Biden | First Days of a Presidency

Current state of the US economy, Biden's worries about rising inequity, and his 2020 campaign positions. Greetings {NAME}, Last week, on January 20, Joe Biden was inaugurated as the President of the United States of America. Biden gave a 21-minute speech in which he called on American unity. So we decided to devote today's newsletter to the current state of the US economy, the data behind Biden's worries about rising inequity, and a look back on his 2020 campaign positions as a reminder of the policies his administration may pursue. Get involved! Send us your feedback at DataDriven@knoema.com. From the Headlines - A national test and trace programme. While during 2020 [the majority of US federal COVID-19 funds were employment centric]( President Biden’s new COVID response framework goes well beyond economic stimulus to include, for example, establishing at least 10 testing centers in every state, calling upon federal agencies to deploy resources and give firmer national guidance through federal experts. - Green energy investment. Beyond COVID, President Biden also wants a $2 trillion investment in green energy, arguing that boosting green manufacturing helps working class union workers who perform most of those jobs. It seems the [US stock market has already chosen the green path](. Data Driven Stories Contrary to economic crises of the past, the corona-crisis has only widened the gap between the rich and the poor, a point US President Biden featured in his inaugural address.[Low wage employment compared to pre-COVID level](. While COVID-19 and the health, employment, and general economic and social crises of 2020 have almost certainly changed the weight and perspective people may place on any one of these topics, as a collective, they are representative of the issues at the forefront of US policy today. Take another look at [Biden’s positions on key issues during the presidential election race]( and watch as they take shape in these early days of his presidency. New Data at Knoema [Edelman](. The 2021 Edelman Trust Barometer report revealed a decline of trust in government around the globe. The greatest decline was in [China]( where the trust index fell to 72 in 2021 against 82 in 2020. The credibility of the [Indian]( government was highest with an index value of 77, although it was 2 points lower than 2020. [Australians]( became extra reliable, gaining 12 points compared to 2020. [National Bureau of Statistics, China](. The Chinese economy continued to recover in the last quarter of 2020, growing [6.5% YoY in Q4 2020]( marking a return to its pre COVID-19 growth level. The growth was led by resilience in China’s export and manufacturing sectors. The COVID-19 outbreak, which originated in [Wuhan in December 2019]( forced China’s first quarterly GDP decline ([-6.8% YoY in Q1 2020]( in decades. [Economic Policy Uncertainty](. The Global Uncertainty Index in Q4 2020 was a mere  [60% of the Q1 2020]( all-time high at the onset of the COVID-19 pandemic, a reflection of the dissipating uncertainty not only from COVID but also the US presidential election, among other factors. Alt Data Insights If not for COVID-19, the world economy of 2017 was on course to grow by more than 34% by 2030. Allowing for inter-industry and global linkages, the [QuERI]( model indicates a [post-COVID scenario]( with growth reduced to 29.8% in 2030. January 2021 consumer survey data from [Prosper Insight and Analytics]( demonstrates that US consumers are getting used to their new lifestyles and have shifted from wishing for the pandemic to go away to just dealing with the “new normal”.  [Consumer spending, consumer confidence and consumer sentiment insights](. Interested in what Knoema can do for your organization? [Get on a call]( Insights Around the Web [UNCTAD](. In 2020, foreign direct investment in the United States plummeted 49% (to $134 billion) while investment in China increased 4% (to $163 billion), making China the largest recipient of foreign investment inflows for the first time. [European Commission](. The COVID-19 pandemic led to significant downward revision of global GHG emissions compared to the pre-covid baseline. Because of COVID alone there will be between 2 and 9 percent less emissions in 2030, which will be enough to stabilize emission levels but still not enough to achieve the 2°C or 1.5°C targets. [IMF](. A review of the central bank laws of 174 IMF members shows that only about 40 central banks are legally allowed to issue digital currencies. Close to 80% of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear. [Apptopia](. With 850 million downloads TikTok was the world's most downloaded app of 2020, surpassing popular social networking apps like WhatsApp, Facebook, and Instagram. Stay well. Charles Poliacof CEO, Knoema [knoema.com]( [Twitter]( [Facebook]( [Website]( Copyright © 2021 Knoema. All rights reserved. You are receiving this email because you are a registered Knoema user. Our mailing address is: Knoema 31 East 32nd Street 4th FloorNew York, NY 10016 [Add us to your address book]( Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](.