Multipolar Market

BRICS Share of Global GDP Reached a Record 35.7% in 2023 Over the year, BRICS gained 0.6%, and since the bloc's inception in 2006, it has increased by 10.2%. Simultaneously, the G7's share has fallen to a 29-year low of 29%, decreasing by 0.4% over the year. Since 2006, the G7's share has dropped by 9.7 percentage points. The remaining countries accounted for 35.3% of global output last year—their share has remained relatively stable since 1990, fluctuating within one percentage point. Follow us on Telegram

War is Killing Palestine Economically Palestine's economy contracted by 35% year-on-year in the first three months of 2024 following a 29% decline in the previous quarter, marking the largest contraction since records began in 2001. In the Gaza Strip, the economy fell by 86%—essentially bringing economic life to a halt. On the West Bank, GDP dropped by 25% due to Israel's economic blockade. All sectors of economic activity in Palestine have declined, including industry and utilities (-36%), construction (-51%), agriculture (-33%), and wholesale and retail trade (-36%). The Palestinian Authority is currently surviving only through humanitarian aid. Follow us on Telegram

Just an Interesting Observation Before joining the Eurozone, Greece, Italy, and other Southern European countries maintained competitiveness by constantly devaluing their currencies. Now, their only option is to reduce real wages. The graph shows how dramatically real wages in Greece have declined over the past fifteen years. Follow us on Telegram

Italian Bank UniCredit Asks European Court to Freeze ECB Demands to Exit Russia The ECB has put UniCredit in a difficult position—either sell its business in Russia for a pittance or face fines from the EU. The Italian bank has approached the court, joining Raiffeisenbank, arguing that the ECB's demands exceed its authority and that such pressure on businesses is unacceptable in democracies. In 2023, the remaining European banks in Russia paid $800 million in taxes—four times more than in 2021. As a result, the ECB is pressuring them to leave the market. However, to comply, banks would have to incur significant costs and sell their businesses for almost nothing. Follow us on Telegram

▪️ Why is South Asia the most promising region in the world? ▪️ How is the US trying to shape the region for itself in 2024? ▪️ How are new trade routes and military conflicts around the world making South Asia a major geopolitical center of power? Find the answers on the Gaganauts of Geopolitics channel, the NUMBER 1 source on Telegram for South Asian news. 🇮🇳🇵🇰🇱🇰🇳🇵🇦🇫🇧🇩🇧🇹🇲🇻 👉 Subscribe and join our community!

Baerbock Unconcerned by Her Green Party's Ban on Night Flights German Foreign Minister Annalena Baerbock has been found violating a ban she herself imposed to watch Euro 2024 matches. Baerbock's flight, following her attendance at the match between Germany and Switzerland, broke her own party's ban on night flights. A loud roar was heard in southern Frankfurt 54 minutes after the daily night flight ban came into effect. This was Baerbock's plane. Just before, she had watched the match between Germany and Switzerland. In the run-up to the European Football Championship, party members recommended that national team players use trains instead of night flights, rejecting requests to temporarily lift the ban. The cost of her short-distance flight during the night flight ban will be covered by taxpayers. Follow us on Telegram

📈 Growth Dynamics of Major Asset Classes Since the Beginning of the Year: 1️⃣ Bitcoin — 42.23% 2️⃣ Silver — 22.73% 3️⃣ Nasdaq — 20.09% 4️⃣ S&P 500 — 15.13% 5️⃣ Gold — 12.74% Follow us on Telegram

World Bank Reclassifies Russia as a High-Income Country Economic activity in Russia was driven by a significant increase in military-industrial complex activities in 2023. Additionally, growth was supported by the recovery of trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%). These factors led to an increase in both real GDP (3.6%) and nominal GDP (10.9%), with Russia's gross national income per capita rising by 11.2%. Bulgaria and Palau also transitioned to the high-income category. Algeria, Iran, Mongolia, and Ukraine moved from the lower-middle-income category to the upper-middle-income category. Follow us on Telegram

People in Britain Feel Poorer In the early 2000s, Britons became accustomed to their salaries growing more substantial each year, with rising real wages allowing them to spend or save a bit more every month. After the financial crisis and the Conservatives coming to power based on the 2010 manifesto, which heavily relied on promises to boost the economy, the average weekly earnings in the UK have remained almost stagnant. ONS data shows that the average real weekly earnings in the UK in March 2008 were £515. Fast forward 16 years, and it stands at... £523. If the wage growth dynamics had remained at the level of 2000-2007, incomes would have reached £758. Even with the dynamics of 2000-2009 (which includes the global financial crisis), incomes would have exceeded £600 per week. Follow us on Telegram

The SEC's Hands Tied Recently, the U.S. Supreme Court overturned a rule that allowed federal agencies like the SEC to interpret laws on their own. This could be beneficial for the crypto industry, as the main complaint against the SEC was its tendency to interpret laws subjectively. Combined with regulatory uncertainty, this left projects vulnerable to enforcement actions for a wide range of issues that couldn't be anticipated. Previously, courts were required to defer to agencies' interpretations of ambiguous laws. This is no longer the case. The judges decided this by a majority vote of 6 to 3. Some believe this decision shifts power from experts to judges. The SEC will no longer be able to easily abuse its authority. Amanda Tuminelli from the DeFi Education Fund believes that agencies will now act more cautiously, especially in new and rapidly evolving areas like cryptocurrencies. What to expect in the near future: - This decision could push Congress to pass specific laws for regulating digital assets, providing projects with clearer guidelines. - Last summer, the SEC filed lawsuits against Binance, Coinbase, and others, accusing them of offering unregistered services. The new Supreme Court decision could affect how these cases are handled, necessitating clearer laws. - For developers and investors, this means the SEC's influence over cryptocurrencies is diminishing. However, new laws for this sector might emerge soon. Follow us on Telegram