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<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Kevin Lamarque/ReutersPresident Donald Trump</div></div></div>US President Donald Trump teased a new economic development bill "which nobody knows about," in an interview with <a href="https://www.forbes.com/donald-trump/exclusive-interview/#47737226bdec">Forbes</a>.He didn't give too many specifics about what such a bill would actually entail, but reiterated his larger theme of railing against companies who have operations abroad."I also have another bill ... an economic-development bill, which I think will be fantastic. Which nobody knows about. Which you are hearing about for the first time," he told Forbes' Randall Lane."Economic-development incentives for companies. Incentives for companies to be here," he said, adding that companies that send operations offshore "get penalized severely.""It's both a carrot and a stick," he continued. "It is an incentive to stay. But it is perhaps even more so - if you leave, it's going to be very tough for you to think that you're going to be able to sell your product back into our country."Responding to a question on whether Trump, who comes from the private sector, felt comfortable with his proposal that the government should punish or reward companies based on where they choose to locate their factories, rather than let the free market pick winners and losers, the president responded:"Very comfortable. [...] What I want to do is reciprocal. See, I think the concept of reciprocal is a very nice concept. If somebody is charging us 50%, we should charge them 50%. Right now they charge us 50%, and we charge them nothing. That doesn't work with me."Based on what Trump told Forbes, it's unclear what exact types of incentives he would create for companies to keep their business at home.But the president has long railed against US companies that hire and produce their goods abroad, touching on the concerns of American workers who have <a href="http://www.businessinsider.com/trade-impact-jobs-trump-campaign-2017-8">lost their jobs in manufacturing</a>. Early in his presidency, for example, he <a href="http://www.businessinsider.com/top-mexico-exports-to-the-us-2017-1">fixated</a> on automakers that build plants in Mexico.<h3><a href="https://www.forbes.com/donald-trump/exclusive-interview">Check out the full interview at Forbes here</a>.</h3> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/trump-trade-back-on-republican-tax-cut-plan-2017-9">Traders are gearing up for Trump's tax cut plan</a></h3> <div> </div> </div>

Trump teases a new economic-development bill that 'nobody knows about'

