President Trump returned to Washington on Sunday after spending 10 days at his New Jersey golf club. Before boarding Air Force One, the president made a point to push back on the risks of a recession facing the U.S. economy. Mr. Trump said the economy is "doing very well" and dismissed concerns of recession, offering an optimistic outlook after last week's steep drop in the financial markets. "I don't think we're having a recession," Mr. Trump told reporters Sunday afternoon before heading back to the White House. "We're doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they're loaded up with money." Larry Kudlow, Mr. Trump's top economic adviser, also played down fears of a looming recession and predicted the economy will perform well in the second half of 2019. In Sunday television interviews, he said that consumers are seeing higher wages and are able to spend and save more — despite a tumultuous week on Wall Street. "No, I don't see a … [Read more...] about After 10-day vacation, Trump pushes back on whether U.S. economy faces recession
By AFP More by this Author Harare,President Emmerson Mnangagwa has acknowledged the economic hardships Zimbabweans are suffering and pleaded for patience to allow his government to fix the country's rapidly deteriorating economy.Zimbabwe's economy has been badly suffering for two decades but the last 12 months have been the worst decline in 10 years, characterised by shortages of basic goods such as fuel and electricity.Even when such goods are available, they are often unaffordable for most Zimbabweans.RECORD INFLATIONAnnual inflation neared 300 percent in August, according to the International Monetary Fund. Also Read Zimbabwe rolls out new banknotes Magufuli: How I cheated death President Vaz defies Ecowas, invokes The Virgin Mary Zambian President Lungu's birthday wish: a third term Advertisement The government has been introducing what economists have called "piecemeal" policies to raise revenue, fix currency distortions and increase cash liquidity.But … [Read more...] about Zimbabwe’s leader Mnangagwa begs for patience to fix ailing economy
Russian President Vladimir Putin, who secured a fourth term in the March 18 polls, oversaw a period of economic growth during his first two terms in office (2000-2008), boosting incomes across the country. Those years were perceived as a welcome change from the financial instability of the 1990s, when many Russians lost their savings. But Putin's third term in the Kremlin, which began in 2012, saw a decline in ordinary people's quality of life. Sanctions taking their toll Russia has seen its purchasing power decrease continuously for the past four years after the world's number 11 economy was hit with Western sanctions meant to punish Moscow for its annexation of Crimea and the Kremlin's role in the ongoing Ukraine conflict. Watch video 02:29 Share New US sanctions to hit Russian lenders Send Facebook Twitter google+ Whatsapp Tumblr linkedin stumble Digg reddit Newsvine Permalink https://p.dw.com/p/2sZox New US sanctions to take aim at … [Read more...] about Where is the Russian economy headed?
Lega leader Matteo Salvini has called for a €50bn spending boost to “shock” the moribund Italian economy back into life as the far-right party attempts to force fresh elections. Italy's deputy prime minister said a new government led by the Lega would use tax cuts and higher investment to revive Italian growth, putting Rome on another collision course with the European Commission. "We need a government able to do things, not a government that simply gets by,” he told Radio 24. “It is not enough for me that we do not hike sales taxes. We must start to cut taxes,” Mr Salvini said. Italian bond yields climbed as investors braced for a crucial day for the crumbling coalition government. Prime minister... … [Read more...] about Salvini calls for €50bn boost to shock Italian economy back into life as political crisis deepens
The government is under pressure to change the law to tackle bogus self-employment and protect workers in the gig economy after a report published on Monday by two influential parliamentary committees. The work and pensions select committee and the business, energy and industrial strategy (BEIS) committee have prepared draft legislation intended to close the loopholes that allow “irresponsible companies to underpay workers”. Frank Field, the Labour MP who chairs the work and pensions committee, called on the prime minister to “fulfil the promise she made on the steps of Downing Street on her first day in office” by backing a draft bill “that would end the mass exploitation of ordinary, hard-working people in the gig economy”. About 5 million people – 15% of the workforce – are self-employed, with about 1.6 million of those thought to work for the likes of Uber, Deliveroo and other gig economy employers who rely on people who sign up for … [Read more...] about Change law to protect gig economy workers, MPs’ report urges