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Global Scans · Economy · Weekly Summary


DRIVER: The global economy still faces serious headwinds and political uncertainty potentially balanced by the enormous promise of technological advancements in many fields. Read on to get a solid handle on the opportunities and risks you and your organization may likely face and set your sails accordingly.

  • [New] Leeds has a diverse and growing economy with a key focus on promoting inclusive growth; the Local Plan 2040 will look at how much land is needed to support economic development and which parts of Leeds should be prioritised for business development. Leeds City Council News
  • [New] Lowering Scope 1 and Scope 2 emissions from hydrocarbon activities is the most cost-effective way to reduce emissions by 2030 compared to any other source in the global economy, and that 15% of energy-related emissions, or 5.1 billion mt of CO2e, stem from upstream and midstream activities. Energy Connects
  • [New] European Green Transition is a UK company developing a portfolio of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition. TradingView
  • [New] The Bank of Uganda recently convened a Monetary Policy Committee (MPC) meeting that increased its policy rate by 50 basis points to 10% to deal with the new inflation threats. The East African
  • [New] Restoring economic growth will be the central purpose of the next Labour government based on partnerships with business. The Guardian
  • [New] New refining capacity is forecast to boost product supplies to global markets to 1.4 mb/d through mid-decade before edging lower to 1.2 mb/d by 2030 given the steady rise in domestic demand. IEA
  • [New] The Shinhan Financial Group plans to become a top multi-finance company representing the Central Asian region within three years by expanding its business in the regions of products, channels, and markets by combining the financial know-how of Shinhan Card. The Astana Times
  • [New] NASA recently announced its own plans to explore harvesting resources from the Moon within the next 10 years to support its Artemis plans, hoping to establish large scale lunar regolith mining by 2032 and extracting resources such as water, iron, and rare metals. Gizmodo
  • [New] While the economies of mass-scale production and logistics that sustain and supply traditional chain store or conglomerate grocers like Walmart and Dollar General are often deemed efficient, the Covid-19 pandemic revealed their underlying fragility and susceptibility to supply chain disruption. Modern Farmer
  • [New] Even if the world gets on track to stay under 1.5 o C, oil and gas production in 2050 will still be about a quarter of current production, largely for non-combustible uses (e.g., petrochemicals and hydrogen production). Pearls and Irritations
  • [New] Micro, small, and medium-sized enterprises play an important role in economic and social development by fostering value-adding activities, taking part in global supply chains, driving innovation, and promoting inclusive growth through the creation of job opportunities. UNDP
  • [New] Following a prolonged period of supply chain disruption stemming from the covid pandemic, a new and withering price war has resulted as major importers like Brazil have pivoted away from expensive Bolivian supplies to cheaper liquefied natural gas from the United States and Middle East. The Week
  • [New] To shift away from fossil fuels, promote resource efficiency and move towards a greener economy, the UK government introduced a target to create two million green jobs by 2030 within new and emerging sectors. GOV.UK
  • [New] Beijing's plan to boost manufacturing without turbocharging consumption will create overcapacity, flooding global markets, squeezing overseas competitors, and risking trade wars with Western countries. Asia Society
  • [New] The metal, seen as a bellwether of the global economy, has surged this week after smelters in China held a crisis meeting on how to cope with a sharp drop in processing fees following unexpected disruptions to supplies of mined ore. Mining Weekly
  • [New] The Thai government plans to increase the proportion of renewable energy consumption to 34% by 2037 and aims to raise the target for solar installation capacity from 6 GW to 15 GW. Reccessary
  • [New] Climate change disrupts the global economy primarily by health costs from people suffering from heat exposure, work stoppages when it's too hot to work, and economic disruptions cascading through supply chains. ScienceDaily
  • [New] Crop failures, labour slowdowns and other economic disruptions in one region can affect the supplies of raw materials flowing to other parts of the world that depend on them, disrupting manufacturing and trade in faraway regions. ScienceDaily
  • [New] Thomson Reuters announced its first brand refresh in 16 years, which will emphasize its commitment to investing in products and technology that leverage generative AI. Accounting Today
  • [New] A full global transition to electric vehicles (EVs) will require a dramatic increase in battery production to meet the scale of demand. Automotive World
  • [New] Energy-efficient air conditioners will be in high demand, especially after the Electricity Generating Authority of Thailand promoted the use of new No. 5 energy-saving label products. Khaosod English
  • [New] China hopes to harness emerging industries like solar power, which Mr Xi likes to describe as new productive forces, to re-energise an economy that has slowed for more than a decade. The Straits Times
  • [New] Labour opportunities will remain lower than normal due to general economic constraints and the increasing number of forced returnees from Pakistan and Iran returning to urban areas for labour opportunities. Fews Net

Last updated: 19 March 2024



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