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Bahrain Economic Development BoardKhalid Al Rumaihi, CEO of the Bahrain Economic Development Board spoke to Business Insider in Davos this week.</div></div></div>The small Swiss town of Davos was crammed with 2,500 of the most influential and powerful people from over 100 countries for the <a href="http://www.weforum.org/">World Economic Forum (WEF) Annual Meeting 2016</a> this week.Basically, it's an opportunity for the powerbrokers of the world to set the agenda and for big business and politicians to seal deals.So for Bahrain, which is looking to grow its financial services, manufacturing, and technology sectors, it is the perfect place to get more direct foreign investment.In fact, when Bahrain Economic Development Board CEO Khalid Al Rumaihi spoke to Business Insider on the sidelines at the WEF conference, he joked that it was basically like "business speed dating.""I've lost count [of the amount of meetings he had had so far," he said when he spoke to Business Insider on Friday. "There's been at least 8 bilateral deals but I can't give more details until it's all finalised. We have more conversations with investors and companies that we are targeting. We're particularly interest in ICT and logistics."Bahrain's economy is pretty unique in the Middle East. It has an open economy and is <a href="http://www.heritage.org/index/country/bahrain">ranked 18th in the 2015 Index of Economic Freedom by Heritage</a>. Its economy is also very diversified away from oil already, unlike many other Gulf states and is heavily invested in financial services and tourism too.However, the country is keen to become more of a hub for technology and logistics in order to be a country that is more integrated into industry supply chains. That is why Prince Salman bin Hamad Al-Khalifa, Deputy King of Bahrain and Chairman of the Economic Development Board, appointed <a href="http://www.bahrainedb.com/en/news/news/Pages/Khalid-Al-Rumaihi-Named-Chief-Executive-Officer-of-the-Economic-Development-Board.aspx#.VqNTw5OAOko">Al Rumaihi as the new CEO in March last year.</a>"I've been in this position for 10 months and one of the first things the Prince and Chairman told me was to be proactive in scanning sectors and see what makes sense for us to diversify in," he said."We have a more engaged workforce than any other gulf country (Bahrain has an unemployment rate of 7.4%) and although it sounds cliche, we are in a strategic position being next to Saudi Arabia, so Bahrain can further tap into that. We are also cost competitive as labour costs are 40% cheaper than most of the Gulf's major cities."Al Rumaihi highlighted how the country's wishlist for companies going over to Bahrain is growing and mainly spans the sectors that are outside the economy's comfort zone.For example, he said within financial services, which accounts for 14% of the Bahrain economy, he is looking to grow the sector to 20% by 2020. In information communications and technology (ICT) he is hoping to grow the sector from 7% to 14%."We are already diversified away from oil. In 2000, oil contributed 44% to the economy, however by the end of 2014 - which is the latest figures we have - 80% of our economy was made up of non-oil sectors," he said. "We want to continue with that and we want to change the makeup of the economy. We want to see growth in meaningful services, such technology and manufacturing.""We are targeting banks from China for more financial services to be set up here and we are speaking to a number of logistics and manufacturing groups and non-oil intensive industries around food and craft around Bahrain so can build a bigger food industry."We are also looking to grow our tourism sector so instead of people just spending one day with us, we'll pick up some of the Saudi tourists for a few more days with more hotels and entertainment facilities."Bahrain is onto something as it has actively diversified their economy for over 10 years. However, it comes at a time where its neighbour <a href="http://uk.businessinsider.com/king-abdullah-economic-city-kaec-fahd-al-rasheed-davos-interview-2016-1">Saudi Arabia is in the middle of building a</a><a href="http://uk.businessinsider.com/king-abdullah-economic-city-kaec-fahd-al-rasheed-davos-interview-2016-1">$95 billion (£67 billion) supercity</a>, which the Saudis hope will draw from both Chinese manufacturing and Western tech innovation.Fahd Al-Rasheed, group CEO and managing director of <a href="http://uk.businessinsider.com/king-abdullah-economic-city-kaec-fahd-al-rasheed-davos-interview-2016-1">King Abdullah Economic City spoke to Business Insider</a> earlier this week in Davos and his mandate sounded very similar. So it sounds like this could pose a problem for Bahrain if it is looking and courting the same investors and companies.I said that if Ford, for example, was looking to build a plant in Saudi Arabia, it is unlikely to look at Bahrain after setting up a factory. However, Al Rumaihi said that this isn't the case and that he's optimistic there's room for both of the countries to broaden out into the same sectors."I don't see it this way. If Ford, for example, set up a manufacturing plant, it would need wheels, spare parts, the resources to make a car. This is where we can develop and see where we can fit in the supply chain. The market will dictate where you fit in better but there is room for growth for the both of us." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jim-cramer-come-back-jon-stewart-beatdown-show-up-motivational-speech-2016-1">Jim Cramer's inspiring words on how to come back from a beatdown</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="43czgxMDE6GqIsZB86yhV6ZIeE5-jMiE" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

'It's like business speed dating' - Bahrain's economic development chief on a week at Davos

<div class="image-container float_right" style="width:391px"><div class="image"></div>By Justin Sullivan/Getty Images</div><keyword id="6355629" type="CITY" weightage="60" keywordseo="Google">Google</keyword> is the new <keyword id="6354427" type="CITY" weightage="60" keywordseo="Apple">Apple</keyword>.
Well, not necessarily, but while Apple's stock continues to grind lower, Google's stock is on a tear.
And now analysts are jumping over themselves to get more bullish on Google.
<a href="http://www.businessinsider.com/analysts-google-is-going-to-1000-2013-2">Just yesterday</a>, two separate analysts put $1,000 price targets on the stock.
What gives? Well, of course people can make up all kinds of stories about the momentum of either company, and their products and so forth.
But there's a bigger macro-market story as well.
Throughout recent years, Apple has basically been an asset class on its own: Gold, commodities, stocks, bonds, and Apple.
If you were in Apple, your portfolio did great. If you weren't, you almost certainly lagged the market. End of story.
At a time when people were uncertain about markets, Apple was a solid store of value. A company growing at abnormal speeds at a good price. Even if the economy were to slow, there was Apple, which you know would still be crushing it.
But things have shifted in recent months. There's a sense that the economy's recovery is a bit more durable, and safe havens all around the world have faded as investors have grown more comfortable venturing back towards risky waters. We've seen big declines in gold, German Bunds, the Swiss Franc, and the yen — all assets that did very well during the crisis.
So if you're going to get a downdraft in safe-haven assets, as people rush towards riskier assets, then it makes sense that Apple would get caught up in that too. People are looking to see what else is out there.
The switch from Apple to Google (in the stock market) is as much a story about the big macro-economic shift as it is about two tech companies.
SEE ALSO: <a href="http://www.businessinsider.com/greenlight-capitals-apple-presentation-2013-2">David Einhorn's big presentation on how to fix Apple &gt;</a>

