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<ul class="summary-list"><li>According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021.</li><li>It's a reflection of China's struggling economy and a government crackdown on the superrich.</li></ul>The number of China's billionaires has dropped by a third since 2021, according to an annual rich list.There were fewer dollar billionaires as difficulties for China's economy and government crackdowns took their toll, <a target="_blank" href="https://www.hurun.net/en-us/rank/hsrankdetails?pagetype=rich">the Hurun Research Institute said.</a>Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total.It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them.<h2 id="4b530a5d-4714-4288-bffd-c77cf18006cc">An old guard departs</h2>Older tycoons — often real estate — are giving way to a new cohort propelled by tech, energy, and e-commerce.Topping the Hurun list this year was <a target="_blank" href="https://www.businessinsider.com/tiktok-billionaire-zhang-yiming-net-worth-lifestyle-2019-11">Zhang Yiming</a>, the founder of TikTok owner Bytedance, with a fortune of $49.3 billion.ByteDance's global revenue grew 30% last year to $110 billion, with users in the US of its TikTok app closing in on 200 million. ByteDance operates a separate app, Douyin, for Chinese users.Yiming replaced <a target="_blank" href="https://www.businessinsider.com/asias-richest-man-zhong-shanshan-lifestyle-wealth-2021-1">Zhong Shanshan</a>, who fell to second place with a fortune of $47.9 billion. His worth declined 24%, the biggest drop of the year at $15.5 billion."The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher."The likes of Robin Zeng of lithium battery maker CATL wasn't even on the list 10 years ago, neither was Li Zhenguo of solar panel maker Longi.""Most new faces this year came from Taiwan, which has enjoyed a relatively strong stock market, underpinned by its semiconductor industry," he said.Hoogewerf told Business Insider that the list only included people who were "born and bred, or started out and live in Greater China" up to a minimum age of 18, regardless of their current citizenship. <h2 id="bf71b05f-7223-409f-80f8-b31d7d85d3d0">A reflection of China's economy</h2>China's economy has been grappling with a prolonged housing crisis, high unemployment, high local government debt, and weak consumer demand. Those headwinds hit its superrich, too.Earlier this month, <a target="_blank" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10">China released third-quarter growth data</a> that was its slowest in six quarters. The government is promising stimulus measures to boost economic growth and has plans to approve more than $1.4 trillion in extra debt in the next few years, according to <a target="_blank" class="" href="https://www.reuters.com/world/china/reaction-reuters-report-chinas-stimulus-plans-2024-10-29/">Reuters.</a>"With property prices falling and the economy generally tightening, it's not a big surprise the numbers of super-wealthy are falling in China," Kerry Brown, Professor of Chinese Politics at King's College London told BI."And people now don't want to draw attention to themselves while the government is laying stress on equity and greater balance."<h2 id="312e409a-c716-40ff-abfc-180d4446813d">An exodus of the superwealthy</h2>Chinese billionaires are also feeling <a target="_blank" href="https://www.businessinsider.com/china-regulate-excessive-wealth-common-prosperity-2021-8">Xi Jinping's push for a "common prosperity</a>," which was widely viewed as a call for billionaires to share their wealth.That led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.Some of China's superrich have also experienced political backlash for making statements perceived as against Xi, including <a target="_blank" href="https://www.businessinsider.com/jack-ma-teacher-alibaba-tech-titan-high-tech-farmer-agriculture-2023-12">Jack Ma, the founder of Alibaba and Ant Group and once the invincible poster boy of Chinese tech.</a>He <a target="_blank" href="https://www.businessinsider.com/jack-ma-not-missing-alibaba-china-2021-1">disappeared from public view</a> in 2020 after facing <a target="_blank" href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">action from Chinese regulators</a> that resulted in an antitrust investigation, a suspended IPO, and the loss of $12 billion in personal fortune within a few months."Other superrich individuals may have taken such high-profile cases as good reason to preempt possible trouble by moving out of China," Brown wrote in an article for <a target="_blank" href="https://theconversation.com/why-its-becoming-harder-to-get-super-rich-in-china-239774">The Conversation</a>.While this may not be reflected in the Hurun rich list, China is on track to see a record exodus of 15,200 high-net-worth individuals in 2024, according to a report by investment migration firm <a target="_blank" class="" href="https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2024">Henley &amp; Partners.</a>High-net-worth individuals were classed as those with liquid investable wealth of $1 million or more.<h2 id="1c4d9b70-83c2-414a-ac76-1fb8ea05653b">Getting money out of China</h2>Individuals can wire no more than $50,000 a year overseas, which can be problematic for wealthy citizens who want to leave.According to a <a target="_blank" rel="noopener nofollow" href="https://www.bloomberg.com/news/articles/2023-10-08/how-china-s-rich-are-using-underground-networks-to-move-their-money-abroad?srnd=premium">Bloomberg</a> report last year, some ultra-rich Chinese citizens have been finding unusual, sometimes illegal, ways to move money in response.The report said that funds can move through an <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/china-economy-wealthy-investors-markets-rich-cash-banks-secret-transfer-2023-10">informal, underground banking system known as "hawala."</a> Those caught are typically fined 30% or more of the total amount that they had attempted to move."These agencies have sprouted to meet soaring demand," Joel Gallo, an adjunct professor of finance at New York University Shanghai, told Bloomberg. "They act as quasi-banking firms, yet operate without the scrutiny of one and adroitly engage in regulatory arbitrage by standing in a gray zone.Others are using virtual private networks to export their wealth in the form of crypto, which has been banned in China since 2021.<a target="_blank" class="" href="https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/">Reuters</a> reported that one finance executive used bank cards from small commercial banks to buy cryptocurrencies through gray-market dealers. He then capped each transaction at $6,978 to avoid alerting regulators.Brown, the expert at King's College London, said the loss of wealth in China shouldn't be overstated."It is still OK to be rich in China, if a bit less so than in the past. But it's probably more advisable to be low profile and very loyal in public to the Communist party — and to get rich working in high-tech sectors that the government favors."

