Economic Contraction – Julia Vinograd Thu, 22 Apr 2021 04:58:36 +0000 en-US hourly 1 Economic Contraction – Julia Vinograd 32 32 NJ unemployment system wants DC to help Thu, 22 Apr 2021 04:12:29 +0000
Credit: NJ Spotlight News
File photo

The head of the state agency that manages unemployment benefits told lawmakers that over the past year staffing has tripled and technology improved, all in a bid to respond to a crash history of unemployment claims that millions of New Jersey residents filed during the coronavirus pandemic.

But the persistent arrears and other challenges residents have often loudly complained about are also caused by an outdated federal unemployment system, said Robert Asaro-Angelo, the commissioner of the State Department of Labor and Employment. Workforce Development, at a budget hearing Wednesday.

So even though the state has worked to improve its own treatment of unemployment benefits since the onset of the health crisis, it will take federal reform to really turn things around, he told members of the budget committee. of the Assembly.

This is not a situation for which no state – regardless of the level of funding or the modernity of its resources – could have prepared itself. And it is clear that challenges continue to exist here and across the country, ”said Asaro-Angelo.

“The federal unemployment system is outdated and certainly ill-equipped to deal with an emergency,” he said.

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State agencies are subject to scrutiny by lawmakers

Asaro-Angelo was the last senior official in Gov. Phil Murphy’s administration to appear before lawmakers reviewing the governor’s budget proposal for the fiscal year that begins July 1.

This week’s budget hearings are forcing lawmakers to review the operations of some of the state’s most forward-looking agencies, including those that have been most tested by the pandemic. They included the Motor Vehicle Commission and New Jersey Transit on Monday, and the Departments of Health and Labor and Workforce Development on Wednesday.

Budget hearings will continue on Thursday with the departments of community affairs and military and veterans affairs being questioned by lawmakers.

New Jersey’s unemployment system has been crushed with more than 2 million claims for benefits filed amid the pandemic, which began more than a year ago. But like the MVC, residents and lawmakers have questioned the state’s management of basic services, such as the handling of unemployment claims by the Department of Labor.

As Asaro-Angelo acknowledged that “the challenges continue,” he praised his ministry for distributing more than $ 26 billion to unemployed residents over the past year, even as federal rules were changed. more than 20 times.

Asaro-Angelo also said New Jersey has emerged as a national leader in several areas, including automating the renewal of benefits for someone after a year of unemployment, which helps over a million New Jersey claimants. .

“If we had not created this new process, our call volume would have increased by tens of thousands every week, as benefits were interrupted by the review process required by the federal government, which had been manual,” did he declare.

Launch of the unemployment chatbot

Other improvements that have been made over the past year include the addition of additional staff to process claims, from approximately 500 to 1,500, and the establishment of a “chatbot” on the web. ministry website.

“Our goal has always been to prioritize the actions that bring the most relief to the greatest number of eligible workers in the shortest possible time,” said Asaro-Angelo.

Yet the technology used to process unemployment benefits in New Jersey has already been identified as a concern, and lawmakers and past administrations did not fully address the issue until the economic downturn triggered by the pandemic began.

Murphy’s FY2022 budget proposal calls for using $ 7.8 million to improve the unemployment system. However, lawmakers have proposed sending the agency a total of $ 50 million in more immediate funding.

Asked at the hearing about whether his department could use the larger appropriations, Asaro-Angelo thanked lawmakers for their interest, but said it “almost made no sense” to deploy more funding from. state when a broader federal solution was needed. This echoes remarks made several months ago by Murphy, who also pleaded for federal aid, which has bristled some lawmakers.

“We are very comfortable with that amount for this coming fiscal year,” Asaro-Angelo said when pressed on the issue of funding at the hearing.

But assemblyman Brian Bergen (R-Morris) later raised concerns about relying too heavily on action taken in Washington, DC, which is known for its political blockade.

“If we wait for the ‘system’ across the country to be fixed, we’re just going to wait indefinitely,” Bergen said. “I hate to see us in a state of ‘analysis paralysis’.”

Meanwhile, lawmakers have also expressed concerns about relying too heavily on technology to deliver services, instead of having someone available to deal directly with residents who have lost their jobs. It’s a recurring theme in recent budget hearings with officials from other agencies, including with issues ranging from renewing driver’s licenses to getting an appointment for a COVID-19 vaccination.

The frustrations remain

Several lawmakers said during Wednesday’s hearing that residents are still frustrated that they cannot connect directly with a ministry employee when they apply for unemployment benefits. Instead, many turn to their respective legislative district offices for one-on-one help, including those who are not technologically savvy.

“It’s always very, very frustrating,” said MP Verlina Reynolds-Jackson (D-Mercer). “I get calls all the time about the automated service.”

“The lack of personal contact is really, really frustrating for a lot of people, and I think that’s where we suffer,” she said.

Asaro-Angelo said about 90% of the ministry’s unemployment claims are currently being processed online, and he suggested at another point in the hearing that the strengthening of staff will help address concerns about those who lack the means. technological.

“This is why we are so (focused) on increasing our call center staff, because it is the easiest way for someone to have contact if they are having problems with the internet.” “, did he declare

“Filing that first claim is not as much of a barrier as following up on some of the issues you might have later, and that is why we are increasing our staff every day,” said the Commissioner.

“In the end, humans will be the answer. We need more and more bodies here, which is why we have tripled the number of bodies here, ”he continued.

LILY: NJ Budget 2022: Murphy says NJ will spend a lot

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Guyana uses its foreign policy for economic development Thu, 22 Apr 2021 04:11:18 +0000

(MENAFN – Caribbean News Global)

Wazim Mowla is an American Guyanese program assistant for the Caribbean Initiative at the Adrienne Arsht Latin America Center at the Atlantic Council in Washington DC, and a master’s student at the School of International Service at the American University.

