Why Nigeria slipped into another recession – Professor Ken Ife

The Australian economy has entered recession for the first time in almost thirty years, because of lockdown measures linked to the coronavirus pandemic. Household spending and hours worked fell between April and June, but government support for businesses and workers helped to prevent a drop in incomes. The 7 percent slump in GDP over the second quarter is the worst on record for the country. The Australian Finance Minister Josh Frydenberg described the impact of the virus on the economy as "devastating".

Here are a few reasons to pick up a copy of The Guardian on Monday⁣. Find these stories and much more when you grab a copy of The Guardian on Monday⁣⁣⁣.

Why Nigeria slipped into another recession - Professor Ken Ife

Here are a few reasons to pick up a copy of The Guardian on Friday. Find these stories and much more when you grab a copy of The Guardian on Friday.⁣

Since Russia invaded Ukraine four months ago, the cost of living crisis has become a global issue. Prices have gone up around the world. In Europe, the countries that use the euro saw an average of 8.1 percent inflation in May. Pressure on prices, combined with stuttering economic growth, has sparked fears of a recession. These concerns could still come into play regarding the EU's response to the Russian invasion of Ukraine. In this programme, we're joined by two MEPs to discuss how the EU should balance sanctions against Russia with the risk of recession.

German businesses have been losing confidence in the current economic climate as growth prospects worsen. The ifo Institute that published the survey pointed to high energy prices.

The International Monetary Fund (IMF) has cut its global growth forecast to 3.2% amid high inflation and the war in Ukraine, and warned the world could be "teetering on the edge of global recession."

The Bank of England has warned that Britain is facing a recession as it hiked its benchmark interest rate by 0.5%.

Data suggest that Germany may be on the brink of an economic downturn that could ultimately lead some businesses to move abroad.

Southeast Asian countries, most of whom count the EU as one of their largest trading partners, are watching the bloc's economic slowdown with a mixture of trepidation and opportunity.

The British pound has fallen to its lowest level in decades against the US dollar, amid fears over runaway inflation and recession. The government has announced a drastic plan to cut taxes, claiming it will boost growth.

The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent.