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The Latest Breaking News on Economy

World economy is headed for a recession in 2023, researcher says

The world faces a recession in 2023 higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Center for Economics and Business Research.

Tribune News Service

Egypt Targets 5.5% GDP Growth in FY2023/24

Egypt is targeting GDP growth at 5.5% in fiscal year 2023/24, its Finance Minister Mohamed Maait said in a circular on Saturday.

Asharq Al-Awsat

Italy’s lower House approves Giorgia Meloni budget law

Italy’s lower house has approved Giorgia Meloni’s budget law, following a confidence vote in which the new prime minister secured wide backing for her economic plans.

Tribune News Service

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Tunisia Seeks to Cut Fiscal Deficit to 5.5% in 2023, Led by Economic Reforms

Tunisia expects to reduce its fiscal deficit to 5.5% next year from a forecast 7.7% this year, driven by austerity measures that could pave the way for a final deal with the International Monetary Fund on a rescue package. The country has been in urgent need of international help for…

Asharq Al-Awsat

3 Stocks That Could Easily Survive a Recession

The Fed's persistent hawkish stance is making a recession in the next year look inevitable. Given the backdrop, investors could consider investing in quality stocks UnitedHealth (UNH), PepsiCo (PEP), and Darden Restaurants (DRI) to shield their portfolios from recession blues. These stocks possess solid dividend-paying records. Keep reading….

StockNews.com

India's GDP to grow at 6.8% in current fiscal year, should prepare for headwinds: IMF

NEW DELHI: Amid persisting challenges from a gloomy global economic scenario, the International Monetary Fund (IMF) on Friday projected India to grow by 6.8% in financial year 2022-23.

The Times of India

India economic growth 'extremely fragile', needs all support, says RBI MPC member

NEW DELHI: India's economic growth is now 'extremely fragile' and needs all the support that it can get, as private consumption and capital investment are yet to pick up, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Friday.

The Times of India

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Raimondo channels CEOs' case for holiday cheer

In an interview with Axios, she says CEOs are "reasonably optimistic" about the economy.

Axios

Japan to unveil record $864 billion budget driven by military costs

Japan is set to unveil on Friday a record $864 billion budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs for a fast-ageing population, according to a final draft reviewed by Reuters.

Reuters

Cloncurry childcare centre's $150k salary package not enough to lure teachers to Queensland outback

This Queensland community has struggled to attract a childcare teacher for years. Despite a new $6 million facility in the works and a generous salary package on offer, no-one is interested.

ABC News

Congress Can Reduce the Deficit by $7.7 Trillion in 10 Years

The Congressional Budget Office projects that future deficits will explode. But there's a way out.

Reason

US economy grew 3.2% in Q3, an upgrade from earlier estimate

Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported Thursday in a slight upgrade from its earlier estimate of third-quarter growth

The Independent UK

UK economy shrank ‘more than thought’ up to September putting it last among G7 nations

Growth has been weaker than estimated throughout much of the past year

Evening Standard

UK economic growth weaker than first thought, latest figures show

THE UK economy contracted by more than was first thought between July and September with growth also weaker than estimated in a grim set of official…

The National (Scotland)

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Evening Standard

FTSE 100 Live: Recession-bound UK economy declines 0.3% in Q3

The recession-bound UK economy contracted by 0.3% in the third quarter of the year, slightly more than originally thought.

The Canberra Times

University of Canberra close to securing pay deal with staff

UC staff to get $1000 cost of living payment and pay rise in new agreement.

The Times of India

Indian economy likely to grow at over 7% in FY23: Arvind Panagariya

NEW DELHI: The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises.

Evening Standard

Strikes reveal Britain is getting poorer – but we haven’t run out of money

Government borrowing surged to £22 billion last month due to higher debt interest and cost-of-living payments to households. This represents the largest monthly figure for November borrowing since records began in 1993.

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Asharq Al-Awsat

Oman Sees 2023 Budget Deficit at 3% of GDP

Oman is forecasting a 1.3 billion rials ($3.39 billion) deficit in its 2023 budget, or 3% of the gross domestic product, following an expected surplus this year after higher oil prices boosted revenues. State media reported the Gulf state expects revenues of 11.7 billion rials ($30.2 billion), up 10% over…

Evening Standard

Things are only going to get worse in 2023, say seven out of ten Britons amid economic gloom

Seven in ten adults expect Britain’s general economic conditions to get worse in 2023, a new poll revealed on Wednesday.

The Independent UK

Government borrowing soars to record £22bn after nearly doubling in a month

Jeremy Hunt blames Covid and Ukraine for woes, as chancellor promises to half inflation in 2023

The Guardian - UK

Teachers and social workers suffer most from ‘lost decade’ for pay growth in UK

Research shows public sector salaries have fallen significantly behind those in the private sector

Daily Record

Scottish Government must get its house in order amid possible £80m budget overspend

Record View says Scots must be convinced the Government is as careful with its budgets as families are with theirs during the cost of living crisis.

Bangkok Post

New Year govt gift bonanza

The government will roll out a package of stimulus measures as "New Year gifts", including tax rebates for shoppers, reductions in land and building taxes, and property transaction fees to boost public consumption and the economy over the coming year.

ABC News

Victorian teachers offered $10k bonuses at public schools as 1,100 positions remain vacant

Public schools are allowed to offer cash incentives to attract staff, but as a teacher shortage bites, some fear the practice is creating an "arms race" that leaves poorer state schools behind.

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