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World Bank Sees Slowing Global Economic Growth

The World Bank’s latest Global Economic Prospects report predicts a slowdown in global economic growth over the next two years.

Growth is expected to decelerate from 5.5 percent in 2021 to 4.1 percent in 2022 and 3.2 percent in 2023, as pent-up demand dissipates and fiscal and monetary support is unwound across the world.

Inflation, debt, and income inequality are all rising, posing threats to the recovery in emerging and developing economies.

The World Bank is urging policymakers to “act decisively” to address these challenges and ensure that the recovery remains on track.

What does a slow global economic growth mean for developing countries?

A slowdown in global economic growth will have different implications for different countries. For developed countries, it may mean slower job creation and lower wages. Emerging economies, which have been among the fastest-growing in recent years, may see their rates of growth slow down. This could pose challenges for these countries in terms of maintaining their current levels of poverty reduction and development.

Income inequality is also likely to increase as a result of a slowing global economy. This is because the benefits of economic growth are not evenly distributed, and those at the bottom of the income ladder are typically the most affected by a slowdown.

Policymakers in both developed and developing countries need to “act decisively” to address these challenges, according to the World Bank. This includes implementing policies that boost employment, reduce inequality, and support those at risk of being left behind.

How to address the widening inequality gap?

There is no one-size-fits-all answer to addressing the widening inequality gap. Countries will need to tailor their policies based on their own circumstances.

One approach that could be effective is increasing social safety nets and targeted transfer programs. These can help to protect the most vulnerable people in society from the negative effects of a slowdown, and ensure that they still have access to essential services and support.

Policies that boost employment and economic growth are also key. This includes investing in education and training, as well as promoting entrepreneurship and innovation.

Governments also need to make sure that tax systems are progressive and that wealthy individuals and corporations pay their fair share. This revenue can then be used to fund social welfare programs and other initiatives that help to reduce inequality.

What are the risks of a global economic slowdown?

A global economic slowdown carries a number of risks, both for individual countries and for the world economy as a whole.

One of the biggest risks is that it could lead to an increase in poverty and inequality. This is because those at the bottom of the income ladder are typically the most affected by a slowdown. If not addressed, this could set back years of progress in reducing poverty and achieving sustainable development.

A slowdown could also lead to an increase in unemployment, as businesses cut back on staff and investment. This could have knock-on effects on people’s mental health and wellbeing, as well as social cohesion and stability.

Another risk is that it could jeopardize the recovery from the COVID-19 pandemic. This is because many countries are still struggling to contain the virus, and a slowdown in economic growth could make it harder for them to finance their response efforts.

Finally, a global economic slowdown could have negative spillover effects on other areas of the world economy. For example, it could lead to reduced demand for exports from developing countries, or put pressure on global financial markets.

What can be done to prevent a global economic slowdown?

Policymakers need to “act decisively” to address the challenges facing the global economy, according to the World Bank. This includes implementing policies that boost employment, reduce inequality, and support those at risk of being left behind.

Countries also need to invest in education and training, as well as promoting entrepreneurship and innovation. This will help to boost employment and economic growth, and reduce inequality over the long term.

Governments also need to make sure that tax systems are progressive and that wealthy individuals and corporations pay their fair share. This revenue can then be used to fund social welfare programs and other initiatives that help to reduce inequality.

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European Parliament President Dies at 65

David Sassoli, European Parliament President, has died at the age of 65. Sassoli was a member of the European Parliament for Italy from 2009 until his death.

Sassoli was elected as President of the European Parliament in July 2019 and served in that role until his death. He was a strong advocate for European unity and worked to promote cooperation between the European Union and its member states.

The European Parliament President’s death has been met with sadness and shock by those who knew him and worked with him. His passing is a loss for the European Parliament and for the European Union as a whole.

Sassoli was admitted to hospital in Italy last month due to complications from his immune system and canceled all official activities since then. The Italian former journalist served as an MP for center-left party Democratic Party before becoming president two years ago following elections that saw anti-EU parties triumph across Europe.

