Recession

Global oil price fall below $100 as recession fears linger

Investors sold oil positions on worries that aggressive interest rate hikes to stem inflation will sharply slow economic activity and hit oil demand.

Recession in US not inevitable: Treasury secretary

US Treasury Secretary Janet Yellen, however, conceded that "clearly inflation is unacceptably high," attributing it partly to the conflict in Ukraine.

African countries appeal for $100 billion to stave off pandemic recession

The continent has seen a surge of infections during the past month, as it recorded one million new cases and a 43 percent jump in Covid-19 deaths last week.

Singapore's economy suffers worst decline in 2020

The financial hub plunged into its first recession since the 2008 global financial crisis in the second quarter of 2020 when the government closed most workplaces as part of drastic measures to contain Covid-19 infections.

‘A Year Like No Other,’ the IMF brands 2020 due to the pandemic

The IMF's “A Year Like No Other” report says that it gave loans worth $165 billion to 83 countries, while some $12 trillion had been spent by nations to stop the economic recession amid the coronavirus outbreak.

Australia enters its first recession in 30 years

Australian Treasurer announced the country's robust economy has taken a serious battering by the coronavirus pandemic.

World Bank: Covid-19 will push up to 100M people into extreme poverty

World Bank President David Malpass says poor countries will not be in a better position to deal with the debt payments even if advanced economies suspend them.

UK sees record recession over coronavirus pandemic

While many of the lockdown restrictions have been eased, Britain still faces a tough time in coming months, with unemployment likely to spike as the government phases out a support program that has kept nearly 10 million workers on company payrolls.

US jobless claims climb by another 1.5 million amid coronavirus

Latest claims are down from a peak of nearly seven million in March, and it marked an 11th straight weekly drop, Labor Department says.

Japan still in recession, but economy shrank at lower rate

Japan's economy has shrunk at an annual rate of 2.2 percent, better than the early estimations due to the hit of coronavirus pandemic and the ongoing trade conflict between US and China, country's most important trading partners.

Australia heading for recession after economy contracts

Authorities ordered numerous businesses shut and closed the country's international borders to stem the spread of Covid-19, costing the economy billions of dollars but achieving success in containing the virus.

Forty-one million people lose jobs since coronavirus hit US – report

The national jobless rate was 14.7 percent in April, the highest since the Great Depression, and many economists expect it will near 20 percent in May, a sign companies are still slashing jobs.