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New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy suffering an unexpectedly sharp slump that sent the country's currency tumbling and sparked political finger-pointing.

New Zealand enters recession with sharp GDP decline

The economy has for months teetered on the verge of recession, with consumer sentiment weighed by high prices, elevated borrowing costs and a housing crisis.

New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy suffering an unexpectedly sharp slump that sent the country's currency tumbling and sparked political finger-pointing.
The conservative coalition government defended its "respect for taxpayers' money" as the opposition accused it of feeding a "recessionary fire".
The economy has for months teetered on the verge of recession, with consumer sentiment weighed by high prices, elevated borrowing costs and a housing crisis.
But the latest figures showed gross domestic product fell a bigger-than-expected 1.0 percent July-September from the previous three months. Analysts had forecast a contraction of 0.2 percent.
That marked the second quarterly contraction in a row, after shrinking a revised 1.1 percent in April-June.
"Yes, the one percent decline in activity is huge. And it's much weaker than anyone had anticipated," said a report by Kiwibank economics.
Excluding an economic decline during the Covid-19 pandemic, the New Zealand economy had posted the weakest six-month period since 1991, it said.
"And weakness is spreading across most industries," the report said.
However, the recent drop was partly balanced out by a statistical revision of growth upwards earlier in the year, Kiwibank said.
And the latest quarter may be the last in the cycle of decline, it said, with a one percent cut in interest rates over the quarter likely to provide relief going forward.
The New Zealand dollar was trading in the late afternoon at US$0.5626 -- down about 1.8 percent from the previous day -- as the scale of the slump took traders by surprise.
"The latest economic figures highlight the importance of the steps the government has taken to restore respect for taxpayers money and drive economic growth," the government said in a statement.
Finance Minister Nicola Willis said the economy had now contracted for eight quarters on a per-capita basis.
"The decline reflects the impact of high inflation on the economy. That led the Reserve Bank to engineer a recession which has stifled growth," she said.
But she predicted the economy would pick up in the next quarter, and grow more strongly in 2025.
The opposition Labour Party said the recession was of the finance minister's making.
"Nicola Willis' cuts and austerity has fed the recessionary fire," said Labour finance spokesperson Barbara Edmonds. "There's no creative accounting that Nicola can do to make these GDP figures better."

JPMorgan now sees a 35% chance of a US recession by the end of this year, up from 25% last month. Watch the video to know why JP Morgan has increased the odds of a recession in the U.S.

Is a U.S Recession on the horizon? Here's what JP Morgan Predicts

JPMorgan now sees a 35% chance of a US recession by the end of this year, up from 25% last month. Watch the video to know why JP Morgan has increased the odds of a recession in the U.S.

JPMorgan Chase has just updated its recession forecast for 2024, and it's not good news.
The banking giant now sees a 35% chance that the US economy will slip into a recession by the end of 2024. The forecast has been revised upwards since last month when it was just a 25% chance of a recession.
JPMorgan economists noted that recent data from the US reveals a sharper-than-expected weakening in labor demand and early signs of labor shedding.
But that's not all. The odds of U.S going into recession by the second half of 2025, are pegged as high as 45%.
Meanwhile, there's also a significant change in the interest rate outlook. JPMorgan now sees just a 30% chance of the Federal Reserve keeping interest rates 'high-for-long', down from a 50-50% chance two months ago. With inflation pressures easing, they even predict the Fed might cut rates by half a percentage point in September as well as November.
A recession means potential job losses and economic uncertainty. CEO Jamie Dimon talking to CNBC, highlighted several risks, including geopolitical issues, housing market concerns, and upcoming elections, which add to the uncertainty.
The labor market is showing signs of strain, which could accelerate recessionary pressures. While inflation is cooling, the broader economic outlook remains mixed, with significant risks on the horizon.
Interestingly, JPMorgan's new recession risk calculation follows a similar move by Goldman Sachs, which now sees a 25% probability of a recession within the next year.
Both financial giants are recalibrating their forecasts in light of evolving economic data.
As always, we'll keep you updated with the latest developments. Be sure to subscribe and hit the notification bell to stay informed about the US economy and how it impacts your financial future.

