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Biden will have a long list of economic fixes to make: Experts say these are the top 3 – NBC News

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Economists and market analysts say that when President-elect Joe Biden takes the oath of office in January, he will inherit a battered economy. While most metrics of economic activity have risen from the record-shattering lows they hit in March and April, the pace of improvement has slowed, and analysts worry that burgeoning Covid-19 case numbers will throttle the hard-won economic momentum the country has eked out so far.

It won’t be easy. Control of the Senate is still up in the air, but many believe it’s likely that Congress’s upper chamber might still have have a Republican majority with Sen. Mitch McConnell, R-Ky, as Majority Leader. Although Biden has referenced his work with McConnell in the past to bolster his credentials as a politician who can successfully work across the aisle, McConnell’s public backing of President Donald Trump’s refusal to concede on Monday was, if nothing else, a clear indication that bipartisanship will be elusive for Biden.

“With a divided Congress, a handful of the major legislative priorities of a Biden administration seem unlikely,” said Ross Mayfield, an investment strategy analyst at Baird. “Any kind of major corporate tax hike or wealth tax seems incredibly unlikely with a Republican Senate.”

“Pfizer’s progress towards a vaccine is promising, but does not negate the need for lawmakers to act in the near term.”

Despite Biden positioning himself as a centrist, economists aren’t expecting much across-the-aisle cooperation. After a stimulus deal is passed, “I think it’s going to be difficult to do much beyond that, legislatively,” said Mark Zandi, chief economist at Moody’s Analytics.

Although Biden will be unable to put most of his — and his party’s — boldest initiatives into action, Zandi said the new president would likely implement a flurry of executive orders, many targeted at undoing policies Trump had unilaterally imposed the same way. “Biden’s going to reverse Trump on trade, on immigration, on climate change, on banking regulations,” he said. “It’s not big, fundamental shifts… it’s more incremental.”

Economists say these are the week-one, day-one challenges Biden will face as soon as he is sworn in — and how he might be able to meet them.

Corral the coronavirus

Although a public health crisis first and foremost, experts agree that containing and lowering the burgeoning number of Covid-19 cases is the only way to alleviate the economic crisis that has gripped the country since March. Getting the virus under control will ensure that stores, restaurants, hotels and entertainment venues can stay open, and that Americans will have the confidence — and the disposable income — to take flights, attend ball games, eat out at restaurants and shop in stores.

“He’s going to encourage the governors to recommend that face masks be mandatory in order to try and improve the chance of the economy opening as quickly as possible,” said Sam Stovall, chief investment strategist at CFRA Research. “I think everybody realizes that more action is needed.”

Nov. 10, 202002:15

His administration will need to invest in people, equipment and technology to improve the availability and accuracy of testing, production and dissemination of PPE and development of virus-mitigation and contract tracing protocols — all goals endorsed by public health officials. However, observers caution that Biden could run into resistance from Republican Congress members and governors over issues such as mask mandates and increased funds for testing and contact tracing.

Get America more stimulus

Congress was unable to come to an agreement on the terms of a stimulus package before the election. Economists are divided on whether or not — and when — another tranche of aid might be forthcoming. “Any kind of coronavirus fiscal stimulus legislation still seems likely, [but] some of the good recent economic data shows economic momentum that has pared the appetite for a big bill,” Mayfield said.

Most analysts, along with top officials like Federal Reserve Chairman Jerome Powell, do agree that additional stimulus is needed. The progress announced by Pfizer on Monday towards a Covid-19 vaccine was promising, some said, but did not negate the need for lawmakers to act in the near term.

“Regardless of the path of the virus, I think there’s pretty high awareness across the partisan spectrum that there needs to be some sort of bill to carry this recovery across the finish line,” Mayfield said.

A worsening public health picture could incentivize lawmakers to work quickly, some said. “Majority Leader McConnell’s reluctance to move ahead with a relief bill the last few months suggests it will be uphill sledding — though one might note that many experts expect the pandemic to be considerably worse by the time Biden is sworn in, which may make the politics of a broad relief and recovery effort somewhat more feasible,” said Mason B. Williams, a political science professor at Williams College.

Bring back jobs

A growing number of job losses are shifting from temporary to permanent, an ominous change labor economists say will get worse between now and the inauguration, particularly if the current alarming trajectory of case growth continues unchecked.

Economists agree that, even if a Biden White House is able to get a sufficient handle on Covid-19 to avoid reimposition of shutdowns, Americans will need the means as well as the willingness to spend. Securing more stimulus is an important first step, Stovall said. “He would want to focus on stimulus right away to save as many jobs as he can,” he said. With consumer spending the biggest contributor to GDP, putting money in the pockets of ordinary Americans is a quick way to insulate the jobs of countless cashiers, cooks, hairstylists, hotel staffers and others in high-contact service-sector positions.