By Wazim Mowla

While some states aim to use foreign policy to increase their position in the world, for advocacy purposes or as a tool to compete with others, Guyana has focused on promoting its economic development in its country. . Guyana, whose oil resources have brought it new political and economic capital, is using its foreign ministry to strengthen existing relations with former allies and establish new partnerships with other oil-producing countries to attract foreign direct investment in its oil. and the non-oil sectors. The latest example was Guyana’s announcement that it will open embassies in Qatar and the United Arab Emirates (UAE), joining the existing mission in Kuwait.

Guyana, the new Caribbean state rich in oil and gas, is ready to use its new economic weight to rapidly accelerate its economic development. As a perspective, an energy economist from the Inter-American Development Bank recently said that if Guyana produced around 750,000 barrels of oil per day by 2025, the country could outperform its neighbor Venezuela – home to the country. one of the largest oil reserves in the world. Even at its current capacity, Guyana is producing enough oil to be the only country in the Caribbean not to experience an economic contraction in the wake of the devastating COVID-19 pandemic.

President Irfaan Ali’s administration capitalizes on this economic wealth by shifting Guyana’s foreign policy objectives towards a more business-friendly approach. As Guyana continues to focus on external issues, such as its long-standing controversy over the border with Venezuela and its relations with the United States, China and India, increased attention is being paid to new corners. of the world, namely with the States which offer Guyana new avenues of development. investments for the country. For example, in February 2021, Guyana announced that it would establish two new embassies in the Middle East. Guyana’s mission in Kuwait and consulates in Jordan, Israel and Lebanon will be joined by one in the UAE, home to Dubai, and the other in Qatar.

The announcement of these embassies came after high-level visits and discussions with Middle Eastern officials about Guyana’s oil sector, which also sparked interest in agriculture and aid to help the Guyana to fight the pandemic. Shortly after President Ali’s inauguration, a team from the United Arab Emirates arrived in Guyana, where discussions took place on oil and gas, as well as the agricultural sector, including Guyana’s sugar industry. , which has been at the center of the Ali administration. In addition, President Ali’s conversations with the Emir of Qatar mirrored those of the United Arab Emirates and resulted in discussions on Qatari investment opportunities in the Halaal industry in Guyana. In this latest discussion, Qatar also sent a field hospital to Guyana to help the country fight the pandemic.

The results of the visits and conversations show the usefulness of having them with potential oil and gas investors as often the results will include investments in the non-oil sector. This was presented at the launch of the Canada-Guyana Chamber of Commerce, where the Deputy Minister of International Trade of Global Affairs Canada noted that “ the oil sector will only serve to increase partnerships ” with the sectors. agriculture and the financial sector. If this is possible with old allies, so are potential new allies. As a result, Guyana may view the opening of new embassies as a method of entering new markets for its non-oil sectors in its efforts to diversify its economy by becoming less dependent on natural resources.

To do so, Guyana will need to continue to expand diplomatic relations with other countries. If Guyana relies on state-to-state talks as a means of attracting the country’s interest, little investment is likely to materialize, and if there is substantial investment, it could be an ad hoc event. If an embassy were open, it would go beyond ad hoc discussions between government officials and instead establish a direct and open line between representatives of each country. And with the creation of an embassy, ​​there would always be an open line for potential investors. Additionally, having an embassy means that Guyanese officials learn and understand the culture of the country hosting the embassy, ​​so that they can market Guyana’s potential in the context of the host country.

In addition, opening embassies may also open up new markets for Guyana’s sugar industry, rice, the country’s private sector and small businesses that may find it difficult to compete in traditional hemisphere markets. western. It is for this reason that President Ali recently declared that “ the business world must not only think local but also regional and international ”, which means that with the establishment of the embassies of the Middle East, the government paved the way for new markets in the international arena.

In addition, this Guyanese foreign policy format can lead to broader opportunities, including strengthening the country’s human capital through educational and people-to-people exchanges. For example, Kuwait, the United Arab Emirates and Qatar have proven to be suitable for economic development with regard to oil and tourism. These embassies can help facilitate educational exchanges, where Guyanese can travel to the Middle East and gain the technical skills that can help fill gaps in Guyana’s oil sector. Also, it can entice people from the Middle East to visit Guyana, thus adding a new source of tourism for the country.

Therefore, if Guyana continues to use its potential wealth in oil and gas to leverage new diplomatic ties to promote its development, Guyana citizens will reap the rewards. However, Guyana should not stop at the new embassies of the United Arab Emirates and Qatar and grow rapidly over the next decade. More embassies means greater chances of investment opportunities for Guyana’s non-oil sector and, by extension, its people.

Guyana should continue to open embassies in the Middle East, as with Saudi Arabia, but at the same time look to European countries, as it seeks to expand markets for rice and sugar, as well as in Africa. and in East Asia. If Guyana manages to do so over the next few years, as the world watches its unprecedented economic growth, the country will rapidly amplify its development.


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Questions and answers: banks align to offer mortgage guarantee offers Thu, 22 Apr 2021 04:01:39 +0000

Options for first-time buyers opened up this week as Main Street banks launched a wave of government-backed mortgages for those with a deposit of just 5% and Nationwide announced a deal that allows first-time buyers to borrow up to 5.5 times their income.

In the March budget, Chancellor Rishi Sunak announced a program to help homebuyers secure a home purchase with a 95% mortgage, promising the government would support participating lenders for the top portion of the loan. to 80% in the event of a fault.

Higher LTV deals all but disappeared during the pandemic, with lenders fearing the impact of the economic downturn on profits and house prices.