Over 60% of those surveyed hold the belief that the stock market's gains in the current year amount to nothing more than a rebound within a bear market, with a sense of impending difficulties ahead

Investors expect bear market recovery in 2023, foresee recession ahead: Survey

<h2>Over 60% of those surveyed hold the belief that the stock market's gains in the current year amount to nothing more than a rebound within a bear market, with a sense of impending difficulties ahead</h2>

A significant majority of Wall Street investors are not finding comfort in the 2023 stock market gains, as they express concerns about the potential for further market declines amid growing recessionary risks, according to the latest CNBC Delivering Alpha investor survey.
The survey, conducted this week and polling approximately 300 chief investment officers, equity strategists, portfolio managers, and CNBC contributors, delved into their sentiments about the market for the remainder of 2023 and beyond.
Also read/watch: <a href="https://www.editorji.com/business-news/foreign-investors-shift-gears-fpis-turn-net-sellers-in-indian-equities-after-seven-month-buying-streak-1695875738472">Foreign investors shift gears: FPIs turn net sellers in Indian equities after seven-month buying streak</a> &nbsp;
Over 60% of respondents view this year's stock market gains as merely a bear market rebound, suggesting a bumpy road ahead. In contrast, 39% of investors believe that we are already experiencing a new bull market.
The S&amp;P 500 has experienced a more than 5% decline this month alone, erasing some of its 2023 gains, which had reached 11%. This downturn is attributed to factors such as the Federal Reserve signaling a prolonged period of higher interest rates, resulting in elevated bond yields. Additionally, the market has grappled with a surge in crude oil prices and a 10-week winning streak for the dollar.
Regarding the likelihood of a recession, 41% of survey participants anticipate one in the middle of 2024, while 23% believe a downturn will arrive later than 12 months from now. Only 14% of respondents do not foresee a recession.
Also read/ watch: <a href="https://www.editorji.com/business-news/rbi-monetary-policy-here-s-what-to-expect-1695625064774">RBI Monetary Policy 2023: Interest rates likely to remain unchanged; Here's what experts say</a>
Ares Management CEO Michael Arougheti, in an interview with CNBC's Leslie Picker, remarked, "I think the market is telling us we should expect another hike or two, and the consensus is building higher for longer."
While the Federal Reserve maintained its current interest rates this month, it signaled one more hike before year-end. Jeffrey Gundlach, CEO of DoubleLine Capital, suggested that the likelihood of more rate hikes has increased due to the recent surge in oil prices, potentially fueling inflation. Jamie Dimon, CEO of JPMorgan Chase, also cautioned that interest rates could rise significantly further.

The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy

Eurozone entered a recession at the beginning of 2023 

The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy

The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second consecutive quarter, figures from the EU's statistic agency showed Thursday.
Eurostat revised down an earlier forecast that had predicted slight growth after economic powerhouse Germany said last month it had fallen into recession.
The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
Eurostat cut its earlier estimate of 0 per cent growth in the final quarter of 2022 and 0.1 percent growth in the first quarter of 2023 to 0.1 percent contractions in both periods.
Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
The bad news comes after a painful year for European economies as surging energy prices sparked by Russia's war on Ukraine sent inflation spiralling.
The European Central Bank has responded by hiking its key rates by 3.75 percentage points since embarking on an unprecedented campaign of monetary tightening in July last year.
The latest figures cast doubt over more optimistic predictions for the whole of 2023.
The European Commission forecast in mid-May that growth for the year would reach 1.1 percent across the 20 countries that use the single currency.

