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The Latest Breaking News from GDP

Liz Truss' failed bid to become a 21st-Century Margaret Thatcher

In 1981 Thatcher took the drastic but successful step of increasing taxes by 2% of GDP to tackle interest rates and inflation. But Truss has just done a reverse-Thatcher, says Oliver Hartwich

Newsroom.co.nz

Saudi Arabia Expects Sustainable Surplus Budgets until 2025

The Saudi Ministry of Finance disclosed estimates of its budgets until 2025, showing positive trends and expectations of sustainable financial surpluses during the medium term. The preliminary statement of the state’s general budget for the fiscal year 2023 expected total expenditures to reach about 1.11 billion riyals ($296 billion), and…

Asharq Al-Awsat

UK is only G7 country with smaller economy than before Covid-19

ONS says GDP grew by 0.2% in three months to June, suggesting Britain is not in recession

The Guardian - UK

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An independent Wales' fiscal deficit lower than previous estimates says new report

The report has been hailed a "game changer" by Plaid leader Adam Price

Birmingham Post

New report proves Wales can afford independence says Plaid Cymru

Plaid Cymru commissioned an Irish economist to look into the finances of an independent Wales

Wales Online

New data helps solves U.S. economic growth puzzle

By one metric, economic growth was weaker than previously thought.

Axios

US economy drops at 0.6% annual rate from April through June

Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate

The Independent UK

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Current account deficit widens to 2.8% of GDP in Q1 of FY23: RBI

MUMBAI: India's current account deficit, a key indicator of the balance of payment position, widened to 2.8 per cent of GDP at $23.9 billion in the first quarter of the current financial year, mainly on account of a higher trade deficit.

The Times of India

Decline in service sector blamed as Scotland’s GDP falls by 0.2% in July

Deputy First Minister confirms plan to outline Scottish Government economic response in an emergency budget review next month

Insider UK

Kwarteng’s tax-slashing bonanza will add less than 0.1% to GDP, study warns

‘Growth plan’ which has triggered market mayhem dismissed as ‘all pain, little gain’

The Independent UK

China's 'Rapid' Debt Buildup May Portend A Looming Financial Crisis: New York Fed

China’s recent debt buildup following the Covid-19 pandemic has researchers from the Federal Reserve Bank of New York wondering if the country can avoid a financial crisis in the years to come.

Benzinga

Spending cuts made necessary by mini-Budget ‘could spell end of NHS’, top economist warns

Sir Charlie Bean, a former deputy governor of the Bank of England, said deep cuts would be needed to bring spending into line with GDP

Evening Standard

Nature is not an impediment to UK economic growth: it’s vital to it

Our economic system depends on the natural world. Growth that results in the destruction of nature will, in the end, cease, says environmentalist Tony Juniper

The Guardian - UK

Peter Dutton says the Coalition achieved 'record' defence spending after it fell to the lowest level since 1938 under the previous Labor government. Is that correct?

Opposition Leader Peter Dutton says the Coalition achieved "a record" defence spending while under the previous Labor government it fell to its lowest level since 1938. RMIT ABC Fact Check investigates.

ABC News

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Newsroom.co.nz

$147 billion on the hook with green building delays

Building greener homes and offices could increase GDP over three decades by $147 billion, but advocates worry a programme to do just that is being slow rolled.

The Conversation

Is the UK in a recession? How central banks decide and why it's so hard to call it

Last week, UK chancellor Kwasi Kwarteng launched a bid to boost economic growth with the largest tax cutting exercise for half a century. What this so-called mini-budget has since overshadowed, however, was an admission by the Bank of England the previous day that the UK may already be in a…

The Guardian - AU

China growth lags Asia-Pacific for first time in decades as World Bank cuts outlook

East Asia and Pacific annual growth forecasts downgraded from 5% to 3.2% as China’s economy cools, largely due to zero-Covid policy

Newslaundry

What’s ‘stopping’ India Inc from investing in India?

Last Tuesday, finance minister Nirmala Sitharaman asked India’s corporate honchos why they were not investing in the Indian economy.

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The Conversation

Mini budget: will Kwasi Kwarteng's plan deliver growth?

The UK economy has been dogged by slow growth for a long time. Combined with even slower growth in productivity, it has meant virtually no increase in living standards for the average family over the past decade.

The Conversation

Energy crisis: why government support for businesses could harm the economy in the long run

The UK government hopes to protect businesses and public sector organisations against spiralling energy costs with a package that parallels the price cap and support payments recently promised to households. But these significant interventions come with a large and imprecise price tag that raise serious doubts about the government’s future…

The Guardian - UK

From stamp duty to defence spending: what will Kwarteng’s mini-budget do?

Tax cuts and more borrowing are likely to feature on Friday as the chancellor gambles on growth

Axios

U.S. Latino GDP bigger than U.K.’s and India’s

The report showed U.S. Latino buying power grew during a pandemic, which disproportionately impacted Hispanic communities

The National (Scotland)

UK economy likely already in recession as Bank hikes interest rates to 14-year-high

THE UK economy is likely to be in recession after the Bank of England announced it expects GDP to fall over the next quarter and that it would hike…

The Times of India

Explainer: What if US economy goes into recession? How it may impact India

NEW DELHI: The US Federal Reserve is expected to lift interest rates by three-quarters of a percentage point for a third straight time on Wednesday and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation.

Asharq Al-Awsat

World Bank Calls on G5 Sahel Countries to Diversify Economies, Scale Up Reforms

The World Bank on Monday urged five West African countries to diversify their economies to adapt to climate change, warning they are extremely vulnerable to extreme weather patterns. A report said Burkina Faso, Chad, Mali, Mauritania, and Niger -- all in the arid Sahel region -- are among the world’s…

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