at the <a class="cite">Conference Board</a> have put numbers on a more expansive list of intangible investments, including brand-building, employee training and spending by companies to make their operations more efficient.
Their tallies, which are meant to be preliminary, take a stab at quantifying investments in innovation and would add $1 trillion to the economy's size, Hulten said.
The extra output would add only a few tenths of a point to the U.S. annual economic growth rate. But if the estimates are accurate, they might take the edge off a worrisome trend in which <a class="cite">America</a>'s total stock of private fixed assets has grown at ever slower rates for much of the last 50 years.
Hulten and Corrado have found, for example, that investments in the knowledge economy appear to be rising steadily, offsetting a decline in spending on tangible assets.
At the very least, businesses are still trying hard to improve their productivity.
"It bolsters the case for optimism about the future of the U.S. economy," said Hulten.
One way to see the increased role of innovation in the economy is through the broad changes in the workforce.
"Data analyst" has become a relatively common profession, while companies spend more than ever on managers, presumably because they come up with ideas to improve efficiency. About 16 percent of current jobs are management positions, up from around 10 percent in the late 1960s.
Landefeld said the BEA would like to measure more of the knowledge economy, but points out that it has taken decades to accumulate enough data to reliably gauge R&amp;D spending.
The last big addition to the BEA's investment accounting was in 1999, when it classified software as an investment.
Someday, the agency might expand the R&amp;D category beyond science and engineering to include product design, which would include, for example, Apple's spending to make the <a class="cite">iPhone</a> look cool. It also makes sense to think of spending on business consultants as an investment, as the aim of the spending is usually to improve profitability.
Reliable data, however, is not yet available for either option.
"They are sort of glimmers in our eye," Landefeld said.
(Reporting by Jason Lange; Editing by Andrea Ricci)

'Knowledge Economy' Will Soon Count As Investments - Making The US Economy Look Better

<ul class="summary-list"><li>The <keyword id="6383835" type="ORGANIZATION" weightage="60" keywordseo="delta">Delta</keyword> surge has sparked fears of repeating 2020, but it's unlikely we'll experience last year's <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>.</li><li>Not enough people are vaxxed to stop Delta, but enough are to help keep the economy running.</li><li>The economy has also learned how to adapt to the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword>, but you'll need a shot to participate.</li></ul>The <keyword id="11357594" type="UNKNOWN" weightage="60" keywordseo="delta-variant">Delta variant</keyword> has thrown a giant curveball at <a href="https://www.insider.com/hot-vaxx-summer-pandemic-horniness-is-coming-blissful-release-2021-3">America's hot vax summer</a>. Hospitals in less-vaccinated regions are <a href="https://www.businessinsider.com/florida-hospitals-doctors-breaking-point-worst-covid-surge-delta-variant-2021-8">becoming overcrowded</a>. Mask recommendations <a href="https://www.businessinsider.com/cdc-fully-vaccinated-new-guidelines-wear-masks-indoors-delta-2021-7">are back</a>. Many companies have pushed back their <a href="https://www.bloomberg.com/news/newsletters/2021-08-09/tech-s-return-to-office-plans-get-pushed-back-en-masse?sref=BLKWHazc">return-to-office</a> start dates. And it's all happening ahead of the upcoming <a href="https://www.businessinsider.com/schools-starting-back-up-moms-might-not-return-work-months-2021-8">school year</a>.It's all revived Covid anxiety in full force for many Americans, who are fearing another <keyword id="91743" type="PERSON" weightage="60" keywordseo="lockdown">lockdown</keyword> and quarantine, and <a href="https://www.businessinsider.com/university-michigan-sentiment-delta-fear-lockdown-cases-rising-july-report-2021-8">rapidly losing confidence</a> in the economy's ability to handle it. But while Delta is a very real threat right now, it's unlikely we'll experience the same economy that we did a year ago.Scary media headlines <a href="https://www.wgbh.org/news/commentary/2021/08/04/yes-delta-is-serious-business-but-the-media-need-to-cover-it-with-context-and-nuance">lacking crucial context</a> are behind much of the understandable angst, but the emerging science shows the <keyword id="79555" type="TECHNOLOGY" weightage="60" keywordseo="Vaccines">vaccines</keyword> <a href="https://www.businessinsider.com/fully-vaccinated-people-not-immune-to-covid-milder-2021-7https://www.businessinsider.com/fully-vaccinated-people-not-immune-to-covid-milder-2021-7">largely