The Shift From Apple To Google Is Part Of A Much Larger Economic Development

The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

Bihar government disburses Rs 2,900 crore to 74,540 beneficiaries for promoting MSMEs: Official

India’s Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> had one main aim in his visit to the US that is to promote and secure the economic development of his country. In this context, Modi has invited US businesses to come and invest in India and his slogan has been “Make in India.’’ 
 
Why should the US invest in India and rev up its economy? Simple logic. India will grow into the third-largest economy by 2030 and will be “the market” for the US. It will be the same year when India’s middle class is expected to have a purchasing power of almost US$13 trillion annually, 23% of global spending. 
 
Of course, over the last ten years and more, ties between the US and India have not been very cordial politically. India had been relegated to the background in terms of investment and economic development. Today, trade between the US and India stands at US$97 billion as compared to US$19 billion in 2000. 
 
This growth is very minimal when compared to the trade between the US and China, which stands at US$600 billion. 
 
Ironically, the world oldest democracy’s biggest trading partner is the world’s most authoritarian regime. 
 
Despite the entire high-brow trumpeting of values, the bottom line is profitability and Americans are notoriously pragmatic when it comes to profit. 
 
Surprisingly, (despite the large successful Indian Diaspora in the US) the US has always been lukewarm to India. The US has pursued a biased policy inimical to India in its relationships and trade ties with China and Pakistan, both hostile to their neighbour, India. 
India is offering all the advantages China has of low-cost of production, skilled workforce and so on. 
 
However, the stumbling block as seen from the American viewpoint is the notorious Indian bureaucracy that makes investment a long drawn out and complicated procedure. American investors will also require attractive tax laws and the assurance that there will be no retrospective levies before they commit to investments in India. The sub-continent also needs to improve its infrastructure to fuel economic growth and development and according to Prime Minister Narendra Modi, this will be remedied. 
 
Of course “Make in India” seems contrary to the American intention of bringing production back home to tackle unemployment, but the high production costs there will not make it easy. 
 
By investing in the “Make in India’’ the US will be creating more business opportunities and more high-end jobs in America and the profits will, of course, boost its economy. 
 
America should also not overlook India’s growing clout. Contrary to earlier governments,<del cite="mailto:Saba.Haider" datetime="2014-10-01T18:31"> Mr.</del> Modi is the Prime Minister by an overwhelming mandate and is known for <del cite="mailto:Saba.Haider" datetime="2014-10-01T18:32">his</del><ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:32"> the </ins> economic development of his home state -- Gujarat. <ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:32">Now, </ins><del cite="mailto:Saba.Haider" datetime="2014-10-01T18:32">H</del><ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:32">h</ins>e plans to <ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:32">use </ins><del cite="mailto:Saba.Haider" datetime="2014-10-01T18:32">bring about</del> the same economic growth and development<del cite="mailto:Saba.Haider" datetime="2014-10-01T18:33"> for his </del><ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:33"> mantra for the entire </ins>country. 
 
<del cite="mailto:Saba.Haider" datetime="2014-10-01T18:33">A practical leader, Mr. </del>Modi<ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:33">, as a practical leader,</ins> is well aware of India’s strength and the changing power equations on the global stage. H<ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:34">e</ins><del cite="mailto:Saba.Haider" datetime="2014-10-01T18:34">e</del><del cite="mailto:Saba.Haider" datetime="2014-10-01T18:34"> is looking for</del><ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:34"> is </ins>now <ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:34">eyeing</ins> partnerships with US businesses for technology transfer. He is not coming as supplicant but rather as a promoter of the various strengths of his country. 
 
<ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:39">.</ins>Modi has proved that the US, despite its strengths in innovation and technology, is not the only solution to India’s requirements. His strong position at BRICS, which is all set to set up a counter to the World Bank and his bilateral relations during his recent visit to Japan and the visit by Chinese President Xi Jinping to India<ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:40">,</ins> ha<ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:40">s</ins><del cite="mailto:Saba.Haider" datetime="2014-10-01T18:40">ve</del> led to impressive investment promises in India by both countries. 
 
