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.

A recession is looming in Germany, and the mood was tense at the Employers' Day in Berlin. Calls for more financial aid are growing louder throughout the country.

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.

The Green Party's Robert Habeck could not have imagined his first year in office would so turbulent. DW's Jens Thurau sums up a year of crises for the German Economy and Climate Minister.

Economists often warn of the consequences of a recession; companies go bankrupt, and jobs are lost. But in forcing weaker firms out of business, a recession can leave more room for growth and recovery.

Kristalina Georgieva, the managing director of the International Monetary Fund, is warning that this year will be tougher than the last and that the war in Ukraine, rising inflation and higher interest rates will weigh heavily on the global economy. She expects the EU to be particularly hard hit, with half of its members seeing declines in growth.