The recession risk and reality : As the threat of a global recession is growing, the World Bank gives a wake up call to governments to help boost supply to ease the constraints behind rising prices.
The warning comes as consumers around the world are struggling with higher costs for necessities like food, fuel and shelter at the same time as they are shifting spending away from e-commerce back to in-person shopping, dining and travel.
The global delivery firm, FedEx earlier said it was cutting costs including shutting some FedEx Office locations, reducing labor hours and consolidating some sorting facilities.
The company also warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume.
Inflation worldwide has been rising at the fastest pace seen in decades, due to supply constraints amid high demand as countries emerged from the pandemic. It has been exacerbated this year by the Russian invasion of Ukraine and Covid lockdowns in China.
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