Although the government program has triggered the revival of subprime mortgages in the market, rising house prices have raised concerns that fewer people will be able to afford them. On Wednesday, the Bureau of National Statistics said housing price growth rose to 8.6% in February, the highest rate in six years.

What offers are available for the 95% mortgage guarantee system?

As of this week, just over 40 offers are available on the program. HSBC, Santander, Barclays, Lloyds, Halifax, Bank of Scotland and NatWest – large lenders representing well over half of the UK mortgage market – are among the participating lenders, and Virgin Money is expected to join them in a few months.

Mortgages are available on properties worth up to £ 600,000, and movers as well as first-time buyers can apply. Buyers of second homes and rental housing – as well as loans on new homes – will not be eligible.

The rates are significantly more expensive than the low LTV offers, with fixed rates for the five-year offers at around 4 percent. Defaqto, the financial information provider, said the “best buy” among guarantee products was a two-year 3.9% fixed rate from NatWest, with no product fees. The best five-year solution was outside of the program, he said, indicating a 3.89% rate from the Coventry Building Society with a fee of £ 999.

Santander is the only lender to offer a three-year fixed rate deal under this program, with an interest rate of 3.99% and no fees.

Will borrowers be able to afford the high rates of these offers?

For borrowers, there is no practical difference between a 95% mortgage that is inside or outside the plan, but the stimulus effect of the policy is already showing in the larger availability of higher LTV transactions in the market.

Moneysupermarket, the comparison site, said it saw a 71% increase in first-time mortgage applications from 95% in the seven days leading up to Monday.

Andrew Montlake, managing director of mortgage broker Coreco, said the mortgage guarantee system will boost the market throughout the year. “Even when the stamp duty holiday ends, we expect the mortgage guarantee system to continue to support the demand of first-time buyers, which will spill over into the market and maintain a certain level of transactions,” he said. he declared.

However, while the 95 percent regime opened the door for those with small deposits, many borrowers would still fail to meet the affordability requirements that lenders place on such transactions – inside or out. outside the system.

Aneisha Beveridge, research director at estate agent Hamptons International, estimated that only 50% of first-time buyers in Britain would meet the household income level required to service a mortgage under the scheme. an interest rate of 4.04% for a five-year contract. In London, this percentage fell to 20%.

Affordability improves dramatically at lower LTVs. With an LTV of 80%, using an interest rate of 2.09%, 75% of first-time buyers would meet the requirement, Beveridge said.

That meant Help to Buy, the government’s equity loan program, remained a more feasible option for many first-time buyers, she said. “Buyers with a 5 percent down payment can access a 5-year fixed rate of 2.29 percent (currently through Skipton Building Society). This means that 70% of first-time buyers would meet the income requirement of £ 34,000 per year. “

What about agreements from lenders who have not joined the program?

Lenders such as Bank of Ireland, Accord – the branch of the Yorkshire Building Society that works through brokers – and Leeds Building Society, offer 95% of transactions outside the program. Leeds this week announced two new two-year fixed rate 95% LTV offers, one at 3.8% with a product fee of £ 499 and a free alternative at 3.95%.

Other lenders are taking a different approach: Nationwide is yet to offer a 95% deal, but said its so-called “Helping Hand” deal, launched this week, would increase borrower affordability by 20%.

How does the Nationwide Agreement work?

Starting next week, the construction company will offer a 90% LTV mortgage for first-time buyers who want to borrow up to 5.5 times their income, up from 4.5 times the standard maximum normally available.

Henry Jordan, national director of mortgages, said the lender has set aside £ 1 billion for new mortgages. “We believe we can make the most of this £ 1billion to provide better support to first-time buyers who probably need it most. [it] to climb the ladder.

The Nationwide offer is offered at a fixed rate for 5 or 10 years and is available only to applicants with a minimum income of £ 31,000 or £ 50,000 for co-applicants. Its five-year fixed rates start at 3.34% with a £ 500 discount and free assessment.

the impact of Covid-19 on women – Sofia Fernandes and Klervi Kerneïs Thu, 22 Apr 2021 03:04:28 +0000

Women workers have been hit hardest by the pandemic-induced slowdown – and it could get even worse.

Sofia fernandes

Unlike previous economic crises, the current crisis has disproportionately affected the employment of women in the European Union. This translates not only into significant job losses in the female-dominated sectors of the economy, but also – perhaps most strikingly – in poorer working conditions, greater financial fragility and employment. new conflicts between work and personal life for women.

Between March 2020 and February 2021, the number of unemployed in the EU increased by around 2.4 million, of which more than 1.3 million were women. Female unemployment increases 20.4%, against 16.3% for men.

impact of Covid-19 on women
Klervi Kerneis

Beyond the job losses – mitigated by the partial unemployment schemes in place in almost all EU countries – the impact of the pandemic on employment is evident in the drop in hours worked. Between the last quarter of 2019 and the second quarter of 2020, the decline in the total number of hours worked in the main job was again more marked for women (-18.1%) than for men (-14.3%).

Already existing imbalances

This disproportionate impact on women has a lot to do with the already existing gender imbalances that overlap sectors of the economy. The ‘social distancing’ and lockdown measures hit services requiring direct contact with people most intensely, where teleworking is not an option: accommodation, catering, tourism, retail, entertainment, domestic work, etc.

Because women account for 61% of workers in these sectors were more exposed to layoffs, temporary layoffs and reduced hours: it was only in retail and entertainment that men suffered more job losses between the last quarter 2019 and the third quarter of 2020 (see graph). In food and accommodation services – arguably the hardest hit – 880,000 jobs were lost during this period, of which 535,000 were held by women.