In this exclusive conversation, billionaire investor Mark Mobius tells Editorji&rsquo;s Vikram Chandra that while there have been a number of banks in the U.S which have gone under, the Fed was very fast to bail out the depositors.&nbsp;&nbsp;
&nbsp;

‘Don’t see U.S going into a recession anytime soon’, says billionaire investor Mark Mobius

In this exclusive conversation, billionaire investor Mark Mobius tells Editorji&rsquo;s Vikram Chandra that while there have been a number of banks in the U.S which have gone under, the Fed was very fast to bail out the depositors.&nbsp;&nbsp;
&nbsp;

Billionaire investor Mark Mobius is of the view that a recession in the U.S is an unlikely scenario. Mobius does highlight the big risk and problem that a failure of the U.S banking system would be, however points out that while there have been banks that have gone under, the Federal Reserve reacted very quickly by arranging mergers and coming to the rescue of depositors.
Mobius also talks about the credit card debt in the U.S which he calls &lsquo;quite incredible&rsquo; as well the mortgage market which he also says is a problem. However, Mobius believes that there is enough money in the system to finance these problems.

With more and more companies trying to cuts costs, layoffs are only increasing. The latest to announce job cuts are Yahoo and media conglomerate News Corp 







Layoffs wave continues: Yahoo & media group News Corp to cut jobs

Yahoo & media conglomerate News Corp to cut jobs 

With more and more companies trying to cuts costs, layoffs are only increasing. The latest to announce job cuts are Yahoo and media conglomerate News Corp&nbsp;
&nbsp;
&nbsp;

The wave of layoffs only seems to be getting bigger. Yahoo and media house News Corp are the latest to announce jobs cuts.&nbsp;
News Corp job layoffs&nbsp;
In an official statement, News Corp said it would cut around 5% of its workforce which accounts for 1,250 jobs after the media conglomerate fell short of quarterly Wall Street estimates for profit and revenue, disturbed by a decline across its businesses including news.&nbsp;
Yahoo layoff
Yahoo on the another hand, is laying off 20% of its staff, impacting 1,600 employees in its ad tech business. Yahoo said that the move will enable the company to narrow its focus and investment on its flagship ad business called DSP or demand-side platform.
The company&rsquo;s layoffs round comes as many advertisers cut back their marketing budget due to record-high inflation rates and concerns about a recession, as per Reuters.&nbsp;&nbsp;

The latest edition of the Manpowergroup employment survey reveals that hiring activity in India will weaken in the January to March quarter over global recession concerns. 

Hiring activity in India to weaken amd global recession fears

The latest edition of the Manpowergroup employment survey reveals that hiring activity in India will weaken in the January to March quarter over global recession concerns

Hiring activity in India to weaken

The latest edition of the Manpowergroup employment survey reveals that hiring activity in India will weaken in the January to March quarter over global recession concerns

Amid fears of a global recession looming large, hiring activity in India could slowdown in the January to March 2023 quarter.
The latest ManpowerGroup Employment Outlook Survey says that Indian employers' hiring intentions are conservative for the current quarter compared to the previous one.
The survey of over 3000 employers, shows that around 48% of Indian companies said that they would hire more people in March quarter, while 16% of the companies expect a reduction in hiring intent and 34% plan to keep the workforce steady.
The report says that India&rsquo;s net employment outlook stands at 32% implying that hiring intentions have fallen 17% on a year-over-year basis and 22% on a quarter-on-quarter basis. Despite this, at 32% net employment outlook, India remains among the countries with the most optimistic outlooks.&nbsp;
The report goes on to say that hiring confidence has taken a hit across countries, amid concerns of a recession coupled with inflationary pressures. Apart from India, countries which report the most optimistic outlooks include Singapore (33%) and Australia (32%). While the employment outlook is most cautious in Japan (8%) and Taiwan (11%).&nbsp;

After surging 5.3% in post-pandemic 2021, growth in the world's richest economies is likely to slow sharply from 2.5% in 2022 to just 0.5% this year



