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Living standards around the globe could edge down unless governments invest more in research and education, thus helping to revive poor productivity growth. That’s what International Monetary Fund Managing Director Christine Lagarde stressed on Monday.
Lagarde told in a speech in Washington that the private sector alone won’t be able to generate enough innovation to increase productivity to decent levels without government active assistance.
Her remarks were accompanied by the publication of an IMF research that found that the 2008-2009 financial downtime along with deep recession played a greater role in slowing productivity than previously expected, choking global demand and investment.
Economists have long explored productivity gains as significant for sustaining higher wages as well as living standards, though they have struggled to explain a protracted slowdown in productivity surge since the early 2000s.
In October, the United Kingdom recorded a greater budget deficit than anticipated, as follows from first borrowing figures, since finance minister Philip Hammond pledged an end to austerity was over there…
Find out about the most important market movers from today's digest!
In November, UK factory orders managed to recover, although previously in October they sagged steeply…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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