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Sectors dominated by men, such as industry and construction, have not been immune to the crisis. Not only was the initial decline in activity less intense, but they bounced faster and more sharply in the following months than intensive contact-intensive services, whose decline was just as dramatic during the second and third waves of the pandemic.

In addition, between Q4 2019 and Q3 2020, job creation systematically favored men over women (except in the public sector). In particular, hiring in telecommunications and computer programming benefited 630,000 men but less than 170,000 women.

Job losses and gains in the EU-27, Q4 2019 to Q3 2020

impact of Covid-19 on women
Source: Eurostat

In the longer term, women’s employment is likely to deteriorate further. With the end of support from short-time working schemes and other public measures, sectors unable to recover quickly and strongly are at risk of massive business failures and increased unemployment.

According to forecasts by the European Commission, the services will take longer to recover, barely reaching pre-crisis levels at the end of 2021, meaning that women may experience the effects of the crisis for longer than men. Additionally, research suggests that after leave plans end, atypical workers are more likely to be made redundant than full-time employees. As women are overrepresented in this category – making up the vast majority of part-time workers – they are also more likely to be laid off in the months to come.

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Most Undervalued

Women constitute the majority of in the first line workers: 76 percent of healthcare workers, 82 percent of cashiers in grocery stores, 86 percent of personal care workers, 93 percent of educators and educators, and 95 percent of domestic and domestic workers. During the crisis, these workers experienced an increased workload, with greater exposure to health risks and emotional demands than those experienced by any other category of workers. Yet despite difficult working conditions, these professions are also among the most undervalued – including underpaid – in the EU.

In addition, although extraordinary measures to protect workers and businesses during the crisis cushioned the loss of income, women experienced greater economic hardship than men – possibly due to previous inequalities. Because women are overrepresented among low-wage workers in the EU, who account for 58 percent of minimum wage earners and 62 percent of workers earning significantly less than minimum wage, wage replacement measures – even generous ones – may have been insufficient to guarantee their economic security during the pandemic. Indeed, according to Eurofound, more women have reported difficulties make ends meet and maintain their standard of living during this period: 58% said they could not survive more than three months, compared to 48% of men.

Yet, due to the severe economic strains faced by many companies during the pandemic, gender equality measures will, at least in the short term, be likely be seen as a side issue for company boards, especially since across the EU women make up only 34% of board members and only 9% of chairmen. Governments, meanwhile, may be inclined to give companies some relaxation of their pay reporting obligations and other measures to tackle pay inequalities between men and women. In France, for example, companies already postponing the adoption of equality plans to reduce the pay gap between men and women, despite the proven economic advantages of this approach.

Unequally shared

The spread of telecommuting, as well as the closure of schools and daycares due to lockdowns, have increased the need for care within households during the pandemic. Yet old habits die hard – especially when it comes to gender roles – and this heavier burden has not been equally shared.

According to preliminary research, it was women who took care of most of the unpaid care, spending much more time than men looking after children and household chores (53 hours compared to 37 hours). The difference is even more astounding when we consider only women with children: they devote 85 hours per week to these tasks, compared to 51 hours for men.

This increase in domestic and family responsibilities has left women struggling to balance their work and personal lives. Seventeen percent of women with children reported that it was difficult for them to focus on their work because of their family, and 13% said their family prevented them from spending time on their work. Men, on the other hand, seemed largely unaffected, with just 6 and 3 percent respectively stating so.

The data also confirms that women more likely reduce their working hours to provide care for children during the pandemic. This enforced “under-involvement” at work could have lasting consequences on women’s careers, as it could compromise their chances of being promoted compared to their male counterparts who did not feel the same constraints. In addition, it puts some women in the first line future job cuts.

Real concerns

Fears that the pandemic will reverse recent advances in gender equality in the labor market are therefore real and must be addressed. To avoid lasting effects on the employment of women that would turn the economic recession into a real ‘sell-out’, the EU and its Member States must ensure a gender-sensitive recovery. This implies integrating the gender dimension into their recovery plans and including specific actions to tackle existing inequalities, such as gender inequalities in employment and pay, among others.

Overcoming the crisis should not put aside the fight for gender equality – but strengthen it.

This is the first in a series on the impact of the coronavirus crisis on women, supported by the Friedrich Ebert Stiftung.

Tech jobs fall but still in demand amid COVID-19 economic slowdown Thu, 22 Apr 2021 00:22:30 +0000

As the coronavirus pandemic ravaged the Israeli economy, sparking unemployment, the tech sector has experienced a shortage of professionals, according to a new report from the Israel Innovation Authority and Start-Up Nation Central.

According to the human capital report released on Thursday, there were 13,000 vacant positions at the end of December 2020. This figure is 30% lower than the number of jobs available in June 2019, when a previous report was released, showing that even While technology, the economy has been blown away during the pandemic, it has not escaped unscathed.

Israel, however, appears to be emerging from the pandemic thanks to a very successful vaccination campaign. This allows the economy to get back on track after a 2.5% contraction in 2020 due to the pandemic, with forced social distancing blocking businesses and economic activity.

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Despite a recession, Israel’s economy has proven to be in better shape than other developed countries as its tech industry has continued to grow, but not without setbacks.

Some populations, businesses and sectors have been more affected by the pandemic than others, according to the report. The most affected have been women, ultra-Orthodox and Arab women, who have become more involved in recent years in the technological manna of the country.

Entrepreneurs and investors participate in the demonstration day of the hybrid program, which aims to promote start-ups with one or more Arab, Druze or Bedouin founders. (Courtesy)

“The coronavirus crisis has put an end to the positive trends of recent years regarding the increased integration of women and members of Arab and ultra-Orthodox communities into high technology,” the report said.

