The World Bank chief also noted that he has been concerned about the concentration of capital in the world in the top end of the advanced economies.
The world economy has been dealt multiple blows, with the war in Ukraine driving up food and energy prices following the coronavirus outbreak, while soaring costs and rising interest rates threaten to reverberate around the globe.
The spike in inflation, highest since the 1980s, with "ongoing increases" in borrowing costs against a backdrop ahead of a decelerating economy.
The IMF would be downgrading its growth forecasts for global growth for both 2022 and 2023 later this month, she said, having warned in April that its forecast of 3.6 per cent was likely to be revised downwards.
According to layoff aggregator layoffs.fyi, more than 15,000 tech workers have lost their jobs this month, reports TechCrunch.
Balasore: Though the floodwaters of Subarnarekha have started receding due to a fall in the water flow from the upper catchments, 20 villages spread over six panchayats in Balasore district still remain cut off from the mainland. Reports said while floodwaters have receded slightly in Baliapal and Bhogarai blocks, about 20 villages of Baliapal, Bishnupur, […]
New Delhi/Mumbai: New Delhi/Mumbai, Sep 1 (IANS) The slowdown nightmare for the automobile industry is expected to continue for August as analysts estimate an overall sales downfall of up to 30 per cent. In a survey conducted by IANS, industry experts were quick to point out that August will be far worse in sales than […]
United Nations: The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report. With two-thirds of the world’s population living […]
United Nations: UN Secretary-General Antonio Guterres has warned that the world faces the most challenging crisis since World War II, confronting a pandemic threatening people in every country, one that will bring a recession “that probably has no parallel in the recent past.” There is also a risk that the combination of the disease and […]
Tokyo: Japan’s economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing that worse times may lie ahead. The Cabinet Office reported Monday a 3.4 per cent drop in the annual pace of seasonally adjusted real gross domestic product, or GDP, for the […]
Washington: The global economy is on track to shrink by 5.2 per cent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects. Economic activity in advanced economies is anticipated to contract 7 per cent in 2020 as domestic demand […]
Jakarta: For the first time after 22 years, Indonesia has entered recession due to the heavy coronavirus-induced impact on the country’s economy, authorities said on Thursday. According to the authorities, the country’s growth fell 3.49 per cent in the third quarter of this year, compared to the same period in 2019, reports the BBC. A […]