protect against hospitalization</a>. Not enough Americans are vaccinated to prevent Delta's spread, but enough people are vaccinated to keep the economy open and maintain a sense of normalcy.That's because the <a href="https://markets.businessinsider.com/news/stocks/us-economy-mutating-4-ways-jpmorgan-economic-outlook-delta-variant-2021-8">economy has also mutated</a> alongside the virus, learning how to adapt to a pandemic world. Once Americans understood how the virus spreads, many professions improvised methods to limit physical contact and keep the economy running while preventing another lockdown.Given the recent surge in the Delta variant, cities are imposing their own rules, and if you're not vaccinated, you'll have limited participation. For example, <a href="https://www.businessinsider.com/nyc-expcted-require-proof-of-vaccination-indoor-dining-gyms-performances-2021-8">New York City</a> and <a href="https://www.businessinsider.com/san-francisco-mandates-proof-of-full-vaccination-for-some-indoor-activities-2021-8">San Francisco</a> will require proof of a vaccine for indoor activities like dining and using the gym. More and more employers are requiring it of their workers as well and, as <a href="https://www.businessinsider.com/you-have-to-be-vaccinated-for-more-more-job-openings-2021-8">Insider's Juliana Kaplan reported</a>, it's even increasingly required in job postings.The health risks for the vaccinated aren't near what they were in 2020, meaning they can still live their lives with a degree of normalcy. What's emerged is a <a href="https://www.businessinsider.com/new-york-city-vaccine-mandate-bill-de-blasio-delta-variant-2021-8">two-track economy</a> marked by a patchwork of highly vaccinated areas and poorly vaccinated regions. This lack of cohesiveness isn't ideal, but improved from the unvaccinated economy that shut down last year.We may still be living in a pandemic, but it's looking like the economy won't repeat 2020. <h2>Vaccines allow us to live our lives during the pandemic</h2>In 2020, Covid was a pandemic for everyone. Now, it's become "a pandemic of the unvaccinated," CDC Director Dr. Rochelle Walensky <a href="https://www.businessinsider.com/cdc-director-says-covid-19-hospitalizations-are-mostly-unvaccinated-2021-7">said during a press briefing last month</a>.The unvaccinated are most at risk of disease from Covid and are <a href="https://www.businessinsider.com/fauci-unvaccinated-could-lead-to-variant-worse-than-delta-2021-8">largely driving the Delta surge</a>. While the highly contagious variant has increased the odds of "breakthrough" infections among the vaccinated, these cases affect only <a href="https://www.kff.org/policy-watch/covid-19-vaccine-breakthrough-cases-data-from-the-states/">0.01% to 0.29%</a> of fully vaccinated people in all states reporting data to the CDC through July. A full vaccination with an mRNA vaccine is about <a href="https://www.nejm.org/doi/full/10.1056/NEJMoa2108891?query=recirc_mostViewed_railB_article">88% effective</a> at preventing symptomatic disease caused by Delta, according to an August study published by the New England Journal of Medicine. That means the vaccinated also <a href="https://www.businessinsider.com/fully-vaccinated-people-not-immune-to-covid-milder-2021-7https://www.businessinsider.com/fully-vaccinated-people-not-immune-to-covid-milder-2021-7">remain well protected</a> from serious disease leading to hospitalization and death, likely to have mild or no symptoms. <div type="image" title="covid vaccine" height="1356" width="1807" msid="85326500" hostid="261"></div>But whereas the vaccinated were unlikely to transmit the Alpha variant to others, Delta is a different story: It's transmissible among the vaccinated, making it more contagious, per <a href="https://www.businessinsider.com/cdc-fully-vaccinated-new-guidelines-wear-masks-indoors-delta-2021-7">the CDC</a>. However, <a href="https://www.medrxiv.org/content/10.1101/2021.07.28.21261295v1?%253fcollection=">a recent study</a> found that even though Delta viral loads are about the same for both the unvaccinated and vaccinated, they fall more quickly for the latter. And because the chances of a breakthrough infection are relatively rare, vaccinated people are overall less likely to transmit the virus to others.However, the problem is that <a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-total-admin-rate-total">only half of Americans</a> are fully vaccinated (vaccines haven't yet been approved for kids), and they thus need to bear the burden of protecting the unvaccinated half. While a portion of the vaccinated very worried about Delta may personally quarantine again, it's likely most of America will keep keeping on: the vaccinated who are trying to maintain the summer's taste of normalcy, albeit with more caution, and those among the unvaccinated who are opposed to restrictions and always acted like everything was normal in the first place will continue to stimulate the economy.