Economy news

Pakistan's central bank announced it would be keeping its key interest rate unchanged at 15%. This comes days after the South Asian country's credit rating was downgraded in the face of an economic catastrophe worsened by devastating floods.Pakistan is squaring ...

A recent decision by the OPEC+ alliance of oil-exporting countries to significantly cut production and boost crude prices has dealt a blow to oil-consuming nations. The US, which is heading into key midterm elections, has gone as far as accusing ...

The managing director of the IMF, Kristalina Georgieva, has said the organization is lowering its 2023 growth forecast, the fourth negative adjustment this year, when it releases its World Economic Outlook next week.The IMF next week will downgrade its forecast ...

The British government announced it is performing an about turn and will not scrap the highest rate of income tax, marking a humiliating retreat after an internal political rebellion and a week of financial and economic turmoil.Finance minister Kwasi Kwarteng ...

The UK economy grew marginally in the second quarter of the year, rather than shrinking as previously had been estimated. However, data from the Office for National Statistics also showed that the UK is the only G7 economy that has ...

The US 30-year fixed-rate mortgage averaged 6.7% in the week ending September 29, up from 6.29% the week before, its highest level in 15 years.Mortgage rates have more than doubled since the start of this year, as inflation has skyrocketed ...

According to probability models run by Ned Davis Research, there is currently a 98.1% chance of a global recession. The only other times its recession model was this high was during severe economic downturns, most recently the pandemic in 2020 ...

US bond yields leapt this week after another significant rate hike from the Federal Reserve. The two-year treasury yield climbed to 4.3%, a 15-year high, and the 10-year treasury breached 3.9%, a level not seen in 11 years.The two-year treasury ...

UK authorities are trying to soothe financial markets after plans by new Prime Minister Liz Truss to cut taxes while increasing borrowing caused alarm among investors concerned it could fuel inflation further and upend government finances.The Bank of England (BOE) ...

Ties between China and Russia are deepening, with Chinese trade providing Moscow with an economic lifeline as it faces international isolation over its war in Ukraine.China imported 8.54 million tons of Russian coal in August amid increasing energy demand driven ...

Following the end of pandemic-era support measures, the number of companies in the UK that declared insolvency last month was 42% higher than before the advent of COVID-19.Insolvencies dropped markedly during the pandemic, as the British government underwrote some $91 ...

An increasing number of analysts are predicting that persistently high inflation will force the Federal Reserve to resort to the biggest increase in a key US interest rate in more than 40 years.At the last two meetings, the US Fed ...

India, the third-largest economy in Asia, saw its GDP grow by 13.5% in the April-June quarter from a year earlier. This marks the fastest pace of growth in a year and comes amid concerns of growth slowing due to increased ...

When Western countries imposed a raft of sanctions on Russia earlier this year, after it invaded Ukraine, it was believed these punitive measures would have a devastating effect on the country’s economy.However, results have thus far been mixed. On one ...

Germans affected by Europe’s gas crisis are scrambling to get solar panels installed in their homes and businesses.So far this year, Germany has seen a 22% jump in the installation of solar systems compared with the same period last year. ...