Global economy 'perilously close' to recession: World Bank

World bank on global economy 

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After surging 5.3% in post-pandemic 2021, growth in the world's richest economies is likely to sharpy slow from 2.5% in 2022 to just 0.5% this year&nbsp;
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In what comes as a grim warning of the times to come, the World Bank has said that the global economy is "perilously close to falling into recession". It expects the world economy to grow by just 1.7% this year - a sharp decrease from the 3% it predicted in June last year.&nbsp; The report attributes this decline to a number of factors including the repurcussions of Russia's invasion of Ukraine and the impact of the pandemic. With US, Eurozone and China, all undergoing a period of pronounced weakness, the report also says that the effects of higher interest rates will be a key challenge facing policymakers With a forecast of a 6.6% growth for the next fiscal year, World Bank says that India is expected to be the fastest-growing economy of the seven largest emerging markets and developing economies.&nbsp;

CEO Chris Kempczinski told The Wall Street Journal that "some jobs that are existing today are either going to get moved or those jobs may go away."

McDonald's to begin layoffs this year confirms CEO: Reports

CEO Chris Kempczinski told The Wall Street Journal that "some jobs that are existing today are either going to get moved or those jobs may go away."

Fast Food giant McDonald's has announced staff reductions in April this year, according to a report by Wall Street Journal.
In an internal memo to employees on 6 January, McDonald's CEO Chris Kempczinski said they are planning to cut some corporate workforce to reduce costs and free up resources to invest in growth.
"Certain initiatives will be de-prioritised or stopped altogether. This will help us move faster as an organisation while reducing our global costs and freeing up resources to invest in our growth," he said in the memo.
However, the CEO claimed in the memo that these layoffs were necessary to "innovate faster and work more efficiently" rather than to reduce costs.
McDonald's plans to communicate its decision around layoffs by April 3.
Also Watch:<a href="https://www.editorji.com/business-news/why-is-tesla-slashing-car-prices-in-china-for-second-time-in-3-months-1672987257837">Why is Tesla slashing car prices in China for second time in 3 months?</a>

Many economists expect the U.S. to enter a recession in the coming months

Fed officials expect higher rates for some more time  

Another rate hike on Feb 1?

Many economists expect the U.S. to enter a recession in the coming months

As the battle against inflation remain in place, US central bankers do not expect it will be "appropriate" to start cutting interest rates this year.&nbsp;
While the Fed had slowed its pace of rate increases in December after several steep rate hikes, the minutes of the latest Federal Reserve policy meeting report shows officials were also concerned about any "misperception" of their moves.
The Fed has waged an all-out campaign to cool the world's biggest economy as inflation surged to a 40-year high last year, raising the benchmark lending rate seven times to ease demand.
This brought the rate to a range between 4.25 and 4.50 percent after the Fed's December meeting, the highest level since 2007.

"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.

Recession will hit a third of the world this year, warns IMF chief

"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.

A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down.
Kristalina Georgieva, the chief of the International Monetary Fund (IMF) made these grim assertions on Sunday during a CBS news programme "Face the Nation." It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant.
"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.
The year 2023 will be tougher than last year because the economies of the US, the EU and China will slow down, she said.
"Even in countries that are not in recession, it would feel like a recession for hundreds of millions of people," she explained.
In October last year, the IMF trimmed its growth forecast for 2023.
"Global growth is forecast to slow from 6 per cent in 2021 to 3.2 per cent in 2022 and 2.7 per cent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic," it said.
China has scrapped its zero Covid policy and opened its economy following a wave of anti-government protests in the country.

For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table. 

