G20 finance chiefs fail to reach joint statement amid Gaza, Ukraine debate

Finance leaders from the world’s largest economies failed to agree on a joint statement as they wrapped up talks on Thursday, with divisions over the wars in Gaza and Ukraine overshadowing efforts to forge a consensus on global economic development. Brazil, which hosted finance ministers and central bank chiefs from the Group of Twenty (G20) … Read more

U.K. becomes 2nd G7 economy to fall into recession – National

Britain’s economy fell into a recession in the second half of 2023, a tough backdrop ahead of this year’s expected election for Prime Minister Rishi Sunak who has promised to boost growth. Gross domestic product (GDP) contracted by 0.3 per cent in the three months to December, having shrunk by 0.1 per cent between July … Read more

German economy to shrink by 0.5% in 2024

Germany’s DIHK chambers of industry and commerce expect Europe’s largest economy to shrink by 0.5% this year as high energy prices, heavy bureaucracy, a skilled workers shortage and weak domestic demand weigh on economic output. A DIHK poll of more than 27,000 companies showed that of those surveyed, 35% expect business to deteriorate in the … Read more

Japan’s economy falls into recession after shrinking for 2nd straight quarter – National

Japan’s economy slipped into a recession as it unexpectedly shrank for a second straight quarter on weak domestic demand, data showed on Thursday, raising uncertainty about the central bank’s plans to exit its ultra-easy policy sometime this year. The surprisingly weak performance saw Japan lose its title as the world’s third-largest economy, replaced by Germany. Gross domestic … Read more

US Fed rate cuts become question of when, not if

In economic forecasts published alongside the last Fed decision, policymakers indicated that they expect as many as three quarter percentage-point rate cuts this year – although they did not indicate when they might begin. Grocery items at a supermarket in Chicago, Illinois. The Fed’s favoured measure of inflation has dipped below 3 per cent. Photo: … Read more

Opinion | Gaza, Ukraine crises evidence of world poised on a knife-edge

Throughout history, there have been pivotal moments in geopolitics that have shaped the world. The appointment of Adolf Hitler as chancellor of Germany in 1933; the 1947 Mountbatten Plan announcing the partition of India and eventual withdrawal of the British Empire from the Indian subcontinent; the dissolution of the Soviet Union, granting independence to the … Read more

World economy ‘not out of the danger zone’ amid conflicts, UN says  – National

The United Nations issued a somber global economic forecast for 2024 on Thursday, pointing to challenges from escalating conflicts, sluggish global trade, persistently high interest rates and increasing climate disasters. In its flagship economic report, the U.N. projected that global economic growth would slow to 2.4 per cent this year from an estimated 2.7 per … Read more