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According to a report, General Electric Co is laying off workers at the onshore wind unit, after informing employees in North America, Latin America, the Middle East and Africa, on Wednesday about the cuts. Reuters cited four sources familiar with the move to say that these layoffs are partly due to the company’s plans to “restructure and resize the business”.&nbsp;

Furthermore, they might also downsize their workforce in the upcoming days in Europe and the Asia Pacific. This comes as the industry is facing low demand, high costs and supply chain delays, said the report. The company has also confirmed that they are “streamlining” its onshore wind business citing market realities but refrained from commenting directly on the aforementioned layoffs.&nbsp;

According to sources, the cuts will affect at least 20% of the US onshore wind unit's workforce, which is hundreds of employees at the company. The GE Renewables spokesperson also emailed the following statement to Reuters, “These are difficult decisions, which do not reflect on our employees' dedication and hard work but are needed to ensure the business can compete and improve profitability over time.”

The report indicates that among GE’s renewable businesses onshore wind is the largest, as of the end of 2021, it employed 38,000 people worldwide. However, the onshore wind unit has reportedly been suffering due to inflation and higher costs of raw materials, as well as supply chain pressures.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/imf-chief-urges-action-as-global-recession-risks-rise-523069">IMF chief urges global policymakers for timely action as global recession risks rise</a>

The US has been GE’s most onshore wind profitable market but it is faced with uncertainty since last year following the expiry of renewable electricity production tax credits. This has reportedly hit consumer demand and adversely affected the unit's revenue this year.&nbsp;

The report has also attributed this to increased competition, supply chain disruptions due to the Covid-19 pandemic and soaring metal prices worsened by the Russian invasion of Ukraine. These aspects have made it difficult for companies like GE to make a profit despite more companies and the government pushing for renewable energy as a way to tackle climate change, reported Reuters.&nbsp;

This has reportedly pushed GE to prioritise its onshore business as it plans to turn its energy businesses, including renewables, into a separate company by the year 2024. The company sources also told the media that the onshore business is working on reducing fixed costs which they estimate could save at least some hundred million dollars in 2023.&nbsp; 
 
&nbsp;

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According to a report, General Electric Co is laying off workers at the onshore wind unit, after informing employees in North America, Latin America, the Middle East and Africa, on Wednesday about the cuts.

According to a report, General Electric Co is laying off workers at the onshore wind unit, after informing employees in North America, Latin America, the Middle East and Africa, on Wednesday about the cuts. Reuters cited four sources familiar with the move to say that these layoffs are partly due to the company’s plans to “restructure and resize the business”. Furthermore, they might also downsize their workforce in the upcoming days in Europe and the Asia Pacific. This comes as the industry is facing low demand, high costs and supply chain delays, said the report. The company has also confirmed that they are “streamlining” its onshore wind business citing market realities but refrained from commenting directly on the aforementioned layoffs. According to sources, the cuts will affect at least 20% of the US onshore wind unit's workforce, which is hundreds of employees at the company. The GE Renewables spokesperson also emailed the following statement to Reuters, “These are difficult decisions, which do not reflect on our employees' dedication and hard work but are needed to ensure the business can compete and improve profitability over time.” The report indicates that among GE’s renewable businesses onshore wind is the largest, as of the end of 2021, it employed 38,000 people worldwide. However, the onshore wind unit has reportedly been suffering due to inflation and higher costs of raw materials, as well as supply chain pressures. ALSO READ: IMF chief urges global policymakers for timely action as global recession risks rise The US has been GE’s most onshore wind profitable market but it is faced with uncertainty since last year following the expiry of renewable electricity production tax credits. This has reportedly hit consumer demand and adversely affected the unit's revenue this year. The report has also attributed this to increased competition, supply chain disruptions due to the Covid-19 pandemic and soaring metal prices worsened by the Russian invasion of Ukraine. These aspects have made it difficult for companies like GE to make a profit despite more companies and the government pushing for renewable energy as a way to tackle climate change, reported Reuters. This has reportedly pushed GE to prioritise its onshore business as it plans to turn its energy businesses, including renewables, into a separate company by the year 2024. The company sources also told the media that the onshore business is working on reducing fixed costs which they estimate could save at least some hundred million dollars in 2023. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Report: General Electric Co lays off hundreds of workers at onshore wind unit

Follow this LIVE blog for all the updates from the world of finance.