China lost 36% of its billionaires to years of economic troubles and crackdowns

New York [US], May 21 (ANI): International tourist arrivals and the <keyword id="2173225" type="General" weightage="100" keywordseo="travel-and-tourism" source="Orion">travel and tourism</keyword> sector's contribution to <keyword id="572312" type="General" weightage="20" keywordseo="global-GDP" source="Orion">global GDP</keyword> are expected to return to pre-pandemic levels this year, driven by the complete lifting of COVID-19-related <keyword id="19916662" type="General" weightage="20" keywordseo="travel" source="keywords">travel</keyword> restrictions and strong pent-up demand, as per the new <keyword id="20020435" type="General" weightage="20" keywordseo="World-Economic-Forum" source="keywords" meta.keywordsubtype="org" meta.entityname="World Economic Forum" meta.hostid="261" meta.entityid="World Economic Forum">World Economic Forum</keyword> travel and <keyword id="19997361" type="General" weightage="20" keywordseo="tourism" source="keywords">tourism</keyword> study, released on Tuesday. Topping the 2024 list of economies are the US, Spain, Japan, France and Australia. The Middle East had the highest recovery rates in international tourist arrivals - 20 per cent above the 2019 level, while Europe, Africa and the US all showed a strong recovery of around 90 per cent in 2023. <keyword id="21745194" type="General" weightage="20" keywordseo="Travel-and-Tourism-Development-Index-2024" source="Orion">Travel and Tourism Development Index 2024</keyword> (TTDI), a biennial report published in collaboration with the University of Surrey, analysed the travel and tourism sectors of 119 countries around a range of factors and policies. "This year marks a turning point for the travel and tourism sector, which we know has the capacity to unlock growth and serve communities through economic and social transformation," said Francisco Betti, Head of the Global Industries team at the World Economic Forum. "The report offers a forward-looking window into the current and future state of travel and tourism for leaders to navigate the latest trends in this complex sector and sustainably unlock its potential for communities and countries across the world." The <keyword id="840423" type="General" weightage="20" keywordseo="global-tourism" source="Orion">global tourism</keyword> industry is expected to recover from the lows of the COVID-19 pandemic and surpass the levels seen before the crisis. As per the report, this is largely being driven by a significant increase in demand worldwide, which has coincided with more available flights, better international openness, and increased interest and investment in natural and cultural attractions. However, the report painted that the global recovery has been mixed. While 71 of the 119 ranked economies increased their index scores since 2019. Although the sector has moved past the shock of the global health crisis, it continues to deal with other external challenges, from growing macroeconomic, geopolitical and environmental risks, to increased scrutiny of its sustainability practices. In addition, labour shortages are ongoing, and air route capacity, capital investment, productivity and other sector supply factors have not kept up with the increase in demand. This imbalance, worsened by global inflation, has increased prices and service issues. Out of the top 30 index scorers in 2024, 26 are high-income economies, 19 are based in Europe, seven are in Asia-Pacific, three are in the Americas and one (the United Arab Emirates) is in the Middle East and North Africa region (MENA). The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland. The results highlight that high-income economies generally continue to have more favourable conditions for travel and tourism development. This is helped by conducive business environments, dynamic labour markets, open travel policies, strong transport and tourism infrastructure, and well-developed natural, cultural and non-leisure attractions. "It's essential to bridge the divide between differing economies' ability to build a strong environment for their travel and tourism sector to thrive," said Iis Tussyadiah, Professor and Head of the School of Hospitality and Tourism Management at the University of Surrey. "The sector has big potential to foster prosperity and mitigate global risks, but that potential can only be fully realized through a strategic and inclusive approach." If managed strategically, the travel and tourism sector - which has historically represented 10 per cent of global GDP and employment - has the potential to emerge as a key contributor to growth, it said. (ANI)

Worldwide tourism and its contribution to global GDP to return to pre-COVID levels this year: WEF study

<ul class="summary-list"><li>US-based academics Daron Acemoglu, Simon Johnson, and James A. Robinson won the Nobel Prize in economics.</li><li>Their work has helped demonstrate how institutions affect wealth inequality, the prize committee said.</li></ul>Three economists based at US universities have been awarded the 2024 Sveriges Riksbank Prize in Economic Sciences for their work on how institutions affect wealth inequality.<a target="_blank" class="" href="https://www.businessinsider.com/ai-chatgpt-replace-jobs-unemployment-salaries-technology-economist-daron-acemoglu-2023-9">Daron Acemoglu</a>, Simon Johnson, and James A. Robinson will share the $1.1 million prize money, the <a target="_blank" class="" href="https://www.nobelprize.org/prizes/economic-sciences/2024/summary/">prize committee</a> said.The prize, known in its entirety as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is widely considered the most prestigious prize in the field."Reducing the vast differences in income between countries is one of our time's greatest challenges," said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences. "The laureates have demonstrated the importance of societal institutions for achieving this."The three economists have developed theoretical tools that can explain why differences in institutions persist and how institutions can change, the committee said in <a target="_blank" class="" href="https://www.nobelprize.org/prizes/economic-sciences/2024/popular-information/">a press release</a>.Acemoglu and Johnson are professors at the Massachusetts Institute of Technology, while Robinson is director of the University of Chicago's Pearson Institute for the Study and Resolution of Global Conflicts.