In 2020, “there has been an alarming drop in the number of women who have founded technology companies in Israel,” the report’s authors said in a statement.

Female tech founders made up just 11% of the 7,544 founders in 2020, up from 14% in 2019, a record year. The overall share of women in the high-tech sector, however, was similar to that of the previous year and remained at 28%.

There was a stagnation in the ratio of ultra-Orthodox employees to all high-tech employees, at 3.3%, similar to 2019, after five years of continuous increase. In 2014, the figure was just over 2%, according to the data.

Uri Gabai co-CEO of Start-Up Nation Central (Miri Davidovitz)

The share of Arab women in the total number of high-tech employees in the Arab sector fell by 10 percentage points, from 42% to 32%. The proportion of Arab employees out of all tech employees fell to 2.3% in 2020, from 3% in 2018 and 2.5% in 2019, according to the data. In 2012, this figure was less than 2%.

Arabs make up 21% of Israel’s population, so they are significantly under-represented in the tech industry.

The coronavirus crisis has also affected industry players unevenly – with more than a third of small businesses, with one to 10 employees, saying they have been “severely affected by the crisis”. They were more likely to have frozen hiring, faced a decrease in the number of experienced tech employees and reduced their demand for tech positions relative to their workforce, according to the report. Multinationals and large companies, on the other hand, were able to survive the crisis better.

Despite the pandemic, the number of high-tech employees grew in 2020 at a moderate rate of 0.6%, compared to an average annual growth of 6% over the previous seven to eight years. The impact of the pandemic was felt severely in the second quarter of the year, when many employees were sent on unpaid leave, but a recovery was already evident in the following quarter, the data showed.

There was an annual average of 334,000 people employed in the tech sector in 2020, according to the report, representing 9.8% of the total workforce, a record high.

The decline in job vacancies last year was in part attributable to the fact that, due to economic uncertainty, significantly fewer workers quit voluntarily compared to previous years.

“The fact that the demand for human capital in high tech remains high even in a year of global crisis suggests that the shortage is chronic,” said Eugene Kandel, CEO of Start-Up Nation Central, in a preface to the report. As the demand for technology increases, as highlighted by the pandemic, this will make the labor shortage even more acute, and the demand for employees capable of developing solutions will increase, both in the industry of high-tech and other industries in digital transformation, it added.

The way to fill this shortage, he said, is to tap into under-represented populations.

‘No fuel’

“Without the large-scale integration of women, Arabs and the ultra-Orthodox population into high-tech, the main engine of growth of the Israeli economy will be fuelless, and the negative impact will far exceed the relative size. of the technological industry in the economy. Kandel said. “They represent the main potential for increasing the supply of high-tech employees.”

The accelerated digitization fueled by the pandemic has come at the expense of physical activity. This was also reflected in Israeli high-tech employment figures: the sectors that showed the largest annual increase in the number of employees (3.5% -5.2%) were software-based. On average, hardware-based sectors, such as telecommunications and technology solutions for the industrial sector, are downsizing by around 3% in 2020.

Sagi Dagan, Vice President, Head of Growth Division, Israel Innovation Authority (Courtesy)

“2020 has been one of the best years for Israeli high tech with record fundraising, unprecedented demand for Israeli technology and an impressive number of Israeli companies joining the unicorn club,” said Uri Gabai, co-CEO of Start-Up Nation Central. “However, the figures presented in this report indicate that we have not escaped the crisis unscathed. Small tech companies, in particular, have lost experienced tech employees and hired fewer new employees. “

The negative impact of the crisis on the economic activity of startups can hardly be felt in the short term, but could later translate into a decrease in growing companies that would have employed thousands of employees with productivity and levels high wages, he added.

The “glass ceiling” of the industry is talent, Gabai said in a telephone interview. “Now is the time for smart and efficient government. We have real problems and without a functioning government we have no way of dealing with the challenges we face.

Israel has emerged from a fourth round of general elections in two years with no clear winner and no coalition government in sight.

The Israeli government must be a “major player” in creating a talent pool for the industry, defining education policies and training programs to prepare the population for the jobs of the future, in which it does not. there will be no taxi drivers, as cars will. be self-sufficient and not have a cashier, Gabai said. “Low-end jobs are disappearing before our eyes… if we don’t train young people for the jobs of tomorrow, we will experience a huge rise in unemployment in the nation of startups.”

Even though the tech industry has enjoyed relative stability during the coronavirus crisis, it would be wrong to conclude that it “needs less investment from the state and can rely solely on the forces. market, ”said Sagi Dagan, vice president, head of the growth division, at the Israel Innovation Authority. “Quite the contrary: countries around the world are realizing that investing in civilian research and development is crucial for a thriving economy, high productivity and the adoption of technology. These countries are increasing, not decreasing, their investments in technology. “

Human capital is a significant obstacle to the continued prosperity and leadership of Israeli high-tech, Dagan said. The job market in Israel is diverse, and companies that know how to recruit and retain a diverse set of employees “are the ones that can grow better, be more stable” and more competitive.

Minister Carolyn Bennett Highlights Child Care Investments in Budget 2021 Wed, 21 Apr 2021 22:32:24 +0000

Crown-Indigenous Relations and Northern Affairs Canada

Budget 2021 is the Government of Canada’s plan to complete the fight against COVID-19 and ensure a robust economic recovery that includes all Canadians.

Today, the Minister of Crown-Indigenous Relations, the Honorable Carolyn Bennett, met with members of the Tundra Buddies Daycare Society to discuss Budget 2021’s Early Learning and Child Care Investments: A Stimulus Package for jobs, growth and resilience.

