Round two: UK may fall back into recession as new lockdowns bite
With fresh lockdowns and a COVID-19 variant, it is increasingly likely the United Kingdom could fall back into recession. The British economy looks set to fall back into recession after official figures on Friday showed that it shrank by 2.6 percent month on month in November, when much of the country was in a second […]
German economy stalls, probably avoids double-dip recession
German officials predict renewed pandemic lockdown won’t have the same severe impact as restrictions earlier in 2020. The German economy stagnated at the end of last year, probably avoiding a double-dip recession that is engulfing the euro area. The statistics office predicted that the country’s renewed pandemic lockdown won’t have the same severe impact as […]
Singapore’s recovery from its worst recession proves to be patchy
The Southeast Asian trading hub’s economy shrank by 5.8 percent in 2020, with recovery expected to be gradual. Singapore marked its worst-ever recession in 2020 due to the COVID-19 pandemic, although the contraction moderated in the fourth quarter as the country lifted more coronavirus-related curbs, putting the economy on path to a slow and patchy […]
South Africa exits recession but faces long road to full recovery
South Africa exits its longest recession in 28 years, but may not recapture pre-COVID-19 levels until 2025, says economist. South Africa’s economy may only get back to pre-Covid 19 levels by 2025 and remains vulnerable to a local resurgence of the pandemic, even after exiting its longest recession in 28 years. Gross domestic product expanded […]
India enters recession as COVID-19 surge hinders recovery
Mumbai – After one of the world’s strictest lockdowns brought India’s economy to its knees, the country’s latest economic data shows signs of a tentative recovery. According to official figures released on Friday, India’s gross domestic product (GDP) contracted by 7.5 percent in the second quarter (July to September), an improvement on the previous quarter’s […]
Nigeria slips into recession blamed on COVID-19 and oil prices #duzline #duzlinenews #follow4follow
The country’s economy shrinks two quarters in a row amid contraction in its oil sector. Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to official data released. Africa’s biggest economy is in recession for the first time since 2016. The recession four years ago was […]
G20 leaders tackle coronavirus crisis, global recession #duzline #duzlinenews #follow4follow
G20 member states are set to debate how to deal with the coronavirus pandemic that has caused a global recession and how to manage the recovery once COVID-19 is under control. High on the agenda are purchases and global distribution of vaccines, drugs and tests for low-income countries that cannot afford such expenses themselves. The […]
Indian central bank data point to first ever recession #duzline #duzlinenews #follow4follow
The Reserve Bank of India’s figures suggest the economy shrank 8.6 percent in the July-September quarter following a contraction in the previous three months. India’s economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank’s deputy governor in charge of monetary policy, pushing the country […]
Will Gen Z ever recover from the COVID-19 recession? #duzline #duzlinenews #follow4follow
The global economy has been brought to its knees by COVID-19 and one generation may never fully bounce back from the beating: Generation Z. Born between 1997 and 2012, some Gen Zers – teens and college students – are entering the labour market for the first time during an unprecedented economic crisis caused by a […]
Indonesia slumps into first recession since 1998 Asian crisis #duzline #duzlinenews #follow4follow
The government says its economy is showing signs of improvement, but analysts say they see more weakness over the coming months. Indonesia fell into recession for the first time in more than 20 years in the third quarter as the COVID-19 pandemic battered consumption and business activity in Southeast Asia’s largest economy, official data showed […]
Bouncing back: South Korea’s recession ends as exports surge #duzline #duzlinenews #follow4follow
Government stimulus measures and a surge in exports helped South Korea post a 1.9 percent growth rate in the third quarter. South Korea’s economy returned to growth in the third quarter, recovering from its sharpest contraction in more than 10 years, as the government pushed through stimulus measures and its biggest trading partners eased coronavirus […]
Is this the end of the Middle East’s oil rush?
Oil revenues in the Middle East and North Africa fell from more than $1 trillion in 2012 to $575bn in 2019, according to the International Monetary Fund. The pandemic has meant demand for fossil fuels has been decimated and may not return. Have oil-exporting countries done enough to diversify their economies? Plus, what has gone […]