This weekly round-up brings you the latest stories from the world of economics. Top economy stories: Global economy responds to US presidential election; German exports fall; India's services industry rises.
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Global central banks: The Bank of England is expected to cut rates, while Australia is likely to hold steady amid election-driven uncertainty. Emerging markets: Mexico, an indicator of US-emerging market trends, sees the peso under pressure; Brazil is expected to deliver a 50 basis point rate hike, while Poland and the Czech Republic prepare for key rate decisions.
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The US presidential election is also expected to impact countries like Malaysia and Viet Nam, which have large trade deficits with the US, according to Channel News Asia. A more aggressive"America First" policy, led by a like-minded administration, will focus on prioritizing US interests in trade , analysts predict.
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For months, the two nominees courted voters, urging them to vote early and show up on election day: Tuesday, 5 November 2024. The date of the election stems from a rule that the US Congress enacted in 1845 that mandated that US states appoint presidential electors every four years on “the Tuesday next after the first Monday in the month of November.”
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The World Economic Forum’s Global Risks Report 2024 says the biggest short-term risk stems from misinformation and disinformation. In the longer term, climate-related threats dominate the top 10 risks global populations will face. Two-thirds of global experts anticipate a multipolar or fragmented order to take shape over the next decade.
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The year 2024 will see 4.2 billion people go to the polls, which, in the era of artificial intelligence (AI), misinformation and disinformation may not be the democratic exercise intended. The Global Risks Report 2024 named misinformation and disinformation a top risk, which could destabilize society as the legitimacy of election results may be questioned.
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2024 is a historic election year, with elections in 50 countries. More than 2 billion voters will head to the polls in countries including the United States, India, Mexico and South Africa. Geopolitical volatility is the biggest risk identified in the World Economic Forum’s Chief Risk Officers Outlook 2023.
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The World Economic Forum’s Global Risks Report 2024 ranks societal polarization as the world's third most serious risk in the next two years. The polarization risk, the report notes, is heighted this year due to the high number of elections taking place in 2024.
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Top energy news: The US election result's impact on energy; Build business case for grid investment in Europe, report says; Blackouts amid drought in South America. For more on the World Economic Forum’s work in the energy space, visit the Centre for Energy and Materials.
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The 2024 UK General Election saw a decline in overall voter turnout, with 60% of eligible voters casting their ballots, the lowest rate since 2001, Statista data shows. That compares with the record of 83.9% set in the 1950 General Election.
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