Global Economy LIVE | Biden looks for options after OPEC+ decision to cut output

Elon Musk's decision to follow through with the buyout deal for Twitter made stocks of the social media giant soar, but Tesla investors are worried that the billionaire was spreading himself too thin.

Earlier this year, Musk sold over $15 billion worth of Tesla shares to fund the acquisition of Twitter. He had earlier threatened to abandon the takeover citing large number of fake accounts in Twitter.

While there was no insight into another round of potential stock sale from Musk, Wedbush analyst Dan Ives warned that the Tesla CEO's interest in closing the deal would weigh on the company's shares.

"We see lingering impacts from Musk stock sales as a drag dissipating but the big worry is Musk juggling too many balls at the same time," Ives said as quoted by Reuters.

"We see minimal benefit for Musk owning Twitter for Tesla investors going forward."

Musk also heads spacecraft manufacturing company SpaceX and is a co-founder of neurotechnology company Neuralink and The Boring Company.

Twitter shares, which closed at their highest level since April, were down about 2% on Wednesday, while Tesla fell nearly 6%.

(With inputs from agencies)

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Elon Musk's decision to follow through with the buyout deal for Twitter made stocks of the social media giant soar, but Tesla investors are worried that the billionaire was spreading himself too thin.

Elon Musk's decision to follow through with the buyout deal for Twitter made stocks of the social media giant soar, but Tesla investors are worried that the billionaire was spreading himself too thin. Earlier this year, Musk sold over $15 billion worth of Tesla shares to fund the acquisition of Twitter. He had earlier threatened to abandon the takeover citing large number of fake accounts in Twitter. While there was no insight into another round of potential stock sale from Musk, Wedbush analyst Dan Ives warned that the Tesla CEO's interest in closing the deal would weigh on the company's shares. "We see lingering impacts from Musk stock sales as a drag dissipating but the big worry is Musk juggling too many balls at the same time," Ives said as quoted by Reuters. "We see minimal benefit for Musk owning Twitter for Tesla investors going forward." Musk also heads spacecraft manufacturing company SpaceX and is a co-founder of neurotechnology company Neuralink and The Boring Company. Twitter shares, which closed at their highest level since April, were down about 2% on Wednesday, while Tesla fell nearly 6%. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

As Musk moves to close Twitter deal, Tesla investors are worried

IMF chief Kristalina Georgieva urged global policymakers on Thursday to take concerted action to avoid a dangerous 'new normal'&nbsp;as the risks of a worldwide recession are driven ever higher by repeated economic shocks.

In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to "stabilize the global economy by addressing the most immediate challenges" -- including rampant inflation.

Policymakers need to act together to "prevent this period of heightened fragility from becoming a dangerous 'new normal'," Georgieva said.

But she warned the process will be painful -- and that if central banks move too aggressively to tamp down price pressures, it could trigger a "prolonged" economic downturn.

Finance ministers and central bank governors from more than 180 nations will gather next week in Washington for the first fully in-person meeting of the International Monetary Fund and World Bank since 2019, prior to the Covid-19 pandemic.

Faced with the "darkening global outlook ... the risks of recession are rising," Georgieva said -- announcing that the crisis lender plans to once again downgrade its 2023 forecast for the world economy, in the forecasts due to be published next week for the annual meeting.

One-third of countries are expected to see at least two quarters of contraction, and "even when growth is positive, it will feel like a recession" because of rising prices eroding incomes, she said.

The fund in July slashed its growth forecast for this year to 3.2 percent, and for next year to 2.9 percent -- the third consecutive downgrade.

'Shock, after shock'

The meetings come at a difficult time for the global economy, with the pandemic largely under control, but soaring inflation and rising interest rates now threatening to reverberate around the globe and choke off nascent recoveries.

"In less than three years, we lived through shock, after shock, after shock," Georgieva said in her speech at Georgetown University.

Global supply snarls already were a challenge as demand surged following the pandemic slowdown, fueling inflation worldwide, and strains worsened in the wake of the Russian invasion of Ukraine -- which Georgieva called a "senseless war" -- sending food and food prices soaring.

"Far from being transitory, inflation has become more persistent," and acting before high prices become entrenched is a key challenge for policymakers, Georgieva said -- warning that "the cost of a policy misstep can be enormous".

