Page 30 - Global Economy

What long-term stagnation of global economy means for climate change

The global economy has been trapped in a state of relative stagnation in rates of growth, productivity, investment, and profitability since at least the 2008 financial crisis

Heat waves due to climate change have cost world economy trillions so far

Massive economic losses brought on by extreme heat induced by human-driven climate change are an issue now, not only in the distant future

Buoyant Wall Street boosts world, European stocks; oil prices slide

World and European shares turned higher on Friday as Wall Street extended gains amid hopes of a slowdown in some central banks' rate hikes

Global crises can speed up transition towards clean energy: Report

Spiralling energy costs caused by various economic factors and the Ukraine war could be a turning point toward cleaner energy, the International Energy Agency said in a report Thursday. The Paris-based organisation found the global demand for fossil fuels, including coal, oil, and natural gas, is set to peak or plateau in the next few decades. The report looked at scenarios based on current policies and said that coal use will fall back within the next few years, natural gas demand will reach a plateau by the end of the decade and rising sales of electric vehicles mean that the need for oil will level off in the mid-2030s before ebbing slightly by mid-century. Total emissions are currently going up each year, but slowly. "Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come, said the IEA's executive director Fatih Birol. A surge in demand following COVID-19 pandemic restrictions lifting and ...

Global economy approaching a recession, central banks unchained: Poll

The global economy is approaching a recession as economists cut growth forecasts for key economies while central banks keep raising interest rates to bring down persistently-high inflation

Bearish bets on Asian FX stay firm on towering dollar, slowdown fears: Poll

Bearish bets on Asian currencies stayed firm due to the unrelenting strength of the US dollar, as ultra-hawkish posturing by most central banks globally stoked fears of recession, a poll showed

Hong Kong cuts property taxes, eases visa rules to attract global talent

Hong Kong Chief Executive John Lee unveiled a sweeping plan to woo talent back to the city and ease its housing woes, in a bid to revive its status as a thriving international finance hub

Rising global risks: India will need policy space

Given the global economic outlook, the policy focus should be to first preserve financial stability and not take undue policy risks

Soaring US dollar spreads pain worldwide, cost of living increases

The cost of living in Cairo has soared so much that security guard Mustafa Gamal had to send his wife and year-old daughter to live with his parents in a village 70 miles south of the Egyptian capital to save money. Gamal, 28, stayed behind, working two jobs, sharing an apartment with other young people and eliminating meat from his diet. The prices of everything have been doubled," he said. "There was no alternative.'' Around the world, people are sharing Gamal's pain and frustration. An auto parts dealer in Nairobi, a seller of baby clothes in Istanbul and a wine importer in Manchester, England have the same complaint: A surging US dollar makes their local currencies weaker, contributing to skyrocketing prices for everyday goods and services. This is compounding financial distress at a time when families are already facing food and energy crunches tied to Russia's invasion of Ukraine. A strong dollar makes a bad situation worse in the rest of the world,'' says Eswar Prasad, a ...

Cocktail of macroeconomic data paints bleak picture of global economy

Long, short or medium, all of the announcements by governments of the world are "willing and able" to make the equity, currency and commodity markets gyrate wildly

58% of CEOs in India expect a recession to be mild and short: KPMG survey

66 per cent CEOs in India compared to 86 per cent globally anticipating a recession to hit over the next year

International Day for the Eradication of Poverty 2022: All you need to know

On December 22, 1992, the United Nations General Assembly (UNGA) passed a resolution designating October 17 as the International Day for the Eradication of Poverty

Joe Biden brushes off risks of strong dollar on global economy

The dollar has climbed roughly 15% this year as the Federal Reserve embarked on an aggressive campaign to raise interest rates to tamp US price increases.

Statsguru: Six charts explain IMF's warning on the global economy

The cost of borrowing is going up for emerging markets and budget constraints are increasingly making their effects felt

Buckle up, and keep going, says IMF chief as outlook for world economy dims

Here is a rundown of the key takeaways from the annual meeting of the International Monetary Fund hosted IMF Managing Director Kristalina Georgieva

IMF chief Kristalina Georgieva warns of risk of geopolitical fragmentation

There is a risk of geopolitical fragmentation, as geopolitics turn into geo-economics with negative impacts, warns IMF Managing Director Kristalina Georgieva

Remain steadfast on principles of common responsibilities: FM to World Bank

Nirmala Sitharaman urged the World Bank to avoid a unidimensional view of subsidies and not to lose focus on the internationally agreed basic principle of common but differentiated responsibilities

Sitharaman discusses global economic situation with EU economy commissioner

India's Finance Minister Nirmala Sitharaman met European Union's Commissioner of Economy Paolo Gentiloni here and the two leaders discussed the current global economic situation, the Union Ministry of Finance said. Sitharaman is here to attend the annual meetings of the International Monetary Fund and the World Bank. On the sidelines of these, she has been holding a number of bilateral and multilateral meetings. During their meeting on Friday, Sitharaman and Gentiloni discussed issues related to the global economy and furthering India-EU collaboration during India's Presidency of the G-20 in 2023, the ministry said. They also discussed the need to further strengthen Multilateral Development Banks to enable them to help countries in need, it said. So far, Sitharaman has held nearly a dozen bilateral meetings with her counterparts from major countries and those from the neighbourhood. She met German Finance Minister Christian Lindner on Thursday. The two ministers discussed several

Rising rates evoke fears of 1990s Asia crisis for emerging markets

Corporate borrowers across developed markets also vulnerable to higher rates

India calls for collective prevention of aggravating risks: FM Sitharaman

: Union Finance Minister Nirmala Sitharaman on Thursday called for collective responsibility to prevent the risks from aggravating. Sitharaman said that India's efforts will be to encourage conversations that recognise our inter-dependencies, our shared wisdom, and our collective aspiration for a safe, peaceful and prosperous world. Today's global economy faces a confluence of challenges and it is our collective responsibility to prevent the risks from aggravating, the finance minister said in her speech during the closing session of the G-20 finance ministers and central bank governors here being held on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. India will head the annual rotating presidency of G-20 next year. In her remarks, the finance minister said that India views the hosting of the G20 Presidency as an opportunity as well as a responsibility. Rebuilding trust in multilateralism is at the core of India's thinking, she told her