3 US-based academics awarded the Nobel Prize in economics for their work on wealth inequality

<keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords">Singapore</keyword>, September 5 (ANI): <keyword id="2504197" type="General" weightage="20" keywordseo="India-and-Singapore" source="Orion">India and Singapore</keyword> elevated their <keyword id="20009959" type="General" weightage="20" keywordseo="bilateral-relations" source="keywords">bilateral relations</keyword> to the level of <keyword id="20564653" type="General" weightage="20" keywordseo="Comprehensive-Strategic-Partnership" source="keywords">Comprehensive Strategic Partnership</keyword>, on Thursday, during the visit of <keyword id="19898052" type="General" weightage="20" keywordseo="Prime-Minister-Narendra-Modi" source="keywords">Prime Minister Narendra Modi</keyword>. Prime Minister Modi and Singapore PM <keyword id="20610066" type="General" weightage="20" keywordseo="Lawrence-Wong" source="keywords">Lawrence Wong</keyword> met at the Parliament House in Singapore on Thursday. The two leaders, along with their delegations, held the bilateral meeting. Following this, the two sides exchanged four MoUs in the areas of digital technology, semiconductor, skill development and healthcare. Prime Minister Modi invited PM Lawrence Wong to visit India, which he accepted. At their talks, both leaders reviewed the progress of India - Singapore bilateral relations. "Given the breadth and depth of bilateral ties and immense potential, they decided to elevate the relationship to a Comprehensive Strategic Partnership. This would also give a major boost to India's Act East Policy," the Ministry of External Affairs said in a statement. Taking stock of the robust progress in <keyword id="20900218" type="General" weightage="20" keywordseo="economic-ties" source="keywords">economic ties</keyword>, the leaders called for further expanding <keyword id="20344229" type="General" weightage="20" keywordseo="trade-and-investment" source="keywords">trade and investment</keyword> flows between the two countries. Prime Minister highlighted that Singapore, with an investment of around USD 160 billion in the Indian economy, is a leading economic partner for India. He further noted that rapid and sustained growth in India has opened up immense investment opportunities for Singaporean entities. The two leaders also reviewed existing cooperation in the fields of defence and security, maritime domain awareness, education, AI, Fintech, new technology domains, science and technology, and knowledge partnership. They further called for strengthening connectivity between the countries to enhance economic and people-to-people ties. They also called for acceleration in green corridor projects. PM Modi and PM Wong also discussed the outcome of the 2nd India - Singapore Ministerial Roundtable held in Singapore in August 2024. "Noting that the Ministerial Roundtable is a unique mechanism, the leaders appreciated the work done by senior ministers from both sides in deliberating and identifying a new agenda for bilateral cooperation. The leaders called for accelerated action under the pillars of cooperation identified during the Ministerial Roundtables - Advanced Manufacturing, Connectivity, Digitalisation, Healthcare &amp; Medicine, Skills Development and Sustainability," the release stated. The leaders underscored that the cooperation under these pillars, particularly in the areas of semiconductors and critical and emerging technologies, opens a new chapter in bilateral relations, making our ties future-orientated. The discussion also covered celebration of 60th anniversary of bilateral relations in 2025. Highlighting that cultural connect between the two countries is an important component of these ties, Prime Minister announced that India's first Thiruvalluvar Cultural Centre would be opened in Singapore, the release added. The leaders also exchanged views on important regional and global issues of mutual interest, including India - ASEAN relations and India's vision for the Indo-Pacific Terming Singapore an "important anchor" of India's Act East Policy, Prime Minister Narendra Modi appreciated the elevation of ties. He further emphasised that the two nations are connected by shared belief in democratic value, and also appreciated the increased cooperation in the field of skilling, defence, connectivity. Taking to social media platform X, PM Modi stated, "The discussions with my friend, PM Lawrence Wong continued today. Our talks focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations." <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1831541591275651268"></div> Speaking at the meeting, PM Modi, "Singapore is also an important anchor of our Act East policy. Shared belief in democratic values connects us to each other. I am happy that I have got the opportunity to visit Singapore at the beginning of my third term." The Prime Minister highlighted that the trade between the two countries has more than doubled in the last 10 years. He also noted that 17 satellites of Singapore have been launched from India in last 10 years. "A decade of our strategic partnership is being completed. Our trade has more than doubled in the last ten years. Mutual investment has increased almost three times to cross USD 150 billion. Singapore was the first country with which we launched the Person to Person payment facility of UPI," PM Modi said. "In the last ten years, 17 satellites of Singapore have been launched from India. Our cooperation has gained momentum from skilling to defence sector. The agreement between Singapore Airlines and Air India has strengthened connectivity. I am happy that today we are together giving our relations the shape of a Comprehensive Strategic Partnership," he added.. Recalling age-old ties between the two nations, PM Modi thanked Singapore for the respectful treatment of freedom fighter Subhash Chandra Bose. He added that the bilateral ties will complete 60 years in 2025. "The 3.5 lakh people of Indian origin living in Singapore are the strong foundation of our relations. We are forever grateful to the whole of Singapore for the place and respect that Subhash Chandra Bose, Azad Hind Fauj and Little India have received in Singapore. Our relations are going to complete 60 years in 2025. To celebrate this with pomp and show, work should be done to create an Action Plan in both the countries," the Prime Minister said. He also announced that India's first Thiruvalluvar Cultural Centre will be opened in Singapore soon, while appreciating the teachings of Saint Thiruvalluvar. "I am very happy to inform you that India's first Thiruvalluvar Cultural Centre will soon be opened in Singapore. The great saint Thiruvalluvar has given guiding thoughts to the world in the most ancient language, Tamil. His composition Tirukkural was written almost 2 thousand years ago, but the ideas given in it are still relevant today. He has said, 'Nayanodu nnnri purinnd payanudaiyar panbu parattum ulagu', that is 'The world praises those who are known for justice and service to others'. I believe that millions of Indians living in Singapore are also inspired by these ideas and are contributing to strengthening the relationship between the two countries," he further stated. PM Modi said that the two nations will continue to work together for regional peace, stability and prosperity.