The COVID-19 recession is the strongest and fastest growing economic contraction since the Great Depression. It has disproportionately affected low-wage workers, youth, women and racialized Canadians. For businesses, this is a two-tiered recession, with some ways to prosper and grow, but many businesses, especially small businesses, are struggling to survive. Budget 2021 is a historic investment to address the specific wounds of the COVID-19 recession, put people first, create jobs, grow the middle class, put businesses on track for long-term growth and to ensure that Canada’s future is healthier, fairer, greener and more prosperous.

The pandemic has made access to early learning and child care a universal issue that resonates across all sectors, regions and income groups. School and daycare closures have been difficult for parents. Some have had to quit their jobs or significantly reduce their working hours. Without access to child care, parents cannot participate fully in our economy.

Investing in early learning and child care is a hat trick for jobs and growth: it creates jobs for workers, the majority of whom are women; it enables parents, especially mothers, to realize their full economic potential; and it creates a generation of engaged and well-prepared young learners.

The Government of Canada’s top priority remains protecting the health and safety of Canadians, especially during this aggressive third wave of the virus and its variants. Vaccine deployment is underway across Canada, with support from the federal government in every province and territory. Budget 2021 invests in Canada’s bioproduction and life sciences sector to rebuild the country’s vaccine manufacturing capacity and plans to put in place national standards for long-term care and mental health services.

Budget 2021 is a plan to connect Canadians and Canadian businesses during the crisis and towards a strong recovery. He proposes extending business and income supports until the fall and making investments to create jobs and help businesses across the economy recover. It will support nearly 500,000 new training and employment opportunities, including 215,000 for young people; supporting businesses in our most affected sectors such as tourism and the arts and culture; and accelerate investments and digital transformation in small and medium enterprises. Budget 2021 is a plan that puts Canada on track to meet its commitment to create 1 million jobs by the end of the year.

Canada entered the pandemic with a strong financial position. This has enabled the government to take swift and decisive action, to support people and businesses, and to put it in a position to make historic investments in the recovery.

Biden’s Emissions Commitment Has Economic Consequences, Experts Warn | state Wed, 21 Apr 2021 20:40:00 +0000

(The Center Square) – President Joe Biden is expected to announce on Thursday a pledge to halve U.S. greenhouse gas emissions within a decade.

Biden will announce the aggressive pledge, according to multiple reports, on the same day the White House hosts dozens of world leaders for a virtual climate summit. The pledge would commit the United States to reducing its emissions by 50% from 2005 levels by 2030.

But critics were quick to point out the flaws in the plan.

“Based on the technology currently available, there is no way to halve U.S. emissions in such a short time without having a drastic impact on our struggling economy,” said Heather Reams, Executive Director of Citizens for Responsible Energy Solutions. “We know that by 2030 90% of all new emissions will come from developing countries and China, so we need solutions that can be adopted as easily in India as in Indiana.”

During the summit, which also falls on Earth Day, leaders will discuss a range of environmental and energy issues such as coal power plants and carbon emissions.

Although Biden did not make the official announcement, his campaign rhetoric indicated that he was planning to take an aggressive stance on environmental issues.

“As President, Biden will lead the world in addressing the climate emergency and lead by the power of example, ensuring the United States achieves 100% clean energy savings and net emissions. zero by 2050 at the latest, ”Biden’s climate plan released during the presidential campaign said.

“He will lead an effort to get all major countries to increase the ambition of their national climate goals,” the plan adds.

Biden’s pledge could devastate parts of the country that depend on fossil fuels for their livelihoods. Wyoming and West Virginia have the largest coal production capacities, followed by Pennsylvania, Illinois and Kentucky. These states produced around 500 million short tons of coal in 2019, or more than 70% of the country’s coal production. A short ton is equivalent to 2,000 pounds.

“Last year, during the COVID pandemic, the United States reduced its emissions by 12% and we all know at what cost,” said Daniel Turner, founder of the energy worker advocacy group Power the Future. “Thousands of small businesses have been closed forever. Unemployment has skyrocketed. Entire sectors like airlines, hospitality and tourism have been bankrupted. “

Turner’s comments indicate the kind of opposition Biden and the Democrats who support him are likely to get from Republicans.

Other critics say Americans can expect widespread blackouts, higher energy prices and an economic slowdown if Biden’s plan is implemented.

“The second-round pledge announced by the Biden-Harris administration under the unratified Paris climate treaty is absurd and irresponsible,” said Myron Ebell, director of the Center on Energy & Environment for the Competitive Enterprise Institute . “Attempting to reduce greenhouse gas emissions by fifty percent from 2005 levels by 2030 would skyrocket energy prices, make power outages a common occurrence and lead to a widespread energy poverty. Fortunately, Biden-Harris’s pledge is only an expression of intent and has no legal basis. “

Reports indicate that the traditional fossil fuel industry supports just under 7 million jobs in the United States.

These jobs are often concentrated in certain pockets of the country, meaning that a reduction in the fossil fuel industry could send entire cities and even regions into economic recession.

“[Biden] ensure that these commitments are transparent and enforceable, and prevent countries from cheating by using the economic leverage and exemplary power of the United States, ”reads Biden’s campaign pledge. “It will fully integrate climate change into our foreign policy and national security strategies, as well as our approach to trade.”

These international relations, however, are exactly what worries many experts, who say China will use US restraint as an opportunity to gain economic advantage.

“We will give up our American, domestic, reliable, inexpensive and abundant energy to buy substandard Chinese products that are expensive and inefficient,” Turner said. “Meanwhile, China continues to expand, build and grow its economy primarily through coal-fired power plants and expanding its oil and gas production around the world. China and Russia are elated that the US president is prepared to punish his own country for reaching a globalist standard that they globally ignore.

