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Living
Beyond Borders

GZERO Media and Citi Global Wealth Investments are pleased to present “Living Beyond Borders,” a special-edition podcast series, as well as articles and graphics that examine how our lives change as the world changes.
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Season 4

Episode 2: The economic power of women

Transcript

Listen: "Women control a third of the world's global wealth today, and they make 70% of household consumption decisions. It is a segment that we all have to be focused on, because the success of the women as a whole is going to continue to drive economic prosperity for all of our countries around the world," says Ida Liu, Global Head of Citi Private Bank.

In the latest episode of Living Beyond Borders, a podcast produced in partnership between GZERO and Citi Global Wealth Investments, Liu joins Eurasia Group’s Celeste Tambaro for a candid conversation about the reasons why increased participation of women in the workforce and in leadership creates greater growth for companies and economies.

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Podcasts

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Transcript

Listen: The equivalent of what we spent in World War II was spent in the course of a year and a half to support the US economy, and that had global impacts. All of that was rolled out with incredible speed and effectiveness, [but] the hangover effects from that are very, very significant,” said David Bailin, Chief Investment Officer and Global Head of Investments at Citi Global Wealth. Years into a global pandemic and one year into an unexpected war in Ukraine, the stability of the world's economy - and political balance - remains in question.

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Transcript

Listen: “China's ability to grow in unprecedented fashion came because they had really cheap labor, and wealthy countries around the world were very happy to take advantage of that labor. Those two things are no longer true,” said Ian Bremmer, president of Eurasia Group and GZERO Media. From the state of the great technological decoupling to China's zero-COVID policy, the relationship between the US and China remains both critically important and deeply fraught.

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Transcript

Listen: “Women make about 75% of all household consumption decisions, and control close to 100 trillion in wealth,” says Ida Liu, Global Head of Citi Private Bank. "Women can no longer be ignored."

On the latest episode of Living Beyond Borders, we look at the impact women have in 2022 on the U.S. and global economy.

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Transcript

Listen: “Envision supply chains like a strand of Christmas lights. If one light goes out, then the whole strand will stop working,” said Eurasia Group’s Christina Huguet.

On the latest episode of Living Beyond Borders, we’re talking about the moment those lights went out—as the COVID-19 pandemic took hold and disrupted shipping, manufacturing, and labor all at once—and what it will take more than two years later to turn those lights back on and create more resilient global supply chains.

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Special Edition Newsletters

Articles

What geopolitics stories could still blow up the global economy?

Investors hate uncertainty. For now, most of them are trying to understand how central bankers, particularly at the US Federal Reserve, will calibrate changes in interest rates to slow inflation while avoiding recession.

But there are also three big geopolitical stories that will generate plenty more questions throughout 2023.

Russia’s war

After more than a year of war following Russia’s invasion of Ukraine, two realities have emerged. Russia’s military isn’t strong enough to conquer Ukraine, but it is probably strong enough to prevent a complete Ukrainian victory. The war has now settled into a stalemate that continues to put upward pressure on energy prices and threaten further surges in food prices. (The current deal to allow grain exports through the Black Sea expires on March 18.)

To some extent, the consensus expectation for a war that lasts beyond 2023 will allow producers and companies to adjust their supply chains to new realities, to make alternative arrangements for diminished supplies of oil, gas, grain, and other commodities, and to find new trade partners.

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The Graphic Truth: Food inflation still flying high

As the war in Ukraine lingers and pandemic aftershocks continue to pound the global economy, food inflation remains sky-high throughout much of the world. Consider that over the past year alone, egg prices in the US rose by a whopping 60% on average. While prices of some food staples have dropped in recent months, partly due to the Black Sea grain deal, stubborn inflation driving up transport and labor costs means that consumers aren’t feeling prices ease at the supermarket. We take a look at food inflation in select countries now compared to a year ago, exactly one month after Russia invaded Ukraine.

Hard Numbers: Beijing underpromises, Russia slips sanctions, sunlight helps to grow US jobs, oil prices in perspective

32: Beijing’s new 2023 GDP growth target of “around 5%” is the country’s lowest in 32 years. The last time the Chinese Communist Party hedged this much, the Soviet Union was still around and a little-known band from Seattle had just released a record called “Nevermind.”

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What We’re Watching: Grain deal deadline, tech layoffs, interest rate ripples

Will the Black Sea grain deal be renewed?

Amid growing concern that Russia may refuse to renew a deal to allow food and fertilizer shipments to travel through a safe passage in the Black Sea, UN Secretary-General António Guterres this week visited Kyiv, where he called for the renewal of the agreement, which is set to lapse on March 18. Quick recap: The grain deal, negotiated by Turkey, the UN, Russia, and Ukraine, was implemented in the summer of 2022 in a bid to free up 20 million tons of grain stuck at Ukrainian ports due to Russia’s blockade. You’ll likely remember that the two states are both huge exporters of wheat, while Russia is also the global fertilizer king. Indeed, the deal has helped alleviate a global food crisis that was hitting import-reliant Africa particularly hard, and driving up global food prices. Kyiv, for its part, says that if the deal is expanded to additional ports it could export at least some of the 30 million tons of grain that remain stuck. The Kremlin hasn’t said what its plans are but this week accused the West of “shamelessly burying" the Black Sea deal in what could be used as a pretext for its refusal to play ball.

For more on what Guterres has to say about the ongoing war in Ukraine and its human toll, check out his interview with Ian Bremmer on GZERO World.

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Can you get by with a little help from your friends?

The pandemic inflicted a huge shock on supply chains, but there is another force at work remapping global trade flows too: the deepening ideological divide between the US and China, framed in Washington as a broader competition between democracies and autocracies.

The so-called “de-coupling” between the world’s two largest economies began during the presidency of Donald Trump, who slapped tariffs on China in a largely unsuccessful attempt to address the real harms that offshoring has done to some US workers.

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