"Not tightening enough would cause inflation to become de-anchored and entrenched," but moving "too much and too fast -- and doing so in a synchronized manner across countries -- could push many economies into prolonged recession," she said.

Despite the risks, central banks need to continue "act decisively."

"This is not easy, and it will not be without pain in the near term," she cautioned. "But the key is to avoid much greater and longer-lasting pain for everyone later on."

Debt distress

Georgieva stressed the need for fiscal policies to help the most vulnerable segments of society, but warned that efforts must be targeted "with a laser-sharp focus on lower-income households," to avoid acting against the current of monetary policy.

She cautioned against relying on price controls which are not affordable nor effective.

The pandemic forced many countries to take on more borrowing, and now many are already facing or at risk of debt distress amid rising interest rates. That "raises the risk of a widening debt crisis" which could further harm global growth.

To reduce the risk "large creditors such as China and private-sector creditors have a responsibility to act," she said, calling for "faster and more predictable" action on debt restructuring.

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IMF chief Kristalina Georgieva urged global policymakers on Thursday to take concerted action to avoid a dangerous 'new normal' as the risks of a worldwide recession are driven ever higher by repeated economic shocks.

IMF chief Kristalina Georgieva urged global policymakers on Thursday to take concerted action to avoid a dangerous 'new normal' as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to "stabilize the global economy by addressing the most immediate challenges" -- including rampant inflation. Policymakers need to act together to "prevent this period of heightened fragility from becoming a dangerous 'new normal'," Georgieva said. But she warned the process will be painful -- and that if central banks move too aggressively to tamp down price pressures, it could trigger a "prolonged" economic downturn. Finance ministers and central bank governors from more than 180 nations will gather next week in Washington for the first fully in-person meeting of the International Monetary Fund and World Bank since 2019, prior to the Covid-19 pandemic. Faced with the "darkening global outlook ... the risks of recession are rising," Georgieva said -- announcing that the crisis lender plans to once again downgrade its 2023 forecast for the world economy, in the forecasts due to be published next week for the annual meeting. One-third of countries are expected to see at least two quarters of contraction, and "even when growth is positive, it will feel like a recession" because of rising prices eroding incomes, she said. The fund in July slashed its growth forecast for this year to 3.2 percent, and for next year to 2.9 percent -- the third consecutive downgrade. 'Shock, after shock' The meetings come at a difficult time for the global economy, with the pandemic largely under control, but soaring inflation and rising interest rates now threatening to reverberate around the globe and choke off nascent recoveries. "In less than three years, we lived through shock, after shock, after shock," Georgieva said in her speech at Georgetown University. Global supply snarls already were a challenge as demand surged following the pandemic slowdown, fueling inflation worldwide, and strains worsened in the wake of the Russian invasion of Ukraine -- which Georgieva called a "senseless war" -- sending food and food prices soaring. "Far from being transitory, inflation has become more persistent," and acting before high prices become entrenched is a key challenge for policymakers, Georgieva said -- warning that "the cost of a policy misstep can be enormous". "Not tightening enough would cause inflation to become de-anchored and entrenched," but moving "too much and too fast -- and doing so in a synchronized manner across countries -- could push many economies into prolonged recession," she said. Despite the risks, central banks need to continue "act decisively." "This is not easy, and it will not be without pain in the near term," she cautioned. "But the key is to avoid much greater and longer-lasting pain for everyone later on." Debt distress Georgieva stressed the need for fiscal policies to help the most vulnerable segments of society, but warned that efforts must be targeted "with a laser-sharp focus on lower-income households," to avoid acting against the current of monetary policy. She cautioned against relying on price controls which are not affordable nor effective. The pandemic forced many countries to take on more borrowing, and now many are already facing or at risk of debt distress amid rising interest rates. That "raises the risk of a widening debt crisis" which could further harm global growth. To reduce the risk "large creditors such as China and private-sector creditors have a responsibility to act," she said, calling for "faster and more predictable" action on debt restructuring. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF chief urges global policymakers for timely action as global recession risks rise

The United Nations have warned of an impending global slowdown that may likely be worse than the financial crisis in 2008 and the COVID-19 shock in 2020.

In its Trade and Development Report 2022, the UN Conference on Trade and Development (UNCTAD) warned that the world is “on the edge of a recession” and developing nations like those in Asia could bear the brunt of it.

