America’s real estate market is witnessing a price boom similar to that preceding the 2008 global financial crisis. However, experts say a repeat of that crisis shouldn’t happen this time. For Americans, homeownership is at the heart of the “American Dream.” It also has been a pillar of U.S. economic growth and prosperity. It “conveys a number of economic benefits,” according to a blog by Rachelle Levitt of the U.S. Department of Housing and Urban Development. That includes “the ability to accumulate wealth and access credit by building home equity, reduce housing costs through the mortgage interest deduction and gain…
Author: Tamer Hafez
As Africa finds its way to economic growth with the world’s youngest and fastest-growing population, automobile emissions are rising fast. “Governments need to find ways to encourage a shift to cleaner, healthier electric vehicles,” Megan Rowling of Thomson Reuters Foundation wrote in a blog on the World Economic Forum in May. Despite efforts in Egypt, South Africa, Morocco, and a handful of other African nations, the continent severely lags behind other regions in adopting electric vehicles (EVs). Europe is the largest EV market, while Asia manufactures the most EVs and parts. “Electric vehicles remain rare in most of Africa. The…
In response to the proliferation of Bitcoin and other unregulated, untraceable cryptocurrencies, some nations are looking into developing digital versions of their sovereign currencies. They would offer similar functionality and more stability. As the world moves more and more toward the digital space, many say money also needs to change. Enter digital currencies that are more versatile and functional than fiat currencies via a few clicks and swipes on a smartphone, noted Jon Cunliffe, deputy governor of the Bank of England, to the BBC in June. “Money is changing, and the way we pay for things … is changing fast.…
The United States is leading other developed wealthy nations to impose a global minimum corporate tax levy on multinational corporations. After spending, and committing to spend, trillions of dollars to reboot their economies, the seven member states of the G7 are scrambling to secure funding. In a June meeting, they agreed that multinational corporations (MNCs) would pay a minimum 15% tax on their global revenues, regardless of national tax incentives they enjoy. “Historic, game-changing, revolutionary: such has been the widespread reaction to the recent agreement by G7 finance ministers,” wrote José Antonio Ocampo, a former finance minister of Colombia, in…
Mahmoud Mohieldin, Egypt’s first investment minister and current IMF executive director for Arab studies, shares his thoughts on the region’s economic prospects. Since the start of 2020, the global economy has had to deal with new precedent after new precedent as lockdowns tested nations’ decision-makers. In response, they mostly resorted to ad-hoc solutions. Today, the world is much calmer, thanks in large part to the global vaccine rollout. Yet, there is still trepidation about economic recovery. “We can’t work with surprises, not even good ones,” Mahmoud Mohieldin, executive director for Arab studies at the IMF, told AmCham during a May…
President Joe Biden wants the federal government to lead the economic recovery in the United States. While many Americans love the idea, some experts warn it may backfire. When it comes to the economy, many governments would agree the private sector is the engine driving it forward. It is an important policy message of the OECD, a club of mostly rich nations. “As the major contributor to economic growth and employment creation, the private sector has a central place,” it noted in 2017. Additionally, as a regulator, a government should not influence supply and demand, violating a key dynamic within…
As the world rushes to a more digital future, international experts highlight a likely consequence: that reality would become an expanding playground for cybercriminals. Last year, many office workers contemplated if a return to a physical workspace would be possible in 2021. Now, with countries suffering a third or even fourth wave of COVID-19 infections and disrupted rollouts of vaccines, working from home is likely here to stay. “As the current pandemic has shown, with very few exceptions, numerous jobs can be efficiently done with no traditional physical workplace,” Michael O’Malley, vice president of strategy at the security solutions and…
Airlines embrace their role in confronting climate change. When international experts look beyond COVID-19, they almost unanimously agree humans must reduce their carbon footprint or face more severe pandemics and crises. According to YouMatter, a news portal reported that passenger jets produce roughly five times as much carbon dioxide per kilometer as an average car; they also consume far more fuel than cars. That means EgyptAir and other airlines must accelerate plans to make their fleets more fuel-efficient and environmentally friendly. “Airlines will look at the world in a different light as the recovery develops,” says John Grant, a senior…
To keep air travel alive and well in the age of social distancing and environmental responsibility, carriers and aircraft manufacturers must rethink how they do business. That will require more investment and new paradigms. As governments announce ambitious vaccine rollouts, aviation experts predict the resulting boost in public confidence will fuel a recovery in the airline business. “A vaccine is on the horizon, and travelers are already feeling more optimistic about flying in 2021,” wrote Jessica Puckett, a journalist for Condé Nast Traveler, in December. Online flight searches and bookings on platforms such as Skyscanner and Kayak increased by more…
President Joe Biden has already signed off on far more executive orders than former presidents Donald Trump, Barack Obama, or George W. Bush did in comparable periods at the beginning of their terms. As of Feb. 25, Biden has already inked 63 executive orders, with implications spanning various vital industries and sectors. His ‘’Buy American’ plan is a continuation of the 1933 ‘Buy American Act.’ It requires “federally funded public projects use domestically produced iron, steel and manufactured goods unless doing so increases project costs by 25% or more,” noted a February report by Scott Beyer and Ethan Finlan in…