Day: 23 October 2024

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“Happiness is not something ready-made. It comes from your own actions.” – Dalai Lama.

Happiness

The Dalai Lama is the spiritual leader of Tibetan Buddhism and has been a prominent advocate for peace and compassion worldwide

The current Dalai Lama, Tenzin Gyatso, was born in 1935 and recognised as the 14th Dalai Lama at the age of two. He has written extensively on topics such as ethics, mindfulness, and the importance of kindness.

He was awarded the Nobel Peace Prize in 1989 for his nonviolent struggle for the liberation of Tibet and his efforts to resolve conflicts through peaceful means. His teachings often emphasise the importance of cultivating inner peace and compassion to create a better world.

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IMF cuts China’s growth as property market concerns grow

China growth at risk

The International Monetary Fund (IMF) has issued a warning about the potential decline of China’s property market while reducing its growth forecast for the world’s second-largest economy.

In a report published Tuesday, The IMF has reduced its growth forecast for China this year to 4.8%, which is 0.2 percentage points below its July projection. For 2025, the IMF reportedly anticipates growth to be at 4.5%.

The IMF has pointed out that the unexpected contraction of China’s property sector is among several factors posing risks to the global economic outlook.

‘The real estate market could face worsening conditions, potentially leading to further price declines amid a drop in sales and investment’, the report indicated.

The report referenced past property crises in countries such as Japan in the 1990s and the U.S. in 2008, suggesting that if China’s situation is not managed, property prices may fall even more.

According to the IMF‘s World Economic Outlook, this could undermine consumer confidence, leading to lower household spending and domestic demand.