What is 'uneconomic growth'? 5 economic stories to read this week
Economic crime, China's population decline and GDP's environmental impact - these are the latest economic stories. Image: Unsplash/Arturo Castaneyra
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- This weekly round-up brings you some key economic stories from the past seven days.
- Top economics stories: Economic crime plagues businesses; Biodiversity loss could cause bankruptcy for countries; how GDP has harmed the planet; young US adults living with their parents; China's population is about to decline.
1. Nearly half of businesses are being hit by economic crime
Cybercrime is the biggest fraud threat facing most businesses today, according to a new PwC survey.
The rise of digital platforms and e-commerce has given new opportunities to fraudsters, with 40% of the businesses surveyed that have experienced fraud in the past two years saying it was connected to the digital platforms they use.
Discover why economic crime is on the rise and how businesses can tackle it.
2. How biodiversity loss could cause bankruptcy in some countries
Roughly one million animal and plant species are at risk of extinction according to the UN. The economic impacts of this vast decline in biodiversity have been outlined by the University of Cambridge in this report. Many countries would be at risk of going bankrupt as their credit ratings deteriorate due to ecological factors such as biodiversity loss, according to the research.
For almost half of these 26 countries, their risk of bankruptcy could increase by 10%. Learn more about the economic consequences of biodiversity loss.
What is the World Economic Forum doing about nature?
3. This is the concept of 'uneconomic growth'
Economist Herman Daly has pioneered this concept for much of his life. It explains how prioritising GDP growth above all else has led to significant problems for the planet, such as the climate crisis.
Some experts instead advocate for a steady-state model, which works to ensure the well-being of our planet and its people. Read more on the concept of uneconomic growth.
Have you read?
4. How many young adults in the US live with their parents today, compared to 50 years ago?
As student debt and housing costs continue to rise, young adults in the US are staying at home in increasing numbers. A quarter of US adults aged 25 to 34 resided in a multigenerational family household in 2021, up from 9% in 1971, Pew Research Center explains.
Explore why young adults in the US are doing this and how this behaviour has evolved.
5. China's population is about to shrink for the first time in 60 years - what will this mean for the world?
With China accounting for more than one-sixth of the world's population, a decline could have significant economic impacts. The country's fertility rate has shrunk from 2.6 in the late 1980s, to just 1.15 in 2021, according to the latest figures.
This means that China's working-age population will decline significantly over the coming century.
Read more on the impacts of China's population decline.
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Spencer Feingold
November 20, 2024
