OECD predicts weaker growth and continued inflation for 2024
20 September 2023 | 7:18 am
At the same time the global economy was forecast to do slightly better in 2023. But the effects of tight monetary policy are expected to be felt for a while yet.
May 17, 2023
June 2, 2023
Inflation is finally cooling in the US. But has the Federal Reserve really reached the end of its rate hikes? And what does that mean for other central banks? We speak to Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown.
Sky-high inflation and a plunging lira continue to be at the forefront of Turkish voters' minds as the country appears set for a runoff election between President Recep Tayyip Erdogan and his challenger Kemal Kilicdaroglu. Erdogan's unorthodox economic theories have unnerved investors and analysts as he contradicts mainstream methods to tame the country's cost-of-living crisis.
German consumers are looking less concerned when shopping for groceries these days, as prices for food have begun falling slowly. But is peak inflation behind them?
South Africa's economy is at risk of going off the grid as recurring power cuts wreak havoc on the country's businesses and households. Alongside this energy crisis, the nation's central bank is sounding the alarm over potential threats to financial stability. These concerns stem from capital outflows and the possibility of sanctions due to South Africa's stance on Russia's invasion of Ukraine.
The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.
The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.
Food prices have almost doubled within a year, and increasing numbers of retired people are falling below the poverty line. Meanwhile, the government continues to invest heavily in the arms industry.
The latest El Nino climate phenomenon has arrived, threatening floods in some areas of the world and droughts in others. Previous disruptive weather patterns cost the global economy trillions and stoked inflation.
Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.
African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.
The ongoing heatwave in the northern hemisphere highlights the critical importance of reducing carbon emissions and transitioning to renewable energy sources. REN21, a think tank specialising in energy policy, closely monitors the progress of renewable power on an annual basis. According to their global report for 2022, renewable energy achieved a record share of 30% in electricity generation, but still faces challenges in sectors such as heat and fuel.
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21 mins ago
We focus on the situation in Sierra Leone, where 20 people were killed during Sunday’s attack on military barracks. President Julius Maada Bio said in an address on Sunday that most of the leaders of the attack had been arrested. Officials confirmed, however, that nearly 2,000 inmates escaped central prison during the events and only 23 have so far been brought back.
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Rights groups are calling on the Japanese government to improve conditions for women in Japanese prisons. Statistics show most women in Japan are incarcerated for non-violent offenses.
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Since the October 7 Hamas attacks, India has become a hub of fake news and Islamophobic content. On social media, as well as on 24-hour news channels, the conflict between Israel and Hamas has inflamed Hindu extremists, venting their hatred of Muslims under the guise of support for Israel.
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