Japan will be offering, over a period of five years, <del cite="mailto:Saba.Haider" datetime="2014-10-01T18:42"> in </del>development assistance worth US$35 billion and China will be assisting in infrastructure and industrial parks with an investment of US$20 billion. 
 
As the US Government has little say in how private American businesses deal, <del cite="mailto:Saba.Haider" datetime="2014-10-01T18:42">Mr. </del>Modi has rightly targeted the business giants who can help his country’s economy. The high powered breakfasts of the Indian Prime Minister with American business giants PepsiCo, Master Card, Goldman Sachs<ins cite="mailto:Saba.Haider" datetime="2014-10-01T18:42">,</ins> and Boeing (a lot of the CEOs are of Indian origin and are already doing business in India) is bang right on. 
 
Of course the US will try its best to wring concessions from India in the form of defense contracts and that it toes the US line in the WTO and supports it on ISIS. However, it is doubtful that <del cite="mailto:Saba.Haider" datetime="2014-10-01T18:42"> Mr. </del>Modi will give much away; he does know his bargaining strength. 
 
On the political front, India too expects the US to relook its relationship with Pakistan, Afghanistan and China. On the economic front, the vexed visa issue will also have to be sorted out. India resents the new visa rules that make it difficult for Indian professionals to work in the US and will ask for concessions and revisions. The US will have to change its perceptions and misconceptions about India. 
 
Investing in ‘`Make in India’’ will have symbiotic benefits for the US and India both economically and politically.

US Should Forge New Relationship With India Under ‘Make in India’ Umbrella

BJP national president <keyword id="6355521" type="PERSON" weightage="20" keywordseo="Amit-Shah">Amit Shah</keyword> today said that the passage of the <keyword id="387846" type="UNKNOWN" weightage="20" keywordseo="GST-Bill">GST Bill</keyword>, which was placed in the <keyword id="48510" type="ORGANIZATION" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> today, would usher in a new era of economic reforms and development in the country. 

	"Today the GST Bill has been placed in Parliament. The Bill is very important for West Bengal. With its passage, a new era of economic reforms will be ushered in and it will contribute to the development of the country," Shah said while addressing a party programme here. 
 

	The Congress and most other political parties, except AIADMK, today expressed support with certain conditions to the introduction of the GST in the country. 
 The BJP president countered criticism by opposition parties over many foreign trips of Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, arguing that actually Modi had undertaken less foreign trips than his predecessor <keyword id="6359397" type="PERSON" weightage="20" keywordseo="Manmohan-Singh">Manmohan Singh</keyword>. 

	"If you go through the statistics you will see that Modiji had undertaken less foreign trips than his predecessor Manmohan Singh. Manmohan Singhji also undertook several foreign trips, but the difference is that nobody was aware of such trips because he used to visit foreign countries silently and come back silently," Shah claimed. 
 

	"He just used to visit a foreign country, read out the statement and come back. And at times he read out the printout meant for Indonesia in Malaysia and Malaysia in Indonesia. But whenever Modiji visits a foreign country thousands of people came out to greet him. This love and respect is not meant for Modiji but for the people of the country," Shah said. 
 

	Shah said that the biggest achievement of the BJP government was to check corruption in the country and Modi ensured that poor people had bank accounts enabling them to receive benefits directly. 
 

	"By the direct transfer of subsidies, corruption worth thousands of crores of rupees has been checked. India is witnessing a new era of hope under the BJP rule, which is in sharp contrast to the despair the country had witnessed during the Congress rule," he said.

