Page 8 - Global Economy

Global supply chains gear up for overhaul next year, survey shows

The survey also showed concerns were broader than supply chains, with 51% of respondents saying their expect the environment for international trade to be harder next year

India, Russia vow to expand economic cooperation, including energy sector

India and Russia on Tuesday vowed to expand their economic engagement including New Delhi's import of petroleum products from its "time-tested" partner even as External Affairs Minister S Jaishankar emphasized on ending the Ukraine conflict in view of growing global concerns over energy and food security. After holding wide-ranging talks with his Russian counterpart Sergey Lavrov and Deputy Prime Minister Denis Manturov in Moscow, Jaishankar said India would be supportive of any initiative that "de-risks" the global economy and stabilises the global order at this stage. In his opening remarks at the meeting with Lavrov, Jaishankar described Indo-Russia relations as "exceptionally steady" and "time-tested" and said the objective is to fashion a contemporary, balanced, mutually beneficial, sustainable and long-term engagement between the two sides. It was Jaishankar's first visit to Moscow after Russia launched its invasion of Ukraine in February and his talks with the Russian ...

Managing growth expectations

In a highly uncertain global economic environment, realistic growth projections would reduce risks

Following Federal Reserve goes out of fashion in 'messier' world economy

Bank of England the latest to push back against hawkish bets; Fed seen as most aggressive, driving record gains for dollar

Amazon, Strife, Lyft see hiring freezes, layoffs amid looming recession

Amazon has announced to freeze new hirings in its corporate workforce, with the global economy "in an uncertain place"

Turkish inflation tops 85% driven by surge in food prices, energy costs

Turkish annual inflation accelerated for the 17th month in a row in October, driven by a surge in food prices and energy costs, to its likely peak during President Erdogan's two decades in power

Fintechs shadow banks of current time, are fragile: Douglas W Diamond

Professor at the University of Chicago's Booth School of Business, Diamond received the prize along with Philip Dybvig and former Fed chair Ben Bernanke

Inflation hits new record 10.7% in Europe, slowing economy: Report

Annual inflation reached 10.7 per cent in October, the European Union's statistics agency, Eurostat, reported on Monday

What long-term stagnation of global economy means for climate change

The global economy has been trapped in a state of relative stagnation in rates of growth, productivity, investment, and profitability since at least the 2008 financial crisis

Heat waves due to climate change have cost world economy trillions so far

Massive economic losses brought on by extreme heat induced by human-driven climate change are an issue now, not only in the distant future

Buoyant Wall Street boosts world, European stocks; oil prices slide

World and European shares turned higher on Friday as Wall Street extended gains amid hopes of a slowdown in some central banks' rate hikes

Global crises can speed up transition towards clean energy: Report

Spiralling energy costs caused by various economic factors and the Ukraine war could be a turning point toward cleaner energy, the International Energy Agency said in a report Thursday. The Paris-based organisation found the global demand for fossil fuels, including coal, oil, and natural gas, is set to peak or plateau in the next few decades. The report looked at scenarios based on current policies and said that coal use will fall back within the next few years, natural gas demand will reach a plateau by the end of the decade and rising sales of electric vehicles mean that the need for oil will level off in the mid-2030s before ebbing slightly by mid-century. Total emissions are currently going up each year, but slowly. "Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come, said the IEA's executive director Fatih Birol. A surge in demand following COVID-19 pandemic restrictions lifting and ...

Global economy approaching a recession, central banks unchained: Poll

The global economy is approaching a recession as economists cut growth forecasts for key economies while central banks keep raising interest rates to bring down persistently-high inflation

Bearish bets on Asian FX stay firm on towering dollar, slowdown fears: Poll

Bearish bets on Asian currencies stayed firm due to the unrelenting strength of the US dollar, as ultra-hawkish posturing by most central banks globally stoked fears of recession, a poll showed

Hong Kong cuts property taxes, eases visa rules to attract global talent

Hong Kong Chief Executive John Lee unveiled a sweeping plan to woo talent back to the city and ease its housing woes, in a bid to revive its status as a thriving international finance hub

Rising global risks: India will need policy space

Given the global economic outlook, the policy focus should be to first preserve financial stability and not take undue policy risks

Soaring US dollar spreads pain worldwide, cost of living increases

The cost of living in Cairo has soared so much that security guard Mustafa Gamal had to send his wife and year-old daughter to live with his parents in a village 70 miles south of the Egyptian capital to save money. Gamal, 28, stayed behind, working two jobs, sharing an apartment with other young people and eliminating meat from his diet. The prices of everything have been doubled," he said. "There was no alternative.'' Around the world, people are sharing Gamal's pain and frustration. An auto parts dealer in Nairobi, a seller of baby clothes in Istanbul and a wine importer in Manchester, England have the same complaint: A surging US dollar makes their local currencies weaker, contributing to skyrocketing prices for everyday goods and services. This is compounding financial distress at a time when families are already facing food and energy crunches tied to Russia's invasion of Ukraine. A strong dollar makes a bad situation worse in the rest of the world,'' says Eswar Prasad, a ...

Cocktail of macroeconomic data paints bleak picture of global economy

Long, short or medium, all of the announcements by governments of the world are "willing and able" to make the equity, currency and commodity markets gyrate wildly

58% of CEOs in India expect a recession to be mild and short: KPMG survey

66 per cent CEOs in India compared to 86 per cent globally anticipating a recession to hit over the next year

International Day for the Eradication of Poverty 2022: All you need to know

On December 22, 1992, the United Nations General Assembly (UNGA) passed a resolution designating October 17 as the International Day for the Eradication of Poverty