Economy

Political situation in Argentina
Argentina is in a recession after the change of power

Argentina has entered a recession following new president Javier Milei's budget cuts. GDP shrank in the first quarter by 2.6 percent compared to the fourth quarter last year, writes Bloomberg. Even then, GDP fell, by 2.5 percent.

Since the change of power in December, Milei has devalued the currency by more than 50 percent, scrapped hundreds of price controls and halted government investment.

In four months, real wages fell by 17 percent and unemployment rose from 5.7 to 7.7 percent. At the same time, inflation has slowed down more than expected, from 25.5 percent to 4.2 percent per month.

Forecasters expect an average GDP fall of 3.8 percent in 2024, followed by an increase of 3.4 percent next year.

********************

Climate threatGlobal challenges
Time: 21 Swedish companies are among the world's most sustainable

French Schneider Electric is the world's most sustainable company. This is confirmed by Time Magazine in its first sustainability ranking. Together with the analysis company Statista, they have reviewed the commitments of the 5,000 largest companies and how well they have been complied with.

There are 21 Swedish companies on the top 500 list - including Tele2 in 37th place, followed by Castellum, Electrolux and Epiroc, among others.

******************** 

The election in the USA The electoral movement
Sixteen economics laureates warn of Trump inflation

A victory for Donald Trump in the autumn elections risks rekindling inflation and causing great damage to the world economy. That's what 16 economics prize winners write in a document according to the news site Axios.

"Although we all have different views on different economic policy measures, we all agree that Joe Biden's economic agenda is clearly superior to Donald Trump's", write the economists who call Trump's budget plans "irresponsible".

At the head of the play is Joseph Stiglitz, who received the so-called Nobel Prize in economics in 2001. Other famous names are George Akerlof, Edmund Phelps, Robert Shiller, Paul Romer and last year's prize winner Claudia Goldin.
Biden wants to raise taxes, Trump wants to lower them