It said that monetary and fiscal policies in advanced economies — including continued interest rate hikes — could push the world toward a global recession and stagnation.

Global economy LIVE | OPEC+ ministers agree to cut production as gas prices tick up in US

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ to cut oil production by 2 million barrels per day to shore up prices

Renault CEO Luca de Meo warns of a global recession. He said the business world was bracing for a possible recession, adding that the French carmaker is strong enough to be able to weather that "storm."

World Business Watch: Renault CEO Luca de Meo warns of a global recession

Fed Express pilots and management said they have jointly filed for federal mediation with the National Mediation Board for assistance with contract negotiations that began in May 2021.

World Business Watch: FedEx and pilots to pursue government mediation for contract negotiations

The United Kingdom's credit outlook was lowered to negative from stable by Fitch Ratings, which cited risk the government's new growth plan could increase the nation's fiscal deficit.

World Business Watch: Fitch revises the United Kingdom's outlook to negative

According to American Express Global Business Travel report, hotel prices will keep increasing in 2023 in most of the key cities for business events worldwide as demand for in-person meetings after pandemic disruptions grows, though at a slower pace due to a worsening economic outlook.

World Business Watch | Report: Hotel prices to rise at lower rate in 2023

A report by the Guardian shows how a boom in beekeeping with slowing demand for mānuka honey has New Zealand “drowning” in it with a current stockpile of up to 30,000 tonnes of honey. Reportedly, in the past 5 years, there was a global desire for this type of honey and because of the Covid-19 pandemic when people turned to home remedies some of them involved honey and the mānuka honey saw a price hike during that time.&nbsp;

This was described as a honey gold rush for farmers in New Zealand, but now that the demand is slowing there is a major surplus leaving Wellington with reserves of honey. According to an estimate by Karin Kos, chief executive of Apiculture New Zealand, there are 15,000-30,000 tonnes of honey stockpiles in the country.&nbsp;

“We had a massive bumper crop in 2020 – there was a national honey harvest of about 27,000 tonnes – well above the average of 19,000. So that alone is a surplus of 12,000 tonnes”, said Kos to the Guardian. Annually, they sell around 11,000-13,000 tonnes of honey, but with the bumper in 2020 with more people becoming beekeepers, the farmers ended up with a massive stockpile. Kos has also attributed this to the lack of tourists in the country during the pandemic which affected the gate sales.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/world/beginning-in-april-2023-new-zealand-to-ban-export-of-live-animals-via-sea-520835">Beginning in April 2023, New Zealand to ban export of live animals via sea</a>

In 2017, New Zealand’s mānuka honey garnered attention for its supposed health properties which sent the price of the honey soaring. According to the report, a 230g pot of the highest quality mānuka honey was being sold at a whopping NZ$2,621. Similarly, the bulk price for the country’s honey which was valued at NZ$37.50 per kg in 2010 rose to NZ$100 per kg.&nbsp;

Unfortunately, this price hike gave rise to incidents of stealing of hundreds of hives or honey stores over the year, said the report. However, it did not stop there, in 2016, the competition among the beekeepers became so fierce that it led to many cases of vandalism and mass poisoning of hives, together these incidents were seen as a bizarre wave of crime for mānuka.&nbsp;

This also led people to keep bee hives for themselves and others to want to start beekeeping because of the lucrative market for the mānuka honey. By 2020, there were at least a million hives in New Zealand compared to the 300,000 two decades earlier. “People thought that mānuka would be the golden egg – lots and lots of money,” Jane Lorimer, a Waikato beekeeper and president of New Zealand Beekeeping, told the Guardian.&nbsp; 
 
However, Kos pointed out that during this time no doubt more and more people were getting into the mānuka honey industry, but what they did not understand is how difficult beekeeping is, “People think it’s quite simple – it requires a lot of skill.” 
Reportedly, this month, the mid-range mānuka which would sell for somewhere between $65-$85 a kg in 2018 is now selling for as low as $25/kg. Similarly, the lower grade South Island mānuka honey which would sell for at least $36 per kg is now down to $26 per kg.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/world/world-bee-day-how-are-bees-integral-to-global-food-security-386362">World Bee Day: How are bees integral to global food security?</a>

