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| Hello Insiders!
Welcome to today's edition of the Inside Daily Brief.
Today we bring you stories on the resilience of the global economy, the removal of China's foreign minister, and the U.S. consumer confidence hitting a two-year high.
Happy reading! Vildana
p/vildana-b | |
| 1 | | The International Monetary Fund (IMF) upgraded its 2023 global growth forecast to 3% from 2.8%, indicating a resilient world economy. According to the IMF, although growth is picking up speed, there are still significant risks such as persistent inflation and China's slow recovery. More: - Global inflation is expected to decrease from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024.
- Financial markets have stabilized after a banking crisis in the U.S. and Europe.
- The U.S. economy is projected to grow 1.8% in 2023 and 1% in 2024, down from 2.1% in 2022.
- Growth in the eurozone is forecast at 0.9% this year, with a contraction in Germany, before rising to 1.5% in 2024.
- The IMF highlighted concerns about China's economy due to a sharp contraction in its real estate sector and weak consumer confidence.
- The war in Ukraine threatens global food and energy prices, with potential grain price increases of up to 15%.
Zoom Out: - The full IMF report can be downloaded here.
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What the numbers say: According to OpenSecrets.org, the National Rifle Association (NRA) spent $2.5M in lobbying during 2022, down from $4.9M the prior year.
Significance: The drop in lobbying expenses came as legislators, following a mass shooting at an elementary school in Texas, advanced a bipartisan effort to broaden background checks for gun acquisitions and allocate funds for mental health programs. Impact: Last month, the lobbying division of the NRA, which was established in 1975, filed a lawsuit to prevent Maryland from implementing new gun-control regulations that tighten the criteria for concealed-carry permits and restrict guns in buildings such as schools and hospitals. | | | |
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| 3 | | Following a month-long absence from public view, Chinese Foreign Minister Qin Gang was officially removed from his position, suggesting that his rapid political ascent is over. The National People's Congress Standing Committee, the top decision-making body in China, announced Qin's dismissal without providing a reason on Tuesday. More: - Speculation about Qin's removal has been rife, with some saying it may be due to health issues and others pointing to potential political tensions.
- Bonnie Glaser, director of the German Marshall Fund's Asia Program, told the Washington Post that the "most credible public explanation" is that Qin fathered a child out of wedlock in the U.S.
- Qin's last public appearance was on June 25, when he met with counterparts from Russia, Vietnam, and Sri Lanka.
- Wang Yi, who previously held the foreign minister position for nearly a decade, has replaced Qin.
- Qin's rapid promotions included roles as Foreign Ministry spokesman, chief protocol officer, Chinese ambassador to the U.S., and finally, foreign minister in December 2022.
Zoom Out: - Last month, Antony Blinken became the first U.S. secretary of state to visit China in five years, where he met with Qin.
- Beijing canceled a visit by EU top diplomat Josep Borrell in early July after Qin reportedly "tested positive" for coronavirus.
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| 5 | | A small group of anti-Islam activists set fire to Korans before the Egyptian and Turkish embassies in Copenhagen, sparking outrage among Muslims. Denmark and Sweden have disapproved of the burnings of Islam's holy book but did not bar the protests citing free speech protections. More: - The demonstration in Copenhagen was organized by a group named "Danish Patriots."
- This group also staged Koran burnings before the Iraqi embassy on Monday and the previous week.
- Two similar incidents occurred in Sweden in the past month.
- Turkey and Egypt have strongly condemned the acts, with Egypt summoning Sweden's charge d'affaires.
- Last week, protesters in Iraq set the Swedish embassy in Baghdad on fire.
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| 6 | | Following violent incidents, Ecuador has announced a 60-day state of emergency in its prisons. The order mandates the immediate mobilization of the military and police to regain control of the prisons. More: - This is the second state of emergency declared by President Guillermo Lasso in less than 24 hours.
- The previous emergency was in response to the shooting of the mayor of Manta, Agustín Intriago.
- Clashes in Litoral prison began on Saturday and continued into Sunday, resulting in at least six deaths and 11 injuries.
- Litoral prison, located in Guayaquil, has a capacity of 9,500 inmates but exceeded that by nearly 3,000 in the first quarter of the year.
- The prison witnessed a gang battle in 2021 that killed 119 inmates and a riot in April that resulted in 12 deaths.
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