Displaying items by tag: Economy

UK faith group representatives, in an open letter, have urged the Government to centre its economic recovery on the pressing need to reduce the impact of climate change. Signatories include members of the 'Faith for the Climate' network. The opening statements read, ‘Covid-19 has unexpectedly taught us a great deal. Amidst the fear and the grief for loved ones lost, many of us have found consolation in the dramatic reduction of pollution and the restoration of nature. Renewed delight in and contact with the natural world has the capacity to reduce our mental stress and nourish us spiritually. We have rediscovered our sense of how interconnected the world is. The very health and future of humanity depends on our ability to act together, not only with respect to pandemics but also in protecting our global ecosystem.’

A shopper grumbled while returning a loaf of bread to a rack - the price had jumped by a third. Nearby a half-mile queue of cars waited at an empty petrol station hoping for a delivery. Zimbabwe has an economic crisis. Basic goods prices rise weekly as the value of the Zimbabwean dollar tumbles. Inflation was 785.6% in April, and poverty is deepening. UN aid agencies reported that 7.7 million people, half of the population, require food assistance. A loaf of bread went up 36% last month, and last week a 22-pound sack of cornmeal jumped 30%. Fuel soared by 152% recently; a similar rise in 2019 sparked national demonstrations and deaths. ‘Things cannot continue this way. These people should just admit they have failed,’ said a Harare resident, referring to President Mnangagwa’s government which took power pledging to revive the economy. Pray for food aid to reach the hungry.

Scotland's unemployment rate is now the highest in the UK, having risen by 30,000 to 127,000 between February and April as a result of the pandemic. Many people will be feeling a deep sense of anxiety about their livelihoods. The UK’s Scottish secretary Alister Jack said the impact of coronavirus was clearly seen in the latest figures, which are ‘expected to continue for some time’. There is no obvious reason why Scottish unemployment should have risen so much, although it could be the downturn in oil and gas consumption, or a bigger dependence on tourism jobs. The UK government is providing comprehensive coronavirus support packages to help people get through this unprecedented pandemic. We can pray for redundant young people and those already on company loans and universal credit.

Some European countries are cautiously coming out of lockdown. Italy is opening some factories and construction sites. Spain is allowing hairdressers and small businesses to reopen. Germany’s children are back at school. France is also easing lockdown. Political leaders now grapple with the economic and social shocks that lockdown has left behind, while trying to avoid large-scale second waves of infection. Italy is contending with a fresh rise in migrant arrivals from Libya, an ongoing economic crisis, and uneven support from Brussels. Spain is squabbling over spending as Catalan separatist leaders have seized on the pandemic to reignite the argument that their wealthy industrialised region would be better off independent from the devastated economy of the rest of Spain. Germany handled the coronavirus crisis better than other large European countries and favours cautious reopening, but business groups and local governments want to move faster.

Manufacturing clothes was once a pillar of Gaza’s economy, with 900 factories employing 36,000 Palestinians. But the industry collapsed in 2007 when Hamas seized control of Gaza and Israel banned the export of clothing from Gaza to Israel or the Israeli-occupied West Bank. Ziad Qassem’s 25 years as a tailor seemed worthless in the cruel blockade: unemployed, debt piling up, worried how he would provide for his wife and five children. Coronavirus came to the rescue. Demand for masks and protective gear soared worldwide. Gaza garment factories are flooded with new orders from Israel, ordinarily seen by much of Gaza’s Palestinian population as the enemy. Israeli rights groups have called for the permanent easing of restrictions that govern entry in and out of the Gaza enclave, home to some two million people, so that the economy can function more normally even after the pandemic. See

President Bolsonaro's coronavirus strategy of ‘putting economy first' is putting thousands of lives at risk. He calculates that the number of deaths will be less costly than the inevitable recession caused by an economic shutdown. Brazil's poorest communities lack refuse collection, have water shortages and open sewers, and are very densely populated. These are perfect conditions for the virus to proliferate. Bolsonaro's televised national address, calling the virus ‘a little flu’, was condemned by business leaders and politicians. Two of his tweets were removed for ‘violating rules’ and defying international guidelines. Bombastic media appearances, dubbed ‘Brazil can't stop’, encouraging citizens to get back to work and downplaying the virus threat, were quickly taken off air. The majority of Brazil's elderly live with family members or someone else who is not their partner.The ‘deny’ strategy is expected to produce a situation worse than Italy in two or three weeks, and a collapsed health system.

Our IPC Colleague and Exec Member, Onassis Jeevaraj has prepared an INDIA - Prayer Focus guide.  The four-page PDF booklet provides an up to date overview of some of the key issues and challenges that India is facing, along with Prayer Pointers and links to more information and resources.

Topics covered include - Elections, Persecution, Lynching, The Economy, Hindu Ideologies, Natural Disasters, Children and Women, and the Church

It will be a valuable tool for guiding individual, small group or corporate prayers.

Download the INDIA - Prayer Focus HERE

Brexit will affect not just the UK but the whole of Europe. The Brexit reality is not just an economic problem but part of larger cultural and social forces sweeping across Europe. The impact of Brexit on the EU will result in social and economic changes to the Union and also longer term political and institutional shifts. The extent of these effects remain speculative until the precise terms of UK’s post-Brexit relationship with the EU becomes clear. With the EU's policies on freedom of movement and the economic benefits and drawbacks which the UK and the EU provide each other with, there will be a clear impact with consequences for both institutions.

Facebook will launch a Swiss-based cryptocurrency and payment system, called Libra, which could ‘reinvent money’. It is a huge political gamble, but the rewards could be enormous. Facebook is asking its 2.5 billion users and government regulators to entrust it with a power that governments jealously protect - access to money. Currently ‘Big Tech’ has become powerful but is not doing enough to protect the privacy of users or put a stop to fake news. Nevertheless it wants to launch a project that could give Silicon Valley the ability to track not just what people say and like but how they spend their money. If Libra overcomes political and regulatory storms and develops trustworthy technology and financial stability, it would attract 1.7 billion people around the world who currently lack access to traditional bank accounts. It is claimed that they could use their smartphone to make payments, as inexpensively as sending a text message.

This year, 24 of Africa’s 54 countries are scheduled to hold legislative, general, or presidential elections. Extreme poverty and state fragility prevail in parts of Africa. This year, the World Data Lab estimates that by 2030, 70% of the world’s poor will live in Africa (notably in Nigeria and the Congo) and by that date 13 African countries will have seen an increase in the number of those living in extreme poverty. Based on these forecasts, poverty will continue to strain government institutions and threaten stability. Climate change is expected to exacerbate the challenge, with disproportionate effects on the Sahel and other unstable areas. However, massive opportunities exist for many to enter greater prosperity. The middle class is expanding, businesses are growing to meet consumption needs, and a young fast-growing population with rapid technology adoption is making the continent fertile for innovation. Pray for institutional changes and new approaches to eliminate poverty so that no country is left behind.