Author: ovieoftoronto

Ontario is expected to face another wave of COVID-19 as early as January, the province’s top doctor said as he recommended “layers of protection” to help fend off a surge of infections of both that virus and the flu with the holidays around the corner. “This virus is not going away,” Chief Medical Officer of Health Dr. Kieran Moore told CBC Toronto on Thursday.“We’re anticipating in early January to start to see sadly yet another rise in COVID cases and it could be accentuated through the holidays.”Moore cautioned that immunization from COVID vaccines fades after about six months, and encouraged anyone who has…

Drivers are being warned to expect dangerous road conditions throughout the night after a messy mix of winter weather walloped the Greater Toronto Area on Thursday.Environment Canada had initially warned that the storm could dump 10 to 15 centimetres of snow on the city but later revised its forecast down to five to 10 centimetres after many parts of Toronto got the bulk of the precipitation in rain and freezing rain instead.“Remember, we’re right on that freezing mark so where you start and where you finish, you could have completely different driving conditions,” OPP Sgt. Kerry Schmidt said during an…

Billionaires play an outsized role in shaping the global economy, politics, and philanthropy. Forbes puts the number of billionaires in the world at 2,668 in 2022. The wealthiest among them is (LVMH) co-founder and chief executive officer (CEO) Bernard Arnault, who became the richest man in the world in 2022. The individuals on this list belong to an even more exclusive club and wield still more power. Many are founders of technology giants, with much of their wealth still invested in the companies they started. These billionaires can, however, still borrow against that wealth to avoid selling stock, deferring (or…

On December 1, the PGZ-MIECZNIK consortium handed over documents to the Polish Ministry of Defense's Ordnance Directorate to finalize the next stage of the project to build three Miecznik frigates for the Polish Navy. This is the latest industrial feasibility study and preliminary design. Preliminary design of Miecznik frigate completed The mentioned documents serve as the basis for confirming the final configuration of the Miecznik (Swordfish) frigate in the course of negotiations between PGZ-MIECZNIK and the Armament Agency. Approval of the tactical and technical objectives of these ships is a milestone in preparation for the start of production of the…

It's not just the US. The world economy is slowing down. Inflation is soaring in European countries as the war in Ukraine sends prices for heating, gas, food and other necessities soaring. China's “zero coronavirus” policy of strict lockdowns and mass testing continues to disrupt the production of goods. And central banks around the world are raising interest rates in an attempt to curb price increases by dampening consumer demand. The International Monetary Fund has revised down its growth forecast for 2023, predicting that the global economy will grow by 2.7% in 2023, up from 3.2% this year. The IMF…

The prospect of continued inflation and further monetary tightening is pushing up interest rates on government bonds, corporate debt, mortgages and consumer credit. As a result, household and corporate spending is slowing broadly.The coming months are likely to see the economies of Europe and North America, which produce half of the world's output, slide into recession, which will slow growth in the rest of the world through trade and capital flows.Moderate growth in Asia Pacific, the Middle East and Africa will help the global economy avoid a downturn, but growth is expected to remain below potential in 2023. Global…

The OECD does not predict a global recession, but said the outlook for this year and next is “very, very bleak.”Hobbled by high interest rates, severe inflation and Russia's war with Ukraine, the global economy is expected to grow only slowly this year, with even more gradual expansion expected in 2023. That was the somber forecast released Tuesday by the Paris-based Organization for Economic Co-operation and Development. The OECD estimates that global economic growth this year will be just 3.1%, significantly slower than 2021's strong 5.9%. The OECD predicts that next year will be even worse, with international economic growth…

There is a rare sense of optimism in financial markets. For most of the year, high inflation in the United States has persisted troublingly, Europe's energy crisis is threatening a deep recession, and China's economy is suffering from COVID-19 lockdowns and real estate declines. It is plagued by bankruptcy. Investors are currently rooting for development on all three fronts. The US annual inflation rate fell from 8.2% to 7.7% in October. European natural gas prices have fallen by two-thirds since their peak in August. China has eased some restrictions related to its “zero coronavirus” policy, and on November 11 announced…

The huge economic losses caused by sweltering temperatures caused by human-induced climate change are not just a problem in the distant future. The Dartmouth study, published Oct. 28 in the journal Science Advances, shows that more severe heat waves caused by global warming have already cost the global economy trillions of dollars since the early 1990s. It revealed that. The world's poorest countries with the lowest carbon emissions are the hardest hit. .Geography professor Justin Mankin and doctoral candidate Christopher Callahan (Guarini '23) used newly available detailed economic data from around the world and the average temperature of the five…

World Economic Outlook A Survey by the IMF staff usually published twice a year. It presents IMF staff economists’ analyses of global economic developments during the near and medium term. Chapters give an overview as well as more detailed analysis of the world economy; consider issues affecting industrial countries, developing countries, and economies in transition to market; and address topics of pressing current interest. Annexes, boxes, charts, and an extensive statistical appendix augment the text. See also, the World Economic Databases April 17, 2024 2024 World Economic Outlook, April 2024: Steady but Slow: Resilience amid Divergence …