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The Latest Breaking News on Economy

Union Budget 2023-24: State of Indian economy

NEW DELHI: Finance minister Nirmala Sitharaman is all set to present her fifth Union Budget on February 1. This will be the last full year budget of the Modi 2.0 government before the general elections in 2024.

The Times of India

Inflation falls by 0.2% to 10.5% but food prices go up by eye-watering 16.9%

There is no sign of easing in food prices, which rose by 16.9% in the 12 months to December 2022

Evening Standard

UK inflation dips but food prices rise 17% amid squeeze on low-income families

Annual rate falls in December, although it remains at one of the highest levels in 40 years

The Guardian - UK

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The mood from Davos: Not as bleak

Many key indicators have come in better than forecasters anticipate in recent months.

Axios

WA jobless workers living 'surrealistic nightmare' as recession looms

Even as economists are forecasting an economic slowdown and rising unemployment in Washington later this year, the state system that provides benefits to jobless workers hasn't even recovered from the last slump.

Tribune News Service

ILO Warns: Economic Slowdown Could Force Workers to Accept Lower-Quality Jobs

The International Labor Organization (ILO) has warned against the current global economic slowdown which could force workers to accept lower-quality jobs, often at very low pay. The number of unemployed people in the world is expected to rise by 3 million to 208 million in 2023, the ILO said Monday…

Asharq Al-Awsat

China's economy grows at slowest pace in decades

BEIJING: China's economy grew last year at its slowest pace in four decades as it was hammered by Covid-19 lockdowns and a property crisis but the forecast-beating reading raised hopes for a strong recovery as it reopens.

Bangkok Post

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Survey: The US economy has a 64% chance of entering a recession this year

More likely than not, the U.S. economy will enter a recession this year, Bankrate’s Fourth-Quarter Economic Indicator poll found.

Tribune News Service

Davos 2023: Recession casts long shadow over opening of WEF summit

The prospect of imminent global recession cast a long shadow over Davos on Monday as participants gathering for the opening of the World Economic Forum's annual meeting counted the likely cost for their economies and businesses.

Reuters

Jobless rate likely still below 4pct

The next set of jobless and employment numbers due this week are likely to show the labour market remains tight ahead of next month's central bank meeting.

AAP

The Stats Guy: Battle of the population forecasters: Yes, size matters

The Centre for Population’s annual statement suggests a more bullish population forecast for 2032 than the UN Population Division did last year.

The New Daily

Debt limit battle set to dominate 2023 fiscal agenda

WASHINGTON — Lifting the statutory debt ceiling is set to dominate this year’s budget agenda. Republicans first need to agree among themselves on what to ask for in exchange.

Tribune News Service

Editorial: California’s budget gets back to reality

It was fun while it lasted. But 2023 will be the year that reality comes back to the California budget.

Los Angeles Times

3 Stocks It's Time to Unload in 2023 if You Haven't Already

Although inflation eased further in December, the Fed will likely go ahead with its interest rate hikes this year, keeping the economy and the stock market under pressure. So, it could be wise to unload fundamentally weak stocks Roblox (RBLX), Tellurian (TELL), and Avaya Holdings (AVYA). Let’s discuss….

StockNews.com

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The Guardian - UK

Teachers’ pay cut by £6,600 since 2010, says Institute for Fiscal Studies

IFS says pay erosion helps explain why traditionally moderate teaching unions are considering strike action

The Times of India

FY24 budget, last full budget of present govt, to be more rural and infra-focused: Report

MUMBAI: The forthcoming budget -- the last full budget of the present government ahead of the general elections to be held in mid-2024 -- will be more rural- and infra-focused, said a foreign brokerage.

The Independent UK

Can US avoid a recession? As inflation eases, optimism rises

For months, the outlook for the U.S. economy has been a mostly bleak one: Inflation hitting a four-decade high, consumer spending weakening, interest rates surging

StockNews.com

The 4 Most Attractive Long-Term Stock Picks

With the Fed expected to keep rates higher throughout this year, the odds of the economy tipping into a recession are rising. Amid ongoing macroeconomic uncertainties, investors may consider buying companies with reliable performance over the years for solid long-term returns. To that end, Pfizer (PFE), Johnson & Johnson (JNJ),…

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Los Angeles Times

California Gov. Newsom proposes cuts to climate change programs amid cloudy economic outlook

SACRAMENTO, Calif. — Facing a projected $22.5 billion budget deficit in the upcoming fiscal year, Gov. Gavin Newsom on Tuesday announced plans to reduce investments in the state’s move to zero-emission vehicles, make cuts to other climate change programs and delay funding for 20,000 new child-care slots as California transitions…

The New Daily

World Bank warns of trigger to global recession as economies on the brink

The world is teetering on the brink of recession — the first time in more than 80 years that two global recessions have occurred within the same decade,

The Independent UK

World Bank warning: Global economy is at risk of recession

The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies — the United States, Europe and China — the World Bank warns

The Guardian - UK

Global economy risks second recession within three years, warns World Bank

Washington-based body cuts 2023 growth forecast amid threats from inflation, interest rates, Covid and war

StockNews.com

2 Stocks That Can Protect Your Portfolio From a Recession

Amid widespread macro headwinds, recession odds are rising. Moreover, the latest job report shows signs of decelerating payroll growth. Therefore, we think reliable dividend-paying stocks Pfizer (PFE) and Walmart (WMT) could be ideal buys to protect your portfolio amid the recessionary pressures. Keep reading….

France 24

Will the US see a ‘richsession’ – or will economic turmoil hit the poor hardest?

An expected recession in the US will hit the richest Americans harder than those at the bottom, the Wall Street Journal said this week, coining the term “richcession” to describe the phenomenon. But analysts say there are reasons to believe any coming recession would unfold like the ones before, hurting…

Al Jazeera

India’s economic growth to slow to 7%, government forecasts

India remains a relative ‘bright spot’ in the world economy, but weak exports are expected to hamper its growth.

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