Japan’s economy is now the world’s fourth-largest after it contracted in the last quarter of 2023 slips into a recession and lost its spot as the world’s third-largest economy that is taken now by Germany.
Japan, once poised to become the world’s largest economy, fell to fourth place behind Germany last year, according to official data released February 15, 2024. Japan’s nominal GDP grew by 1.9% in 2023 to $4.2 trillion, a sharp decline in the yen’s value against the dollar played a significant role in this shift.
Despite growing 1.9 percent, Japan’s nominal 2023 gross domestic product in dollar terms was $4.2 trillion, government data showed, compared with $4.5 trillion for Germany, according to figures released there last month.
The change in positions primarily reflects the sharp fall in the yen against the dollar, rather than the German economy — which contracted 0.3 percent in 2023 — outperforming Japan, economists said. The Japanese currency slumped by almost a fifth in 2022 and 2023 against the US currency, including around seven percent last year. This was in part because to boost prices the Bank of Japan has maintained negative interest rates, unlike other major central banks which have raised borrowing costs to fight soaring inflation.
“The overtaking… in size in dollar terms owes a lot to the recent collapse in the yen. Japan’s real GDP has outperformed Germany’s since 2019,” said Fitch Ratings economist Brian Coulton.
Germany’s heavily export-dependent manufacturers have been hit particularly hard by soaring energy prices in the wake of Russia’s invasion of Ukraine. Europe’s biggest economy has also been hampered by the European Central Bank raising interest rates in the eurozone as well as uncertainty over its budget and chronic shortages of skilled labor.
During its boom years of the 1970s and ’80s some projected that Japan would become the world’s biggest economy.
But the catastrophic bursting of Japan’s asset bubble in the early 1990s led to several “lost decades” of economic stagnation and deflation.
When in 2010 Japan was overtaken as number two by Asian rival China — whose economy is now around four times larger — it prompted major soul-searching.
While largely a product of the yen’s slide, falling behind Germany will still be a blow to Japan’s self-esteem and add to the pressure on unpopular Prime Minister Fumio Kishida.
More humiliation is to come with booming India projected to overtake Japan in 2026 and Germany in 2027 in terms of output — although not in GDP per capita — according to the International Monetary Fund. Source
Some analysts are warning of another contraction in the current quarter as weak demand in China, sluggish consumption and production halts at a unit of Toyota Motor Corp (7203.T), opens new tab all point to a challenging path to an economic recovery.
Japan’s economy was the world’s third-largest in 2022, with $4.26 trillion in nominal GDP, which compares with $25.44 trillion for the United States, or a quarter of the global economy, and $17.96 trillion for China. Japan accounted for a record-low 4.2% of global GDP, down from 5.1% the year earlier. [Dec 25, 2023]. Japan is now the world’s Fourth-largest after contracting in 2023 and falling behind Germany.
Japan’s economy shrank by 0.4% annually from October to December 2023. In 2023, Japan’s nominal GDP grew by 1.9% to $4.2 trillion, but the sharp decline in the value of the yen against the dollar has contributed to this shift. Economists say Japan’s relative weakness also reflects a decline in its population and lagging productivity and competitiveness.
Other economic challenges facing Japan include:
Supply chain issues
Rising labor costs
Political issues
A low birthrate and aging population
A strained social security system
Labor shortages
Japan’s recovery is struggling to gain momentum. Real GDP contracted in the third quarter as inflation eroded purchasing power. Real domestic consumer spending fell 0.3%—the second consecutive contraction.
The economy shrank 2.9% on an annualized basis in the third quarter compared with the 2.1% contraction recorded in the preliminary estimate. TOKYO—Japan’s economy contracted at a faster pace than initially estimated in the July-September quarter due to weak consumer spending, revised government data showed Friday. Dec 7, 2023
Economic contraction as inflation hits hard The real GDP growth rate in the July-September quarter of 2023, announced on November 15, fell into the negative at -0.5% from the previous quarter (annualized growth rate of -2.1%), the first contraction in three quarters. Dec 12, 2023
The fiscal 2024 economic growth projection is slightly higher than the previous estimate of 1.2%. Domestic demand is expected to rebound in the next fiscal year with the help of planned income tax cuts on top of the ongoing trend of wage hikes, a Cabinet Office official said. Dec 21, 2023
Japan faces both cyclical and structural challenges as it begins the new year. Its cyclical challenges are global supply chain bottlenecks and labour market frictions, which continue to put downward pressure on its economy as it strives to recover from the worldwide recession. Jan 18, 2023
As of February 14, 2024, Japan’s GDP contracted by 0.4% in the last three months of 2023, compared to a 3.3% contraction in the previous quarter. This unexpected contraction is due to weak domestic consumption, such as weak spending by households and businesses.
Japan’s economy contracted at a 2.1% annual pace in July-September as consumption and investment weakened, the government said Wednesday. Nov 15, 2023
The Recession Indicator for Japan in September 2023, compiled by the Japan Center for Economic Research (JCER), was 56.5%, up from the previous month by 3.3 pts (retroactively revised basis, Figure 1). The indicator had been below the warning level (67%) six months in a row. Nov 9, 2023
Some of the biggest problems facing Japan include: Aging population: Japan has one of the oldest populations in the world, with a large number of elderly citizens and a low birth rate. This can lead to a shortage of workers and increased costs for social welfare programs such as healthcare and pensions. Jan 22, 2023
Japan’s major export industries include automobiles, consumer electronics (see Electronics industry in Japan), computers, semiconductors, copper, and iron and steel. Additional key industries in Japan’s economy are petrochemicals, pharmaceuticals, bioindustry, shipbuilding, aerospace, textiles, and processed foods.
Around 70% of Japanese government bonds are purchased by the Bank of Japan, and much of the remainder is purchased by Japanese banks and trust funds, which largely insulates the prices and yields of such bonds from the effects of the global bond market and reduces their sensitivity to credit rating changes.