Mayfield said another way Biden could contribute to job gains would be to coordinate more PPE production at American factories. “I think you’ll probably see some effort on some things like utilizing the Defense Production Act to mobilize some U.S. manufacturing,” he said. This would have a multifaceted impact touching on a few different Biden administration priorities: Adding jobs, securing enough PPE to combat Covid-19 and revitalizing American manufacturing with an eye towards rebuilding.

“In proposing a Public Health Jobs Corps, Biden is wisely copying from the New Deal’s playbook of providing short-term ‘emergency’ employment.”

Biden’s transition website calls for establishing a 100,000-person job corps to combat the coronavirus. “In proposing a Public Health Jobs Corps, Biden is wisely copying from the New Deal’s playbook of providing short-term ‘emergency’ employment in ways that will stimulate long-term economic growth,” Williams said.

Although hailed by some as a proactive way to tackle the nation’s considerable public health as well as economic challenges, this proposal would likely face resistance from Congressional Republicans. Likewise, Biden’s proposals to develop jobs in sectors as diverse as infrastructure, green energy and child- and elder-caregiving all would require the kind of spending outlays he would be unlikely to wrest from a GOP-led Senate.

“Republican Senators are even less likely to support Biden’s spending priorities than they would be likely to support some of Trump’s spending priorities,” said Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance.

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India's economy contracts by 7.5%, enters its 1st recession – NEWS 1130 – News 1130

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NEW DELHI — India’s economy contracted by 7.5% in the July-September quarter following a record slump of 23.9% in the previous three months, pushing the country into a recession for the first time in its history.

The contraction occurred despite the government’s lifting of a strict two-month lockdown imposed across the country in March after the outbreak of the pandemic.

A country enters a technical recession if its economy contracts for two successive quarters.

Data released Friday by the National Statistical Office showed industry normalizing faster than the service sector.

Manufacturing grew by 0.6% in July-September after shrinking by a massive 39% in the preceding quarter, the report said. While the agriculture sector grew by 3.4%, trade and services contracted by 15.6%, it said.

The 23.9% GDP contraction in the April-June quarter triggered massive unemployment in small and medium-size businesses and created rural distress.

The government announced stimulus packages after it lifted the lockdown imposed in March.

In May, it introduced a $266 billion package to boost consumer demand and manufacturing. A large part of the package was actually loans provided by banks, many of them without collateral.

That was followed by a $35.14 billion package early this month to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.

The objective of the incentives is to attract investment and enable India to become part of the global supply chain.

Finance Minister Nirmala Sitharaman said a strong economic recovery is taking root, citing an increase in tax collections for goods and services.

Ashok Sharma, The Associated Press

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India's economy contracts by 7.5%, enters its 1st recession – 570 News

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NEW DELHI — India’s economy contracted by 7.5% in the July-September quarter following a record slump of 23.9% in the previous three months, pushing the country into a recession for the first time in its history.

The contraction occurred despite the government’s lifting of a strict two-month lockdown imposed across the country in March after the outbreak of the pandemic.

A country enters a technical recession if its economy contracts for two successive quarters.

Data released Friday by the National Statistical Office showed industry normalizing faster than the service sector.

Manufacturing grew by 0.6% in July-September after shrinking by a massive 39% in the preceding quarter, the report said. While the agriculture sector grew by 3.4%, trade and services contracted by 15.6%, it said.

The 23.9% GDP contraction in the April-June quarter triggered massive unemployment in small and medium-size businesses and created rural distress.

The government announced stimulus packages after it lifted the lockdown imposed in March.

In May, it introduced a $266 billion package to boost consumer demand and manufacturing. A large part of the package was actually loans provided by banks, many of them without collateral.

That was followed by a $35.14 billion package early this month to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.

The objective of the incentives is to attract investment and enable India to become part of the global supply chain.

Finance Minister Nirmala Sitharaman said a strong economic recovery is taking root, citing an increase in tax collections for goods and services.

