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LONDON, Feb 15, 2024 (AFP) – Britain sank into recession at the end of last year on high inflation and a cost-of-living crisis, dealing a blow to Prime Minister Rishi Sunak before this year’s election. Gross domestic product shrank 0.3 percent in the fourth quarter of 2023 after contracting 0.1 percent in the prior three months, the Office for National Statistics (ONS) said in a statement. That places the economy in recession, which is defined […]
BERLIN, May 25, 2023 (AFP) – Germany fell into a recession around the turn of the year, official figures published Thursday showed, as inflation and higher interest rates curbed demand in Europe’s largest economy. Over the first three months of 2023, the economy shrank by 0.3 percent, the federal statistics agency Destatis said, downgrading an initial estimate of zero percent. Following a 0.5-percent contraction in the last three months of 2022, it was Germany’s second […]
FORT WORTH, United States (AFP) — A recession in the US is “not inevitable,” Treasury Secretary Janet Yellen said Thursday, adding that she believes the world’s biggest economy is on the right track in lowering inflation. Her comments come on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn. For now, […]
Washington, United States | AFP | by Heather SCOTT IMF chief Kristalina Georgieva urged global policymakers Thursday to take concerted action to avoid a “dangerous ‘new normal,’” as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund’s annual meetings next week, the IMF’s managing director said it was critical to “stabilize the global economy by addressing the most immediate challenges” — including […]
HONG KONG, China (AFP) – Equities and crude prices fell while the dollar held at multi-year highs Wednesday as recession fears mount, and traders grow increasingly concerned about tensions between Russia and the West. Investors are keeping a close eye on London, after new finance minister Kwasi Kwarteng’s tax-cutting last week sent shock waves through markets, pushing the pound to a record low and leading to dire warnings for Britain’s economy. While Asia saw small […]
Washington, United States (AFP) The American economy contracted in the April-June quarter but not as much as initially reported, as revised data showed stronger US exports and spending, according to government data released Thursday. Second quarter GDP fell 0.6 percent, annualized, less than the 0.9 percent drop the Commerce Department announced in the initial estimate last month. Coming after the steep 1.6 percent contraction in the first quarter, the data still feeds concerns about a […]
LONDON, United Kingdom (AFP) — Stock markets largely rose and oil prices retreated Monday as investors mulled the prospect of recession in the United States and elsewhere and central banks seek to tame soaring inflation with aggressive interest rate hikes. The dollar, which had surged on Friday on the prospect of further large increases in US borrowing costs, fell back on profit-taking at the start of the new week. Speculation is growing that the […]
WASHINGTON, United States (AFP) — President Joe Biden said Monday he does not expect the United States suffer an economic downturn, although GDP figures due later this week may show the economy shrinking for a second consecutive quarter. “We’re not going to be in a recession in my view,” Biden told reporters. Citing strong employment figures, the president said he hoped instead for a soft landing where “we go from this rapid growth to steady […]
by Heather Scott Agence France-Presse WASHINGTON, United States (AFP) — A massive interest rate hike by the US Federal Reserve and promises of more to come are fueling warnings that the only offramp from the searing price hikes engulfing American families is a full-blown recession. The Fed remains hopeful it can slow activity and demand, cooling the blistering pace of inflation, without derailing the world’s largest economy. But skepticism is growing about the chances of […]
by Shingo ITO Agence France Presse TOKYO, Japan (AFP) — Japan’s economy exited recession in the third quarter, growing a better-than-expected 5.0 percent, government data showed Monday, following a record contraction. A rise in domestic demand as well as exports helped drive the quarter-on-quarter growth, after the coronavirus pandemic and a consumption tax hike slammed the economy into reverse earlier in the year. The positive figures come after three quarters of contraction in the […]
SYDNEY, Australia (AFP) — Australia has entered its first recession since 1991 after the economy shrank 7 percent in the second quarter, official figures showed Wednesday, as the country reels from the coronavirus pandemic. The Australian Bureau of Statistics said it was the fastest quarterly contraction on record and ends a three-decade run of economic growth that was undented even by the global financial crisis. The bureau’s head of national accounts, Michael Smedes, said the […]
PARIS, France (AFP) — Brazil and India reported historic second-quarter drops in national economic output this week, a situation seen in almost all leading global economies owing to the coronavirus pandemic. Only China, where the outbreak was first reported, has escaped a recession. Here are second-quarter changes in gross domestic product (GDP) compared with the previous quarter for many of the world’s top economies. Unless stated otherwise, the figures are from the national statistics […]