Recently, Japan has been reporting a trade deficit, meaning the value of its imports exceeds the value of its exports. Most of these imports have come from China and the United States. The trade deficit is one of the causes for in an increase of the national debt.Nov 30, 2023
According to Global Data, the manufacturing industry contributes around 89% to the Japanese GDP, and the automotive industry contributes the most to the manufacturing industry. The Japanese automotive industry has a long history of innovation and has been at the forefront of the development of new technologies.Feb 12, 2023
Leading domestic companies in Japan 2024, by market capitalization. Toyota Motor Corporation was the leading domestic company in Japan based on market capitalization, which amounted to around 48.9 trillion Japanese yen in January 2024. Feb 1, 2024
China and Japan are the largest foreign investors in American government debt. Together they own $2 trillion — more than a quarter — of the $7.6 trillion in US Treasury securities held by foreign countries. May 25, 2023
Household consumption: 55.5%Government consumption: 19.6%Investment in fixed capital: 24%Investment in inventories: 0%Exports of goods and services: 17.7%Imports of goods and services: −16.8%(2017 est.) [6]
Immigration is one option for solving Japan’s labor shortage problem, but the country has been relatively unaccepting of foreign labor, except for temporary stays, prompting criticism about discrimination and a lack of diversity.
Robotics, another option, are gradually being deployed but not to the extent they can fully make up for the lack of workers.
Another key factor behind Japan’s sluggish growth is stagnating wages that have left households reluctant to spend. At the same time, businesses have invested heavily in faster-growing economies overseas instead of in the aging and shrinking home market.
Private consumption fell for three straight quarters last year and “growth is set to remain sluggish this year as the household savings rate has turned negative,” Marcel Thieliant of Capital Economics said in a commentary. “Our forecast is that GDP growth will slow from 1.9% in 2023 to around 0.5% this year.”
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#Russia’s war against #Ukraine will substantially slow the global economic recovery & push up #inflation. Based on our projections, we expect OECD inflation to rise to nearly 9% this year. 💶📈
The world is set to pay a high price because of this #war. Read it here ⤵️ oe.cd/EOjun22
There is an 80% chance the U.S. will fall into a recession, according to Johns Hopkins University’s Steve Hanke, who blames the Federal Reserve for “exploding” the money supply. The central bank’s failure to manage inflation by carefully reducing the amount of money it poured into the economy during the pandemic has seen supply slow too suddenly, says Hanke, who predicts a recession in 2023. His comments come as a September CNBC survey of economists, fund managers and strategists put the chance of the U.S. slipping in recession over the next year at 52%.
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People discuss the current and former states of their 401(k) savings plans after the Dow Jones Industrial Average fell to its lowest level since November 2020 on Friday 9/23/2020
Federal Reserve raises interest rates by 0.75% for the third time in a row as it races to reduce inflation.
The Federal Reserve is increasing for the third time the rate of interest and this time is a giant increase compared to the past one that is expressing a sense of urgency to fight the stuborn high inflation surge and the persistence of recessive trends.
On Wednesday, September 21, 2022, the Federal Reserve announced the 3nd consecutive interest rate hike, raising its benchmark rate by 75 basis points, to a range of 3% to 3.25%. This decision to raise borrowing costs for all the financing from mortgages to credit card loans trying to harness the highest inflation known by the U.S. economy in four decades. This policy of gradual increase can establish a precedent that has not reach the level that the Fed is seeking to reach which will be the steepest rate hike since the early 1980s. Financiers and Policymakers predicted that a subsequent rate of 1.25% will take place this year and a quarter point for the year of 2023. In other words, there is not quick fix to these stubborn inflation that is born and rooted within sectors that are considered the most sensitive and national interest oriented one while they are controlled by foreign countries, in the first place Russia.
Other explanations were given by the Fed Chairman Jerome Powell who explained that labor market tight conditions necessitated keeping rates “restrictive for some time” to bring inflation back to the annual target of 2% of the bank, against 8.3% currently.
The other aspect to read between the lines is the recession that is already imploding within the labor market. In fact, several policymakers expect unemployment to reach 4.4% by the end of 2023, up from 3.7% currently, an increase large enough to implement for good a recession.
Major indexes ended lower, after veering wildly on Powell’s remarks, with the Dow Jones Industrial Average falling more than 500 points, or 1.7%.
OECD – OCDE – The year-on-year decline in energy prices observed in the past months in OECD countries slowed in August 2023. #Energy inflation rose between July and August in 25 OECD countries, while remaining negative in 11 of these 25 countries.
This may leave you feeling like your career path is suddenly falling like a Castle of Cards.
Being Fired is to Be Between Two Fires
WASHINGTON, July 27 (Reuters) – The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point on Wednesday in an effort to cool the most intense breakout of […]“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the rate-setting Federal Open Market Committee said as it lifted the policy rate to a range of between 2.25% and 2.50% in a unanimous vote.
In the US Treasury market, which plays a major role in transmitting the Fed’s policy decisions to the real economy, yields were not changed much with the Fed’s announcement, the 10-year yields fell by 2 basis points on the day and the yield on the two-year note was unchanged.
Wall Street maintained significant gains during the session, while the dollar was slightly lower against a basket of currencies from major trading partners.
If you have been fired, you aren’t alone and it still keep coming every day like the Niagara Falls if not a deluge. Companies and startups are firing left and right without even thinking twice about the impact of such decision while the entire economy is sliding right and diving deep into a recessive mood and conjuncture and the inflation is going in the opposite direction, higher and higher for every single commodities, merchandise, purchasing homes and even the renting price.
Thanks in large part to this trend of periodically rising interest rates, fired employees find themselves exposed to more financial strains given that the increase of interest will reduce their propensity to buy and finance houses. At the same time, this impact will also create new stream of renters that can facilitate a surge of renting prices.Affordable cities where the economy is strong are doing well in real estate, with places like Elkhart, Ind., topping the market while cities and regions touched by the Firing Volcanos are witnessing a soaring burst of rents.
Local and Global Factors in the Deterioration of the Exchange Terms
Locally, the first set of the following references are some of my publications that present the Other Side of the Dark Moon, the one of the sectors that was completely wipe-off by their own demise and manipulative style management. This magnets presented as gold nuggets were running on the side of scam: the Crypto Mania, Crypto Casino Royal – Cryptop Secret Mania
They have presented themselves as Money while they take the money of others and run for never comeback.
Following such run of Crypted Scam of Scanned Crypto Assets, we are also presenting the reasons of wrath and decline coming from the East of Europe that have been one pillar in the surge of inflation that is unprecedented since the Second World War in terms of such short time and magnitude as well as the territory impacted and the most intense breakout since the 1980s.