India and Singapore elevate relations to Comprehensive Strategic Partnership; Agree to expand trade, investment

<ul class="summary-list"><li>Trump has promised to implement tariffs on virtually all US trade, and use them to replace the income tax.</li><li>But the US already has a history of implementing broad-sweeping tariffs, PIIE's Steven R. Weisman said.</li></ul>Donald Trump's preference for tariff policies has been on full show during the election cycle, with the Republican candidate pledging to tax virtually all US trade.But to Steven R. Weisman — a vice president with the Peterson Institute for International Economics — a look through American history shows why this could prove reckless. If a Trump White House imposes "over-the-top tariffs," it could return the country to a much less stable era, he wrote in an <a target="_blank" href="https://www.nytimes.com/2024/07/26/opinion/trump-tariffs-biden-ev.html">op-ed for the New York Times</a>."Overreliance on tariffs helped foment an era of economic shocks," he, outlining an entire policy timeline.His comments contradict Trump's perspective, with the former president frequently touting tariffs to solve US economic problems.If elected again in November, he has pledged to implement a <a target="_blank" href="https://www.businessinsider.com/trump-tariff-plan-inflation-policy-impact-trade-war-china-rates-2024-5">10% universal trade tax on virtually all US imports</a>, although Chinese goods would face rates as high as 60%. Separately, Trump has also offered <a target="_blank" href="https://www.businessinsider.com/trump-tariff-trade-policy-barrier-income-tax-rate-hikes-krugman-2024-7#:~:text=Trump%27s%20wide%2Dreaching%20tariff%20plan,%25%2C%20Nobel%2Dwinning%20economist%20says&amp;text=Trump%27s%20proposed%20tariffs%20would%20benefit,%2Dtax%20income%2C%20he%20said">tariffs as an alternative to the US income tax</a>.This isn't an untested approach, Weisman said. In fact, tariffs were the main source of federal revenue until 1913, when the 16th Amendment granted Congress the ability to collect an income tax.It's with good reason the US switched, he added."An across-the-board tariff policy would take us not to a prosperous future but to a reactionary past that stopped working in the 19th century, where it nearly bankrupted the government, aggravated class conflict, provoked instability and favored the wealthy over everyone else," Weisman wrote.For instance, one of the leading pushbacks to Trump's income-replacement idea is that tariffs simply <a target="_blank" href="https://www.businessinsider.com/trump-tariff-income-tax-proposal-stagflation-yellen-summers-trade-war-2024-6">cannot produce as much revenue</a> — a point proven by the Civil War, he noted. During the conflict, tariff-revenue insufficiencies threatened a fiscal crisis, pushing Congress to pass America's first, albeit temporary, income tax.Although World War I again highlighted the shortcomings of relying on tariffs, Weisman cited that America still re-embraced them by 1930. According to him, wide-sweeping trade barriers were seen as an effective shield for domestic industries and agriculture."Instead, they fueled a catastrophic global trade war, strangled commerce, unleashed competitive currency devaluations and intensified a worldwide depression that contributed to the rise of Nazism and wordwide war," he summarized.Trump, too, argues that protectionism is best for American workers and farmers, but Weisman sees the benefits as marginal at best.He offered an example: Where tariffs could diminish foreign competition in the steel industry, domestic manufacturers also depend on steel imports. And when trade barriers rise, access to these materials can decline.Weisman also noted that Trump's perception of tariffs as a cure-all for trade imbalances is misguided, a point proven by Trump's recent history.When his previous administration used tariffs to try to reduce the trade deficit with China, it had to pay $23 billion to bail out farmers when Beijing retaliated, he said.

Trump's 'over-the-top' tariffs will thrust the US back into an era of economic shocks, thank tank expert says

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

Union Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said that despite this year's projected growth rate of over 6 per cent for the Indian economy, it remains concerned about the global economic outlook and geopolitical environment. She made the remarks on Wednesday while attending the <keyword id="315957" type="General" weightage="50" keywordseo="development-committee" source="Orion">Development Committee</keyword> meeting of the World Bank-IMF Spring Meeting 2023 in Washington D.C. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> mentioned that the <keyword id="6354424" type="General" weightage="80" keywordseo="world-bank" source="Orion">World Bank</keyword> should continue to work for its vision of a 'World Free of Poverty' and achieve its mission of 'ending extreme poverty' and 'promoting shared prosperity' in a manner that is inclusive, resilient and sustainable. During her intervention, Sitharaman suggested that the global public goods should also be brought into the focus as the third goal. The Finance Minister further mentioned that the "Evolution of the <keyword id="93417" type="General" weightage="50" keywordseo="world-bank-group" source="Orion">World Bank Group</keyword> - A Report to Governors" provides a historic opportunity to think collectively on the evolution of the World Bank Group. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a> <a href="https://www.businessinsider.in/business/news/ipl-2023-to-drive-fantasy-sports-companies-to-2900-3100-crore-revenue/articleshow/99285556.cms">IPL 2023 to drive fantasy sports companies to ₹2,900-3,100 crore revenue, fueled by Tier-2 cities and exciting prizes</a>

