US reaches debt ceiling deal amid a looming financial crisis
May 29, 2023, at 03:34 am
Washington: As the US faces a potential debt default, President Joe Biden and his Republican opponents have reached an in-principle agreement to raise the US debt ceiling to avert a default, media reports said.
World's 4th largest economy Germany slips into recession: Report
May 26, 2023, at 03:36 am
The euro experienced a decline on Thursday as Germany, the largest economy in Europe, slipped into recession, Reuters reported.
Global economy likely to shrink but worst may be over: RBI Governor
Jan 28, 2023, at 07:49 am
New Delhi/IBNS: The global economy is likely to shrink significantly this year but the worst—both in terms of growth and inflation—appears to be over, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday, media reports said.
Financial markets slide amid fears of global recession
Jun 19, 2022, at 08:09 am
Stock market indexes across the world have gone through massive ups and downs since Russia declared war on Ukraine. But Friday, the stocks across the world suffered the biggest fall as the investors feared tighter monetary policy by the inflation-fighting central banks across the world could impair economic growth.
US stock indexes tumble as Fed's monetary policy tightening fans recession fears
Jun 17, 2022, at 06:01 am
US stock indexes slumped sharply Thursday, following Federal Reserve's biggest interest rate hike since 1994 that heightened recession worries, media reports said.
US Federal Reserve raises target interest rate by 75 bps, highest since 1994
Jun 16, 2022, at 07:23 am
Wahington: America's central bank Federal Reserve Wednesday increased its target interest rate by three-quarters of a percentage point, and signaled more hikes in the coming months to stem the biting inflation.
India in 'technical recession' as RBI predicts GDP contraction of 8.6% for July-Sept quarter
Nov 12, 2020, at 06:54 pm
New Delhi/IBNS: India's central bank on Thursday said the country has likely entered into a technical recession besides predicting a contraction in Gross Domestic Product (GDP) of 8.6% in the July-September quarter, media reports said.
India's GDP at -23.9 pc marks worst contraction on record
Sep 01, 2020, at 02:47 am
New Delhi/IBNS: India's GDP contracted 23.9 percent in the April-June quarter, the worst ever performance on record, the National Statistical Office (NSO) data showed today.
Amid fears of worst recession in decades, urgent calls for solidarity, a united economic front
Jul 23, 2020, at 06:43 pm
New York: With multilateral cooperation under strain, senior UN officials, Nobel laureates and eminent academic experts, gathered virtually on Wednesday for the launch of a new report recommending “an adjusted approach” to economic development, and a policy dialogue exploring how countries can recover from COVID-19, in ways that lead to real structural transformation.
Coronavirus: World Bank confirms deepest recession since World War Two
Jun 09, 2020, at 09:08 am
New York/IBNS: The COVID-19 pandemic will shrink the global economy by 5.2 per cent this year, representing the deepest recession since World War Two, and triggering a dramatic rise in extreme poverty, the World Bank said Monday in its latest Global Economic Prospects report.
COVID-19 to cause biggest economic contraction ever in Latin America & Caribbean
Apr 22, 2020, at 01:31 pm
New York/IBNS: The COVID-19 pandemic will herald the worst economic contraction in the history of Latin American and the Caribbean, with a projected -5.3 per cent drop in activity this year, according to a report by the UN office for the region, ECLAC, published on Tuesday.
World economy is now in recession, worse than 2008 crisis: IMF
Apr 04, 2020, at 10:29 am
Washington/IBNS: International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Friday warned that the world economy is currently in 'recession' and it is worse than the 2008 scenario.
COVID-19 impact: Recession to hit developing nations, may spare India and China, says UN report
Mar 31, 2020, at 06:32 pm
New York/IBNS: The world economy will go into recession this year with a predicted loss of global income in the trillions of dollars, causing serious trouble for developing countries, with the likely exception of China and the possible exception of India, as per a UN trade report released on Monday.
There won't be any recession ever: Nirmala Sitharaman
Nov 27, 2019, at 06:06 pm
New Delhi/IBNS: Countering opposition claims, Union Finance Minister Nirmala Sitaraman on Wednesday addressed the Parliament and said the country's growth may have dimmed a bit but there will not be any 'receission' ever.