Page 6 - Recession

World debt-GDP ratio plummets, but over pre-Covid level, says IMF

Total debt fell to 247 per cent of global gross domestic product last year, IMF data showed. That's 10 percentage points less than in 2020, but is still the second-highest reading in history

UK braces for 2 yrs of recession as manufacturing sector shrinks by over 4%

The UK's manufacturing sector shrank by more than 4% this year, a survey found, with predictions of another sharp decline in 2023

Next US Federal Reserve rate hike will amplify recession: Elon Musk

"If the Fed raises rates again next week, the recession will be greatly amplified," he said in a tweet

HCL Tech management cautious on revenue growth in FY23; stock plunges 6%

At its investor meeting held in New York on December 8, the management said the revenue growth guidance for FY23 is likely to come in at the lower end of its 13.5-14.5 per cent

US dollar struggles as recession worries simmer, bets on slower rate hike

The yuan hovered near an almost three-month high after China revealed a loosening of stifling COVID restrictions

Are the markets fully pricing in recession fears?

Business Standard's Puneet Wadhwa spoke to Jitendra Gohil, Director, Global Investment Management, Wealth Management, India at Credit Suisse on how the markets may play out over the next few months

Placement offers at IITs in 2023 may not be as high as last year: Report

The highest packages at IITs for this year may come for domestic roles, unlike last year when international roles offered the highest salaries

Top Headlines: India-UAE trade deal; crude import basket at 10-month low

The price of the Indian basket of crude oil has hit a 10-month low of $88.6 a barrel in November, government data showed

In coming global recession, job cuts won't mean mass layoffs: Report

This time around, workers have a better-than-usual shot at holding onto their jobs if recession arrives

India-UK FTA:'Mustn't hurriedly wrap negotiations with artificial deadline'

UK India Business Council MD lists four "Ps" to explains why he is confident the deal will happen

Foreign direct equity investments from top-6 nations shrink in H1

After witnessing a robust growth for two years, foreign direct equity investments during April-September declined 14 per cent on year to $26.9 billion

Recession unlikely in APAC region in coming year: Moody's Analytics

A recession is unlikely in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth, Moody's Analytics said on Thursday. In its analysis titled 'APAC Outlook: A Coming Downshift', Moody's said India is headed for slower growth next year more in line with its long-term potential. On the upside, inward investment and productivity gains in technology as well as in agriculture could accelerate growth. But, if high inflation persists, the Reserve Bank of India would likely take its repo rate well above 6 per cent, causing GDP growth to falter. In August, Moody's had projected India's growth to slow to 8 per cent in 2022 and further to 5 per cent in 2023, from 8.5 per cent in 2021. It said the economy of the Asia-Pacific (APAC) region is slowing and this trade-dependent region is feeling the effects of slower global trade. Global industrial production has remained "fairly level" since it peaked in February just pr

Job switches to fetch smaller salary hikes to tech talent, says report

The average salary hike on new jobs has fallen from 54 per cent in July and August to 45 per cent in September and 37 per cent in October

Oil prices rise as Saudi comments outweigh recession, China Covid concerns

Brent crude rose 37 cents, or 0.4%, to $87.82 by 0915 GMT. U.S. West Texas Intermediate (WTI) crude was up 46 cents, or 0.6%, at $80.50

UK starting to have second thoughts about Brexit as economy faces recession

More than six years after voting to leave the European Union, the UK is facing a prolonged recession and a deep cost-of-living crisis

No prospect of recession in India, economy to grow at 6-7 pc: Rajiv Kumar

India will still grow at 6-7 per cent in the next 2023-24 fiscal even as the economy may be affected by uncertain global conditions, former Niti Aayog Vice-Chairman Rajiv Kumar has said amid growing fears of the world slipping into a recession. Kumar further said there is a synchronized downturn in the US, Europe, Japan and also in China and that could take the global economy into a recession in the coming months. "Thankfully, there is no such prospect of recession in India, because although our growth may be negatively affected by the global conditions, we will still manage to grow at 6-7 per cent in 2023-24," he told PTI in an interview. The World Bank on October 6 projected a 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing the deteriorating international environment, while IMF projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India. IMF chief Kristalina Georgi

'Risk of recession' increased, expect to raise rates more: ECB's Lagarde

Lagarde said that the "risk of a recession" has increased, but that a downturn on its own won't be sufficient to tame soaring prices

Britain is in recession, Hunt makes it official; windfall tax hiked to 35%

The tax burden would hit 37.1 per cent of GDP, its highest sustained level since World War Two

US Federal Reserve official suggests substantial rate hikes may be needed

The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control, James Bullard, who leads the Federal Reserve Bank of St. Louis, said Thursday. Bullard's comments raised the prospect that the Fed's rate hikes will make borrowing by consumers and businesses even costlier and further heighten the risk of recession. Wall Street traders registered their concern by sending stock market futures further into the red early Thursday. The Dow Jones Industrial Average was down about 330 points shortly before trading began. Bullard's remarks followed speeches by other Fed officials in recent days that suggested they see only limited progress, at most, in their use of steadily higher rates to fight inflation. The Fed's key short-term interest rate has not yet reached a level that could be justified as sufficiently restrictive, Bullard said. To attain a sufficiently restrictive level, the policy rate will need to be

ECB warns of financial stability risks in euro area, warns of recession

Should the outlook deteriorate further, an increase in the frequency of corporate defaults cannot be excluded, particularly among energy-intensive companies