A report by the country’s Ministry of Primary Industries said that demand for mānuka honey soared during the onset of the pandemic when people were looking for “health-boosting foods”. In 2021, New Zealand exported a record volume which earned the country a record total revenue of $482 million. However, this could not be sustained as the total export volume is forecasted to fall by 15%.&nbsp;

Meanwhile, the demand for multi-floral mānuka honey blends fell by 10% this year but the international price of single-strain mānuka honey has been consistent, said the government report. Additionally, while most of New Zealand-produced honey is exported the domestic market has not fared well either amid low demand in recent years. The prices have reportedly dropped as much as 50% as bulk buyers are relying on stockpiles.&nbsp;

According to Kos, the recent hive numbers have fallen to about 720,000 hives and are expected to reduce further, estimating that the industry should be sustainable with 600,000 hives. “The reality is we are seeing people leave the industry. We are seeing companies consolidate…I think there have been people getting into the market underprepared. And they’ve been getting out again, too,” said Kos to the Guardian.&nbsp;

A report by the Guardian shows how a boom in beekeeping with slowing demand for mānuka honey has New Zealand “drowning” in it with a current stockpile of up to 30,000 tonnes of honey.

A report by the Guardian shows how a boom in beekeeping with slowing demand for mānuka honey has New Zealand “drowning” in it with a current stockpile of up to 30,000 tonnes of honey. Reportedly, in the past 5 years, there was a global desire for this type of honey and because of the Covid-19 pandemic when people turned to home remedies some of them involved honey and the mānuka honey saw a price hike during that time. This was described as a honey gold rush for farmers in New Zealand, but now that the demand is slowing there is a major surplus leaving Wellington with reserves of honey. According to an estimate by Karin Kos, chief executive of Apiculture New Zealand, there are 15,000-30,000 tonnes of honey stockpiles in the country. “We had a massive bumper crop in 2020 – there was a national honey harvest of about 27,000 tonnes – well above the average of 19,000. So that alone is a surplus of 12,000 tonnes”, said Kos to the Guardian. Annually, they sell around 11,000-13,000 tonnes of honey, but with the bumper in 2020 with more people becoming beekeepers, the farmers ended up with a massive stockpile. Kos has also attributed this to the lack of tourists in the country during the pandemic which affected the gate sales. ALSO READ: Beginning in April 2023, New Zealand to ban export of live animals via sea In 2017, New Zealand’s mānuka honey garnered attention for its supposed health properties which sent the price of the honey soaring. According to the report, a 230g pot of the highest quality mānuka honey was being sold at a whopping NZ$2,621. Similarly, the bulk price for the country’s honey which was valued at NZ$37.50 per kg in 2010 rose to NZ$100 per kg. Unfortunately, this price hike gave rise to incidents of stealing of hundreds of hives or honey stores over the year, said the report. However, it did not stop there, in 2016, the competition among the beekeepers became so fierce that it led to many cases of vandalism and mass poisoning of hives, together these incidents were seen as a bizarre wave of crime for mānuka. This also led people to keep bee hives for themselves and others to want to start beekeeping because of the lucrative market for the mānuka honey. By 2020, there were at least a million hives in New Zealand compared to the 300,000 two decades earlier. “People thought that mānuka would be the golden egg – lots and lots of money,” Jane Lorimer, a Waikato beekeeper and president of New Zealand Beekeeping, told the Guardian. However, Kos pointed out that during this time no doubt more and more people were getting into the mānuka honey industry, but what they did not understand is how difficult beekeeping is, “People think it’s quite simple – it requires a lot of skill.” Reportedly, this month, the mid-range mānuka which would sell for somewhere between $65-$85 a kg in 2018 is now selling for as low as $25/kg. Similarly, the lower grade South Island mānuka honey which would sell for at least $36 per kg is now down to $26 per kg. ALSO READ: World Bee Day: How are bees integral to global food security? A report by the country’s Ministry of Primary Industries said that demand for mānuka honey soared during the onset of the pandemic when people were looking for “health-boosting foods”. In 2021, New Zealand exported a record volume which earned the country a record total revenue of $482 million. However, this could not be sustained as the total export volume is forecasted to fall by 15%. Meanwhile, the demand for multi-floral mānuka honey blends fell by 10% this year but the international price of single-strain mānuka honey has been consistent, said the government report. Additionally, while most of New Zealand-produced honey is exported the domestic market has not fared well either amid low demand in recent years. The prices have reportedly dropped as much as 50% as bulk buyers are relying on stockpiles. According to Kos, the recent hive numbers have fallen to about 720,000 hives and are expected to reduce further, estimating that the industry should be sustainable with 600,000 hives. “The reality is we are seeing people leave the industry. We are seeing companies consolidate…I think there have been people getting into the market underprepared. And they’ve been getting out again, too,” said Kos to the Guardian.

