COVID-19 recession

UK Economy Plunges into Recession!

Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023. The grim data indicates a contraction in GDP for two consecutive quarters, marking what economists term as a "technical recession."

China's growth in second quarter disappoints

China's economy grew at a 6.3 percent annual pace in the April-June quarter, much lower than analysts had forecast given the slow pace of growth the year before.

The world's second-largest economy is expected to slow further in coming months given slack consumer demand in China and weaker demand for Chinese exports in other economies as their post-pandemic recoveries lose momentum.

Surprise growth helps Singapore avoid recession

Singapore's economy grew more than expected in the second quarter, data showed on July 14, helping it avoid a recession, but analysts warned the trade-dependent city faced headwinds owing to weak overseas demand.

The Southeast Asian nation's performance is often seen as a barometer of the global environment because of its reliance on international trade.

Oil propels Saudi GDP growth

Saudi Arabia reported its fastest economic growth rate in a decade on May 1, as a booming oil sector fueled a 9.6 percent rise in the first quarter over the same period of 2021.

The preliminary results come after the world's biggest oil exporter resisted U.S. entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.

13th evaluation: Positive conclusion – Alarm over uncertainty for inflation

The Commission emphasizes the positive prospects of the economy in its report on the conclusion of the 13th evaluation, while it sees the rise in energy prices as a source of uncertainty. It emphasizes, among other things, that Greece has recovered quickly from the pandemic and the prospects remain strong, although they are subject to high uncertainty.

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