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The Latest Breaking News from Economy

UK forecast for 'worst recession among top economies' due to Brexit and Tory policies

The latest forecast from the OECD revealed a sharp downgrade for the UK economy, which is expected to shrink by 0.4 in 2023 and grow by just 0.2…

The National (Scotland)

Starmer says Labour government would have to ditch policies to revive battered economy

Sir Keir Starmer promised a ‘pragmatic’ approach to migration policy and acknowledged he would put stability ahead of some ‘good Labour things’

The Independent UK

Starmer woos business chiefs with focus on economic stability

Labour leader says current EU trade deal is not working, but vowed not to rejoin the single market

Insider UK

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Starmer seeks to woo business chiefs with focus on economic stability

Sir Keir Starmer promised a “pragmatic” approach to migration policy and acknowledged he would put stability ahead of some “good Labour things”.

The Independent UK

UK to be second weakest performer of world’s big economies next year – OECD

Most countries’ forecasts cut as Ukraine war prompts ‘largest energy crisis since the 1970s’

The Guardian - UK

OECD says UK economy set for worst performance in G7

Germany’s economy is the only other G7 nation set to shrink next year

Evening Standard

The coming Moon economy

NASA's most recent Moon mission is stoking the flames of a burgeoning lunar economy.

Axios

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OECD forecast: High rates and inflation to slow world growth

Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023

The Independent UK

If you think the world’s energy crisis is bad right now, next winter will be worse, says the OECD

The OECD says the true scale of the world’s economic woes will only become clear in 2023, when the organization predicts “a significant slowdown" for the global economy.

Fortune

Eurosceptic former MP Owen Paterson takes UK government to European court of human rights – as it happened

Former Tory cabinet minister and arch Eurosceptic claims his rights to privacy infringed by inquiry into lobbying

The Guardian - UK

IsDB Tackles Growth Challenges of Members with Seven-Item Plan

International financial institutions stand out in times of crises, such as recession and inflation the global economy is now facing. These problems emerged from disruptions in global supply chains as production declined after the coronavirus pandemic. Disruption in global supply chains and lowered production rates have caused international borrowing rates…

Asharq Al-Awsat

UK borrows more as energy support begins and economy slows

Losses on government bonds and higher debt interest caused by rising inflation add to October figure

The Guardian - UK

Keir Starmer tells firms to 'help' Britain off its 'immigration dependency'

Labour's leader said he will be 'pragmatic' about immigration - but did not promise to relax the Tories' rules overall. He told firms: 'Our common goal must be to help the British economy off its immigration dependency'

Daily Mirror

South Korea warns of economic damage if truckers go on strike

South Korea's prime minister urged unionised truckers on Tuesday to scrap plans to go on strike this week to spare the economy what he called paralysis and irreversible damage, fuelling fears for the country's post-pandemic recovery.

Reuters

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ABC News

Drug, alcohol and smoking addiction costing Australia billions, new report shows

Addictions cost the Australian economy more than $80 billion in 2021, according to a new report that argues for the nation to rethink its approach to the issue.

Reuters

Beijing shuts parks, Shanghai tightens entry as China COVID cases rise

Beijing shut parks and museums on Tuesday and Shanghai tightened rules for people entering the city as Chinese authorities grapple with a spike in COVID-19 cases that has deepened concern about the economy and dimmed hopes for a quick reopening.

The Times of India

China sees lockdowns surge in week since Covid policy adjusted

BEIJING: Covid control restrictions now weigh on a fifth of China's economy as infections continue their upward march, defying the central government's call for more targeted, less disruptive Covid Zero measures.

The Times of India

Union Budget 2023: India Inc seeks capex focus, sops for jobs in next budget

NEW DELHI: Industry captains on Monday asked finance minister Nirmala Sitharaman to retain her focus on public spending on infrastructure, which will also include private investment, provide sops for sectors that create additional jobs, continue the concessional tax regime for the manufacturing sector and help channelise funds into the green…

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The Guardian - UK

Keir Starmer vows to wean business off ‘cheap labour’

Labour leader to tell CBI conference that UK’s low-pay economy and reliance on immigration must end

Reuters

Analysis-China's great reopening may come too late for many businesses

The culinary tourism business of Brian Bergey and his wife Ruixi Hu has persevered in China through three years of harsh COVID-19 restrictions.

Tribune News Service

More than 6,000 tech and biotech job cuts roil Bay Area economy

Tech and biotech companies have revealed plans recently for enough job cuts to erase more than 6,000 jobs in the Bay Area, cutbacks that could weigh on the region’s economy in the weeks and months to come.

Bangkok Post

Agency upbeat on 2023 growth view

Despite myriad challenges in the year to come, the economy is expected to maintain its growth momentum in 2023 boosted by recovering tourism, expanding private and public investment, continual gains in domestic demand and high growth in the agricultural sector.

Bangkok Post

AI to help crush online fraud

Wisit Wisitsora-at, newly appointed permanent secretary for digital economy and society (DES), says his priority task is to stamp out rampant fraudulent activity online.

ABC News

ASX rises despite Wall Street's losses and China's renewed COVID-19 lockdowns

Australian shares trade moderately higher, despite losses on Wall Street as a spike in COVID-19 cases and newly recorded deaths in China lead to lockdowns being reinstated in the world's second-largest economy.

The Guardian - UK

Mystic Rish! predicts bold future where innovation trumps immigration

PM tells business leaders all they have to do to make most of Brexit is to go forth and innovate

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