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EXPLAINED: 21 | Vintage Vibes

Backup plan in works in case budget is delayed

The Ministry of Finance is preparing a backup plan to sustain the economy if delays in forming a new government affect budget disbursement for the 2024 fiscal year starting on Oct 1.

Bangkok Post

Delay poses risks to the economy

The University of the Thai Chamber of Commerce (UTCC) expects a prolonged delay in the selection of a prime minister and formation of a new government, leading to protests that, if violent, will significantly affect tourism revenue, causing a loss of 500 billion baht, or a one percentage point decline…

Bangkok Post

The Guardian view on public sector pay: higher taxes on the rich are needed to fix broke Britannia

Editorial: Whoever wins the next election will have to spend money to repair the damage done after 13 years of Conservative party rule

The Guardian - UK

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BMA rejects public sector pay rise and says government is making choices that leave people ‘sicker and poorer’– as it happened

Doctors’ union rejects offer while all four teaching unions urge their members to accept

The Guardian - UK

Pay decision expected amid longest junior doctors strike yet

A 6-6.5% rise has been recommended by independent bodies at a potential cost of £5 billion, reports have suggested.

The Independent UK

Rishi Sunak's key pledge dealt a blow as UK economy shrinks

RISHI Sunak’s core pledge to “grow the economy” has been dealt a blow after the latest statistics showed the UK economy contracted over the…

The National (Scotland)

UK economy shrinks slightly after coronation bank holiday

Contraction driven by royal occasions, meaning sectors like construction and finance lost a working day, Office for National Statistics says

The Independent UK

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The RBA wants to raise unemployment to fight inflation – but who will that hurt the most?

Groups who benefited from strong jobs growth will be the first to lose work come a recession

The Guardian - AU

Premier delay will affect fiscal budget

The implementation of the fiscal 2024 budget, starting on Oct 1, will be delayed if the new prime minister and government are not appointed within this month, according to the Budget Bureau.

Bangkok Post

Recession Delayed to 2024, If Any: Kiplinger Economic Forecasts

Rising interest rates haven’t slowed consumer spending enough to bring the economy into a recession so far, but it could still be on the horizon.

Kiplinger

Warning: Student loan cliff ahead

For millions of individuals that means real spending cuts — which could translate to a slowdown for the economy overall.

Axios

Karnataka Budget: Taxes, borrowings up, allocation cut to fund guarantee schemes

Increase in taxes, prioritisation of government programmes, and additional borrowings will together fund the five pre-poll guarantees of the Congress government, even as allocation to some crucial departments and subsidies have come down in the full-fledged “guarantee Budget” presented by Chief Minister Siddaramaiah on Friday.

The Hindu

Mixed reactions to Karnataka Budget

The Budget for the year 2023-24 presented by Chief Minister Siddaramaiah on Friday received mixed reactions from various quarters. While ruling party leaders have welcomed it, the Opposition has criticised it.

The Hindu

US economy adds 209,000 jobs in June as hiring slows

Rise was lower than the 240,000 jobs economists had expected though job market remains robust

The Guardian - US

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Axios

More Americans believe they'd get a raise if they asked

It's another sign of the continued labor market strength.

The Independent UK

US jobs report likely to show a solid gain, potentially complicating Fed's drive to cool inflation

Another solid month of hiring in the United States is expected to be reported Friday, an outcome that would suggest no recession is in sight yet could make it harder for the Federal Reserve to succeed in its drive to cool the economy and curb high inflation

Tribune News Service

Commentary: Pay no attention to the economy behind the curtain

Anyone following the economic news coming from the Biden administration lately probably feels like Dorothy meeting the Wizard of Oz. Whether it’s data being revised from good to bad, the manipulation of statistics or indefensible exaggerations, the White House’s economic record is less impressive than it first appears. Here are…

The Hindu

A macro view of the fiscal health of States

A time path for revenue deficit reduction with a credible fiscal adjustment plan would help restore fiscal balance and improve quality of expenditure

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Evening Standard

OPINION - West End Final: The economic indicator that says we’re headed for recession

At roughly $3 trillion, the UK economy is large and contains multitudes. Not as massive as it might have been as a result of Brexit, Covid-19 and Russia’s invasion of Ukraine, but enough to rank sixth in the world.

The Independent UK

Rising productivity is not enough to help poorer households, says think tank

A focus on wages rather than equality could see 1.8 million more people fall into relative poverty, the Resolution Foundation has warned.

Axios

A mid-year assessment for the U.S. economy

So far the immaculate disinflation — what had seemed a remote scenario in which inflation comes down without a recession — has materialized.

AAP

Dutton says Labor can't take credit for budget surplus

The Labor government needs to produce more than one surplus, says the opposition leader, to prove it's serious about responsible budget management.

Axios

CBO data shows why deficits should matter again

There was a widening bipartisan sense that fiscal deficits don't really matter. Now, they do again.

The Independent UK

After a raucous first half of 2023, Wall Street is still wondering if recession is in the cards

Halfway into 2023, and so little on Wall Street has gone according to plan

The Independent UK

Is it a 'richcession'? Or a 'rolling recession"? Or maybe no recession at all?

The warnings have been sounded for more than a year: A recession is going to hit the United States

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