Recession on horizon for world economy in coming year, says research

For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table.&nbsp;

As 2023 approaches, the world faces a recession threat, says UK-based Centre for Economics and Business Research (CEBR). Higher borrowing costs aimed at controlling inflation have caused a number of economies to contract.&nbsp;
'It's likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation,' said Kay Daniel Neufeld, director and head of Forecasting at CEBR.
For the first time, the global economy crossed a $100 trillion in 2022, however it will stall in 2023 as the struggle against high prices continues, the research centre said at its annual World Economic League Table.&nbsp;
'The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come,' the report added.&nbsp;
The centre had warned in October that more than a third of world's economy will contract and a 25% chance exists that global GDP will grow less than 2% in 2023, defining that as global recession.&nbsp;
The research centre data is based on the International Monetary Fund's (IMF) World Economic Outlook, and uses an internal model to forecast growth, inflation and exchange rates.&nbsp;
China which is set to overtake the US as the world's largest economy until 2036 at the earliest is seeing a slowdown in its economic expansion. It's zero Covid policy and high trade tensions with the West are causing the slowdown, the report said.&nbsp;
Also Watch| <a href="https://www.editorji.com/economy/will-take-measures-to-further-ease-inflation-says-finance-minister-in-lok-sabha-1671024197958">Will take measures to further ease inflation says Finance Minister in Lok Sabha</a>
The take over which was supposed to happen by 2028, according to the CEBR will only happen till 2036 or later if China tries to take control of Taiwan consequentially facing retaliatory trade sanctions.&nbsp;
"The consequences of economic warfare between China and the West would be several times more severe than what we have seen following Russia's attack on Ukraine. There would almost certainly be quite a sharp world recession and a resurgence of inflation," CEBR said.
"But the damage to China would be many times greater and this could well torpedo any attempt to lead the world economy."
The CEBR also predicted that India will become the third $10 trillion economy in 2035 &nbsp;and the world's third largest by 2032.&nbsp;
While the United Kingdom will remain the world's sixth largest economy, and France will be in seventh place over the next 15 years.&nbsp;
Britain however, will no longer grow faster than its European peers due to 'an absence of growth oriented policies and the lack of a clear vision of its role outside of the European Union,' said the report.&nbsp;

HP, which has a payroll of about 61,000 people, said it aimed to secure $1.4 billion in annual savings through 2025

US tech giant Hewlett Packard plans up to 6,000 job cuts

After Meta, Amazon, Twitter, this US tech giant Hewlett Packard plans up to 6,000 job cuts

HP plans up to 6,000 job cuts

HP, which has a payroll of about 61,000 people, said it aimed to secure $1.4 billion in annual savings through 2025

Seems like PC-maker Hewlett Packard is also following the cost-cutting path of other tech giants like Facebook-owner Meta, Amazon and Twitter as it announced that it would layoff as many as 6,000 employees over the next three years.&nbsp;
According to reports, HP, which has a payroll of about 61,000 people, said it aimed to secure $1.4 billion in annual savings through 2025.&nbsp;
HP CEO said in a statement that the move will enable to better serve customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives.&nbsp;
HP, which makes computer hardware and printers, announced the layoff plan as it announced an 11.2 percent fall in revenues to $14.8 billion for the final fiscal quarter of 2022.&nbsp;

The sudden halt to world tourism was a shock to the home rental company and forced layoffs of a quarter of Airbnb workforce in 2020

Airbnb CEO wants your home to make money as recession looms

How to beat recession? Here's an advice from Airbnb CEO

The sudden halt to world tourism was a shock to the home rental company and forced layoffs of a quarter of Airbnb workforce in 2020

As recession and inflation all over the world are making headlines, with soaring energy, food and transport prices, CEO of holiday home giant Airbnb is giving an advice to make money.&nbsp;
Brian Chesky, the CEO of home-sharing company is encouraging more people to become hosts on its platform, increasing options as the euphoria of reopened travel has cooled.
He further added that ''we have to be affordable" in terms of pricing, to allow consumers to travel despite a deteriorating economic climate.
Not only this, the CEO of Airbnb has also listed a bedroom in his own San Francisco home on the platform to show people that being a host through the site isn't "risky".&nbsp;

Tinder: people still paying to swipe despite cost-of-living crisis

Tinder revenue surges despite steep cost of living

Tinder&rsquo;s revenue grew 6 per centand its paying users jumped 7 per cent, aided by the return of a feature that lets users swipe right and left from their desktops

