This year is going to be tougher on the global economy than 2022, the International Monetary Fund’s chief, Kristalina Georgieva, has warned.
The United States is seeing a major price correction in its housing market, with analysts calling it very nearly the largest such shift since the end of World War II roughly 80 years ago.
The US Federal Reserve is expected Wednesday to announce its fourth consecutive 0.75% interest rate hike since June, Reuters reports. Numerous economists polled by Reuters have said the Fed should not pause until inflation falls to around half its current level.
The monthly federal budget deficit was up 562 percent from September of last year, according to Treasury Department figures released Friday, mainly due to President Joe Biden’s student debt forgiveness plan.
The International Monetary Fund (IMF) has forecast the “worst is yet to come” economically as it predicts a third of the global economy will contract in 2023, facing two consecutive quarters of negative growth, Sky News reports. The IMF made its predictions in its latest World Economic Outlook report.
New data presents evidence of a US housing recession that is even worse than the Great Recession crash of 2008, Investorplace reports.
Inflation in Germany increased to a record 10% last month as the country expects to enter a recession, DW reports.
The U.S. economy shrank for the second consecutive quarter in the three months ended June, according to the final estimate from the Bureau of Economic Analysis, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending.
Sales of new U.S. homes plunged more than expected in July to the lowest level in six years as rising mortgage rates and the relentless increase in home values slowed activity by edging prospective homebuyers out of the market.
The number of housing starts tumbled in July, an indication that the housing market is taking a hit and may be falling into a recession.
The Bank of England (BoE) raised interest rates by the most in 27 years on Thursday and warned a prolonged recession is on its way.