<h2>Even with the Delta surge, we won't go into full lockdown again</h2>The hybrid economy of the vaxxed and unvaxxed also means it's unlikely America will go under lockdown again. <a href="https://www.newsweek.com/biden-says-its-unlikely-delta-variant-will-cause-us-lockdown-wont-rule-it-out-1602181">President Joe Biden said back in June</a> that he didn't foresee a lockdown under Delta since so many Americans are vaccinated."The existing vaccines are very effective so no, it's not a lockdown, but some areas will be very hurt," he said.Dr. Anthony Fauci <a href="https://www.newsweek.com/fauci-doesnt-forsee-another-round-lockdowns-says-things-are-going-get-worse-1615042">echoed a similar sentiment earlier this month</a>, saying that enough people are vaccinated that a lockdown isn't necessary, although the US would still see a rise in cases because just as many people aren't vaccinated. "I think we have enough of the percentage of people in the country - not enough to crush the outbreak - but I believe enough to not allow us to get into the situation we were in last winter," he said.It helps, too, that the economy is also better prepared for the latest wave of infections than it was a year ago. It's become so adaptable that experts widely expect the economic fallout from the Delta variant to be a fraction of early 2020's historic recession, <a href="https://www.businessinsider.com/us-economy-mutating-4-ways-jpmorgan-economic-outlook-delta-variant-2021-8">Insider's Ben Winck reported</a>.The way the economy is "mutating" has left it less vulnerable and more productive, David Kelly, JPMorgan Funds' chief global strategist, said in a note on Monday. He cited four key shifts that have boosted productivity and would protect the US from another pandemic related recession: the QR menu at restaurants, the continued rise of e-commerce, the video-conferencing boom, and the shift from to cash to cards.<div type="image" title="restaurant dining out" height="1666" width="2222" msid="85326502" hostid="261"></div>The economic forecast from the beginning of the third quarter also looks promising. <a href="https://www.bloomberg.com/graphics/global-economic-recovery-q3-nowcast/?sref=BLKWHazc">Bloomberg Economics</a> predicts <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> will expand by 1.8% in the third quarter from the past three months. It also anticipates inflation peaking before falling to a more moderate pace during the same time frame. Then there's the fact that the US <a href="https://www.businessinsider.com/july-jobs-report-cuts-months-off-economic-recovery-payrolls-outlook-2021-8">added nearly 1 million jobs</a> in July. And US jobless claims slid to 375,000 last week, suggesting little Delta impact. Spending is also going strong - Target and Walmart are <a href="https://www.placer.ai/blog/walmart-and-targets-big-summer/">headed toward a strong back-to-school season</a>, and <a href="https://www.placer.ai/blog/malls-rise-once-again/">malls have made a comeback</a>.Now, if the pandemic has taught us anything, it's that life is uncertain. Things could change for better or for worse overnight. There are still signs of a threatened economy: BofA predicts a <a href="https://www.businessinsider.com/delta-variant-covid-economy-consumer-behavior-lockdown-bank-of-america-2021-7">pullback in spending</a>, and already noted a <a href="https://twitter.com/carlquintanilla/status/1425809525261623304">decline in spending on airfare</a> over the past week. Some events, like <a href="https://www.bloomberg.com/news/articles/2021-08-04/new-york-auto-show-cancelled-on-delta-variant-spread-concerns?sref=BLKWHazc">the New York International Auto Show</a>, have been cancelled. And other countries that have already been experiencing a Delta surge, <a href="https://www.businessinsider.com/israel-brings-back-covid-19-restrictions-despite-vaccine-success-2021-8">like Israel</a>, have implemented additional rounds of restrictions.But Richard Curtin, chief economist for the University of Michigan's Surveys of Consumers, said Friday that <a href="https://www.businessinsider.com/university-michigan-sentiment-delta-fear-lockdown-cases-rising-july-report-2021-8">Delta may not harm the economy</a> as much as people think. Should economic recovery continue and vaccination rates improve, he said, it's possible Americans could "shift toward outright optimism."We've <a href="https://www.businessinsider.com/how-covid-changes-remote-work-housing-entertainment-fashion-flexible-economy-2021-7">learned how to be flexible</a>, and so has the US economy. It's enough to keep us from repeating 2020 all over again as we wait for more people to get vaccinated.