GST will bring new era of development, economic reforms: Amit Shah

<ul class="summary-list"><li>The <keyword id="47890" type="ORGANIZATION" weightage="60" keywordseo="global-economy">global economy</keyword> will grow 5.6% - the most in 80 years - in 2021, the <keyword id="6354424" type="DEFINITION" weightage="60" keywordseo="world-bank">World Bank</keyword> said Tuesday.</li><li>Yet <keyword id="116702" type="PERSON" weightage="60" keywordseo="emerging-economies">emerging economies</keyword> will largely fall behind due to debt pressures and slow vaccination.</li><li>Advanced economies must help with vaccination and policy support to avoid worsening inequalities, the World Bank said.</li></ul>The strongest economic rebound in eight decades will still leave much of the world struggling with the aftermath of the COVID-19 pandemic, the World Bank said Tuesday.The global <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> is expected to grow 5.6% through 2021, the institution said in a <a href="https://www.worldbank.org/en/news/press-release/2021/06/08/world-bank-global-economic-prospects-2021">semiannual report</a> published Tuesday. The forecast is up from a prior estimate of 4.1% growth and calls for the largest one-year expansion of the postwar era.Yet the world will still be far from retaking the economic highs of early 2020. Global economic output will sit 2% below its pre-pandemic projections at the end of this year, the World Bank said. And in two-thirds of emerging economies, per-capita income will remain below pre-crisis levels through 2022.The recovery has been and will continue to be uneven, David Malpass, president of the World Bank Group, said. Economic superpowers must support low-income countries with vaccination efforts and economic support if they hope to combat inequities through the rebound."While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world," Malpass said.The US is projected to grow 6.8% through the year due to its leveraging of unprecedented fiscal and monetary support. That's up from a January estimate of 3.5%. China's economy is expected to grow 8.5%, up from a prior forecast of 7.9%.Excluding China, emerging market and <keyword id="151680" type="PERSON" weightage="60" keywordseo="developing-economies">developing economies</keyword> will lag the broader recovery with growth of 4.4%, the World Bank said. The countries' recoveries were likely to widen gaps in health, education, and living standards, all while advanced economies ride a wave of outsize demand to new eras of economic health.<h2>Developing nations face slow vaccination and fast inflation</h2>The cause of such countries' underperformance is fairly predictable. While the US, UK, and much of the Eurozone charge forward with vaccinations, developing countries are falling behind, and many are in the midst of their worst infection surges yet. Unless vaccination picks up in the embattled regions, persistent lockdowns risk slower growth and long-term scarring, the World Bank said.Small, tourism-dependent economies are also set to fall behind, according to the report. Although advanced economies are steadily reopening, global travel will likely take longer to return to pre-pandemic norms as some restrictions stay in place. A lack of tourist income will hinder countries' ability to pay for economic relief and public-health measures.Looming inflation concerns also threaten to hold emerging economies back, Ayhan Kose, director of the World Bank Prospects Group, said. Many emerging market and developing economies relied on fiscal support to bridge the pandemic downturn, but such aid left countries saddled with record debt piles. Now, as inflation surges in advanced economies, developing countries are stuck without additional stimulus and huge financial concerns."Unless risks from record-high debt are addressed, these economies remain vulnerable to financial market stress should investor risk sentiment deteriorate as a result of inflation pressures in advanced economies," Kose said.When stronger inflation does slam emerging economies, it's likely to show up in soaring food prices, the World Bank added. The trend stands to further inflame food insecurity in low-income countries. Policymakers should look to keep inflation expectations in check and improve social safety nets to ensure the inflation overshoot doesn't turn into a prolonged upward spiral, the institution said.

Why the biggest global boom since World War II won't be good for everyone, according to the World Bank

A analysis of night light levels around the planet for the last two decades highlights the global economic shift to the East, <a href="http://www.technologyreview.com/view/512531/global-night-light-patterns-reveal-economic-shift-to-the-east/">MIT Technology Review reports</a>.
“Over the past 17 years, [the center of light] has been gradually shifting eastwards over a distance of roughly [620 miles], at a pace of about [37 miles] per year,” according to the three researchers the Swiss Federal Institute of Technology in Zurich.
<table class="image-container" width="200"><tr><td><div class="image"></div><a href="http://arxiv.org/pdf/1303.2901v1.pdf">ETH Zurich</a>The shift in the number of lights picked up by global satellites.</td></tr></table> The data is from the U.S. Defense Meteorological Satellite Program, which has monitored global night light continuously since the mid-1960s. The amount of light produced by a society is closely correlated with its economic status, according to MIT.
Certain areas in the developing world — especially Shenzen in <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> and the <keyword id="343883" type="ENTERTAINMENT" weightage="60" keywordseo="Nile">Nile</keyword> Delta in north Africa — have seen dramatic increases in light production in recent decades while cities in the developed world have remained stable.
<table class="image-container" width="200"><tr><td><div class="image"></div><a href="http://arxiv.org/pdf/1303.2901v1.pdf">ETH Zurich</a></td></tr></table> MIT notes that the sheer size of the New York metropolitan region puts it at the top of the rankings while the exception to the stability of the West is Milan, Italy — light production has significantly increased there because of its integration with the surrounding areas of Monza, Bergamo, and Brescia.
To put it all into perspective, here the shifts in the GDP-based global center of gravity from year 1 to 2010, and the projection for 2025: <table class="image-container" width="200"><tr><td><div class="image"></div><a href="http://arxiv.org/pdf/1303.2901v1.pdf">McKinsey Global Institute</a></td></tr></table>

