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The Latest Breaking News on Economy

UK economy to shrink more than Russia, predicts IMF

The forecast leaves the UK economy languishing behind sanctions-hit Russia

The Independent UK

UK economy to go BACKWARDS in 2023 with worst performance of all major nations

The UK is set to see its economy contract 0.6% this year according to the International Monetary Fund which will be the worst performance of all the advanced nations

Daily Mirror

UK recession warning as IMF predicts weakest performance among G7

Britain's economy will slam into reverse this year as the cost-of-living crisis hits households hard, the International Monetary Fund warns

Evening Standard

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German economy shrank 0.2% in Q4, worse than expected

Official figures show that Germany’s economy shrank by 0.2% in the fourth quarter compared with the previous three-month period

The Independent UK

Union Budget 2023-24: Global economic slowdown may lead to business uncertainty, shows TOI-Deloitte survey

NEW DELHI: The Union Budget 2023-24 assumes significance as it is being presented at a time when global headwinds might impact India's growth trajectory.

The Times of India

John M. Crisp: Don’t feel guilty about taxing the wealthy

As our nation bumps up hard against a national debt north of $31 trillion, let’s start with the obvious: Our expenditures are greater than our revenue. And while this isn’t the crisis that Republicans imagine when a Democrat is in the White House, common sense suggests that bringing expenditures and…

Tribune News Service

Sri Lanka economy could shrink by -3.5% to -4%, president says

Sri Lanka's economy could contract by -3.5 or -4.0% in 2023 after shrinking -11% last year, President Ranil Wickremesinghe said on Saturday.

Reuters

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Yellen warns of debt ceiling "catastrophe" for U.S. and beyond

“It would be devastating. It's a catastrophe," Yellen told Axios.

Axios

£4.2bn devolution deal will give North East mayor 'more power' to fight child poverty crisis

The North East's child poverty rates are the highest in England and are the worst they have been for more than two decades, a harrowing report confirmed this week

Chronicle Live

Lots of sound and fury on US debt, but not a crisis — yet

For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point

The Independent UK

Number of EU students enrolling at UK universities plummets by more than 50 per cent post-Brexit

Data shows that the amount of students from the EU joining an undergraduate or postgraduate course plummeted from 66,680 in 2020 to 31,000 in 2021

Evening Standard

Editorial: If Kevin McCarthy is serious about protecting the economy, he’d raise the debt ceiling

After he was elected speaker on the 15th ballot, Kevin McCarthy promised that the U.S. House under Republican leadership would protect the national economy, saying that the party was committed to “stop wasteful Washington spending, to lower the price of groceries, gas, cars, housing, and stop the rising national debt.”

Los Angeles Times

US economy grows 2.9% in Q4 amid slowdown fears: Key takeaways

NEW DELHI: The world's biggest economy grew by 2.9% in the fourth quarter (Q4), data released by the US commerce department showed on Thursday.

The Times of India

EXPLAINER: How will we know if the U.S. is in recession?

A second consecutive quarter of economic growth underscored Thursday that the nation isn’t in a recession despite high inflation and the Federal Reserve’s fastest pace of interest rate hikes in four decades

The Independent UK

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The Independent UK

US economy slowed but still grew at 2.9% rate last quarter

The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession

Asharq Al-Awsat

US Growth Expected to Slow in Fourth Quarter as Downturn Fears Loom

The US economy is forecast to have grown but at a slower pace in the final months of 2022, helped by consumption and business investment although recession fears loom. Economic activity has been easing as the US central bank hiked the benchmark lending rate seven times last year, in hopes…

The Guardian - UK

Britain, here’s a plan: stop applying old fixes to new problems. And stop obsessing about growth

Crises in productivity and wealth inequality won’t be solved with ideas from the 80s, says the author and historian David Edgerton

Reason

Social Security Is on the Brink of Collapse. The GOP Won't Touch It.

In 1950, there were more than 16 workers for every beneficiary. In 2035, that ratio will be only 2.3 workers per retiree.

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The Independent UK

UN forecasts fall in global economic growth to 1.9% in 2023

The United Nations is forecasting that global economic growth will fall significantly to 1.9% this year

Tribune News Service

McCarthy’s moderate Republican allies have their own debt-ceiling ideas

Ultraconservatives in the House have dominated the public discussion on the US debt ceiling, but Speaker Kevin McCarthy can’t afford to ignore GOP centrists if the country is to avoid a catastrophic payments default later this year.

The National (Scotland)

Brexit, austerity, Covid: Why is Scotland's NHS gripped by crisis?

THE majority of Scots say the blame for the crisis gripping Scotland’s NHS lies withWestminster, new polling for The National has found, but it is…

The Times of India

Budget 2023 to see poll-oriented spending boost: Report

MUMBAI: Ahead of the national elections, the last full budget of the PM Modi government is likely to boost welfare spending with a focus on rural and infra capex, according to a report.

AAP

Vic debt would be lower under Libs: report

Victoria's debt would have been lower than forecast regardless of which party won the state election but the Liberals would have cut it more, a report says.

Businessweek

Is a US Recession Near? Making the Call Is Trickier Than Ever

Traditional economic indicators can’t predict the timing of a downturn, but newer forecasting methods are untested.

The Guardian - UK

North of England ‘would rank second worst for investment’ if OECD country

Thinktank says of advanced economies, only Greece would have lower public and private investment

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