For the global influences and determinations, our publications on the Inflation in Europe, Dossier: Eurozone, Money, Inflation and European Central Bankand other articles listed here below on the evolution of the Eurozone and the economic sanctions against Russia are presented and debated for the purpose to address and define the responsibility of the European Central Bank and the decisions taken by its President in developing the contributing factors at the level of the monetary policy applied and the financial decisions taken as an attempt to be the other side of the coin of the sanctions taken against Russia. The unprecedented sanctions beside Irak and Lybia and the speed of their implementation as well as the gathering of the European members of the Union have paradoxically produced more difficulties for the Western Economies and the rest of the world who is follower blindly the Liberalism as apply as vector of the “Mondialisation” and the engine of the Globalization.
Russia for years and decades has built a strong and loyal relationship with the countries that represent its southern belt and its pillars as well as gateway to the Indian and the Pacific Ocean. Russia even during its invasion of Afghanistan has not built animosity with the surrounding countries or build military presence or bases in the region. At the time, the Soviet Union had developed strong ideological relationship based not only on the containment of the liberal capitalism but through participating in building countries following the departure of the colonial powers.
Parallelly, the Soviet Union and its European Satellites, including Ukraine under the advises and mentorship of Moscow had open its universities and research centers to students from the newly independent countries of Africa which has created invisible links and relationship based on shared similar knowledge and parallel political orientation if not identical ideological goals and strategies of development.
The Soviet Union and Russia later on have in fact used to their advantage the fears and the animosity of the Asian countries toward European, North Americans and generically speaking the western nations. The related needs by the Asian countries to build their own national structures were further reinforced by the Second War, the Korean War and the Vietnam War that were reminiscent of the continuous invasions they have witnessed since the arrival of the first Portuguese “Ex-Explorers” which later on, brought Conquistadors, Cannoneers and War Ships from where the darkness and the Sun set for the Asian nations.
Russia and the New Central Asian States
In Asia, the Belovezha Accords were signed on December 8, 1991 — formally ending the existence of the Soviet Union and creating the Commonwealth of Independent States (CIS) — none of the signatories were leaders of Central Asian former Soviet republics. A new relationship could be then developed with Russia on new premises. Moscow has always remained outside of riffles and frictions that have characterized the relations between the Central Asian states given their new status and the different that were laagering since their independence from the Soviet Union.
Within such range of interactions, military training and technical and security intelligence were also exchanged between Moscow and the South Asian countries enabling these countries to avoid to be the theater of instability and the target of “exterior predators and insiders.”
When Moscow starts sneezing, the Capitals of the Central Asian States Catch Cold.
A primary reason for Central Asia’s dependence on Russia is remittances from migrant labor. According to the Russian government, there were 4.5 million workers from Uzbekistan, 2.4 million from Tajikistan and 920,000 from Kyrgyzstan working in Russia in 2021. Remittances from work abroad, mostly from Russia, account for 30 percent of Tajikistan’s gross domestic product and 28 percent of Kyrgyzstan’s.
Financial stability within Central Asia is also closely linked to Russia. On Monday, as the Russian ruble plummeted, so too did Central Asian currencies. Trading of the Kazakh tenge was halted Monday after it fell almost 20 percent compared with levels one week earlier. This was after the Kazakhstan National Bank poured in $98.1 million to preserve the currency. Uzbekistan’s currency fell more than 9 percent that day, and Kyrgyzstan saw a similar slide.
This economic hit comes at crucial time for Kazakhstan, which is trying to recover investor confidence after political unrest shook the country in January, leaving more than 150 people dead. The government is now seeking to reboot the economy. It will be hard-pressed to find foreign investors, given its close alliance with Russia.
Trade is another area where Central Asia remains dependent upon Russia. In Uzbekistan, for example, Russia has overtaken China as the leading trading partner. Kazakhstan and Kyrgyzstan are also heavily dependent on trade to Russia as they are full members of the Eurasian Economic Union.
United States and European Commission Sanctions Against Russia
These sanctions were like the “Russian Roulette” they hit the holder of the gun not the target.
Despite close economic ties with Russia, not a single Central Asian country has endorsed President Vladimir Putin’s war against Ukraine. Uzbekistan is “neutral,” a government spokesman said, and its president, Shavkat Mirziyoyev, urged a peaceful resolution of the conflict according to international law. There has been radio silence from the leaders of Tajikistan and Turkmenistan. This lack of support is also a result of the interlined and territorial disputes between various Central Asian states.
In his speech last week, Putin called Ukrainian statehood a fiction. Putin in 2014 said similar things about Kazakhstan, claiming that “Kazakhs never had any statehood” while lauding then-President Nursultan Nazarbayev for “creating a state in a territory that never had a state before.” He concluded by encouraging the Kazakh people to “remain in the greater Russian world.”
Political and Institutional fears are the common denominator of the Central Asian States toward Russia while their interdependence at the level of financial and economic relations provides Moscow with leverage and creates more tensions inside of each country.
As the United States and Europe continue to add sanctions against Russia, Central Asian countries face reminders of how dependent their economies and societies are on Moscow. When Western sanctions hit Russia in 2014, Central Asian governments grappled with the fallout. In a single day known as “Black Tuesday,” Kazakhstan’s currency — the tenge — lost 20 percent of its value. Inflation and unemployment followed.
How did Russia help India in 1971 war?
On 6 and 13 December 1971, the Soviet Navy dispatched two groups of cruisers and destroyers and a submarine armed with nuclear missiles from Vladivostok; they trailed US Task Force 74 into the Indian Ocean from 18 December 1971 until 7 January 1972.
India is the second largest market for the Russian defense industry. Indian refiners bought about 25 million barrels of Russian oil in May. Russian-origin crude accounted for 10 per cent of India’s total seaborne imports in April for the first time, rising from 0.2 per cent throughout 2021 and Q1 2022 (Jun 23, 2022)
China
To localize such impact and define also other contributing circumstances that are the responsibility of the rulers and the decisions makers, we have included an article on the World Economy – Changing World Economy – with an approach that emphasize how developing countries have been affected by the manipulation of economic trends and exchanges by invisible forces that have imposed a continual dependency and lack of growth in the majority of southern economies.
This kind of weakness has been the source of boomerang effect that is actually hitting the faces of the western economies giving that many African, Middle Eastern, Asian and Latin American Countries are actually unable to cope with diverse shortages of their own and therefore are unable to help the Western Countries to alleviate their actual hurdles and difficulties encountered in the Supply Chain Management, in the provision of goods needs and natural resources as well as in the most critical sphere of continual conflict, the sector of energy.
So prepare your tissue to dry the tears of madness and teas of despair in face of faceless decisions and insensitive projections of human resources management.
