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Britain's economy grew in the second quarter and did not shrink as previously thought, data showed Friday, easing recession fears amid ongoing turmoil over the government's tax-slashing budget.
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The World Trade Organization's chief said Tuesday she believes the world is heading towards a global recession due to multiple colliding crises and called for radical policies to revive growth.
The pound hit a record low against the dollar Monday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget.
The UK's new government on Friday unveils multi-billion-pound measures aimed at supporting households and businesses hit by the highest inflation in decades.
The Bank of England hiked its interest rate again on Thursday to combat soaring inflation as it warned that the UK's economy had already slipped into recession.
The German central bank said Monday it was increasingly likely that Europe's largest economy would shrink for a "prolonged" period as Russia throttled energy supplies to the continent.
Following the economy’s poor performance in the last few years, Nigeria’s housing market has lurched into recession, with professionals and property developers seeking review of major drivers of the sector.
Germany will fall into recession next year, a leading think-tank warned Monday, with Europe's biggest economy facing soaring inflation as Russia slashes energy supplies.
The threat of recession is rising in Europe, a top EU official warned on Wednesday, as skyrocketing energy prices caused by Russia's invasion of Ukraine punish the economy.
This year was supposed to confirm the world economy's comeback from the Covid pandemic crisis. Instead, the six-month-old war in Ukraine has sparked fears of recession.
Britain's economy shrank in the second quarter, official data showed Friday, as the country heads towards recession under a new prime minister.
The US economy contracted for a second straight quarter between April and June, government data showed Thursday, fueling recession fears just months before key midterm elections in a blow for President Joe Biden.