Making public promises to world leaders will make headlines and win favor with the Democratic base, but critics say it won’t change much to the reality on the ground without Capitol Hill’s help. Biden will need congressional support to implement the sweeping changes needed to make his ambitious promises come true.

“We have to rely on widespread public opposition to convince enough Democrats in Congress to join with Republicans in defeating the implementation of this grotesque takeover to cripple the US economy,” Ebell added.

Biden has allies among Democrats keen to secure a victory for the party base.

Democrats reintroduced the Green New Deal on Tuesday ahead of Biden’s summit, pushing for a total reshuffle in the country’s spending as well as the energy industry.

“Do we intend to send a message to the Biden administration that we need to go further and bolder?” asked Rep. Alexandria Ocasio-Cortez, DN.Y. “The answer is absolutely yes.”

Despite Covid-induced collapse, clean energy jobs are getting stronger Wed, 21 Apr 2021 20:29:10 +0000

Clean energy jobs jumped nearly 11% in the second half of 2020 to employ more than 3 million Americans in all states and nearly all counties, according to the Sixth Annual Clean Jobs America recently published report by E2.

Like most of the economy, clean energy was hit hard by the COVID-19 pandemic and the economic downturn in 2020. At one point, more than 600,000 clean energy workers had filed for unemployment, but the sector rebounded strongly after May to recover about half of these. jobs to end the year down 307,000 clean energy workers. The decline in total clean energy employment was the first since E2 began producing its annual Clean Jobs America reports in 2016.

“Despite the unprecedented decline last year, data shows clean energy is creating jobs in every state and almost every county in the United States,” said Bob Keefe, executive director of E2. “The message to members of Congress is that if you want these high paying jobs in your backyard, you need to support the policies on the table that are ready to energize clean energy and keep it growing.”

Energy efficiency jobs saw the biggest decline, down about 11% year-on-year, as workers were barred from entering homes and offices due to pandemic lockdowns, the analysis said. Yet energy efficiency accounts for an even larger share of construction jobs in the United States, employing about one in five construction workers nationwide. Other clean energy sectors also saw significant declines in 2020, including renewables (6%), networks and storage (7%) and clean fuels (7%).

Several clean energy sectors saw job gains in 2020, including wind power which created around 2,000 jobs. But the brightest point was in the manufacturing of electric and plug-in hybrid vehicles, where around 12,200 jobs were added as a growing number of automakers announced changes towards producing 100% zero-emission vehicles.

Despite the setbacks, clean energy jobs have rebounded faster than the overall national workforce, according to the analysis. Clean energy jobs have increased by about 11% since May, compared to less than 9% growth in the national workforce during the same period.

Photo: E2 Sixth Annual Clean Jobs America report

]]> Manufacturing gains through trade and supply chain changes, oil recovery and accelerated economic diversification Wed, 21 Apr 2021 19:15:00 +0000

DUBLIN, April 21, 2021 / PRNewswire / – The “Global economic recovery after the 2021 pandemic” the report was added to from offer.

The research includes separate sections on Regional Economic Outlook with a focus on GDP growth rates, growth opportunities, and key economic developments specific to each country.

The United States, for example, is expected to experience 4.4% growth in 2021, notably supported by a recent stimulus push and new stimulus plan expectations. European economies continue to come under pressure from the reimposed restrictions. China is expected to grow by 8.0% in 2021, while India will see its growth for the 2021-2022 financial year accelerate to 10.9%. The 2021 growth rates reflect to some extent the base effect of low GDP from 2020.

2020 has been, without a doubt, an extremely turbulent year for the global economy, with lockdowns, a sharp contraction in trade, accelerated job losses and supply chain disruptions. The recovery started to gain momentum around the second half of the year with the easing of restrictions on COVID-19. The global economy nevertheless experienced a very deep recession in 2020.

Recovery will be the key word through 2021, in light of the continued easing of restrictions, vaccine delivery and demand picking up. Global growth is expected to accelerate to 5.3% in 2021. The pace of the recovery is expected to be much faster for the emerging markets and developed economies group, in particular thanks to high growth rates China and India.

This research captures the global economic outlook 2021, focusing on the scenario vision, growth projections, policy developments and risks to watch. The global economy is more likely, for example, to see a U-curve rally in 2021. If however downside risks materialize, there remains the possibility of a double-dip recession or recovery process. of the W curve. After a sharp contraction in GDP growth in the second quarter of 2020 in a context of deadlock, a strong associated rebound in growth figures is expected for the second quarter of 2021.

Oil prices are expected to accelerate in 2021, while remaining below 2019 levels. The finalization of a UK-EU Brexit deal has brought significant relief to the European economy, although some Brexit-related disruptions will persist in the first. semester 2021. Politically, there have been significant policy changes in the United States following the new American presidency. The United States, for example, is expected to primarily support clean energy policies in the future.

Key issues resolved

  • What are the top 5 global economic forecasts for 2021?
  • What are the prospects for global growth in the baseline, optimistic and pessimistic scenarios?
  • What are some of the main drivers and constraints for the global economy in 2021?
  • How large economies such as the United States, the United Kingdom and India carry out?
  • What are the main growth opportunities to watch, by region?
  • What do we expect from Brexit in 2021?
  • What are the economic implications of the change of US presidency?
  • How will changes and developments in trade and the supply chain impact the global economy?
  • What are the prospects for Europe given the reimposed restrictions?
  • When is global GDP expected to return to pre-pandemic levels?