Even though people are thinking twice before spending money from video streaming to food and shopping as the cost of living rises, they are definately not compromising to find the right match!&nbsp;
According to reports, the number of users paying to use Tinder jumped 7%, and revenue grew by 6% in July-September.
Match Group, which also owns Hinge and OkCupid, said overall sales rose to $810m (&pound;704m) in the quarter but it warned the global economic slowdown was starting to take its toll.
Tinder, which offers a free version of its service, said it had been helped by the return of a feature that lets users swipe right and left from their desktops.
Last week, both Apple and Amazon warned that their sales are being hit as consumers cut back their spending.

The latest three-quarter percentage point increase takes the benchmark lending rate to 3.75-4.0 percent, the highest since January 2008

Fed delivers another steep rate hike with more to come

Another rate hike is here; Fed hikes interest rates 75 basis points

Fed delivers big rate hike

The latest three-quarter percentage point increase takes the benchmark lending rate to 3.75-4.0 percent, the highest since January 2008

In yet another decision, the US Federal Reserve delivered their fourth straight 75 basis-point interest rate with its move to cool red-hot inflation.
The unanimous decision lifts the target for the benchmark federal funds rate to a range of 3.75% to 4%, its highest level since 2008.
The policy-setting Federal Open Market Committee (FOMC) said more increases will be needed to tamp down rising prices but it will consider the impact on the economy when deciding on the pace of future moves -- opening the door to the possibility it will implement smaller steps in coming months.
Powell further said that the committee could begin discussing the possibility of slowing the aggressive pace of rate increases at the December meeting.

Analysts warn that the economy could enter a recession in 2023 on the effects of the Fed's rate hikes, inflation and a global slowdown in growth
 

US Fed set for further steep rate hike as recession fears loom?

Analysts warn that the economy could enter a recession in 2023 on the effects of the Fed's rate hikes, inflation and a global slowdown in growth
&nbsp;

The US Federal Reserve is pegged to make a fourth straight steep hike in the key interest rate this week as it battles surging costs, with its aggressive stance fueling expectations of a recession.
American households have been squeezed by soaring consumer prices, propelling economic issues to the top spot among voter concerns in upcoming midterm elections. Fed officials walk a tightrope to try and rein in prices while avoiding a downturn.
To raise borrowing costs and cool demand, the US central bank has already cranked up the benchmark lending rate five times this year, including three straight 0.75 percentage point raises.
But with persistently high inflation and a tight labor market supporting wages and spending, analysts say another 0.75 point hike is almost certain at central bankers' next policy meeting.
Further Fed hikes are also expected to dampen consumer and business spending, making it more attractive to save rather than spend.
Analysts warn that the economy could enter a recession in 2023 on the effects of the Fed's rate hikes, inflation and a global slowdown in growth.

The global economy is at a difficult crossroads, buffeted by multiple shocks including soaring inflation, rising interest rates and a growing threat of broad debt crisis 

IMF warns global recession risks & darker outlook; what these warning means

IMF warns global recession risks &amp; darker outlook, but what these warning means?

The global economy is at a difficult crossroads, buffeted by multiple shocks including soaring inflation, rising interest rates and a growing threat of broad debt crisis.
Economy is moving from a world of relative predictability to one of greater uncertainty, International Monetary Fund chief Kristalina Georgieva has said, warning that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year.
In a speech ahead of the fund's annual meetings next week, the IMF's managing director said to take concerted action to avoid a "dangerous 'new normal,'" as the risks of a worldwide recession are driven ever higher by repeated economic shocks.
This highlights downturns in China and Russia, alongside higher-than-expected inflation, especially in the United States and Europe.
It is partly blamed on Russia's war in Ukraine, which has increased energy prices and food prices.
Whether an economic downtown has officially been declared a recession or not, the impacts of an impending recession can affect your daily life.
Some people may lose their jobs, or find it harder to get promotions, or pay rises big enough to allow them to cope with increases in prices.
Graduates and school leavers could find a first job harder to get.
However, the pain of a recession is typically not felt equally across society, and inequality can increase.
Benefit recipients and those with fixed incomes are particularly likely to struggle.&nbsp;

