Page 7 - World Economy

Crisis-hit Sri Lanka announces debt default due to low forex reserves

Sri Lanka's external debt servicing obligations were thought to be over $6 billion.

UK economic growth slows down amid declines in manufacturing

Gross domestic product increased just 0.1% from a month earlier, down from the 0.8% growth reported in January, the Office for National Statistics said Monday.

Sri Lanka economic crisis: Food prices surge to 'unbearable levels'

The consumers in the island nation said that rice prices have risen to unbearable levels

The street has spoken in Sri Lanka: the Rajapaksa brothers have to go

The government prioritized servicing external debt rather than ensuring it could provide for its people

Sri Lankan government in disarray as economic crisis deepens

Possible next steps could be the appointment of a new prime minister replacing the president's elder brother, Mahinda Rajapaksa, or snap parliamentary elections much ahead of a scheduled vote in 2025.

$120 bn global grain trade being redrawn by Russia's war in Ukraine

India, which historically kept its huge wheat harvests at home - thanks to a government-set price - is jumping into the export market, hawking record amounts across Asia

Canadian consumer expectations for inflation reach record levels: Survey

Survey respondents expressed the belief that three main issues were making inflation harder to control: supply chain issues, the persistence of the pandemic and high government spending.

Sri Lanka's Central Bank Governor resigns amid economic crisis

The country is witnessing protests over the government's handling of the worst economic crisis in decades.

Time is fast running out: Former Cricketer Sangakkara on Lanka's crisis

This statement comes as the island nation is facing a foreign exchange shortage which has led to a food, fuel, power, and gas shortage

Commodity prices set for 'best year since 1915': Report

A flurry of factors, such as the pandemic, lockdowns, civil unrest, war, excess monetary and fiscal stimulus and broken supply chains have resulted in epic inflation, BofA analysts said

Japan PM Kishida to consider new stimulus to ease fuel spike blow: Report

Nikkei newspaper reports the government will likely tap 5.5 trillion yen ($45.41 billion) in reserves set aside under the fiscal 2022 budget.

Three problems for world economy

US monetary policy, China and Russia are three difficulties impacting the world economy, together

Covid, conflict and China

For the countries of Europe, the conflict poses existential questions

Investors dump stocks, move to cash as growth outlook weakens: BoFA

Cash levels among investors rose to nearly 6% while allocations to commodities soared to a record 33%.

Economic growth at 7.8%, oil price rise a dampener: S&P Global Ratings

S&P believes that heightened market risk could also pull capital out of Asia's emerging markets, hitting currencies, and raising funding costs.

War in Ukraine, sanctions will have 'severe impact' on global economy: IMF

JPMorgan Chase & Co. economists have cut their outlook for global growth this year by about a percentage point, and raised their inflation estimate.

China lowers GDP target for 2022 to 5.5% from last year's 6.1%

In 2021, China's economy grew by 8.1 per cent 2021, well above the government target

Economic dangers from Russia's Ukraine invasion ripple across globe

Even before Putin's troops invaded Ukraine, the global economy was straining under a range of burdens

Global central banks were on the same page, Ukraine crisis may reshape that

The well-scripted turn by global central banks towards tighter, post-pandemic monetary policy has been into doubt by Russia's invasion of Ukraine.

G20 meeting drafts communique on long-term economic recovery strategy

'It is important for G20 members to show commitment to supporting the world's economic recovery and strengthening coordination in financial and health sectors'