Said El Mansour Cherkaoui Honorable Christine Lagarde – 22/7/2022 European Central Bank Today we took our latest monetary policy decisions: We raised interest rates by 0.5 percentage points, a further step in normalising our monetary policy More rate hikes will come. They will depend on how we see the economy and inflation developing … Continue Reading →
Économie Déprimée, Inflation, Taux d’Intérêts en Hausse et Licenciements – Les Raisons de la Colère Populaire et les Dérivées Mondiales des Sanctions Économiques des USA et de l’Union Européenne la Russie … Continue Reading →
Said El Mansour Cherkaoui Oakland California – USA 15 Janvier 2021 Work and Research by Said El Mansour Cherkaoui on Latin America L’Accord de libre-échange nord-américain (ALÉNA) – … Continue reading Said El Mansour Cherkaoui and Latin America GLOBALLEVERAGE … Continue Reading →
Even Newspaper with Bad News: More Layoffs at Washington Post July 27, 2022 Said El Mansour …Continue reading
Goldman Sachs cut CEO David Solomon’s compensation by about 30% to $25 million for 2022.
News on Worldwide Cascade of Firing, Inflation and Recession
Compilation of info, newsbites collected and articles written by Said El Mansour Cherkaoui November July 11, 2022 – November 9, 2022 – December 16, 2022
Washington Post Newspaper Provides Bad News
Today, we came into WaPo’s so-called town hall with questions about recent layoffs and the future of the company.
Our publisher dropped a bombshell on us by announcing more layoffs and then walking out, refusing to answer any of our questions. pic.twitter.com/ajNZsZKOBr
Meta CEO Mark Zuckerberg has announced massive layoffs — affecting more than 11,000 workers, or 13% of its workforce — on Wednesday. Zuckerberg had previously announced the move to hundreds of executives in a meeting Tuesday, adding that he was accountable for the company’s missteps in optimistically overhiring. The cuts are likely to be some of the biggest this year in the tech sector, which has been shedding jobs for several months amid rising borrowing costs, faster inflation and slower economic growth. Meta has 87,000 employees; the layoffs will affect all teams.
#BREAKING: Meta CEO Mark Zuckerberg on Wednesday said his company will cut 13% of its staff, or around 11,000 people, in an effort to reduce costs ahead of any further downturn in the economy. More below on Axios:
On Wednesday, Meta said it plans to lay off more than 11,000 employees.
The layoffs impacted about 13% of Meta’s workforce, including Reality Labs, the division housing its metaverse projects. Though, some teams like the company’s recruiting team were impacted more than others.
In a blog post on the layoffs, Mark Zuckerberg apologized to staff for over-investing in the company, calling the layoffs a “last resort.” Employees were notified of the layoffs over email on Wednesday morning.
Insider’s Kali Hays has previously reported that the Facebook founder has been hinting at downsizing efforts for months.
Meta (Facebook) just cut 13% of its workforce, or more than 11,000 employees, marking the first major round of layoffs in the company’s history 🤯 It probably won’t be the last one. Let’s take a look.
Meta hired more than 27,000 people during the two pandemic years and 15,000 more this year alone. Hence, its headcount is barely back to what it was 10 months ago. Wild! 😳
To get back to 2019 employee levels (before the monetary policy bubble & massive growth in remote work), the social media giant would have to lay off almost half the company.
Given the current trends continue, it seems more like WHEN and not IF. But I honestly hope that I’m wrong here.
Looking at the bigger picture, it’s now clear that the amount of overhiring the Big Tech companies have done in the last 2-3 years is just striking.
To paraphrase Y Combinator’s Paul Graham, this is yet another proof that any organization with a large, protected income and/or too optimistic expectations will tend by default toward administrative bloat. It applies to governments, Harvard, Google, and obviously – Meta. Unless you take direct measures to avoid it, you’ll overhire.
Staying lean now is a strong competitive advantage as never before.
Facebook owner Meta Platforms Inc. has become the latest tech company to unveil mass layoffs this year, saying it would let go of 11,000 employees, or 13% of its workforce.
The move comes at a time when the Mark Zuckerberg-led firm has been pouring money into its risky metaverse project despite a crumbling advertising market and decades-high inflation.
Once worth more than a trillion dollars, Meta is now valued at $256 billion after losing more than 70% of its value this year alone.
Another day, another major round of layoffs — this time at Facebook’s parent company Meta.
The severance package is decent: Four months’ pay for each of the 11,000 employees impacted, plus an extra week for each year served.
While factors outside of Meta’s control played a part in all this, including the economic downturn and Apple’s App Tracking Transparency feature which has hit Facebook advertising revenue, attention should also be drawn to Meta’s own business decisions including its continued investment in the metaverse.
While some of these layoffs are from its metaverse unit known as Reality Labs, it seems Meta will still be going full-throttle on the metaverse for the foreseeable future. In a regulatory filing today, Meta said that it expected Reality Labs’ operating losses in 2023 to “grow significantly year-over-year.”
Meta CEO Mark Zuckerberg announced that the company is laying off 11,000 employees, or about 13% of the workforce.
The news comes after Meta bet the house on the metaverse, a long-term vision for a new digital world people will access through its Meta Quest virtual reality headsets. But, that vision has cost the company big bucks. Expenses increased 19% year over year in Q3 to $22.1 billion while sales declined 4%. And the bet on the metaverse has cost the company $9.4 billion so far this year. Shres are down almost 70% year-to-date.
Zuckerberg shouldered some of the blame: “I want to take accountability for these decisions and for how we got here,” he said. “I know this is tough for everyone, and I’m especially sorry to those impacted.”
At least the new episodes of Love Is Blind are out today, am I right?!
All joking aside, I was sadly a part of the large-scale layoffs at Meta. Waking up to that email was truly heartbreaking, I’ve gained so much this past year. It doesn’t feel as though I was done learning and growing with the company but alas my time has come to an end. I feel grateful to have been a part of Meta but even more so for my amazing team ♥️ each and every one of you are so incredibly unique and talented. It’s truly been a pleasure working alongside you.
To my Metamates who find themselves in a similar position, I empathize with you. Let’s lean on each other. Feel free to reach out to me for anything – networking, a good cry or laugh, whatever you need!
Needless to say, I am back on the market and appreciate any support in finding my next #Recruiting opportunity. Looking forward to what’s in store next. Onward & upward!
The past week reminds me of the quote “There are decades where nothing happens, and there are weeks where decades happen.” They make movies out of this type of stuff.
