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The Latest Breaking News from Economy

Egypt Economic Growth Seen Quicker than Government Forecast

Egypt's economy will grow 4.8 percent in the current fiscal year, faster than predicted by the government, but will not meet government targets over the medium term, a Reuters poll showed on Wednesday. The predictions follow the approval last month of a $3 billion financial rescue package from the International…

Asharq Al-Awsat

US economy grows faster than expected; Royal Mail resumes some overseas deliveries – as it happened

Growth of 2.9% suggests a soft landing despite rate rises, say some analysts, as others still forecast a ‘mild recession’

The Guardian - UK

Opium farming surges in Myanmar since the military coup, the U.N. says

The production of opium in Myanmar has flourished since the military's seizure of power as the faltering economy has led more people toward the drug trade, according to a new United Nations report.

WEKU

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AP News Digest 3:20 am

Here are the AP’s latest coverage plans, top stories and promotable content. All times EST. For up-to-the minute information on AP’s coverage, visit Coverage Plan.

The Independent UK

Israel's high-tech economic engine balks at govt policies

Israel’s tech industry has long been the driving force behind the country’s economy

The Independent UK

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…

Asharq Al-Awsat

China's open borders and push to stoke economy may revive dealmaking, advisers say

China's reopened borders and renewed focus on boosting the sagging economy have brightened the deals outlook, with bankers starting to field interest for mergers, acquisitions and fundraising involving the world's second-largest economy.

Reuters

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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

The Guardian - 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

The Independent UK

Opium cultivation surges since Myanmar military seized power: UN

Opium poppy was cultivated on more than 40,000 hectares in Myanmar last year, a 33 percent increase compared with 2021.

Al Jazeera

Philippines shakes off inflation for best growth since 1976

The Philippines weathered the fastest inflation and highest policy rate in 14 years to deliver one of Asia’s strongest expansions, shoring up the economy by the most in decades amid a bleak global outlook.

Bangkok Post

Putting a dampener on Thai recovery

After three years in which the economy suffered from Covid effects, I am sorry to say that 2023 will not be the year of economic recovery as everyone had hoped. The global economy will still be plagued by inflation threats and several adverse factors such as excessive debt and the…

Bangkok Post

BoT hikes interest rate for 4th time

The Bank of Thailand yesterday raised its policy interest rate by 0.25 percentage points for a fourth consecutive time in an attempt to contain high inflation.

Bangkok Post

Israel's Netanyahu says contested judicial overhaul would strengthen economy

Israeli Prime Minister Benjamin Netanyahu on Wednesday remained steadfast in his stance that a plan by his new right-wing government to overhaul the judiciary, which has come under increasing criticism, would not harm the country's economy.

Reuters

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Tribune News Service

‘Economy on fire:’ Texas adds nation-topping 650,000 jobs in 2022

Texas added 650,100 jobs in 2022, more than any state and more than double its historical average, as the economy continued to expand and leave the pandemic hangover behind.

The Guardian - UK

Bank of Israel governor says judicial reform could hurt economy – reports

Amir Yaron said to have warned PM that erasing democratic checks and balances could deter crucial foreign investment

Evening Standard

More London firms are closing than opening. Here’s why that should cause alarm

London’s economy took a harder hit from Covid than any other region when its lifeblood of daily commuters and tourists dried up

The Guardian - UK

Drop in UK growth forecast limits chancellor’s budget wriggle room

OBR tells Jeremy Hunt he will have £9bn less income to factor amid falling tax receiptstax receipts

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Al Jazeera

Gov’t mismanagement, external pressures as Arab currencies crash

Several Arab countries outside the Gulf have seen currency devaluation and rising inflation.

The Independent UK

Germany sees brighter outlook for Europe's largest economy

The economic outlook has brightened in Europe's largest economy

The New Daily

Inflation peak to cause even higher mortgage bills in early 2023, economists say

Australian homeowners are being warned to brace for at least two more interest rate hikes in early 2023 after fresh inflation figures.

The Conversation

With inflation still rising, the RBA will almost certainly lift interest rates in February

Interest rates are almost certain to rise again in February, after the latest Consumer Price Index figures showing inflation hit 7.8% in 2022 – its highest rate in 33 years.

The Independent UK

China uses US debt battle to deflect pressure on Africa debt

The Chinese government says the U.S. should stop pressuring it on debt relief for Zambia and get its own financial house in order to avert a default and the possible fallout on the global economy

ABC News

Will WA's net zero carbon emissions laws work or will big polluters keep getting away with it?

WA is set to legislate emissions reduction targets in its push towards net zero, but there are warnings it could be business as usual for the state's big polluters for at least the next decade.

Fortune

Employers cut 35,000 temporary jobs last month. Economists say it may be a preview of what's to come: 'For me, it’s a real warning sign'

Federal Reserve researchers have shown that temporary worker layoffs have, in past recessions, “preceded those in the overall labor market by 6 to 12 months."

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