EU flags in Brussels have been lowered to fly at half-mast as a mark of respect for Sassoli, who dedicated his life and worked on behalf of the European Union. Leaders from around Europe offered their thoughts about what he meant with many tributes made in Italian language which is Sassoli’s most preferred language even though there’s usually more English or French used within the EU business community.

In a touching display of solidarity, dozens gathered on the steps of the European Parliament to pay their respects. There was a minute of silence followed by an appreciative round of applause. 

Politicians and journalists across Italy are also paying tribute to Sassoli who rose through the ranks of both public worlds.

Sassoli started out as a reporter through newspapers and then to the national broadcaster RAI. His passion for politics led him to a career jump. After an unsuccessful bid to become mayor of Rome, he was elected to the European Parliament as its president.

Many have mentioned his warmth and his ability to build bridges. Among the many European issues he confronted was migration, urging solidarity from member states.

“If there is no respect for human life”, Sassoli said, “Europe doesn’t exist.”

Chile’s Congress Votes to Legalize Same-Sex Marriage

It is a fact that several countries in Latin America allow same-sex marriages at present such as Brazil, Argentina, Colombia, Ecuador, Uruguay, Costa Rica, certain parts of Mexico, and Chile.

The Congress of Chile cast its vote a couple of months earlier for sanctioning a bill that legalized same-sex marriage and helped it to become a law. The bill was passed by the lower house of Congress known as the Chamber of Deputies with as many as 80 votes in favor, 2 abstentions, and 20 against. Chile’s Senate had already endorsed this bill. 

It was Michelle Bachelet, the socialist President, who first presented the motion in the year 2017. However, it had been stalled in Congress until Sebastian Piñera, the present President, extended his support.

Being a conservative, right-wing politician, Piñera announced some time earlier that he had full support for marriage equality. Now, we can expect him to sign the bill so that it becomes a law. According to the President, he is of the notion that it is the right time for equal marriage in Chile. This will help the people to form a family and lead an adorable lifestyle without discriminating by sexual orientation while enjoying the respect as well as protection rightly deserved by them. 

Here, we like to mention that soon Piñera has to step down from the post of President since his term is coming to an end. 

The news is that with the legalization of same-sex marriage, it will be possible for sex-sex couples to enjoy equal rights, for example, the right to adopt kids. 

World’s Second Tallest Building Set to Open in Malaysia

The 2nd tallest skyscraper on the planet is on the verge of completion and this will be done later this year. This particular structure, which is known as Merdeka 118 and situated in Kuala Lumpur, reaches a height of 678.9 meters which has gone past the previous 2nd highest skyscraper in the world named Shanghai Tower in China. While the Burj Khalifa located in Dubai has a height of 828 meters that of Shanghai Tower is 632 meters.

Constructed on the Merdeka site, where the country’s independence was announced in the year 1957, this establishment has 118 stories in total. Merdeka 118 houses a hotel as well as offices, along with a restaurant plus a dual-level observation deck. It can be considered to be the tallest skyscraper in Southeast Asia right now.

According to Fender Katsalidis, the exterior design of this building has been modeled on some triangular shapes that we find in conventional Malaysian crafts and arts. Moreover, the theme’s elements have also been employed in the interiors.

The description asserts that there is a lower lobby at one end for hotel access while one will also come across an upper lobby intended for the retail and offices at the opposite end.

The construction of this establishment in Malaysia has been delayed by approximately 6 months due to the pandemic situation right now. There is a budget of approximately 5 billion Malaysian ringgits on this project as well which is roughly about $1.1 billion.

According to Fender Katsalidis, they are extremely happy due to their contributions to the assessment of the structure, which happens to be amongst the most culturally significant locations in the country.

Pfizer: Vaccine Booster Protects Against Omicron Variant

Immune System Support from companies like Transfer Point should be seriously considered in the current phase of the COVID pandemic.