🚨 The layoff saga continues, today Meta with 11,000 employees (13%) and then there’s Sam Bankman-Fried’s and How the FTX House Crumbled entering into a non-binding agreement to be acquired by Binance yesterday! What’s going on!? The agreement itself has surprised many people, but the speed at which it played out is probably even more shocking.
Back to layoffs: The first big takeaway from the massive recalibrations going on is that leaders dramatically overestimated tech’s pandemic-fueled boom. Even as Covid-19 shut down much of the economy, the digital realm continued to thrive. But as we know, that trend didn’t last.
> The second big takeaway is that the miscalculations companies can’t be pinned solely to strategy missteps over the last two years. That’s because for the last ten years tech companies have been working from a different playbook. They were minting and spending money at incredible rates.
Smarter people than me will write about what led to today’s Facebook Meta layoffs and while there are numerous reasons (including the #metaverse investment), one of them is that Apple privacy protections complicate ad buying / measurement / attribution on Facebook Meta’s core advertising/targeting business (I think Snap Inc. is in the same situation though likely in denial).
Apple has been very effectively using its relationship with consumers, its technology, and privacy as a marketing tool to differentiate itself from others and build its own advertising business / moat. Hopefully they can live up to their brochures…
Another day, another round of mass layoffs in tech… After a pretty sizable collapse in revenue left Meta “overstaffed and inefficient”
Interestingly, analysts including Morgan Stanley’s Wilson say these broad layoffs are a bullish signal for stocks, as companies aggressively bring down costs.
Unless Zuckerberg lays himself off, saying he’s accountable is insulting and simply paying lip service. But he wouldn’t be the first leader to have others endure the pain of layoffs for his mistake nor will he be the last. So much for servant leadership. #immoral#layoffs#noleadership
Layoffs are to begin Wednesday morning, CEO Zuckerberg told hundreds of Meta executives on Tuesday. The coming cuts are expected to total many thousands of employees and will likely be the largest of the year to date in the tech sector.
Those who have already been laid off from companies including Twitter, Opendoor, Stripe, Recharge, Gem, Beyond Meat, Starry, Momentive.ai, Fullstory, Patreon, Snap, Wayfair, and other’s have joined the Tech Layoffs 2022 Facebook group to connect with recruiters from Twitch, Adobe, Salesforce, Tesla, Amazon, Capitol One, IBM, JPMorgan Chase, Paramount, Ford, Google, Walmart, Warner Bros Games, and many others.
Those who are notified by Meta on Wednesday morning are welcome to join, network with others, and check out the job postings and layoff resources. Link to the Tech Layoffs Talent Community in the comments.
Basically “It’s my fault, but you’ll pay for it”. I wonder how Zuck will conciliate this with his continued over-emphasis on the Verse.
Hope for the best and a quick bounce-back for those being let-go, but if anything this is a very good environment (compared to other eras) to hit the labour market with an “ex-FB/Meta” badge.
Meta went on a hiring spree during the pandemic—as have many technology companies. In the past four years, it has doubled its headcount to 87,000 people. But as inflation rates hit a 40-year high and a potential recession looms, many tech companies have been resorting to layoffs. Meta is expected to cut thousands of employees this week, starting as early as Wednesday.
With large-scale layoffs at Meta and Twitter, there is a buzz about “value creation” opportunities in tech (e.g., “We can reduce staff aggressively, but the tech platform still runs just fine.”) If Elon’s playbook at Twitter is successful, will we see more aggressive private equity investment in tech implementing the tried and true cost control playbook? #techcompanies#cfo#ceo#privateequity#costcontrol#tech
Meta has quietly been laying people off since the summer. Now it will have to drastically cut headcount.
Why?
Earnings call aftermath was pure carnage. And no – it has nothing to do with the Metaverse. This time it’s all about AI.
Wall Street was able to begrudgingly digest a metaverse investment. However, in defending this narrative, Meta did not tell a good story around why AI spend is so aggressive.
Stock analysts last quarter freaked out.
Morgan Stanley is all but shorting the stock rn – going from $205 to projecting $100 for the next year. This is their projection based on an options implied probability mode they use for the next 12 months. Everyone else is following suit.
Meta has no choice but to lay people off faster and visibly to control the stock price. To be clear, layoffs were slowly and quietly underway already. Lots of folks were packaged out in September and October.
It will be a crazy month. I’m writing a longer piece on this this week in That’s So Meta – make sure to follow the link below to subscribe and read my analysis.
I will post a longer breakdown this week in the newsletter explaining Wall Street pressure Meta is facing, including showing you what models are used to price the stock and which roles I expect to be cut.
The yo-yo of the past 3 years has been so difficult for anyone to plan and prepare. People hired into what seemed like exponential growth and expanding market caps. Let alone the complexification of remote work. The music stopped. It is now affecting so many plans and over plans and all of these companies need to course correct. Twitter would have had to do this – but had the weirdest year of all keeping its market cap
First Snap Inc., now Twitter and we’re hearing Meta is next this week. It seems like all of these companies significantly increased headcount in just the last 3 years.
Is Google next even though they don’t seem to have hired as rapidly as the others? Is this a sign of tough times or an opportunity to “recalibrate” at companies not notoriously known for aggressively firing underperforming workers after 3 years of massive hiring sprees?
I personally think (and not including Twitter in this as it’s in a unique situation all its own) that it is a combo. Slower growth ahead and depressed stock prices are forcing this. However, I believe it is equally an opportunity to focus on high performing, entrepreneurial types aka the type of workers that got them to prominence in the first place.
What say you? Would love to hear your pov in the comments.
Also, crazy to think but when you have 150k employees (Google) and 80k+ (Meta), they could lay off thousands of employees and it could equal a small % of their workforce. In fact, I believe I read today that if Meta cut 50% of their staff like Twitter did last week, it would bring them back down to a global headcount that was the same just 3 years ago. Despite what’s happening (or about to happen) perspective is important in times like these.
Regardless, losing a job is no laughing matter and if you or someone you know is affected by a layoff, if you think I can help at all, don’t be shy to message me.
As anticipated outcome in response to the judge’s Friday deadline of October 28, 2022 that was given to Elon Musk to drive his $44 billion purchase tag to the sellers of Twitter accounts.