India concerned about global economic outlook, says Nirmala Sitharaman

<ul class="summary-list"><li>China's surge in exports means a trade conflict is likely under either presidential candidate, Capital Economics said.</li><li>The nation now makes up 15% of global manufacturing exports, which it will have to unload onto US consumers.</li></ul>No matter who takes over the White House, an overlooked boom in China's exporting power is setting the stage for another trade clash with Washington, Capital Economics <a href="https://www.capitaleconomics.com/blog/whether-its-biden-or-trump-chinas-surplus-fuelling-another-clash-over-trade" target="_blank" rel="noopener">warned this week</a>."Investors may be nervous about the potential return of Mr Trump and the threat of a renewed trade war, but that conflict looks ever more likely whether the next administration is Democrat or Republican," group chief economist Neil Shearing said in a <a href="https://www.capitaleconomics.com/blog/whether-its-biden-or-trump-chinas-surplus-fuelling-another-clash-over-trade" target="_blank" rel="noopener">new note</a>.At face value, it's hard to see that Chinese exports have picked up in any meaningful way. Officially, China's current account surplus remains below peak levels in its share of global GDP. But Shearing notes that customs data reveal a much more significant shift.In fact, he points out that the surplus-to-GDP actually stands near record highs. He sees it as a consequence of the pandemic, when outsized lockdown demand ignited China's manufacturing sector, and output has jumped over 25% since 2019.But while demand has now slowed, Chinese production hasn't. According to China Beige Book CEO Leland Miller, that's happening as Beijing sees manufacturing as an <a href="https://www.businessinsider.com/china-economy-trade-war-exports-manufacturing-growth-property-crisis-solar-2024-3">alternative source of growth</a> to the property market. Though the sector has long led China's prosperity, it's become riddled with debt and defaults."They're worried about the reckless credit expansion, they're worried about the property sector," Miller told CNBC this month. "They want to just batten down the hatches and focus on national security priorities, build a domestic chip ecosystem, you know, solidify the core of the economy, concentrate on advanced manufacturing."But both Miller and Shearing agree that this strategy could erupt in global disputes.To unload its additional supply, Shearing says China will have to look beyond its own markets, as domestic consumption has slumped excessively in the country. That puts more pressure on foreign buyers, but especially the US and Europe.He says that given that China now makes up 15% of global manufacturing exports, it cannot rely on smaller nations to absorb all of its output, putting pressure on the West."China's exporters are probably more reliant now on US consumers than they were when the trade war began during Donald Trump's first term," Shearing wrote.This will deepen the US's trade deficit with China for years to come, something any president will likely want to avoid. Miller estimated that a trade war could start as soon as next year.So far, Trump has laid out plans to introduce seismic-level tariffs, including a <a href="https://www.businessinsider.com/trump-economic-outlook-recession-inflation-china-tariffs-biden-president-election-2024-3">60% tax on Chinese goods</a>. During his tenure in the White House, he led a tit-for-tat trade war with Beijing, with many of its policies still in place under President Joe Biden.

China's economic plans make a trade war likely whether Biden or Trump wins the presidency

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="Group Of Urban Farmers Tending To local Crops" height="3667" width="5500" msid="90939656" hostid="261"></div><ul class="summary-list"><li>We live in a time of urgency for businesses to embrace long-term, sustainable value.</li><li>Leaders in finance and sustainability will share how a company affects the financial well-being of its community — from employment, wealth generation, and taxes paid to research and development expenses.</li><li>On May 10, 2022, Insider is hosting "Financing a Sustainable Future - Creating Broad-based Economic <keyword id="13653293" type="UNKNOWN" weightage="100" keywordseo="prosperity" source="Orion">Prosperity</keyword>," a free virtual event at noon ET, featuring speakers from Bank of America, JUST Capital, Dow, and more.</li></ul>As part of the "Financing a Sustainable Future" series, Insider's virtual event "Financing a Sustainable Future - Creating Broad-based Economic Prosperity," presented by Bank of America, takes place Tuesday, May 10, 2022, at noon ET, and includes live conversations with Insider editors, <keyword id="13301622" type="UNKNOWN" weightage="60" keywordseo="sustainable-finance" source="Orion">sustainable finance</keyword> experts, business leaders, and ESG professionals. Panelists will discuss how a company affects the financial well-being of its community from employment, wealth generation, and taxes paid to research and development expenses.We live in a time of urgency for businesses to embrace long-term, sustainable value creation and prioritize the needs of people, the planet, and the creation of broad-based economic prosperity.The event will take a closer look at the third of the four pillars of ESG reporting, as defined by the World Economy Forum: Prosperity. <h2>Speakers include:</h2><ul><li>Karen Fang, Managing Director, Global Head of Sustainable Finance, Bank of America</li><li>Martin Whittacker, Chief Executive Officer, JUST Capital</li><li>Eunice Heath, Corporate Director of Sustainability, Dow </li></ul><h2>A look at the series events:</h2><ul><li>Financing a Sustainable Future: Investing in People Transforms Economies on March 8, 2022</li><li>Financing a Sustainable Future - Accelerate the Net-Zero Transition on April 12, 2022</li><li>Financing a Sustainable Future: Advancing Effective Corporate Governance on June 14, 2022 </li></ul>We hope to see you there!

SIGN UP NOW: How creating broad-based economic prosperity can impact a company's community