The omicron variant was first spotted in South Africa and it is spreading quickly across the globe right now. It was declared by the companies that a Pfizer-BioNTech Covid-19 booster will provide more protection against the virus as compared to the initial 2 doses of the vaccine. 

It has been revealed by lad tests made by BioNTech and Pfizer that their vaccine’s third dose will be able to provide antibodies successfully that will be capable of neutralizing the omicron variant at present. In fact, individuals who have taken only 2 doses will be more susceptible to the virus in the long run.

The companies have unearthed that this omicron variant is capable of bypassing the immune protection offered by the existing vaccines as compared to the earlier strains. However, it is not known for sure to what extent this new variant will be able to go through the defenses of the body over time.

Blood samples taken from all those that have only received the initial doses of the vaccines revealed that not adequate antibodies were produced against the omicron variant. Thus it is evident that in spite of safeguarding us from severe infections, the initial doses might not be enough when it comes to protecting us from the new variant. However, one thing is for sure receiving 2 doses will be protecting us in a better way than no doses at all. 

It has been suggested by the authorities that folks that have attained the age of 18 ought to receive a booster 6 months after receiving the initial 2 doses of the Moderna or Pfizer series or a couple of months following the Johnson & Johnson vaccine which consists of a single dose only. However, more research has to be made regarding the effectiveness of the booster dose in the long run. 

Dogs Trained to Detect COVID-19 Deployed Globally

Canines have a unique ability to detect the odors of COVID-19 when the virus is active. Dogs from Austria to Britain to Thailand have been deployed to detect its presence, delivering an extra safety line for border entry, large events, and other group activities.

Airports in Chile and Finland were the first to deploy dogs as a screening tool against COVID in 2020.

According to Austrian authorities who have trained at least two dogs to detect COVID, the success rate is far above 80%

It Takes About Three Months to Train Dogs to Detect COVID

When a dog is already trained to sniff out substances, it only takes about two weeks for trainers to help them recognize the presence of COVID.

It then takes another three months for them to be fully trained to detect its presence in masks, clothing, or other items.

Most countries don’t have specific plans to deploy canines trained to detect COVID-19, but there is global support to help those who want this defense line.

Dogs have a remarkable capability of picking up the volatile compounds that different infections cause in the human body. Their sense of smell is 10,000 times stronger than what humans have, which is why detecting the coronavirus is possible.

As the proof of concept work continues, you can expect to see more COVID-sniffing dogs at schools, airports, and public venues. Although the detection rate isn’t as high as some rapid antigen tests, it’s still a helpful tool to help us end this pandemic once and for all. 

Xi Jinping Looks to Expand Redistribution of Wealth

Almost every economic structure in the world today takes a mixed approach. That means a balance of capitalism and socialism is incorporated into our daily decisions.

The United States leans more toward the capitalism side of the equation. Although wealth redistribution isn’t a formal policy, communities charge taxes for things like public schools and infrastructure that everyone uses.

In China, the pendulum swings more to the socialism side of a mixed economy. That’s because communism is the primary emphasis in most areas, although some special districts have different rules that get followed. 

President Xi Jinping put the country on notice in 2021 that wealth redistribution for common prosperity was on the table. It seems that effort is getting a new push today. 

The Ruling Party Wants to Eliminate Poverty

China has often led the world in economic growth because of its emphasis on socialism in its mixed economy. That’s because most workers don’t earn competitive wages compared to the rest of the industrialized world.

In 2021, the wealthiest 20% of Chinese citizens earned more than ten times the poorest 20%. That figure hasn’t moved since 2015. 

The ruling party wants to reduce poverty in China’s most rural areas. Although some programs have helped achieve that goal, Jinping wants the wealthy to do more. By cracking down on the technology industry and reducing the emphasis on celebrity culture, several billionaires are on notice that the government wants what is in their accounts. 

Although no idea is off the table, the two primary efforts to create wealth redistribution are through property and inheritance taxes. In a nation already stressed by COVID concerns, these economics stresses must seem insurmountable. You can track this redistribution effort through your favorite news sites.

