February 20, 2020
United States:
White House Admits That Trump Trade Stance Did Depress Economy
“The White House acknowledged what many economists considered obvious through much of last year: President Donald Trump’s trade stance depressed economic growth and business investment. Uncertainty generated by trade negotiations dampened investment,” Trump chief economist Tomas Philipson told reporters in a briefing on the annual Economic Report of the President released on Thursday.”
Europe:
Brexit’s New Paradox: How to Build an Economy With Fewer People
“David Ellis took a walk around a half-built skyscraper towering above Birmingham, a British metropolis dotted with the winking red lights of construction site cranes. As he watched a team of workers installing glass panels, the full implications of the U.K.’s exit from the European Union and its free flow of goods, services and—critically—people, suddenly struck him.”
Asia:
China’s Credit Surged in January Before Virus Froze Economy
“China’s overall credit growth surged in January, before the extended Lunar New Year holiday due to the coronavirus outbreak curtailed economic activity across much of the country. Aggregate financing increased 5.07 trillion yuan ($723 billion) last month, the highest since the current data series started in 2017. The median estimate was 4.2 trillion yuan. The stock of outstanding aggregate financing expanded by 10.7%, the same pace as in December, according to the statement from the People’s Bank of China.”
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