Displaying items by tag: Economy

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.

The shadow treasury minister Clive Lewis, in a newspaper interview, has said MPs must show leadership, and persuade consumers to make dramatic lifestyle changes, if devastating climate change and mass extinctions are to be averted. Cutting back on red meat and taking fewer flights are two of the ‘real, stark choices’ needed in the years ahead. Lewis said, ‘If you want your children and grandchildren to avoid food shortages, to avoid power shortages, to avoid biological degradation, biodiversity loss - if you actually want a planet that’s habitable - then we need to make some choices together, now, and some of them are about quite dramatic changes to how we live.’

The UK will join Italy next year as the slowest-growing economy in Europe, before holding that title alone in 2020, according to a European Commission forecast. These gloomy predictions are based on a soft Brexit - meaning that Britain is expected to lag behind all its EU peers even if Theresa May can reach a deal with Brussels before 29 March.  The commission expects consumer spending growth to remain weak, continuing a poor performance since the June 2016 referendum. The result will be GDP growth of only 1.2% in 2019 and 2020. The forecast came as the IMF sounded the alarm over the mounting risks to the European economy from a no-deal Brexit, the escalation of trade disputes around the world, and high levels of Italian government debt.

Wages are rising and unemployment rates are at their lowest for more than 40 years, so these should be boom times for young people. However, rising rents, bills and living expenses mean that one in five aged 25-34 will spend over 60% of their pay on payday. A further 3% find themselves in the red. Meanwhile, house prices in England have risen by 173% over the last 20 years, and around a quarter of 20-34-year-olds still live with their parents - with slim chances of owning a home any time soon. Those living in rented accommodation find high rents eating up income, making it impossible to save for a deposit on a home. Pray for Philip Hammond as he prepares next week’s budget. May the undetonated timebomb of Brexit have no adverse influence on his proposals, and may they give opportunities for economic growth and prosperity for young and old alike in the nation’s future.

‘I am sure that in the Arabian peninsula there are easily ten million Christians’, says Bill Schwartz, OBE, Anglican Archdeacon in the Gulf and Chaplain of Qatar. Most notable is how the region’s religious mix has shifted in a totally unprecedented way, as foreign workers have flooded in to benefit from the explosion of jobs. Today, at least 50% of migrants and expatriates ‘have some kind of Christian tradition’. In Qatar, where foreign workers outnumber locals by ten to one, there are now more Catholics than Muslims. New church buildings are being built, including one in Abu Dhabi to accommodate 5,000 people at a time. There is opportunity for Christian witness in societies that have been culturally isolated for thousands of years. Schwartz says, ‘I have more opportunities to talk about faith in the Gulf than I ever do in the US, because religion is so important here.’

On Wednesday Philip Hammond delivered his first Budget as Chancellor. He said that the Treasury's priority was ‘making sure that our economy is resilient and that we’ve got reserves in the tank’ as the Government prepares to begin Brexit negotiations. Some of the key points were: - extra money for new free schools in England, which could include grammar schools - significant spending on social care - £5m fund to mark next year's centenary of women first getting the vote - cash to alleviate the impact of increased business rates on firms - £500m support for electric vehicles, robotics and artificial intelligence. The decision which has attracted the most criticism is an increase in national insurance contributions by self-employed people. The debate goes on, and the media discussions will help Christians to digest and intercede wisely in the coming days. In the midst of change and challenge, we can pray for the United Kingdom to step into a new level of governing that is led by God’s Holy Spirit at every level.