There will be one economy for the vaccinated and another for everyone else

<ul class="summary-list"><li>The UK's <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> grew by only 1.8% in May, falling well below economists' predictions. </li><li>Reuters economists were expecting a 5.5% increase, after 20.3% contraction in the <keyword id="124474" type="PERSON" weightage="60" keywordseo="UK-economy">UK economy</keyword> in April. </li><li>The small scale of the recovery suggests that the much-vaunted V-shaped recovery some economists expect in the UK is a long way away.</li><li>"The economy was still a quarter smaller in May than in February, before the full effects of the pandemic struck," ONS statistician Jonathan Athow said.</li></ul>The UK's economy grew by a much smaller amount than expected in May after a historic plunge in <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> in April.The Office for National Statistics said on Tuesday that the UK economy grew by 1.8% in May, after a <a href="https://www.businessinsider.com/uk-economy-shrinks-april-largest-monthly-loss-history-coronavirus-2020-6?r=US&amp;IR=TIR=T">dramatic 20.3% contraction in April. </a>Economists polled by Reuters were betting on a 5.5% rebound.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-20-firms-for-megatrend-gains-ubs-2020-7?r=US&amp;IR=TIR=T">UBS says buy these 18 diamond-in-the-rough stocks that will offer massive gains over multiple years, even as their underlying industries suffer</a>So while May's GDP figures are a step in the right direction, they reinforce the view that the path to economic recovery from the impacts of the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic may be harder than many expect. The ONS also said the UK economy shrank 19.1% in the three months to May, and contracted by 24.1% year-on-year. A chart of the rebound published by the ONS on Tuesday shows the tiny scale of the recovery compared to previous drops, and suggests that the UK is a long way away from the much-vaunted V-shaped recovery some economists expect in major Western economies:<div type="image" title="Screenshot_2020 07 14_at_10_17_07" height="1151" width="1534" msid="76957899" hostid="261"></div>Jonathan Athow, deputy national statistician for economic statistics at the ONS, said: "Manufacturing and house building showed signs of recovery as some businesses saw staff return to work. Despite this, the economy was still a quarter smaller in May than in February, before the full effects of the pandemic struck."Read more: <a href="https://www.businessinsider.com/stock-market-outlook-3-reasons-for-rally-over-next-year-2020-7?r=US&amp;IR=TIR=T">A Wall Street investment chief dispels the notion that surging stocks are disconnected from the economy — and lays out 3 reasons why the market will continue to climb over the next year</a>The ONS said the UK economy has contracted by 24.5% since February, before the pandemic kicked off. Athow added: "In the important services sector, we saw some pickup in retail, which saw record online sales. However, with lockdown restrictions remaining in place, many other services remained in the doldrums, with a number of areas seeing further declines."