Subsequently, ahead of Elon Musk’s takeover on Friday October 28, 2022, 4 Twitter’s executives were fired include Parag Agrawal, Twitter’s chief executive, Ned Segal, the chief financial officer, Vijaya Gadde, the top legal and policy executive, and Sean Edgett, the general counsel and they will maybe say this is “TGIF – Thanks God It is Friday.” … Read More
A recession, or falling off of economic growth, is commonly defined by two consecutive quarters of shrinking gross domestic product. The actual call is made by the National Bureau of Economic Research, which considers additional factors.
The pandemic recession of 2020 was the deepest and shortest on record.
June’s 2022 more high-profile companies making cuts include:
Tesla employees were subjected to two rounds of layoffs, one in mid-June and another two weeks later in which a California office was closed and 200 employees cut.
It breaks my heart to see what has happened to my Recruiting team at Twitter. It honestly was the best job I’ve ever had and I’ve been at half of the tech giants. I was so motivated by everyone around me. We worked hard & gave it our all! It was a place that was very welcoming, had exceptional top tier talent, human leadership and I loved the amazing teams I helped recruit there. #lovewhereyouwork
Then Elon came along, and the way that he has treated us employees was not okay the past few months. When they reported that it was a hostile takeover by Elon, it truly was hostile. We Twitter employees have gone through so much harassment and confusion just because we worked at Twitter. We’re strong people, top people in social media engineering & we can handle it. But when it’s coming from the individual trying to buy it, that was truly eye opening and disgusting. I would never want to work for someone that has no respect for the employees building, scaling and innovating his companies. I lost so much respect with how he treated us and Tesla employees. Calling us lazy for working remotely. LOL. (Sorry i’ve been remote for over 5+ years working in big tech, this is how I operate)
It’s sad how in the blink of an eye, over 7k employee’s lives completely changed because Elon wanted to buy Twitter. It was his way or the highway. It almost feels like a breakup with your career. As a Recruiter & Career Coach, I have learned so much from this experience that will help me have more empathy with my candidates and how to help others maneuver in these situations. I’ve forced myself to do a lot of inner work to see what is that I really want out of my own career.
I didn’t want to leave Twitter, but I did 2 months ago because I knew what was going to happen to us and I knew the market was going to get tough. I’m so happy I came to DoorDash where they have treated me with so much respect after what my team at Twitter and I just experienced. I hope no one has to go through a toxic acquisition like this that became so public, political and dangerous at times.
To my Twitter Recruiting team, I freaking love you guys! Some of the most brilliant, hardworking and down to earth people. We worked really hard to build an amazing community! I really cherish my time and the people I got to work with. I would work with all of you in a heartbeat. If there’s anything I can do, please let me know.
If you see anyone that is part of Twitter Recruiting, please look out for them with opportunities. I can vouch for them and tell you that they are some of the best in the industry.
I wish everyone involved healing, because this was definitely a lot to take on the past few months. I know positive things are happening to all of us for what we just dealt with.
I can’t wrap my mind around the amount of layoffs that have occurred!
To hear that Twitter was affected was shocking….. I guess not a surprise considering Elon Musk just laid off his Tesla employees, why would anything be different for Twitter employees.
It’s truly a shame to see such a large, respected organization crumble and treat its employees like breadcrumbs.
We know what’s going to happen in a few months. Business needs will increase and Twitter, just like many other organizations will be scrambling for recruiters.
We hoped COVID would change the way large corporations viewed their employees and this year we have learned that not everyone is on board with change. That we are just warm bodies filling seats to some organizations.
I have faith in our LinkedIn networks that these amazing individuals who were affected will find new and better organizations that value them.
If you see a post from someone affected by any layoffs, please like, share, post and reach out to them. They need our support.
Shopify is laying off 10% of its global workforce. It’s backtracking on a pandemic bet that e-commerce growth would continue. “It’s now clear that bet didn’t pay off,” said CEO Tobi Lütke in an internal memo. The approximately 1,000 cuts will be across the board, but most will be in recruiting, support and sales. Duplicate, overspecialized, and roles described as “convenient to have but too far removed from building products” are also being cut. Staff who are being let go find out Tuesday.
Here are some of the firms that have announced layoffs since the beginning of July:
Ford is cutting as many as 8,000 jobs, mostly in its gas-fueled vehicle division.
Asurion, a Nashville-based global tech services company, laid off 750 employees. It cut about 300 workers in November 2019.
Healthtech firm Olive joined a growing list of Central Ohio companies making layoffs by cutting 450 jobs.
LinkedIn members have posted about being laid off this week, at: online pharmacy Capsule, a New York City-based tech unicorn; internet security platform Censys; San Francisco-based online banker Varo, and Traeger Grills.
Other companies making layoffs this month: wireless giant T-Mobile, supply-chain tech platform Project44, Seattle real estate startup Flyhomes, and Near Intelligence Inc.
Tech workers have enjoyed years of high salaries, first-in-class benefits and unprecedented leverage that
At the end of June, San Francisco was in the spotlight as layoffs were made by numerous tech companies: game developers Niantic and Unity, online newsletter platform Substack and real estate company HomeLight. Elsewhere, data storage provider Qumulo and Parallel Wireless also made cuts.
Genetic testing firm Invitae laid off 1,000 employees – 40% of its workforce – and made numerous changes at the executive level.
Video platform Vimeo CEO Anjali Sud announced 6% staff cuts in a LinkedIn post.
OpenSea CEO cites “crypto winter” as NFT giant lays off 20% of staff.
Victoria’s Secret laid off about 160 managers as part of a restructuring.
Online mortgage banker loanDepot is laying off about 4,800 employees this year, a 42% cut to its workforce, which numbered 11,300 at the end of 2021.
Tonal, a Peloton competitor in the connected workout equipment field, laid off 35% of its workforce as it eyes an initial public offering.
ChowNow, a delivery and marketing service for restaurants, laid off about 100 workers just days after “instant” delivery startup Gopuff cut 1,500 of its global workforce and closed 76 U.S. warehouses.
Virtual events platform Hopin, a tech unicorn valued at $7.75 billion, laid off 29% of employees.
Electric carmaker Rivian said it was cutting “hundreds” after conceding it “grew too fast.”
Food-tech companies Sunday and Nextbite announced restructuring and layoffs.
Next Insurance, a small business insurance provider, laid off 17% of its workforce.
Video game retailer GameStop announced layoffs and also said chief financial officer Mike Recupero was leaving the company.
Twitter laid off about one-third of its talent acquisition team.
At the end of June, San Francisco was in the spotlight as layoffs were made by numerous tech companies: game developers Niantic and Unity, online newsletter platform Substack and real estate company HomeLight. Elsewhere, data storage provider Qumulo and Parallel Wireless also made cuts.