This article is part of Insider's "The True Cost of Extreme Weather" project. <a href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">Read more here</a>.The climate crisis is about many things. One of them is that tiny numbers add up to big effects.About two degrees Fahrenheit. That's how much the <a href="https://www.climate.gov/news-features/understanding-climate/climate-change-global-temperature#:~:text=The%20roughly%202%2Ddegree%20Fahrenheit,significant%20increase%20in%20accumulated%20heat." target="_blank" rel="noopener">planet has warmed</a> since the preindustrial era, before the advent of smokestacks and cars.At least $165 billion. That's how much the US recorded in <a href="https://www.climate.gov/news-features/blogs/beyond-data/2022-us-billion-dollar-weather-and-climate-disasters-historical#:~:text=2022%20was%20also%20third%20highest,Eastern%20winter%20storm%2Fcold%20wave." target="_blank" rel="noopener">weather-related damage</a> last year — a total that can't all be blamed on the climate crisis, but has been made worse by a warming world.This story keeps getting replayed around the world and in people's wallets. Those costs will only climb if we don't address the climate crisis, economists tell Insider. But in these sometimes-scary numbers, there are is also opportunity — a chance to remake the global economy into one that's far more resilient and in which the climate isn't blowing holes in our wallets. The ultimate goal, Amir Jina, an environmental economist at the University of Chicago, told Insider, should be to create a world where "climate or weather is a problem as boring as plumbing."But to get there, we'll need to spend a lot of money up front and be real about the climate costs we're already paying — even if we don't always notice them.<h2>The full costs of extreme weather are often hidden</h2>The biggest fires, floods, and heat waves tend to draw headlines. But for years, the more subtle effects of extreme weather had gone pretty much unnoticed. That's changing. Research over the past decade has exposed the wider-ranging fallout from wild weather. It's been linked to <a href="https://www.niehs.nih.gov/research/programs/climatechange/health_impacts/weather_related_morbidity/index.cfm" target="_blank" rel="noopener">poorer health</a> and higher mortality, of course. Yet extreme weather is also linked to costs like <a href="https://impactlab.org/research-area/labor/" target="_blank" rel="noopener">lower productivity at work</a>, reduced crop yields, and worse mental health. It's also tied to an increased <a href="https://news.stanford.edu/2018/07/23/warming-temperatures-linked-increased-suicide-rates/" target="_blank" rel="noopener">risk of suicide</a>, and higher rates of property crime, <a href="https://impactlab.org/research-area/conflict/" target="_blank" rel="noopener">murder, rape, and civil unrest</a>.In short, "How's the weather?" is becoming an increasingly important question. Weather extremes put a strain on society, and that leaves the social safety net to pick up the slack. "The science on this in the past 10 years has just shown that even in the wealthiest countries, we are very much susceptible to exposure to weather, heat, disasters, etc. in a way which we probably thought we could adapt our way out or spend our way out of," Jina said.One study looking at the <a href="https://www.aeaweb.org/articles?id=10.1257/pol.20140296" target="_blank" rel="noopener">cost of hurricanes</a> between 1979 and 2002 found that about a decade on, the storms cost about tenfold more than the initial amount spent on disaster relief. Those costs, the study found, were hidden in local budgets, in spending on social programs, and in insurance payouts. <div type="image" title="Two women wade through waist-deep water carrying items from their homes." height="1375" width="1836" msid="103845395" hostid="261"></div>All of these sleeper effects cost money. And that has to come from somewhere. This "affects the taxes, it affects health insurance, and many other costs that we pay towards the running of the government, and it spreads down across the economy," Jina said. "There's almost no sector of the economy that people have looked at where we haven't seen a negative effect — particularly of heat," he added.Still, for many of us, unless we get hit with a big event, we don't always notice when we encounter these costs. "You could pick up the shadow of extremely hot days on people's incomes at the end of the year," Jina said. "There's this incremental increase in costs that people are facing, where no one in the US, or no one in the world, is truly insulated from the economic consequences of climate change."<h2>As climate disasters rise, social safety nets start to strain</h2>The steepest cost of extreme weather can't be measured in dollars and cents: People are dying, <a href="https://www.insider.com/maui-hawaii-wildfires-death-toll-bodies-floating-resident-2023-8">losing loved ones</a>, and forgoing livelihoods.Yet, for now, governments can offset many of the most acute financial costs of catastrophic events by drawing on emergency funds and letting some of the bills fall to private insurance. The COVID-19 pandemic was a similar type of catastrophe, Creon Butler, the director of the global economy and finance program at the London think tank Chatham House, told Insider. Even though the crisis brought <a href="https://www.businessinsider.com/how-covid-pandemic-disproportionately-impacts-communities-of-color-2021-6">enormous costs</a>, many governments managed to shell out enough money to insulate their populations from the worst economic pain, he said.<div type="image" title="Alan Sibaja wears a head covering for sun protection while working with a leaf blower amid the city's worst heat wave on record on July 24, 2023 in Phoenix, Arizona." height="1313" width="1750" msid="103845396" hostid="261"></div>Those safety nets and economic buffers will likely start to strain and fail in a warmer world, Butler said, as catastrophes become more common.Just look at property insurance. "Insurance only works if the frequency of events doesn't change," Butler said. In a world where extreme weather becomes the norm, "private insurance won't be able to cope with that."At first, your premiums might start growing so that insurers can keep making a profit, Jina said. Down the line, insurers might decide to <a href="https://www.businessinsider.com/how-insurers-will-shape-where-people-live-climate-change-2023-7">pull out of a market</a> entirely. That's already happening in parts of the US.As the government starts shouldering more of the relief costs, taxes could go up and spending on other priorities like health or education could go down."It begins to then raise the question, can the government constantly protect its public?" Butler said. "And the answer is probably no."