Tag Archives: recession

LONDON, ENGLAND | Xinhua | The British economy has entered a recession following two successive quarters of contraction in the second half (H2) of 2023, official data showed Thursday. Britain’s gross domestic product (GDP) fell by 0.3 percent in the fourth quarter (Q4) of 2023 after shrinking by 0.1 percent …

New York, U.S. | Xinhua | Oil prices fell on Thursday as traders grew concerned that major central banks’ policy tightening would trigger a global recession and cripple demand for energy. The West Texas Intermediate (WTI) for January delivery lost 1.17 dollars, or 1.5 percent, to settle at 76.11 U.S. dollars …

Beijing, China | Xinhua | The U.S. Federal Reserve announced earlier this month the fourth consecutive three-quarter point interest rate hike to cool record levels of inflation, another aggressive move leaving economists fearing a recession ahead. The Fed has committed to hawkish rate hikes to fight inflation while standing by as …

  Nairobi, Kenya | Xinhua | Financial experts on Tuesday called for the effective implementation of measures in order to avert an economic crisis in Africa. Catherine Pattillo, deputy director of the African Department at the International Monetary Fund (IMF), said in Nairobi, Kenya’s capital, that the global recession coupled with …

London, UK | Xinhua | Britain’s new Prime Minister Rishi Sunak on Tuesday pledged to “fix the mistakes” made by the Truss government and restore the country’s economic stability, while warning there will be “difficult decisions to come.” “Right now, our country is facing a profound economic crisis,” Sunak said in …

Washington, U.S. | Xinhua | The global economy is “dangerously close” to a recession, as inflation remains elevated, interest rates rise, and growing debt burden hits the developing world, World Bank President David Malpass said Thursday. “We’ve lowered our 2023 growth forecast from 3 percent to 1.9 percent for the global …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears. The oil alliance …

The euro has lost around 12 percent of its value against the dollar since the beginning of this year Rome, Italy | Xinhua | The euro and the U.S. dollar have broadly traded on par with each other this week after a steep devaluation for the euro which experts say will …

Recession: Three economists give their views NEWS ANALYSIS |  We are in a double bind right now. Prices are going through the roof but all the signs suggest that the economy is weakening. The answer to higher prices is normally to raise interest rates, but this also induces people and firms …

Washington, U.S. | Xinhua | The United States could see a recession if rapidly rising oil prices hit a crucial tipping point, economists have warned. Oil prices are surging worldwide, and the conflict in Ukraine has exacerbated numerous factors that have already caused record price hikes, according to experts. Bernard Baumohl, …