June’s more high-profile companies making cuts include:
Food-tech industry Losing Appetit, Layoffs hit – – –
Restaurant-tech startup Nextbite is restructuring and cutting staffers. The Denver-based company licenses delivery-only brands — think George Lopez Tacos and Tom Colicchio’s ’Wichcraft sandwiches — to restaurants looking to beef up sales. It is not known how many staffers were affected by the layoffs, which were announced the same week that former Red Robin CEO Denny Marie Post was named co-president of the company. Nexbite raised $120 million in 2020 under its previous name, Ordermark.
Sunday, which aims to transform restaurant payments via QR codes, announced staff cuts and a retreat from several U.S. markets just days earlier.
Sunday, the QR code restaurant payments app launched in April 2021, is pulling out of 60% of its markets and making extensive cuts to its global team, Sifted has learnt.
The company confirmed to Sifted it is shutting down operations in four of the seven markets it rapidly expanded to in the last 16 months: Spain, Portugal, Canada and Italy. Sunday only launched in Italy and Portugal a month ago.
“With the current state of the market, investors are now expecting profit from the get-go,” a spokesperson for the company tells Sifted.
“kicked into overdrive” during the pandemic. But those salad days could be ending. Prominent tech firms including Netflix and Meta have announced layoffs or pulled back on hiring as they gird for an economic slowdown, and experts say that’s likely to have a trickle-down effect. Workers may see interviews multiply while salaries stagnate, and they’re unlikely to have as much say on performance expectations or perks — just ask Tesla employees, who were recently banned from remote work.
The move towards remote work could end up being a double-edged sword for many American tech employees, particularly in places like Silicon Valley, with the possibility of companies using it to cut costs further.
Klarna is eyeing a new funding round that would value the buy-now-pay-later startup at $15 billion — a big comedown from its lofty $46 billion valuation last summer. Once ranked as Europe’s most valuable startup, the Swedish fintech slashed its fundraising ambitions as venture capital funding dried up and consumers shifted their spending away from online retailers and toward physical stores. Klarna’s net loss quadrupled in the first quarter, to about $250 million, from a year ago. The company announced last month that it was laying off 10% of staff.
We shall see how long the $15B valuation holds. Given markets repricing of risk – i suspect Klarna will only be worth $7B to $8B (not by 2025) but will reach this valuation level no later than Fall 2024. 5 Days before this article was oublished (posted below) I wrote the following…. “Klarna will be worth $10B to $12B in 2025. Base Case. Worst case = $7B to $8B. Not $30B. $46B was lunacy. It will be fascinating to watch as the E in P/E is cut in half for public firms over tbe next 24 to 35 months which are comprobable enought to Klarna and their peers across the adjacent markets in their ability to produce sustainable cash-flow. Bottom line: Apple will kill the BNPL business model. Like Telehealth – BNPL is not a sustainable business. It’s an extension of value, a service and a product area when bundled which is valuable. But not independently. Its not an industry. It’s not a market. Hence, tbe compression in valuation. Observation: The value destruction waiting in the wings for firms like Klarna during 2023-2025 is going to be stunning for most institutional investors. Expect a 50% to 60% cut in valuation from here. Minumum. The good news: Walmart will be an ideal acquirer for Klarna in 2025 / 2026.”
June 16, 2022 Source Linkedin
🔥🔥🔥 Klarna’s Valuation Slashed by Two-Thirds. The SoftBank-backed, buy-now-pay-later startup is discussing raising cash $500m at a valuation around $15 billion, down from 2021’s near $46 billion valuation. It is way less than it was seeking just last month ie $1B at $30B valuation. Klarna’s net loss quadrupled in the first quarter to $250m from a year earlier. Klarna said last month it would lay off 10% of its workforce owing to what it called a volatile economic environment and the need to cut costs. Perfect time for Community Banks and Credit Unions to come with the next version of BNPL -post transaction. Valuation of Fintech were damn too high, not even saying that the slashed valuations are reflecting their real valuation yet… Hard time especially for client facing Fintech and for BNPL… I’m not even talking about valuations of mainstream challenger banks and with free offering.
United States Breaking Record Tech News
En 2021, #Alphabet, #Apple, #Microsoft et #Amazon ont réalisé ensemble 1 261 milliards $ de chiffre d’affaires, soit presque l’équivalent du PIB de l’#Espagne: 4 géants de la #tech des Etats Unis.
Technology Ecosystem in Pakistan
The rapid emergence of Pakistan’s technology ecosystem on the international stage has been no accident — it’s the result of a confluence of changing facts on the ground and shifting dynamics in the startup and investing world as a result of the pandemic.
Image Credits: Mikal Khoso
Unlocking Pakistan’s potential
The sudden emergence of Pakistan’s tech ecosystem on the international stage has been driven by three major factors: an improving security situation, quickly growing mobile connectivity, and critical legal changes and deregulation.
One of the primary reasons why Pakistani lags behind the world in innovation is our cultural attitudes. We usually discourage trying new things and want to adopt the path chosen by our predecessors. Jul 9, 2017
Pakistan is the 4th largest technological market in the world. There are over 2000 software houses in Pakistan. Nov 2, 2019
programmers, software coders and app designers. There are now 1,500 registered I.T.companies in Pakistan, and 10,000 I.T. Aug 10, 2015
By 2023, the economic contribution of the mobile industry in Pakistan will reach $24 billion, accounting for 6.6% of GDP. The majority of this uplift will be driven by improved productivity and efficiency, particularly from the increased take-up of mobile internet services.
