On January 6th Justin Trudeau, Canada’s prime minister, announced his resignation. Over the past year he has became an isloated and deeply polarising figure as supporters have abondoned his Liberal Party, angry that it has failed to tackle inflation, housing costs and the strains from high immigration. In the coming weeks the Liberals will be gripped by a leadership struggle. Potential replacements include Mark Carney, who ran the Bank of England, and before that the Bank of Canada; Chrystia Freeland, whose surprise resignation as finance minister precipitated the crisis that forced Trudeau out; and Dominic Leblanc, who succeeded Freeland as finance minister.
Tag: Economy
Is Luxury Losing its Spark? Affordable Exclusivity to the Rescue
The global luxury industry, long reliant on the wealthiest clientele, is facing a critical crossroads. As prices soar, even the affluent are beginning to feel the pinch, particularly in key markets like China. Luxury brands, which have historically thrived on exclusivity and high margins, are now confronting the dual challenge of maintaining their elite status while appealing to a broader, more aspirational customer base. The question at the heart of the industry’s future: Can luxury remain exclusive without pricing itself out of the market?
Islamic State is back in the United States
On New Year’s Day Shamsud-Din Jabbar, a 42-year-old American, rammed a pickup truck into a crowd in New Orleans, killing at least 14 and injuring 35. The FBI says it was terrorism; Jabbar had an Islamic State flag. If Jabbar was inspired by the ISIS, the Jihadist group can add the attack to its recent successes. Exactly a year ago, an ISIS terrorist killed 95 civilians in Iran during a ceremony to commemorate Qassam Soleimani, a top general assassinated by America.
BRICS: India’s Position in the Emerging Global South Alliances
The BRICS (Brazil, Russia, India, China, and South Africa) grouping has been the forerunner of global economic and political developments for over a decade. The BRICS countries account for over 40% of the world’s population and over 25% of global GDP. They are also among the fastest-growing economies in the world. India is an important player in the BRICS grouping. It is the second most populous country in the world and the sixth largest economy. India has also been growing swiftly in recent years, with GDP growth comprising over 7% per year over the past decade.
Para Diplomacy: Driving the Rising Rajasthan Investment Summit
Para diplomacy can be understood as the actions initiated by states, provinces, or cities to establish international relations and promote their commercial interests. It also gives regions leverage to engage foreign investors and governments hence opening doors for partnership and capital investment. Rajasthan has adopted this concept in practicing its tourism policies by holding road shows and investor meets nationally and internationally. Such efforts are in the pursuit of introducing itself to a network of potential investors and marketing the state as the hub of opportunities in different fields.
The World’s Economic Titans this Year
By the start of 2024 high inflation had forced the Federal Reserve to raise interest rates to 5.5% – their highest level for more than two decades. Many expected America to have a recession. Instead, its economy has boomed. In the third quarter it grew by 2.8% year on year – a full percentage point more than forecast in July. America’s unemployment rate is around 4%, well below the average of the past 30 years. And inflation is finally coming down. Output per person is 40% higher in America than in Western Europe and Canada and 60% higher than in Japan.
China’s Economic Policy for 2025
On December 9, 2024, the Political Bureau (Politburo) of the Central Committee (CC) of the Communist Party of China (CPC) convened a meeting to discuss the country’s economic policy priorities for the year 2025 and the broader and deeper challenges facing the Chinese economy. The headline of the readout is “CPC Central Committee Political Bureau Holds Meeting to Analyze and Research 2025 Economic Work, Study and Deploy Party Conduct, Clean Governance and Anti-Corruption Work, CPC General Secretary Xi Jinping Presides Over Meeting.
EU Ambitions in the Western Balkans
On Wednesday leaders from the six western Balkan countries hoping to join the European Union meet their counterparts from the bloc’s member states. They will discuss the EU’s “growth plan”, which aims to absorb the countries into individual aspects of the union, such as its single market, before they become full members. The region’s accession process began in 2003 but has generally slowed. Bulgaria, already an EU member, is blocking North Macedonia; Serbia’s dispute with Kosovo, its former province, hampers the accession of both; and Bosnia’s Serb leadership is more interested in destroying Bosnia-Herzegovina as a state than joining the EU.
Post-Assad, Rebels Set to Represent Syria at the UN
On Tuesday, the UN Security Council publicly discusses Syria for the first time since the fall of Bashar al-Assad. Eyes will be on the Syrian delegation, appointed by the Assad government but thus far kept in post, and the old regime’s ally, Russia. The Kremlin’s diplomats are said to be co-operative; Russian media now call Hayat Tahrir al-Sham, the dominant rebel force, an “armed” rather than a ‘terrorist’ group. Nevertheless, America is wary of letting Russia use its veto power to shape the transition to its liking.
Gaza Starts to Feel Forgotten amid Syrian Crisis
Many Palestinians in Gaza cheered the scenes in Syria this week, as rebels overthrew Bashar al-Assad’s regime. Last month they watched the war in Lebanon end; now Syria’s 13-year civil war might be at a close too. But Israel’s war in Gaza drags on. At least 28 people were killed in Israeli strikes on Thursday, according to Palestinian medics.