Economics

Massive economic losses brought on by extreme heat induced by human-driven climate change are an issue now, not only in the distant future.

The Fiscal Council has assessed the proposed state budgets for the next two years, finding they to some extent reflect the required course of action, but also contain shortcomings and entail risks, including a high level of discretionary expenditure in the form of investment and pay rises.

The Nobel Economics Prize was on Monday awarded to a US trio for their contributions on explaining the role of banks in the economy.

The United States faces "a risk" of recession as its battle against inflation could slow the nation's economy, but a serious downturn can still be avoided, Treasury Secretary Janet Yellen has said.

The headline Purchasing Managers' Index (PMI) ticked up in August, posting 47.4 from 46.9 in July, according to a survey conducted jointly by the Istanbul Chamber of Industry (ISO) and S&P Global.

The latest PMI survey data pointed to an ongoing moderation in the Turkish manufacturing sector, with demand slowing sharply, S&P Global said.

The average annual inflation is expected to be 12.6%, announced the Acting Finance Minister Rositsa Velkova. She presented the preliminary calculations of the macroeconomic forecast until 2025.

Next year, inflation will slow down to 5.8%, expect from the Ministry of Finance.

The agricultural input price index increased by 7.9 percent in July from the previous month, the Turkish Statistical Institute (TÜİK) said on Aug. 22.

On the back of the July data, the annual increase in the cost of inputs used in the agriculture industry accelerated from 123.7 percent in June to 135 percent last month.

The overall level of food prices in the US has risen 10.9 percent since 2021, Bloomberg reported, citing the US Department of Labor. It is noted that this is the most significant jump since 1979.

Recession in Europe in the winter of 2022-2023 due to the energy crisis is now inevitable. Bulgaria will be one of the countries that will suffer because of the shrinking demand for its products in the EU.

Inflation in Bulgaria will accelerate to 12.5% in 2022 due to higher energy and food prices and the indirect impact of higher energy prices for businesses on headline inflation. This is what the European Commission predicts for Bulgaria in its summer forecast.