New Zealand: Rise in beekeeping and low demand leads to surplus of mānuka honey, says report

Many financial institutions have predicted that the world is headed for another recession.

As rising inflation leads to a hike in interest rates, companies across the world have announced a freeze in hiring and planning to downsize their staff.

On Tuesday, the United Nations warned of an impending global slowdown that may likely be worse than the financial crisis in 2008 and the COVID-19 shock in 2020.

In its Trade and Development Report 2022, the UN Conference on Trade and Development (UNCTAD) warned that the world is “on the edge of a recession” and developing nations like those in Asia could bear the brunt of it.

It said that monetary and fiscal policies in advanced economies — including continued interest rate hikes — could push the world towards a global recession and stagnation.

Economists have given a myriad of reasons for the current recession predictions. Here are some of the five key indicators that suggest a lull in the economy worldwide.

US dollar

The US dollar has been surging for the past few months. It’s now the strongest it has been in two decades, and experts believe the value will grow even stronger in the coming days.

But this surge in the value of the power of the greenback is agitating the economies and markets worldwide, and creating winners and losers.

Though a strong dollar bodes well for the Americans, the consequences are faced by other countries, especially the developing ones.

The rise of US dollar has led to a decline in the value of UK pound, the euro, China’s yuan, Japan’s yen, India’s rupee and many others.

As a result, it makes it more expensive for these nations to import essential items like food and fuel.

In response, central banks in a bid to fight surging inflation and to shore up the value of their own currencies end up raising rates higher

US economy faltering

The key driver of the US economy is shopping. They live by the motto ‘shop till you drop’.

But recently, their spending amount has taken a massive hit. And the reason is linked to the US Fed rate hike.

The central bank has raised interest rates at a historic pace, making mortgage rates to the highest level in decades, and clipping the wings of the business. &nbsp;

Though the Fed hikes rates to taper down inflation, it gives a short-term shock to consumers whose borrowing power decreases for a brief period.

Corporate America tightens purse strings

Though the business prospered in 2020 despite the Covid shocks thanks to the American spenders, it has not been smooth sailing for the past few months, especially in the wake of the Russian invasion of Ukraine, reports CNN.

In mid-September, FedEx, which operates in more than 200 countries and whose performance signals the strength of the market, revised its outlook.

It warned that demand was softening, and earnings were likely to take a hit by more than 40 per cent.

Moreover, last week, Apple cut back on its production of the iPhone 14 after assessing subdued demand. &nbsp;The move took a toll on its shares as it fell by 4 per cent.

Bear makes an entry into Wall Street

According to CNN, Wall Street is now on track for its worst year since 2008.

After inflation set in, the Fed raised interest rates giving a brutal blow to the stock market.

The S&amp;P 500, the broadest measure of Wall Street —&nbsp;and the index responsible for the bulk of Americans’ 401(k)s — is down nearly 24 per cent for the year. Moreover, all three major US indexes are&nbsp;in bear markets— down at least 20 per cent from their most recent highs.

A similar situation has arisen in Europe, where the bond yields are spiking as central banks follow the Fed’s lead in raising rates to shore up their own currencies.

War and inflation

The Russia-Ukraine war and the resultant inflation spike have caused the most harm to the people of the United Kingdom&nbsp;

The UK has been struggling with surging prices since COVID-19, followed by the trade disruptions created by Russia’s invasion of Ukraine.

After the West imposed sanctions on Russian gas, energy prices have soared and supplies have dwindled.

The Britishers, who are grappling with the cost-of-living crisis with 10 per cent inflation, are raising concerns over higher borrowing costs that make millions of homebuyers’ monthly mortgage payments go up by hundreds or even thousands of pounds, reports CNN.

When would recession hit?

While there is a general consensus on the impending global recession, many analysts predict it to happen sometime in 2023. But, no one has predicted how severe it will be or how long it will last.

