| Hello. Today we look at rising inequality and possible ways to tackle it, calls for more Chinese spending and the arrival of a new central banker in the U.K. Inequality IssuesThe world was struggling to reduce inequality before the pandemic and it faces an even tougher task now. Two reports on Tuesday laid the challenge bare: At one end of the scale, the United Nations warned that about 0.5% of the global population is on the brink of famine this year. More than 500,000 people are already facing that predicament in Ethiopia, Madagascar, South Sudan and Yemen, with 41 million more "teetering on the very edge" across 43 countries. The figure has climbed by more than half since 2019. At the other end of the scale, Credit Suisse estimated the wealth share of the richest 1% last year grew in 10 nations, including the U.S. and China. The Gini coefficient — a more broad-based measure of inequality that captures changes at both ends of the spectrum — also increased during 2020 in all of the 10 except for the U.S. The worry is that until the coronavirus is beaten back, inequality will continue to mount. One solution is to ease access to inoculations. Bangladesh Prime Minister Sheikh Hasina used the Qatar Economic Forum to call on global leaders to make vaccines a public good, something made available to all.  Only about 8.6% of her country's eligible population — comprising people aged 40 years or more — is fully vaccinated. "We need strong global cooperation to overcome this difficult time," Hasina said. "Covid-19 vaccines should be declared as a global public good, and the developing countries and LDCs that have capacity be given the necessary support to produce the vaccines." Another source of potential help is the International Monetary Fund. Its officials will discuss creating a record $650 billion of new reserves for its members on Friday. —Simon Kennedy The Economic Scene China's government is facing more calls to worry less about debt, with several influential economists arguing that authorities should follow the U.S. playbook and borrow more to spur the economy. China's relatively under-powered stimulus comes against the backdrop of an economic recovery that's moderating, leading some analysts to downgrade their growth forecasts for this year. That's fanning calls for more borrowing rather than continuing to try to pare the national debt. Today's Must Reads - Powell position | Federal Reserve Chair Jerome Powell said the price increases seen in the economy recently are bigger than expected but reiterated that inflation will likely wane.
- Czech rates | The central bank in Prague will probably follow Hungary by raising interest rates on Wednesday to stem inflation.
- Global pickup | Surveys of purchasing managers show the euro area's private-sector economy is growing at its fastest pace in 15 years and in the U.K., optimism about the coming year is widespread. In Japan, manufacturing activity expanded for a fifth month, while services continued to shrink.
- Canada strategy | Bank of Canada Governor Tiff Macklem is in the final stages of a mandate review that could see him request more authority from the government to run the economy hot.
- Menu costs | U.S. restaurants, faced with higher food and labor costs, are raising menu prices at a much faster pace than historical rates, fanning inflation concerns.
Need-to-Know Research U.S. births fell by 8% in December, nine months after the declaration of a national emergency due to the start of the Covid-19 pandemic. For the full year, the number of babies born in the country fell 4% to about 3.6 million, the largest decline since 1973, according to a Wednesday report from the Centers for Disease Control and Prevention. On #EconTwitterCatherine Mann, Citigroup's former chief economist, got a warm welcome to the ranks of central banking after the announcement she is set to join the Bank of England's policy-setting panel.  Read more reactions on Twitter Don't MissWatch the future unfold. Wednesday, June 30 for Bloomberg New Economy Catalyst, a global 6-hour virtual event celebrating the innovators, visionaries, scientists, policymakers, and entrepreneurs accelerating solutions to today's greatest problems. The conversations will explore what matters, what's next, and the what-ifs in climate, agriculture, biotech, digital money, e-commerce, and space — all through the imaginations and stories of these ascendant leaders. Register here. Enjoy reading the New Economy Daily? -
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