Displaying items by tag: economic growth

The UK economy showed a growth of 0.6% over three months, marking a positive trend despite a flatline in June, attributed to the general election and ongoing strikes. Businesses across various industries delayed purchases pending the election's outcome, while strikes, including those by junior doctors, further contributed to the stagnation. The June GDP figure fell from the previous month’s 0.4% growth, yet overall the UK outperformed most G7 nations in the first half of 2024. The UK’s growth, particularly in scientific research, IT, and legal services, has been the highest among G7 nations. This consistent growth has left the threat of recession behind, a significant achievement after the economy contracted at the end of 2023. The Labour government has highlighted economic growth as essential to funding public sector investments without increasing national debt.

A climate summit in Nairobi has seen dozens of world leaders discuss climate solutions for Africa’s 1.3 billion people affected by climate change. Africa is the fastest-growing continent, and the most vulnerable to climate change. 85% of the worst-hit countries in the climate crisis are African. The Daily Nation newspaper proclaimed this gathering ‘Africa's moment.’ Kenya’s president Ruto came to power with climate change relief and accountability cornerstones of his foreign policy. Addressing the conference, he claimed, ‘Climate change is crimping Africa’s economic growth annually by 5 to 15%, despite Africa accounting for less than 4% of global emissions.’ The intention was for delegates to come to see resource-rich African states as crucial stakeholders in the green economy. Africa’s abundance of natural resources only receives 3% of global energy investments. The summit’s outcome sees nations promising financial solutions to climate-induced food insecurity, finding technical resolutions to food scarcity and storage, and making African markets attractive to investors.