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Britain’s economy unexpectedly shrank in the second quarter of the year on Brexit turmoil, official data showed on Friday, placing the country on the verge of recession and sending the pound tumbling to a 2.5-year low.
The White House is considering cutting taxes or reversing tariffs to head off a recession, US media reported on Monday, despite President Donald Trump’s insistence the economy was in rude health.
President Donald Trump dismissed concerns of recession on Sunday and offered an optimistic outlook for the economy after last week's steep drop in the financial markets.
For three decades, China’s burgeoning demand for German cars, machines and engineering tools has been a steady engine of growth for Europe’s largest economy,
German exports to China fell by 6.5 per cent on the year in January and the Federal Statistics Office said the drop could not yet be linked to the coronavirus, as the looming impact of the epidemic threatens to tip Europe’s largest economy into recession.
European and US stocks and oil prices recovered on Friday on US stimulus hopes, after Asian equities experienced wild swings, with traders closing out a week of carnage for world markets as the coronavirus pandemic fuels fears of a global recession.
Britain unveiled a 30 billion-pound ($39 billion) stimulus plan to help the economy as it faces the risk of a coronavirus recession, hours after the Bank of England (BoE) slashed interest rates in a double-barrelled response to the crisis.
The German government’s council of economic advisers more than halved its growth forecast for Europe’s largest economy on Wednesday and flagged a “substantial” recession risk as a result of Russia’s invasion of Ukraine.
Multiple threats to the global economy topped the worries of the world’s well-heeled at the annual Davos think-fest on Monday, with some flagging the risk of a worldwide recession.
The German economy grew slightly in the first quarter from the previous one, data showed, with higher investments offset by the twin impacts of war in Ukraine and COVID-19 that experts predicted would weigh more heavily in the three months to June.
