Page 3 - Recession

Australia has 50% chance of sliding into recession this year, says CBA

The Commonwealth Bank of Australia on Friday downgraded its economic forecasts following a recent cash rate increase, saying the country has a 50 per cent chance of sliding into recession this year

Power shock:  Euro zone saw winter recession, more challenges ahead

Along with Germany, GDP also declined in Greece, Ireland, Lithuania, Malta, and the Netherlands

88% Indians unaware of the existence of AI tools: Axis My India survey

Out of the people who were aware of these tools, 26 per cent said these tools have the potential to replace human jobs

TMS Ep444: JioCinema, recession in Germany, Adani stocks, heat dome

Is JioCinema ready for the big league? Will recession in Germany hit the Indian economy? Has the rally in Adani stocks run its course? What is heat dome? All answers here

Germany recession may impact Indian exports: CII EXIM committee chairman

Economic recession in Germany is likely to impact India's exports from various sectors like chemicals, machinery, apparel and electronics to the European nation, Chairman of the CII Committee on EXIM Sanjay Budhia has said. He, however, said that it is too early to see the impact of the economic recession in Germany on India's exports. Germany, the world's fourth-largest economy, is facing recession as its GDP fell 0.3 per cent in the first quarter of 2023, following a decline of 0.5 per cent in the fourth quarter of the last year. In 2022, 4.4 per cent of India's total exports were to Germany, concentrated mainly in sectors like organic chemicals, machinery, electronics, apparel, footwear, articles of iron and steel and leather goods. Even though it's too early to see the impact of Germany's recession on India's exports, the sectors mentioned above will likely be the ones most affected, he told PTI. He said the entire European Union is dealing with the rising energy prices that h

UK's Treasury chief accepts that recession may be imp to lower inflation

Britain's Treasury chief said he would be prepared to see the UK economy slip back into recession if further interest rate hikes are necessary to bring down inflation. With the Bank of England expected to keep raising rates following higher-than-anticipated inflation figures this week, Jeremy Hunt said it was necessary to prioritise measures to slow the pace of price increases. In an interview with Sky News that aired on Friday, Hunt said the only path to sustainable growth is to bring inflation under control. Asked if he was comfortable with further rate hikes even if it could precipitate a recession, Hunt said, Yes, because in the end, inflation is a source of instability. ... It is not a trade-off between tackling inflation and recession." Like other central banks, the Bank of England has been raising interest rates aggressively over the past 18 months or so to a 15-year high of 4.5 per cent after inflation spiked sharply, first because of bottlenecks caused by the coronavirus .

India's goods exports may see a marginal impact from Germany recession

But exports may contract in FY24 due to worsening external situation in FY24

Germany enters recession: What went wrong with Europe's largest economy?

According to Germany's statistics agency, the economy contracted by 0.3 per cent in the first quarter of the year, following a 0.5 per cent contraction in the final three months of 2022

Germany's GDP shrinks by 0.3% in first quarter, puts economy into recession

New figures show the German economy suffered an unexpected dip in the first quarter of this year, putting the country formally into recession. Data released Thursday by the Federal Statistical Office shows Germany's gross domestic product, or GDP, down by 0.3 per cent in the period from January to March. This follows a drop of 0.5 per cent in Europe's biggest economy during the last quarter of 2022. Two consecutive quarters of decline constitute a technical recession. The figures are a blow to the German government, which last month boldly doubled its growth forecast for this year after a feared winter energy crunch failed to materialise. It said GDP will grow by 0.4 per cent up from a 0.2 per cent expansion predicted in late January a forecast that may now need to be revised downward. Economists said high inflation hit consumer spending, with prices in April 7.2 per cent higher than a year ago. GDP reflects the total value of goods and services produced in a country. Some exper

US AAA credit rating may be downgraded by Fitch on debt-limit impasse

Economists project a US default could trigger a recession, with widespread job losses and a surge in borrowing costs

As global recession looms, China unlikely to rescue economy again: Report

As rest of world teeters on the brink of recession, last thing Western policymakers want is for China, biggest driver of global economic growth since 2008 financial crisis, to have a lopsided recovery

Equities rebound on easing recession worries; HDFC twins back in green

Financial stocks gain most as Sensex, Nifty50 rise over 1%

Emerging economies must step up to fix global challenges: FM Sitharaman

She was speaking with the members of the Indian diaspora in Seoul, South Korea, on the sidelines of the annual meeting of the Asian Development Bank

Global markets turn cautious again amid concerns of banking crisis

Global economy was once again beginning to stare at the possibility of economic slowdown as fears re-emerged over the possibility of economic recession in the US owing to another banking crisis

India asks for cooperation among SCO members to deal with global challenges

Amid fears of a global recession, India on Wednesday underlined the need for greater cooperation among Shanghai Cooperation Organization (SCO) members for combating challenges relating to food and energy security. Addressing the Council Meet of the SCO Inter-bank Consortium (IBC), Financial Services Secretary Vivek Joshi said as part of India's contribution to mitigating the above challenges, Prime Minister Narendra Modi has launched global mission LIFE' which stands for Lifestyle for Environment. LIFE envisions replacing the prevalent 'use-and-dispose' economygoverned by mindless and destructive consumptionwith a circular economy, which would be defined by mindful utilization of resources, he said in his inaugural address. "Today, when the world is facing challenges of a looming economic recession, a closer cooperation among SCO member states shall play a pivotal role in combating global challenges such as food and energy security concerns," he said. Observing that India is incli

US consumer confidence falls to 9-month low in April amid recession fears

The Conference Board said its consumer confidence index fell to 101.3 - the lowest since July 2022 - from a revised 104.0 in March

General Electric raises profit outlook despite growing risks of recession

CEO Larry Culp told Reuters that GE's businesses had not seen any loss in momentum despite growing risks of an economic recession as soon as the second half of the year

Deal activity declines 35% to $9.7 bn in March 2023 quarter: Report

Deal activities declined 35 per cent to USD 9.7 billion across 332 transactions in the first quarter of 2023 due to an overall decline in deal activities as the fear of a global recession has gained more traction amid the continuing war on Ukraine, according to an industry report. Of the total deals, M&As constituted more than half, still lower by 21 per cent at USD 4.4 billion involving 76 deals, down 56 per cent during the March quarter, according to the data collated by Grant Thornton. In volume terms, overall deals fell by 46 per cent to 332 transactions. The main reason for the poor show was the tepid IPO market, which plunged to USD 84.4 million from USD 1 billion in Q1 of 2022. On the other hand, QIP witnessed two fundraise -- Spicejet's cargo and logistics business raising USD 301 million, followed by Data Patterns raising USD 60 million. However, it was less than USD 541 million in Q1 of 2022. Another reason is the deepening funding winter, resulting in PE activity ...

Banking crisis has increased odds of recession, says JPMorgan's Jamie Dimon

The government shouldn't overreact to the banking crisis by imposing more rules on the industry, Dimon said

Potential US recession signal sets off global rush into Indonesian bonds

With the US and Indonesian central banks seen approaching the end of their respective hiking cycles, inflows looking for higher carry returns are likely to keep increasing in the second quarter