(With inputs from agencies)

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Many financial institutions have predicted that the world is headed for another recession. As rising inflation leads to a hike in interest rates, companies across the world have announced a freeze in hiring and planning to downsize their staff.

Many financial institutions have predicted that the world is headed for another recession. As rising inflation leads to a hike in interest rates, companies across the world have announced a freeze in hiring and planning to downsize their staff. On Tuesday, the United Nations warned of an impending global slowdown that may likely be worse than the financial crisis in 2008 and the COVID-19 shock in 2020. In its Trade and Development Report 2022, the UN Conference on Trade and Development (UNCTAD) warned that the world is “on the edge of a recession” and developing nations like those in Asia could bear the brunt of it. It said that monetary and fiscal policies in advanced economies — including continued interest rate hikes — could push the world towards a global recession and stagnation. Economists have given a myriad of reasons for the current recession predictions. Here are some of the five key indicators that suggest a lull in the economy worldwide. US dollar The US dollar has been surging for the past few months. It’s now the strongest it has been in two decades, and experts believe the value will grow even stronger in the coming days. But this surge in the value of the power of the greenback is agitating the economies and markets worldwide, and creating winners and losers. Though a strong dollar bodes well for the Americans, the consequences are faced by other countries, especially the developing ones. The rise of US dollar has led to a decline in the value of UK pound, the euro, China’s yuan, Japan’s yen, India’s rupee and many others. As a result, it makes it more expensive for these nations to import essential items like food and fuel. In response, central banks in a bid to fight surging inflation and to shore up the value of their own currencies end up raising rates higher US economy faltering The key driver of the US economy is shopping. They live by the motto ‘shop till you drop’. But recently, their spending amount has taken a massive hit. And the reason is linked to the US Fed rate hike. The central bank has raised interest rates at a historic pace, making mortgage rates to the highest level in decades, and clipping the wings of the business. Though the Fed hikes rates to taper down inflation, it gives a short-term shock to consumers whose borrowing power decreases for a brief period. Corporate America tightens purse strings Though the business prospered in 2020 despite the Covid shocks thanks to the American spenders, it has not been smooth sailing for the past few months, especially in the wake of the Russian invasion of Ukraine, reports CNN. In mid-September, FedEx, which operates in more than 200 countries and whose performance signals the strength of the market, revised its outlook. It warned that demand was softening, and earnings were likely to take a hit by more than 40 per cent. Moreover, last week, Apple cut back on its production of the iPhone 14 after assessing subdued demand. The move took a toll on its shares as it fell by 4 per cent. Bear makes an entry into Wall Street According to CNN, Wall Street is now on track for its worst year since 2008. After inflation set in, the Fed raised interest rates giving a brutal blow to the stock market. The S&P 500, the broadest measure of Wall Street — and the index responsible for the bulk of Americans’ 401(k)s — is down nearly 24 per cent for the year. Moreover, all three major US indexes are in bear markets— down at least 20 per cent from their most recent highs. A similar situation has arisen in Europe, where the bond yields are spiking as central banks follow the Fed’s lead in raising rates to shore up their own currencies. War and inflation The Russia-Ukraine war and the resultant inflation spike have caused the most harm to the people of the United Kingdom The UK has been struggling with surging prices since COVID-19, followed by the trade disruptions created by Russia’s invasion of Ukraine. After the West imposed sanctions on Russian gas, energy prices have soared and supplies have dwindled. The Britishers, who are grappling with the cost-of-living crisis with 10 per cent inflation, are raising concerns over higher borrowing costs that make millions of homebuyers’ monthly mortgage payments go up by hundreds or even thousands of pounds, reports CNN. When would recession hit? While there is a general consensus on the impending global recession, many analysts predict it to happen sometime in 2023. But, no one has predicted how severe it will be or how long it will last. (With inputs from agencies) WATCH WION LIVE HERE:

Five signs why global economy is headed for recession

The threat of a global recession hangs over the world. As per an AFP report, overall, 48 developing nations are seriously susceptible, and 46 developing nations are severely exposed to numerous economic shocks, raising the possibility of a worldwide debt crisis.

Get all the latest information about the impending economic disaster facing the world economy:

 

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Raising the risk of a technical recession, factory activity in Singapore has contracted for the first time since 2020. This was the second month of contraction in the electronics sector.

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