<h2>Economies lose out if they don't control climate change </h2>Economists haven't agreed on exactly how much climate change will cost in the future, though they do tend to share the sentiment that unless we <a href="https://www.ipcc.ch/report/sixth-assessment-report-working-group-ii/" target="_blank" rel="noopener">limit emissions fast</a>, these costs are going to be very difficult to deal with."Each new piece of information we learn is showing that the problem is actually worse than we thought," Jina said. One 2017 paper by Jina and his colleagues, which takes into account climate disasters and the growing effect of extreme weather on society, provides a sneak peek at how much the warming climate could cost the US by the end of the century.<div type="image" title="A person wearing a face mask takes photos of the skyline as smoke from wildfires in Canada cause hazy conditions in New York City on June 7, 2023." height="1333" width="1777" msid="103845397" hostid="261"></div>It found that if little effort is made to control emissions — meaning temperatures rise by about three to six degrees Fahrenheit — these costs could strip about 2% to 5% off of the US gross domestic product every year between 2080 and 2099. If that estimate proves right, the economy "is probably still going to be growing," but the price of climate change will compound year over year to enormous, avoidable costs, Jina said."If we think about the future — even very conservatively — the benefits of mitigation always outweigh the costs," he said. This situation could be made worse by a <a href="https://www.chathamhouse.org/2023/07/climate-change-threatens-cause-next-economic-mega-shock" target="_blank" rel="noopener">looming financial "mega shock,"</a> which could arise as more people wake up to the reality of the climate crisis, Butler said. Investors could suddenly pull out of markets, developing countries could quickly lose access to international financial markets, and people could demand governments bring in rapid policy changes as they see the weather get worse, <a href="https://www.chathamhouse.org/2023/07/climate-change-threatens-cause-next-economic-mega-shock" target="_blank" rel="noopener">Butler forecasted</a> in a blog post.All of this means the longer people take to realize drastic action is needed, the more abrupt the transition will be. And economies aren't very good at dealing with rapid change.<h2>Mitigation and adaptation are going to be expensive, but they'll pay off </h2>There's now a "golden hour" to limit the worst of the effects of climate change and reach the best scenario available today, Jina said. <div type="image" title="Donna LaMountain, 51, surveys damage on Pine Island Road on Thursday, Sept. 29, 2022, in Matlacha after Hurricane Ian made landfal" height="1263" width="1684" msid="103845398" hostid="261"></div>Unfortunately, historic emissions mean that some of the effects of the climate crisis are inevitable, per Jina. That means some will need to relocate and pricey infrastructure will need to be built to protect others from harsher environments. Countries will also need to invest to slow the release of greenhouse gases into the atmosphere by moving away from fossil fuels and investing in measures to <a href="https://www.businessinsider.com/carbon-dioxide-removal-air-sky-machine-climate-change-climeworks-2023-1?r=US&amp;IR=T">suck carbon dioxide out of the air</a>.But those measures won't come cheap. The Biden administration has already<a href="https://www.whitehouse.gov/omb/briefing-room/2023/03/09/fact-sheet-president-bidens-budget-lowers-energy-costs-combats-the-climate-crisis-and-advances-environmental-justice/" target="_blank" rel="noopener"> earmarked $52 billion</a> to tackle the climate crisis for 2024. That's likely not enough. Demand for climate spending could make for difficult economic times, Butler said. "We've got lots of priorities in terms of social care, general health, retirement, and so on. But none of that makes much sense unless you are actually protecting your public," said Butler. "And governments are going to have to choose."<h2>With effort, the climate crisis could be made "boring"</h2>Despite a long list of worries, there's reason for optimism: Climate change has never been so visible, and it's never been higher on the political agenda of government and international meetings, Jina and Butler said. At the same time, the <a href="https://www.businessinsider.com/solar-power-cost-decrease-2018-5">price of renewable energy</a> has dropped much faster than many analysts predicted. Both Jina and Butler said it's wrong to see the spending going to the net-zero transition as a loss. Instead, they said, we should see it as a necessary investment to build a sustainable and climate-resilient economy. "We currently have a system, both an energy system and an economic system, where we are quite susceptible to fluctuations in climate, where we are quite susceptible to big disasters, because of an interlinked economy," Jina said. "I would like a transition to an energy economy, facing this global energy challenge that we have, where this just becomes a completely boring issue."Jina points to how countries brought down the death toll from diarrheal diseases by rolling out plumbing. That initial investment must have seemed huge, yet now we reap the benefits of that infrastructure without even thinking about it, even though stomach bugs are still around. In the same way, a future economy could mean that thanks to clever adaptation policies, people are able to thrive in spite of an inevitable rise in climate extremes."Everything is taken care of. We don't have to talk about it. It's not politically contentious, and people aren't dying," Jina said of this future economy.Jina and Bulter said most economists agree investment in mitigation and adaptation today will be paid back many times over by the end of the century. There could be short-term benefits to this investment, <a href="https://www.un.org/en/climatechange/science/key-findings" target="_blank" rel="noopener">according to the UN</a>. For instance, cleaner air could save global economies $1.2 to $4.2 trillion by 2030 by reducing pollution. The transition to renewable energy could create up to 24 million jobs by 2030, compared with an estimated 6 million that could be lost, the UN reported.As of now, however, only four countries — Botswana, Denmark, Namibia, and the UK — are on track to <a href="https://www.wipo.int/global_innovation_index/en/news/2023/news_0006.html#:~:text=Only%20four%20countries%20are%20on,Denmark%2C%20Namibia%20and%20the%20UK" target="_blank" rel="noopener">meet zero greenhouse-gas emissions</a> by 2050, per the UN's World Intellectual Property Organization. "We're at this point where we could shift pretty dramatically. That really involves people raising their voices and people realizing there might be some short-term pain," Jina said.

