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.
German industrial output fell more than expected in June, driven by weaker production of intermediate and capital goods, adding to signs that Europe’s biggest economy contracted in the second quarter as its exporters get caught in trade disputes.
A recession in Germany’s manufacturing sector worsened in July with the performance of goods producers dropping to the lowest level in seven years, a survey showed on Wednesday, suggesting a deteriorating growth outlook for Europe’s largest economy.
Australia may be destined for another two years of sub-par economic growth as debt-laden households keep their wallets shut tight, though analysts are hopeful lower interest rates and tax handouts would help it dodge a recession.
Singapore’s economy grew at its slowest annual pace in a decade in the second quarter, preliminary data showed on Friday, raising doubts about a technical recession and monetary policy easing could be just around the corner.
Kang Dong-wan, the head of an electronic goods supplier for South Korea’s biggest global brands, said it feels like Asia’s fourth-largest economy is in a recession as business conditions have deteriorated further after a tough 2018.