Main topics covered:

1. Executive Summary – World Economic Outlook 2021

  • Top 5 Highlights of the Global Economy in 2020
  • Global Economy 2020 – Actual vs Forecast
  • Historical growth in world GDP 2008-2020
  • Top 5 global economic forecasts for 2021
  • 2021 Scenario Analysis – Quarterly Global Growth
  • Scenario analysis 2021 – Assumptions
  • Overview of global GDP growth in 2021
  • Advanced Economies – Key Forecasts for 2021
  • Emerging Economies – Key Forecasts for 2021
  • Growth opportunities 2021 – Top 3 opportunities by region
  • Regional trends 2021 – GDP growth, risks and policy direction

2. Scope and hypotheses of the research

  • Global Economy 2021 – Scope of Analysis
  • Forecast Assumptions – Global Economy

3. Growth environment

  • Why is it more and more difficult to grow taller?
  • The 8T strategic imperative
  • The impact of the three main strategic imperatives on the global economy
  • Growth opportunities fuel the growth pipeline engine
  • Growth factors for the global economy
  • The brakes on the growth of the global economy

4. World Economic Outlook 2021

  • Annual global growth 2021
  • 2021 Scenario Analysis – Quarterly Global Growth
  • Scenario analysis 2021 – Assumptions
  • Oil price, supply and demand outlook in 2021
  • Monetary Policy Outlook 2021

5. North America Economic Outlook 2021

  • North America – Top 3 growth opportunities
  • North America – GDP growth
  • United States and Canada – GDP growth outlook
  • United States and Canada – Analysis of the economic outlook
  • North America – Key economic developments

6. Latin American Economic Outlook 2021

7. Europe’s economic outlook 2021

8. Middle East Economic Outlook 2021

9. Africa Economic Outlook 2021

10. Asia-Pacific Economic Outlook 2021

11. Universe of Growth Opportunities – Global Economy, 2021

  • Growth Opportunity 1: Manufacturing Gains Through Trade and Supply Chain Changes
  • Growth opportunity 2: Demand revival through easing restrictions and further stimulus
  • Growth opportunity 3: oil recovery and accelerated economic diversification

12. Key conclusions

For more information on this report, visit

Media contact:

Research and markets
Laura Wood, Main director
[email protected]

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Congratulations, promotion 2021! You have successfully graduated, and now there are jobs waiting for you Wed, 21 Apr 2021 17:00:34 +0000

I have good news for the bold and courageous class of 2021: there are plenty of jobs for new college graduates.

It hasn’t been an easy year for any of us, let alone this spring’s new generation of college graduates. They have spent much of the last year learning from a distance, carefully socializing, missing out on many traditional college experiences. It is a committed and hardworking group; students who knew the best way to prepare for success after the pandemic was to stay engaged and on track with their studies. They graduate with a remarkable level of dedication and persistence, and many across the country are not able to get the traditional leaving experience they might have hoped for.

But despite the year we have been through, despite the nagging persistence of the pandemic and the painful economic downturn from which we are still not recovering, all signs point to employers being eager to hire this remarkable new group of college graduates.

In fact, employers plan to hire 7.2% more new college graduates in the 2021 class than those in the 2020 class, according to a report. recent report of the National Association of Colleges and Employers. This compares very well to a report in the fall, where employers planned to hire slightly fewer college graduates.

Better yet, nearly 30% of employers polled for the same report said they would hire more college graduates this year, nearly double the proportion of employers who said this in the fall.

We are seeing this trend come to life at Pace University, where our Career Services team works hard to place our students in internships and our graduates in jobs.

A year ago, as the pandemic spread across the United States, we saw a real slowdown in job vacancies, reports Phyllis Mooney, our remarkable CEO of Career Services. But there was soon an increase in some critical sectors, like healthcare, technology and the supply chain, she says. Now the economy is picking up and Mooney sees the job opportunities coming.

In fact, since March 1, Mooney and his team have posted 6,048 full-time jobs. Opportunities arose in the areas of health and human resources, software engineering and sales, web development and accounting.

During the same period, over 150 employers attended career fairs at Pace, all looking to hire our new graduates. The Big Four accounting firms recruit our students, as well as the major banks, regional healthcare providers, and all kinds of other firms.

The resilience that the 2021 class has shown this year will serve them well as they search for all available jobs. These graduates know how to be flexible, make the most of what is offered to them and they know how to be creative in finding new opportunities as the world changes around them. They have a wonderful perspective on the past 13 or 14 months, the lessons they have learned and the approaches that have helped them thrive, that will give solid and compelling answers to interview questions and demonstrate their thinking skills to employers. critical and lifelong learning. .

Our Career Services team also posted 1,967 internships, which are a key part of our training model and also an integral part of future career success. In fact, NACE recently reported that the internship conversion rate among surveyed employers – that is, the rate of interns receiving job offers from these same employers – has increased by almost 20 percent. Currently, this rate is 66.4%, against 55.5% a year earlier. The study also found that the acceptance rate had not budged – interns were accepting job offers as often as they were a year ago – meaning the increase was entirely due to the fact that employers offer more offers to interns.

Mooney and his team expect the offer rate to increase – more and more, they believe, successful internships will lead to job openings. Even in a technological and often remote world, they see networking remaining the key to job hunting, with around 80% of offers resulting from a human connection (albeit through Zoom). They therefore continue to champion the benefits of internships and the importance of taking advantage of all available networking opportunities.

They also note that diversity, equity and inclusion are at the forefront of the recruiting process, becoming priorities in all organizations, and not just in their HR offices. With over 80% of employers implementing DEI recruiting efforts, this can be another opportunity for students to connect, network, and find employment.

The bottom line is that while this has been a tough year and we’re not completely out of the woods yet, the world is opening up, and so are the job opportunities – for all of our students. Class 2021, you have successfully completed your college education under some of the most difficult circumstances possible. Now employers are ready and eager to hire you.