Climate change is already costing us money, but we have a chance to limit the worst of it and prosper. Here's how.

<ul class="summary-list"><li>China has long outpaced the US in <keyword id="11916717" type="UNKNOWN" weightage="60" keywordseo="economic-growth" source="Orion">economic growth</keyword>. That could change next year, BofA said.</li><li>China's shift toward a more, well, communist <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> could slow its <keyword id="12044473" type="UNKNOWN" weightage="60" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> to match the US in 2022.</li></ul><keyword id="12012639" type="UNKNOWN" weightage="60" keywordseo="president-xi-jinping" source="Orion">President Xi Jinping</keyword>'s plans to overhaul China's economy could give the US a fighting chance in a race it's been losing for decades.Since the late 1970s, China has consistently outpaced the US in economic growth. While the US remains a larger economy by gross domestic product, China is expected to become the world's largest economy in the early 2030s, according to International Monetary Fund <a href="https://www.imf.org/en/Publications/WEO">estimates</a>. By other measures, <a href="https://www.businessinsider.com/china-overtakes-us-as-worlds-largest-economy-2014-10">it already has</a>.Now Xi's own policy decisions could delay that ascension. The country's Communist Party has been pushing its "<keyword id="12453473" type="UNKNOWN" weightage="60" keywordseo="common-prosperity" source="Orion">common prosperity</keyword>" plan throughout the pandemic, intervening in its <keyword id="11893875" type="UNKNOWN" weightage="60" keywordseo="markets" source="Orion">markets</keyword> and the broader economy to combat wealth inequality. Related policies contributed to <a href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">the halting of the largest IPO in history</a>, the <a href="https://www.businessinsider.com/evergrande-new-china-economy-xi-jinping-world-growth-economic-fallout-2021-9">Evergrande debt crisis</a>, and, most recently, the <a href="https://www.businessinsider.com/supply-shortages-semiconductor-chips-crisis-us-china-trade-war-biden-2021-10">global energy crunch</a>.The pivot to a more communist economic model has made for an "awkward regime shift," Ethan Harris, global economist at <keyword id="11921643" type="UNKNOWN" weightage="60" keywordseo="bank-of-america" source="Orion">Bank of America</keyword>, said in a note to clients. Harris described this shift as both a "vast regulatory crackdown" of China's private sector and a "broader moralistic effort to reengineer Chinese culture from the top down." Just as China was set to overtake the American economy, it's ditching what came to be called "<a href="https://www.businessinsider.com/how-china-went-from-communist-to-capitalist-2015-10">capitalism with Chinese characteristics</a>" for something with much more government influence.It's already hindering growth. China's economy will only grow 4% in 2022, according to the bank's latest forecast. That's the lowest estimate from economists surveyed by Bloomberg and implies a massive slowdown from the 7.7% growth expected by the bank in 2021.It also gives the US time to strengthen its lead in the global economic race. Economists surveyed by Bloomberg expect US economic growth to reach 5.7% in 2021 and slow to 4% in 2022. That matches Bank of America's forecast, signaling that, for the first time since 1976, China won't outpace the US in GDP growth.The country combated slowdowns past with major monetary easing and relief policies. The playbook helped shield China from the Great Recession and other global downturns.The "tepid" response to this year's slowdown has left BofA's experts "surprised," the bank said. Economists led by Helen Qiao still expect the country to lift growth with quick easing in the fourth quarter, but its arrival would come later than usual.The team also outlined a scenario where China's easing falls short. A lack of adequate support would power "major turmoil" in the country's property market and lead to economic growth of just 2.2% in 2022."With all these balls in the air the risk of shocks to the economy is high," they added.<h2>The US will dodge the worst of the spillover</h2>If China's boom slows as much as BofA expects, the fallout won't stay within China's borders.A slowdown "could have major spillover effects for the rest of the world," BofA said. China is easily the world's largest consumer of metals, meaning weak growth in its property sector would slam commodity markets. Power shortages could hit countries with supply-chain links to China.The US, however, is relatively safe. The American economy "has limited exposure" to Chinese demand, as exports to the country counted for just 0.8% of GDP last year, the bank said. Weak demand in China could also help heal global supply chains, and the US would "benefit disproportionately" from a fix, the team added.Xi's push for "common prosperity" promises to bring a more equitable Chinese economy. Yet, over the next year, it gives the US the best odds in decades to solidify its spot on the global economic throne.

The US has a chance to put China in the economic rearview mirror because of Xi's 'awkward regime shift,' BofA says

<ul class="summary-list"><li>Cities remain at the forefront of economic growth. </li><li>Six US cities were in the top 10 for economic vitality by the Oxford Economics' Global Cities Index.</li></ul>News of housing crises, worker exoduses, and slashed budgets tells a tale of the <a target="_blank" href="https://www.businessinsider.com/city-state-budget-shortfall-deficit-california-denver-boston-new-york-2024-4">slow decline of US cities</a>.But Oxford Economics, a research and advisory group that published its Global Cities Index on Tuesday, found that six US cities are leading "engines of the global economy."New York, Los Angeles, San Jose, Seattle, San Francisco, and Dallas topped the index's economics category.The index, which Oxford Economics produces annually, ranks the 1,000 largest cities in the world by five categories: economics, human capital, quality of life, environment, and governance.Cities with busy financial centers are often viewed as prosperous, with New York, London, Singapore, and Hong Kong typically leading global rankings.However, Oxford Economics assesses cities based on a range of factors that contribute to their overall economic vitality and their potential for sustained growth and development.GDP growth, employment growth, economic stability, GDP per person, and economic diversity were all measured in addition to overall GDP size."The cities topping the Economics category are the engines of the global economy. In this category, American cities dominate," the report says.New York excelled in the economics category with a perfect score of 100, followed closely by Los Angeles. San Jose, the <a target="_blank" href="https://www.businessinsider.com/san-jose-most-expensive-place-silicon-valley-life-2019-2">largest city in Silicon Valley</a>, came in third place and was highlighted as having the highest GDP per person globally.<div type="image" title="downtown Dallas" height="975" width="1300" msid="110333866" hostid="261"></div>Dallas was a more surprising entrant in the top 10. Oxford Economics ranked it sixth globally in its economics category.The Texas city has experienced the largest population increase of any US metro area in recent years. More than 175 companies have moved their headquarters there since 2010, making it one of <a target="_blank" href="https://www.businessinsider.com/best-economy-us-houston-dallas-nashville-miami-cities-moving-businesses-2023-11">the economic powerhouses of the South</a>.London, Paris, and Tokyo were the only non-American cities to crack the top 10. They trail the US cities because of their lower levels of GDP per person, according to the report.Chicago also made it onto the economics list, coming in eighth after London.Though US cities scored high in the economics category, they barely appeared in the top rankings for the other four categories: human capital, quality of life, governance, and environment. Cities in Europe, New Zealand, and Brazil were ranked higher on factors like income equality, life expectancy, air quality, civil liberties, and business environment.Nonetheless, the report said that "cities in North America are all clumped at the higher end of the rankings."New York, San Jose, Seattle, Los Angeles, and San Francisco ranked in the top 10 of Oxford Economics' list of top cities by overall score, with New York coming out on top.

These 6 US cities are the greatest 'engines of the global economy,' beating financial hubs like London and Singapore, a study of 1,000 cities worldwide finds

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