Ashok Sharma, The Associated Press

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India Credit Downgrades Abate on Signs Economy Bouncing Back – Yahoo Canada Finance

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GlobeNewswire

Insights on the Contactless Biometrics Technology APAC Market to 2026 – Industry Analysis and Forecast

Dublin, Nov. 27, 2020 (GLOBE NEWSWIRE) — The “Asia Pacific Contactless Biometrics Technology Market By Component, By Application, By End User, By Country, Industry Analysis and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering. The Asia Pacific Contactless Biometrics Technology Market is expected to witness market growth of 21% CAGR during the forecast period (2020-2026). Constant technological advances in enhanced experience are anticipated to provide positive opportunities for market growth over the coming years. The increase in disposable income worldwide is expected to drive the market. Brand and technology-sensitive buyers are anticipated to contribute to market demand. Smartphones are characterized by innovative features, technology and design, evolving product life cycles, extreme pricing, changing product imitation and technological advancements. The simplicity with which services, images, gallery and documentation are handled has intensified the reliance on smartphones. Growing demand and interest in music, gaming, travel navigation, entertainment; social and personalization are expected to be key drivers for the smartphone market. These are gradually becoming an alternative to PDAs, heavy laptops and space-consuming desktops. Various banks, fintech and financial services companies have established partners to provide bio-authentication for secure on-boarding and transactions, with facial, finger and voice recognition. Ubiquitous contactless payments have always been a long-term inevitability. All it took for them to become a smart short-term investment was for customers to avoid treating retail keypads as a luxury and more like a factor for disease. Based on Component, the market is segmented into Software, Hardware and Services. Based on Application, the market is segmented into Face, Voice, Fingerprint & Hand Geometry, Iris and Others. Based on End User, the market is segmented into Government, Transport & Logistics, Defense & Security, Consumer Electronics, Healthcare & Life Sciences, Banking & Finance and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific. The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include Fujitsu Limited, Thales Group S.A. (Gemalto NV), Assa Abloy AB, NEC Corporation, Aware, Inc., Fingerprint Cards AB, IDEMIA SAS (Advent International, Inc.), Touchless Biometric Systems AG, M2SYS Technology, Inc., and nVIAsoft Corporation. Unique Offerings from the Publisher * Exhaustive coverage * Highest number of market tables and figures * Subscription based model available * Guaranteed best price * Assured post sales research support with 10% customization freeKey Topics Covered: Chapter 1. Market Scope & Methodology 1.1 Market Definition 1.2 Objectives 1.3 Market Scope 1.4 Segmentation 1.4.1 Asia Pacific Contactless Biometrics Technology Market, by Component 1.4.2 Asia Pacific Contactless Biometrics Technology Market, by Application 1.4.3 Asia Pacific Contactless Biometrics Technology Market, by End User 1.4.4 Asia Pacific Contactless Biometrics Technology Market, by Country 1.5 Methodology for the research Chapter 2. Market Overview 2.1 Introduction 2.1.1 Overview 2.1.2 EXECUTIVE SUMMARY 2.1.3 Market Composition and Scenario 2.2 Key Factors Impacting the Market 2.2.1 Market Drivers 2.2.2 Market Restraints Chapter 3. Competition Analysis – Global 3.1 Cardinal Matrix 3.2 Recent Industry Wide Strategic Developments 3.2.1 Partnerships, Collaborations and Agreements 3.2.2 Product Launches and Product Expansions 3.2.3 Mergers & Acquisitions 3.3 Top Winning Strategies 3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020) 3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Nov – 2020,Apr) Leading Players Chapter 4. Asia Pacific Contactless Biometrics Technology Market by Component 4.1 Asia Pacific Contactless Biometrics Technology Software Market by Country 4.2 Asia Pacific Contactless Biometrics Technology Hardware Market by Country 4.3 Asia Pacific Contactless Biometrics Technology Services Market by Country Chapter 5. Asia Pacific Contactless Biometrics Technology Market by Application 5.1 Asia Pacific Face Contactless Biometrics Technology Market by Country 5.2 Asia Pacific Voice Contactless Biometrics Technology Market by Country 5.3 Asia Pacific Fingerprint & Hand Geometry Contactless Biometrics Technology Market by Country 5.4 Asia Pacific Iris Contactless Biometrics Technology Market by Country 5.5 Asia Pacific Other Application Contactless Biometrics