Jeff Bezos Pledges $2 Billion for Nature Initiative

Amazon founder Jeff Bezos committed $2 billion toward transforming food systems and restoring landscapes at the COP26 conference in 2021.

Several entrepreneurs and billionaires have come under fire in recent months for spending money on what seem to be trivial endeavors, such as taking trips to space.

Amazon has also had long-term criticism directed toward it from its workforce over its environmental practices.

The money will be coming through the Bezos Earth Fund, which currently plans to spend approximately $10 billion to fight climate change. 

Climate Change Is a Pressing Problem

When today’s parents were growing up, the environmental concerns taught in school involved the hole in the ozone layer. It was once described as an unsolvable problem, but the world committed to stop using the chemicals that caused the problem.

The planet was able to heal itself faster than most experts thought was possible.

That means a similar opportunity is available for climate change. The only problem is that some countries have not fully industrialized yet, while others rely on cheap manufacturing processes from the APAC region to fuel their economies.

Society is built on being a carbon source instead of being a carbon sink. Even nature is struggling to keep up because of deforestation, drilling, and similar practices.

Many businesses are pledging to achieve zero emissions by 2030, but this effort must have everyone step up. That means you’ll want to take your Organifi, review your current habits and practices, and make changes where it makes sense.

We only have one planet. By working together, we can solve this problem. 

DNA Evidence Reveals Identity of Paris Serial Killer

For several decades, a notorious serial killer in Paris was haunting the city’s crime squad. This person’s raping and murdering spree from 1986 to 1994 shocked the community, but they remained unsolved until this year.

A former military police officer confessed to being the serial killer right before his death. DNA matching proved that he was indeed present at several crime scenes.

Although all the crimes were shocking, the most disturbing attributed to him was the murder of an 11-year-old child. Her family reported her missing after she failed to show up at her school in 1986.

A lawyer representing the affected families lamented that we’ll probably never know the true extent of the man’s crimes. The killer’s death leaves many unanswered questions. 

The Serial Killer Committed Suicide

An investigator sent letters to 750 military police stationed in Paris during the time of the killing spree. After a potential identification, the man was summoned by police in September to give a DNA sample. His wife reported him missing just three days later.

The 59-year-old was discovered dead in a rented flat along the Mediterranean coast. A suicide note was found there with him, with the DNA collected from the scene matching the evidence taken at several crimes.

In two rapes of children, the man even identified himself as a police officer. That led investigators to believe that one of their own could be committing the crimes.

Now that the killer’s identity is confirmed, lawyers want additional unsolved cases reopened to retest any collected DNA from that era. 

Venezuela Subtracts Six Zeros from Currency to Control Inflation

Venezuela has dealt with record levels of inflation for several years. It has been such a significant problem in this South American nation that the year-over-year rate from 2020 to 2021 reached 1743%. 

That means a minimum wage salary in the country right now has a value of about $2.50 per month. Most retailers are accepting American currency instead because it delivers better results for them.

In an effort to curb this problem, the Venezuelan government announced its second monetary overhaul in three years. It’s removing six zeros from the bolivar currency to simplify the accounting. 

In 2018, the Government Removed Five Zeros from Its Currency

It’s the third time that Venezuela has removed multiple zeros from their currency in a bid to stop inflation. With the six eliminated this year, that means a total of 14 will have been taken away in the past decade.

Venezuela used to be a prosperous OPEC nation. The socialist government blames American sanctions for the problems, but it is more about interventionist macroeconomics and poorly planned social spending at a time when oil prices tanked. 

The actual value remains the same with the removal of six zeros. Since most shoppers use dollars in cash for purposes, most people say they won’t be affected by the change.

Until the economic imbalances of the country get fixed, this action might need to be retaken soon. The acute problems and this single change have virtually no impact on the nation’s macroeconomics. Keep an eye on the top news sites for updates.