Global Light Patterns Show Economic Shift To The East

NEW DELHI: In its first official engagement with India after the change of guard here, <keyword id="1333" type="COMPANY" weightage="60" keywordseo="Beijing">Beijing</keyword>’s statecraft again came to the fore as visiting foreign minister Wang Yi used nothing short of a panegyric to PM <keyword id="6354477" type="PERSON" weightage="40" keywordseo="Narendra-Modi">Narendra Modi</keyword> to reach out to the new government. 
 Wang is in India as a special envoy of President Xi Jinping. In his first meeting with his Indian counterpart <keyword id="6355111" type="PERSON" weightage="40" keywordseo="Sushma-Swaraj">Sushma Swaraj</keyword>, which lasted for three hours, Wang showered encomiums on the NDA government led by Modi, even saying it had injected a “new vitality into an ancient civilization”. Modi, Wang said, was an old friend of China. 
 
Outlining ancient links between the two countries, Modi had earlier regaled Chinese Premier Li Keqiang with a reference to the travels of Hiuen Tsang in their telephonic conversation, saying the Chinese scholar had even visited his village Vadnagar during his stay in India in the 7th century. Li was the first foreign leader to call Modi after he assumed office. 
 
READ ALSO: <a href="http://timesofindia.indiatimes.com/india/NarendraModi-charms-Chinese-Premier-Li-Keqiang-with-Hiuen-Tsang-story/articleshow/35742979.cms">Narendra Modi charms Chinese Premier Li Keqiang with Hiuen Tsang story</a> 
 Without getting into the specifics, Indian officials said “all perennials'' of China-Indian relations were discussed in a “frank manner” during the meeting. This included the need for resolving the contentious border issue and Beijing’s insistence on giving residents of J&amp;K and <keyword id="46408" type="COMPANY" weightage="40" keywordseo="Arunachal-Pradesh">Arunachal Pradesh</keyword> stapled Chinese visas, it is learned. 
 Wang, who promised support for India’s <keyword id="352701" type="ORGANIZATION" weightage="40" keywordseo="Economic-Development">economic development</keyword>, insisted that the dreams of both China and India have commonalities and that Beijing was ready to engage with the new government. Foreign ministry spokesperson Syed Akbaruddin described the talks as “cordial, useful, substantive and productive”. 
 
“Even while there was a determination to add new content and substance to the relationship, there was an understanding that respect for the sensitivities and aspirations of each other was essential for expansion of bilateral relations,'' said the spokesperson, as he summed up the mood by referring to the Chinese proverb that a 1000-mile journey begins with a single step. “That step has been taken with this engagement,'' he added. 
 
 
(Wang Yi with Sushma Swaraj) 
 
The two sides also discussed economic issues in detail, including specific projects and the rising trade deficit between the two countries. Swaraj spoke about the need for more Chinese investments into India and also the possibility of setting up industrial parks in India. Wang responded by saying that China will support expansion of economic cooperation with India. 
 Wang will call on PM Modi, and also President <keyword id="6359124" type="PERSON" weightage="40" keywordseo="Pranab-Mukherjee">Pranab Mukherjee</keyword>, on Monday. In his interaction with Swaraj, joint secretary (East Asia) Gautam Bambawale said, Wang thanked India for the position it had taken on recent incidents of terrorism in China. Possible counter-terrorism cooperation was also discussed even though there is already a joint working group to address the issue. 
 
The Wang visit will also pave the way for a slew of engagements between the two countries in the next six months. While Xi is expected to visit India after September, there are at least five other meetings likely to take place between the two countries at the levels of President, PM, vice-president and foreign minister. 
 
Sushma greets Wang in Mandarin 
 
Foreign affairs minister Sushma Swaraj, who emphasized on the need for more Chinese investment into India before her counterpart Wang Yi, lent her own special touch to the meeting when she started her conversation with him in Mandarin. Sources said the gesture almost took Wang by surprise as he wasn't expecting it. He warmly responded in China's official language and with a smile. Swaraj greeted him by saying “reliye huanying nin” which translated into English means “I welcome you warmly''. She ended with a “xie xie” which means thank you.

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