The Latest Breaking News from Economy

The U.K.'s new prime minister inherits an economic nightmare

Britain's economy, already rendered fragile by Brexit, now faces double-digit inflation and negative economic growth.

Axios · Sep 7, 2022

Putin says Russia will post budget surplus this year, GDP to decline 'around 2%'

Russia will post a budget surplus this year, President Vladimir Putin said on Wednesday, forecasting a much shallower economic contraction than previously thought as Russia has overcome the worst impact of Western sanctions.

Reuters · Sep 7, 2022

Saudi GDP up 12.2% in Second Quarter, Exceeding Initial Estimate

Saudi Arabia's real gross domestic product expanded by 12.2% in the second quarter compared with the same period of 2021, data showed on Wednesday, as the world's top oil exporter reaps the rewards of high crude prices and a post-pandemic recovery. The second quarter growth figure exceeded a flash government…

Asharq Al-Awsat · Sep 7, 2022

Pound falls to lowest level since 1985 against dollar – as it happened

IFS boss says Liz Truss’s plans to freeze energy bills ‘very poorly targeted’; Putin threatens to cut off energy supplies if price caps are imposed; UK housing market shows signs of slowing

The Guardian - UK · Sep 7, 2022

Bank of Thailand to hike rates gradually to contain inflation

The Bank of Thailand (BoT) will raise interest rates gradually to curb inflation risks and ensure a smooth recovery as the economy is expected to return to pre-coronavirus-pandemic levels late this year or early next year, BoT governor Sethaput Suthiwartnarueput said.

Bangkok Post · Sep 7, 2022

Taiwan’s Economic Slowdown (Part 1): Taiwan’s Wages Are Growing Too Slowly to Allow Profits Grow

Taiwan’s issue isn’t that consumer prices are growing too quickly. It’s that wages are growing too slowly.

The News Lens · Sep 7, 2022

After record floods, now Pakistan has to worry about economy

The rain has destroyed vast hectares of crops, including cotton, a key source of employment and forex for the nation.

Al Jazeera · Sep 7, 2022

Australian economy holds firm in June quarter driven by export boom

National accounts figures show GDP expanded by 3.6% compared with a year earlier as households drew down on savings to keep spending

The Guardian - AU · Sep 7, 2022

Australia's economy grew strongly earlier this year, but at risk of a 'cliff-like slowing'

Australia's economy grew strongly in the three months to June, but it was business owners who benefited more than workers.

ABC News · Sep 7, 2022

US says Russia seeking ‘millions of rounds’ from North Korea

Russia wants to buy millions of rockets and artillery shells from North Korea to use in its war against Ukraine, a sign that Western sanctions on its military and economy are starting to bite, U.S. officials said Tuesday.

Tribune News Service · Sep 6, 2022