Technology Market by Country Chapter 6. Asia Pacific Contactless Biometrics Technology Market by End User 6.1 Asia Pacific Government Contactless Biometrics Technology Market by Country 6.2 Asia Pacific Transport & Logistics Contactless Biometrics Technology Market by Country 6.3 Asia Pacific Defense & Security Contactless Biometrics Technology Market by Country 6.4 Asia Pacific Consumer Electronics Contactless Biometrics Technology Market by Country 6.5 Asia Pacific Healthcare & Life Sciences Contactless Biometrics Technology Market by Country 6.6 Asia Pacific Banking & Finance Contactless Biometrics Technology Market by Country 6.7 Asia Pacific Others Contactless Biometrics Technology Market by Country Chapter 7. Asia Pacific Contactless Biometrics Technology Market by Country 7.1 China Contactless Biometrics Technology Market 7.1.1 China Contactless Biometrics Technology Market by Component 7.1.2 China Contactless Biometrics Technology Market by Application 7.1.3 China Contactless Biometrics Technology Market by End User 7.2 Japan Contactless Biometrics Technology Market 7.2.1 Japan Contactless Biometrics Technology Market by Component 7.2.2 Japan Contactless Biometrics Technology Market by Application 7.2.3 Japan Contactless Biometrics Technology Market by End User 7.3 India Contactless Biometrics Technology Market 7.3.1 India Contactless Biometrics Technology Market by Component 7.3.2 India Contactless Biometrics Technology Market by Application 7.3.3 India Contactless Biometrics Technology Market by End User 7.4 South Korea Contactless Biometrics Technology Market 7.4.1 South Korea Contactless Biometrics Technology Market by Component 7.4.2 South Korea Contactless Biometrics Technology Market by Application 7.4.3 South Korea Contactless Biometrics Technology Market by End User 7.5 Singapore Contactless Biometrics Technology Market 7.5.1 Singapore Contactless Biometrics Technology Market by Component 7.5.2 Singapore Contactless Biometrics Technology Market by Application 7.5.3 Singapore Contactless Biometrics Technology Market by End User 7.6 Malaysia Contactless Biometrics Technology Market 7.6.1 Malaysia Contactless Biometrics Technology Market by Component 7.6.2 Malaysia Contactless Biometrics Technology Market by Application 7.6.3 Malaysia Contactless Biometrics Technology Market by End User 7.7 Rest of Asia Pacific Contactless Biometrics Technology Market 7.7.1 Rest of Asia Pacific Contactless Biometrics Technology Market by Component 7.7.2 Rest of Asia Pacific Contactless Biometrics Technology Market by Application 7.7.3 Rest of Asia Pacific Contactless Biometrics Technology Market by End User Chapter 8. Company Profiles 8.1 Fujitsu Limited 8.1.1 Company Overview 8.1.2 Financial Analysis 8.1.3 Recent strategies and developments: 8.1.3.1 Partnerships, Collaborations, and Agreements: 8.1.3.2 Product Launches and Product Expansions: 8.1.3.3 Acquisition and Mergers: 8.1.4 SWOT Analysis 8.2 Thales Group S.A. (Gemalto NV) 8.2.1 Company Overview 8.2.2 Financial Analysis 8.2.3 Segmental and Regional Analysis 8.2.4 Research and Development Expense 8.2.5 Recent strategies and developments: 8.2.5.1 Partnerships, Collaborations, and Agreements: 8.2.6 SWOT Analysis 8.3 Assa Abloy AB 8.3.1 Company Overview 8.3.2 Financial Analysis 8.3.3 Segment and Regional Analysis 8.3.4 Research & Development Expense 8.3.5 Recent strategies and developments: 8.3.5.1 Partnerships, Collaborations, and Agreements: 8.3.5.2 Acquisition and Mergers: 8.3.6 SWOT Analysis 8.4 NEC Corporation 8.4.1 Company Overview 8.4.2 Financial Analysis 8.4.3 Segmental and Regional Analysis 8.4.4 Research & Development Expenses 8.4.5 Recent strategies and developments: 8.4.5.1 Partnerships, Collaborations, and Agreements: 8.4.5.2 Product Launches and Product Expansions: 8.4.5.3 Acquisition and Mergers: 8.4.6 SWOT Analysis 8.5 Aware, Inc. 8.5.1 Company Overview 8.5.2 Financial Analysis 8.5.3 Regional Analysis 8.5.4 Research & Development Expense 8.5.5 Recent strategies and developments: 8.5.5.1 Product Launches and Product Expansions: 8.6 Fingerprint Cards AB 8.6.1 Company Overview 8.6.2 Financial Analysis 8.6.3 Research & Development Expense 8.6.4 Recent strategies and developments: 8.6.4.1 Partnerships, Collaborations, and Agreements: 8.6.4.2 Product Launches and Product Expansions: 8.7 IDEMIA SAS (Advent International, Inc.) 8.7.1 Company Overview 8.7.2 Recent strategies and developments: 8.7.2.1 Partnerships, Collaborations, and Agreements: 8.8 Touchless Biometric Systems AG 8.8.1 Company Overview 8.9 M2SYS Technology, Inc. 8.9.1 Company Overview 8.10 nVIAsoft Corporation 8.10.1 Company overview For more information about this report visit https://www.researchandmarkets.com/r/h2qip3Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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