Economics

There are signs that the 40 per cent fall in oil prices might not deliver the expected stimulus. Chris Giles assesses the outlook for the global economy while FT reporters look at the prospects for key exporters and importers.

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The UK’s information technology sector could be about 40 per cent bigger than previously though, with at least 70,000 more ICT companies in operation.

That’s according to the National Institute of Economic and Social Research who have come up with a pretty novel way of measuring the size of Britain’s tech sector using one of the industry’s most hyped concepts ‘big data’.

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In the aftermath of the financial crisis the world saw an increase in the number of street protests. Many inspired by perceived connections between the political elite and business interests; Occupy Wall Street and Los Indignados in the west to the Arab Spring and the protests against Victor Yanukovich in Ukraine. A new working paper from the National Bureau of Economic Research presents evidence on their power.

Daron Acemoglu, Tarek Hassan and Ahmed Tahoun examines the correlation between street protests in Egypt and the stock market returns for firms connected to former president Hosni Mubarak’s National Democratic Party (NDP), the Muslim Brotherhood and the Egyptian military. Read more

Even before the dispute with Russia began battering their economy, hundreds of thousands of Ukrainians fled their country looking for a better life elsewhere. Ukrainians are now the largest group of migrants from non-European Union countries applying for residence in the bloc.

Eurostat said on Wednesday that the number of Ukrainians issued with EU residence permits rose by 48 per cent in 2013. Most Ukrainians moved to Poland looking for work. In total 236,691 permits were granted to Ukrainians, which means that the country has overtaken the US as the most common source country for migrants to the EU — India has also overtaken the US to take second place. Read more

 

More people lived in urban than rural areas for the first time ever in 2007. This year it is estimated that 54 per cent of the world’s population live in cities and by 2050 it is predicted to hit 66 per cent, a mirror image of the two-thirds living in rural areas at the mid-point of the twentieth century. This is expected to come about as development fuels mass internal migration in Africa and Asia. The UN makes no effort to standardise individual countries definitions of urban: population numbers, density and the proportion not working in agriculture and other are all used by different statistical offices.

The price of salad is about to jump after prices for olive oil, lettuce and tomatoes have soared following a lengthy drought in Spain. Read more