Germany is on the brink of recession after its economy declined in the year’s second quarter. Spain, by comparison, is experiencing brisk growth, and even the Portuguese and Greek economies are expanding. Buoyed by tourism, booming construction and steady job growth, the southern European countries are helping to offset Germany’s weak performance.
The debt obsession that ate the economy.
"The problem, instead, is that the Europeans, and the Germans in particular, treat themselves badly, with a ruinous obsession over public debt. And the costs of that obsession are spilling over to the world as a whole."
Die Rezessionsgefahr für Europa, die sich seit Ende 2017 abzeichnet, bleibt extrem hoch. Anzeichen dafür, dass die europäische Politik die Zeichen der Zeit erkannt hat, gibt es nicht. Das ist Politikversagen in ganz großem Maßstab.
The wealth of households under 35 has barely moved in 15 years. And poorer young Australians have less today than poorer young Australians did 15 years ago. In contrast, wealth for older households has grown rapidly. A household headed by someone 65-74 now has on average $1.3 million in assets, up from $900,000 for a household of this age group in 2004, helped by the housing boom and growth in superannuation assets.
Job insecurity is no longer confined to low-skilled workers, but is emerging in highly skilled professions including law and computer programming, a leading US employment expert has warned.
Economic growth has been slow for a decade, Australia’s population is ageing, and climate change looms. The burden of these changes mainly falls on the young. The pressures have emerged partly because of economic and demographic changes, but also because of the policy choices we’ve made as a nation.
The grim news this week is that the weakening in the economy continued for the third quarter in row, with economic activity needing to be propped up by government spending.
The Australian Bureau of Statistics’ “national accounts” showed real gross domestic product – the nation’s production of market goods and services – grew by just 0.3 per cent in the September quarter of last year, 0.2 per cent in the December quarter and now 0.4 per cent in the March quarter of this year, cutting the annual rate of growth down to 1.8 per cent.
A Statement on Visit to the United Kingdom, by Professor Philip Alston, United Nations Special Rapporteur on extreme poverty and human rights