Page 29 - Global Economy

China's anti-Covid curbs spur fears of global business, trade impact

Anti-virus controls that are confining millions of Chinese families to their homes and shut shops and offices are spurring fears of further damage to already weak global business and trade. The ruling Communist Party promised on Nov 11 to reduce disruptions from its zero- COVID strategy by making controls more flexible. But the latest wave of outbreaks is challenging that, prompting major cities including Beijing to close off populous districts, shut stores and offices and order factories to isolate their workforces from outside contact. On Tuesday, the government reported 28,127 cases were found over the past 24 hours in areas throughout China, including 25,902 with no symptoms. China's infection numbers are lower than those of the United States and other major countries. But the ruling party is sticking to zero COVID, which calls for isolating every case, while other governments are relaxing travel and other controls and trying to live with the virus. Global stock markets fell ..

War for talent, inflation spark highest pay hikes since 2007: Study

Overall salary increases in the US will be above 4.2% this year

India should nudge US to appoint judges to hear appeals at WTO

Dispute settlement is the central pillar of the multilateral trading system, and the WTO's unique contribution to the stability of the global economy

Trade divide could cost global economy $1.4 trillion: IMF chief Georgieva

Trade spats could cut 1.5% from global GDP; 3% in Asia

With war in Europe, world encountering food, energy crisis: Shaktikanta Das

The war in Europe brought with it new challenges, just when the economy was about to normalise fully despite the third wave of the COVID-19 pandemic and suddenly, the world encountered a severe food and energy crisis, Reserve Bank Governor Shaktikanta Das said on Saturday. Delivering the inaugural address at the annual research conference of the Department of Economic and Policy Research of RBI here, Das said the COVID-19 pandemic crisis created an opportunity to explore and harness the power of big data and strengthen direct feedback mechanisms while working from home. He further said the pandemic also posed new research issues and analytical challenges for policy-making as it caused a demand shock or a supply shock, the size and nature of policy stimulus required, and their effectiveness, among others. The RBI Governor said the first major challenge was data collection during the first wave of the pandemic and the associated statistical break in data. During the second wave which

Technical recession has become more likely, says European Central Bank

The European Central Bank sees an increased likelihood of a recession in the 19 countries that use the euro currency, warning that soaring energy prices and high inflation fed by Russia's war in Ukraine have raised risks for bank losses and turmoil on financial markets. People and firms are already feeling the impact of rising inflation and the slowdown in economic activity, ECB Vice President Luis de Guindos said. As the bank released its twice-yearly assessment of eurozone financial stability on Wednesday, de Guindos said that "risks to financial stability have increased, while a technical recession in the euro area has become more likely. A chart published with the report indicated an 80 per cent chance of recession in the eurozone and United Kingdom in the year ahead and a 60 per cent probability in the US. Many economists and the European Union's executive Commission have already predicted a technical recession for the last three months of year and the first part of next year

National security, building cybersecurity products on our agenda: DSCI CEO

'Tremendous amount' of data will be flowing into India, says leader of research and policy group

IMF says global economic outlook getting 'gloomier', risks abound

IMF blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions

Inflation, Ukraine war make world economy gloomier than last month: IMF

In last month's WEO, IMF cut its forecast for global growth next year to 2.7%, from 2.9% seen in July and 3.8% in Jan, adding that it sees a 25% probability that growth will slow to less than 2%

Must avoid division of global economy into camps led by US, China: UN chief

Guterres said ASEAN countries are well placed to bridge this divide, stressing that "we must have one global economy and global market with access for all."

'Debt distress, climate action to be challenges for India as G20 President'

"All major bilateral creditors, including China, must cooperate constructively to deliver on their G20 commitment to provide meaningful debt relief, " US Treasury Secretary Janet Yellen said.

Visiting India at a pivotal moment for global economy: US Treasury Secy

"Emerging markets and developing countries are particularly under pressure. Tens of millions more people face extreme poverty and hunger since Russia's war in Ukraine began."

Global supply chains gear up for overhaul next year, survey shows

The survey also showed concerns were broader than supply chains, with 51% of respondents saying their expect the environment for international trade to be harder next year

India, Russia vow to expand economic cooperation, including energy sector

India and Russia on Tuesday vowed to expand their economic engagement including New Delhi's import of petroleum products from its "time-tested" partner even as External Affairs Minister S Jaishankar emphasized on ending the Ukraine conflict in view of growing global concerns over energy and food security. After holding wide-ranging talks with his Russian counterpart Sergey Lavrov and Deputy Prime Minister Denis Manturov in Moscow, Jaishankar said India would be supportive of any initiative that "de-risks" the global economy and stabilises the global order at this stage. In his opening remarks at the meeting with Lavrov, Jaishankar described Indo-Russia relations as "exceptionally steady" and "time-tested" and said the objective is to fashion a contemporary, balanced, mutually beneficial, sustainable and long-term engagement between the two sides. It was Jaishankar's first visit to Moscow after Russia launched its invasion of Ukraine in February and his talks with the Russian ...

Managing growth expectations

In a highly uncertain global economic environment, realistic growth projections would reduce risks

Following Federal Reserve goes out of fashion in 'messier' world economy

Bank of England the latest to push back against hawkish bets; Fed seen as most aggressive, driving record gains for dollar

Amazon, Strife, Lyft see hiring freezes, layoffs amid looming recession

Amazon has announced to freeze new hirings in its corporate workforce, with the global economy "in an uncertain place"

Turkish inflation tops 85% driven by surge in food prices, energy costs

Turkish annual inflation accelerated for the 17th month in a row in October, driven by a surge in food prices and energy costs, to its likely peak during President Erdogan's two decades in power

Fintechs shadow banks of current time, are fragile: Douglas W Diamond

Professor at the University of Chicago's Booth School of Business, Diamond received the prize along with Philip Dybvig and former Fed chair Ben Bernanke

Inflation hits new record 10.7% in Europe, slowing economy: Report

Annual inflation reached 10.7 per cent in October, the European Union's statistics agency, Eurostat, reported on Monday