World Bank President David Malpass says a "world recession could happen under certain circumstances''

World bank and IMF warn aggressive fight against inflation

World Bank President David Malpass says a "world recession could happen under certain circumstances''

Warning that inflation threatens to become "a runaway train,'' the managing director of the International Monetary Fund urged policymakers to keep up the fight against rising prices even it means more pain at a time of extraordinary economic turmoil.
Speaking to reporters Thursday, the IMF's Kristalina Georgieva said that the world economy "has been hit by one shock after another&Prime; &mdash; the coronavirus pandemic, Russia's invasion of Ukraine and a resurgence of inflation.
Not only this, World Bank President David Malpass also says a "world recession could happen under certain circumstances."
Malpass comments comes as a worse-than-expected report on inflation hit Wall Street Thursday, and stocks are falling toward their weakest levels in almost two years.

Sitharaman: Indian economy will stay on course despite global headwinds

She told members of the IMFC that the Indian Government has taken initiatives to protect growth while pursuing inflation management.

The Indian economy will stay on course despite global headwinds and is projected to grow at seven per cent in fiscal 2022-23, Finance Minister Nirmala Sitharaman has said, attributing this to the conducive domestic policy environment and focus on key structural reforms.
Sitharaman's remarks came during her intervention at the plenary session of the international Monetary Finance Committee (IMFC) on Friday.
The meeting itself, she said, is being held at a juncture when the global economic outlook is clouded by key downside risks: growth slowdown in major economies, cross-border effects due to the ongoing geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies.
&ldquo;Despite global headwinds, the Indian economy will stay on course and is projected to grow at seven per cent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government's focus on key structural reforms to boost growth,&rdquo; she said.
She told members of the IMFC that the Indian Government has taken initiatives to protect growth while pursuing inflation management.
The government has ensured the availability of free food grains to more than 800 million vulnerable families for the past 25 months, through the country's massive public distribution network, she said.
Last-mile delivery of financial services to the poor has been a key priority of the government and this has been aided by India's digital public good infrastructure.
&ldquo;Today, India is leading the world in terms of digital payments innovations with our transaction cost being the lowest in the world,&rdquo; Sitharaman said.
Of the view that the IMF needs to increase resources available for emerging and low-income countries to safeguard the global financial system, Sitharaman underscored that concluding the 16th General Review of Quotas (GRQ) by December 15th, 2023 is vital for increasing the voting rights of emerging market economies (EMES) in line with their relative positions in the world economy.
Also Watch| <a href="https://www.editorji.com/business-news/world-bank-chief-lists-challenges-imf-says-recession-won-t-stop-till-1665729105834">World Bank chief lists challenges, IMF says recession won't stop till...</a>
India's quota in the IMF, which determines voting shares in the multi-lateral lending agency, is 2.75 per cent. China's quota is 6.4 per cent and that of the US is 17.43 per cent.
A general review allows the IMF to assess the adequacy of quotas in relation to both the members' balance of payments in financing needs and the Fund's ability to help meet those needs.
Observing that a key downside risk to global recovery is the exacerbated debt distress in many low-income countries, Sitharaman said it is therefore important that the IMF provides the necessary support to deal with the balance of payments-related vulnerabilities.
As such she welcomed IMF&rsquo;s recent initiative of a new food shock window to help countries address food insecurity.
On climate change, she emphasised the importance of a multilateral approach with the principles of equity and common but differentiated responsibilities and respective capabilities.
India has set out an ambitious climate action path through its updated Nationally Determined Contributions that demonstrates India's commitment at the highest level to decoupling economic growth from greenhouse gas emissions.
&ldquo;Transfer of climate finance and low-cost climate technologies from developed to developing countries has assumed critical significance,&rdquo; Sitharaman said.

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