A Recap of the Week of March 11 2022 Africa
𝗗𝗲𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸:
• Wasoko (formerly Sokowatch), a Kenyan B2B e-commerce procurement & logistics platform, raised a $125M Series B at a valuation of $625M co-led by Tiger Global and Avenir Growth (Daniel Yu)
𝗗𝗲𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝗪𝗲𝗲𝗸 𝗥𝘂𝗻𝗻𝗲𝗿-𝗨𝗽:
• Big Cabal Media, publishers of digital media platforms TechCabal and Zikoko, raised a $2.3M seed round led by MaC Venture Capital (Tomiwa Aladekomo)
𝗗𝗲𝗮𝗹𝘀:
• Moove Africa, a Nigerian ‘mobility fintech’ platform raised a $105M ($65M equity, $40M debt) Series A2 led by existing investors Speedinvest, Left Lane Capital and thelatest. ventures (Tayo Oyegunle)
• 4G Capital, a Kenyan credit-led neobank providing SMEs with unsecured business loans, raised an $18.5M Series C from Lightrock (Wayne Hennessy-Barrett)
• Hence Technologies, a Rwandan AI-powered platform, raised a $1.8M seed round from Daybreak Partners, Broad Creek Capital, and others (Sean West)
• Chargel Inc, a Senegalese trucking logistics platform, raised a $750K pre-seed (unspecified mix of equity and debt) from Century Oak Capital, Logos Ventures, and others (Moustapha Ndoye)
• Spleet, a Nigerian proptech platform, raised a $625K pre-seed led by MetaProp VC (Akintola Adesanmi)
• SupPlant, an Israeli smart irrigation systems provider operational in Kenya and Morocco, raised $27M led by Red Dot Capital
• d.light, an American provider of distributed solar energy solutions worldwide, raised $7M from Finnfund
• Meaningful Gigs, an American platform connecting African freelance designers in Africa with global brands, raised a $6M seed round led by Stage 2 Capital
The European Union has opened a new chapter in antitrust enforcement for the digital economy, adopting a raft of new rules designed to clamp down on abuses by some of the world’s largest tech firms.
In a deal brokered Thursday evening, officials from the European Parliament, Council and Commission concluded 15 months of intense negotiations on a new rulebook for Big Tech giants operating in the European market, the Digital Markets Act.
Google, Amazon, Meta, Apple, Microsoft and other global players such as accommodation outfit Booking and Chinese e-commerce player Alibaba will come under the scope of the Digital Markets Act, which introduces a series of dos and don’ts for tech firms’ behavior across digital markets. A final list of firms will now be drawn up by the Commission.
OECD – OCDE 📈 📉 Compare the #unemployment rate across #OECD countries between 2020 and 2021 & find out more about the latest OECD data: charts, maps, tables and related publications 👇https://fal.cn/3qE3v
The economy shrank for a second straight quarter, placing the U.S. in what is commonly but unofficially considered a recession. Gross domestic product fell by an annual rate 0.9% in the three months ended in June, the Commerce Department said, following a 0.4% contraction during the first quarter. While the labor market is the strongest it has been in about 70 years, with an unemployment rate of 3.6%, other areas of the economy are slowing in the face of high inflation and rising interest rates.
La guerre en Ukraine “affecte sévèrement” l’économie de la zone euro 14/04/22 à 15:06 – Mise à jour à 15:37 Source : AFP – Trends Tendances La guerre en Ukraine a des répercussions “sévères” sur l’économie de la zone euro, a déclaré jeudi Christine Lagarde, alors que la flambée de l’énergie, les chaînes d’approvisionnement perturbées et…Continue Reading →February 12, 20220
Said El Mansour Cherkaoui Honorable Christine Lagarde – 22/7/2022 European Central Bank Today we took our latest monetary policy decisions: We raised interest rates by 0.5 percentage points, a further step in normalising our monetary policy More rate hikes will come. They will depend on how we see the economy and inflation developing We also…Continue Reading →November 2, 20210
Said El Mansour Cherkaoui – 7/26/2022 Have you being recently fired? This may leave you feeling like your career path is suddenly falling like a Castle of Cards. Being Fired is to Be Between Two Fires WASHINGTON, July 27 (Reuters) – The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage…Continue Reading →July 27, 20220
Said El Mansour Cherkaoui – 7/26/2022 Fighting Recession with a Sword that has Two Cutting Edges: Unemployment and Interest Rate Have you being recently fired? This may leave you feeling like your career path is suddenly falling like a Castle of Cards. Being Fired is to Be Between Two Fires WASHINGTON, July 27 (Reuters) –…Continue Reading →July 27, 20220
Western Diplomacy Blend of Waltz and Petrushka: USA – Europe Union – Russia Western Diplomacy Blend of Waltz and Petrushka: USA – Europe Union – Russia Loves and jealousies of two figurines: US and EU along with one puppet: Ukraine Bringing Freedom to Ukraine, like liberating Women in Afghanistan and giving the best gift in…Continue Reading →June 15, 20220
Economie Déprimée, Inflation, Taux d’Intérêts en Hausse et Licenciements – Les Raisons de la Colère Populaire et les Dérivées Mondiales des Sanctions Economiques des USA et de l’Union Européenne la Russie Crypto Casino Royal – CryptoMania – GLOBALLEVERAGE Posted December 5, 2021 – Said El Mansour Cherkaoui – 6/19/2022 Sciences Po, Grenoble Institut de Recherche European…Continue Reading →June 15, 20220
Europe, Pomme de Discorde et Fin de l’Idylle de l’Eden Occidental ★ GLBAL LEVERAGE ★ Said El Mansour Cherkaoui, Ph.D. 5/10/2022 President Emmanuel Macron “a averti que si l’Europe aidait maintenant l’Ukraine, il arriverait un moment où Moscou et Kiev demanderaient la paix et à ce moment-là, aucune des parties ne devrait…Continue Reading →May 11, 20220
Said El Mansour Cherkaoui – 11 Avril, 2022 et Mise a jour 5 et le 6 Juillet, 2022 Inflation in the OECD rises further in May 2022, reaching .%, , largely driven by food and energy prices. This represents the sharpest price increase since August 1988. The OECD’s 38 members: Find more information about OECD Members, Key…Continue Reading →April 11, 20220
The European Commission and the United States deployed an array of monetary, financial, trade, and investment sanctions against Russia with an approach that is more relevant to a gradual escalation. These sanctions have also demonstrated that their effects cannot be fully effective if other countries outside of the Eurozone continue their relations with Russia. It…Continue Reading →
Par Dr. Said El Mansour Cherkaoui Les Prix de l’essence a gauche Californie du Sud, dans les mains du Président Biden, Californie du Nord, c’est une moyenne pour un Gallon l’équivalent de 3.785411784 L. Oakland – Californie – Houston – Texas – Paris – France – El Jadida – Maroc INFLATION PAR LA POMPE PRIX…Continue Reading →
122,631,432 (2024) [3]
$6.457 trillion (PPP; 2023)[4]
2.6% (2023) [13] 
China 
Hong Kong 4.5% 
United States 
ASEAN 
European Union 
South Korea 
Taiwan 
Australia 
India 
Saudi Arabia 
$4.54 trillion (March 2023)[22]
271
36
371
843
Said Cherkaoui 24 
