Australia’s economy will record its first recession since 1991 as the hit from China’s virus-induced slowdown is amplified by slumping confidence and domestic disruptions from the outbreak intensifying Down Under, according to Bloomberg Economics’s James McIntyre.
Japan’s economy shrank at the fastest pace in almost six years in the December quarter as last year’s sales tax hike hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks.
The UK government fightback against the next recession should include pumping as much as £50 billion into green projects, in a move that would help reboot the economy and tackle the climate emergency, according to a left-leaning think tank.
The eurozone economy has avoided a recession, according to a Reuters poll of economists who were reasonably confident of that outcome, but their growth and inflation outlook remains very modest for the coming years.
GDP figures for the second quarter showed the UK economy going into reverse as some of the stock building that took place in the first quarter unwound and investment continued to fall. Exports also fell back, though this was offset by an even sharper drop in imports.
Singapore slashed its full-year economic growth forecast on Tuesday as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.