The UK economy is doing even worse than we thought, and the prospects of a V-shaped recovery look bleak

In 2024, the <keyword id="7952869" type="General" weightage="20" keywordseo="largest-economies-in-the-world" source="Orion">largest economies in the world</keyword> are the United States, China, Germany, Japan, and India, based on their GDP. GDP, or Gross Domestic Product, is an important measure of how big a country's economy is. One common way to calculate GDP is by adding up all the money spent on new consumer goods, new investments, government spending, and the value of exports minus imports. This article will look at the <keyword id="22151442" type="General" weightage="20" keywordseo="ten-biggest-economies" source="Orion">ten biggest economies</keyword> in the world in 2024, according to <a href="https://www.forbesindia.com" data-type="tilCustomLink" target="_blank">Forbes</a>, based on their GDP. <cmsannotation type="cmsannotation" annotationid="World's largest economies by GDP" comment="subhead" text="World's largest economies by GDP">World's <keyword id="8471222" type="General" weightage="20" keywordseo="largest-economies-by-GDP" source="Orion">largest economies by GDP</keyword></cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Country </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">GDP (USD billion) </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">GDP Per Capita (USD thousand) </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">United States Of America (U.S.A) </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">28,783 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">85.37 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">China </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">18,536 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">13.14 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Germany </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">4,590 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">54.29 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Japan </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">4,112 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">33.14 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">India </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3,942 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2.73 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">United Kingdom (U.K.) </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3,502 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">51.07 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">France </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3,132 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">47.36 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Brazil </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2,333 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">11.35 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Italy </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2,332 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">39.58 </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Canada </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2,242 </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;background-color:#ffffff;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">54.87 </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="1. United States of America (U.S.A.)" comment="subhead" text="1. United States of America (U.S.A.)">1. United States of America (U.S.A.)</cmsannotation> The United States has been the world's largest and richest economy since 1960. Its economy is very diverse, with important sectors like services, manufacturing, finance, and technology driving its growth. The country benefits from a large consumer market, encourages innovation and entrepreneurship, has a strong infrastructure, and offers good business conditions. <cmsannotation type="cmsannotation" annotationid="2. China" comment="subhead" text="2. China">2. China</cmsannotation> China's economy has grown significantly, rising from fourth place in 1960 to second place today. Its economy mainly relies on manufacturing, exports, and investment. China benefits from a large workforce, strong government support, improved infrastructure, and a rapidly growing consumer market. <cmsannotation type="cmsannotation" annotationid="3. Germany" comment="subhead" text="3. Germany">3. Germany</cmsannotation> Germany's economy is heavily based on exports and is famous for its expertise in engineering, automotive, chemical, and pharmaceutical industries. It benefits from a skilled workforce, strong research and development, and a strong focus on innovation. <cmsannotation type="cmsannotation" annotationid="4. Japan" comment="subhead" text="4. Japan">4. Japan</cmsannotation> Japan's economy is known for its advanced technology, strong manufacturing, and service industries. Key sectors include automotive, electronics, machinery, and finance. Japan is also recognised for its strong work ethic, innovative technology, and high-quality exports. <cmsannotation type="cmsannotation" annotationid="5. India" comment="subhead" text="5. India">5. India</cmsannotation> India is the 5th largest economy in the world in 2024. Its economy is diverse and growing quickly, driven by key sectors like information technology, services, agriculture, and manufacturing. India benefits from a large domestic market, a young and tech-savvy workforce, and a growing middle class. <cmsannotation type="cmsannotation" annotationid="6. United Kingdom (U.K.)" comment="subhead" text="6. United Kingdom (U.K.)">6. United Kingdom (U.K.)</cmsannotation> The United Kingdom's economy includes a mix of services, manufacturing, finance, and creative industries. London is a global financial centre that attracts foreign investments. Trade partnerships and globalisation also contribute to the UK's economic growth. <cmsannotation type="cmsannotation" annotationid="7. France" comment="subhead" text="7. France">7. France</cmsannotation> France's economy is diverse, focusing on industries like aerospace, tourism, luxury goods, and agriculture. France is known for its strong social welfare system, good infrastructure, and significant investment in research and development. <cmsannotation type="cmsannotation" annotationid="8. Italy" comment="subhead" text="8. Italy">8. Italy</cmsannotation> Italy has a well-developed economy and is the third-largest in the European Union. The country is known for its strong and innovative business sector, as well as its competitive and hardworking agricultural industry. <cmsannotation type="cmsannotation" annotationid="9. Brazil" comment="subhead" text="9. Brazil">9. Brazil</cmsannotation> Brazil's economy includes many sectors like agriculture, mining, manufacturing, and services. It's well-known globally for its agriculture, which means growing and selling crops and exporting them. The economy grows because of things like how much things cost, how much people in the country buy, and how well they build roads and buildings. <cmsannotation type="cmsannotation" annotationid="10. Canada" comment="subhead" text="10. Canada">10. Canada</cmsannotation> Canada's economy depends a lot on its plentiful natural resources like oil, gas, minerals, and timber. It also has a strong services sector, which means businesses that provide services rather than goods, a well-developed manufacturing industry, and a strong commitment to encouraging new ideas and improvements in technology. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/article/top-10-most-richest-women-in-the-world/articleshow/110941545.cms" data-type="tilCustomLink" target="_blank">Top 10 richest women in the world in 2024</a>

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