The IMF says Russian economy is doing better than expected. The West had tried to punish and isolate Russia by slapping sanctions. Today, Western economies are battling inflation and bracing for recession. Russia, on the other hand, is making new friends. Palki Sharma tells you more.

Gravitas: IMF: Russian economy doing better than expected

Amid the ongoing global recession worries, the US Fed has hiked rates by 75 bps. Fed has also hinted at further rate hikes in the future.

US Fed hikes interest rates for the fourth time this year

Inflation has hit New York's beloved breakfast sandwich. The Bodega has become costlier amid rising inflation in the United States.

US: Inflation hits NY's beloved breakfast sandwich as the Bodega gets costlier

Wall Street rallies after the US Fed hikes rates by 75 bps

The International Monetary Fund (IMF) has said that the world economy is "teetering" on the edge of a global recession. The remarks come as the world’s three largest economies —the United States, China and Europe— are witnessing a slowdown and spiralling inflation.

In an update of the World Economic Outlook, the IMF. said that economic prospects had darkened significantly in recent months as a result of the war in Ukraine, inflation and a resurgent pandemic.

The agency warned that if these threats continue to intensify, the global economy could face one of its weakest years since 1970s, when a period of intense stagflation gripped the globe.

“The world may soon be teetering on the edge of a global recession, only two years after the last one,” Pierre-Olivier Gourinchas, the I.M.F.’s chief economist,&nbsp;wrote in a blog post.

&nbsp;Put simply, the outlook for the global economy is “increasingly gloomy,” he said.

The Washington-based institution said that problems in China, EU and the US had triggered fall of global output in the second quarter of this year— the first contraction since the start of the Covid pandemic.

“Higher than expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions. China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine,” he said.

By the fourth quarter of 2022, the IMF said that was forecasting global inflation of 8.3 per cent, up from its April estimate of 6.9 per cent.

The World Bank, too, had made a similar prediction in June for the global economy, saying that the Ukraine war and the COVID-19 pandemic have continued to hinder global economic growth.

Also read |&nbsp;<a href="https://www.wionews.com/world/sp-predicts-one-third-decline-in-chinas-real-estate-sales-as-situation-worsens-501041" hreflang="en">S&amp;P&nbsp;predicts&nbsp;one-third decline in China's real estate sales as situation worsens</a>

"Things have gotten, unfortunately, much worse than what we expected," World Bank Prospects Group Director Ayhan Kose&nbsp;said in June.

"We were expecting a slowdown. That slowdown is much more pronounced now. Growth is going to go down to 2.9 per cent, at the global level. Last year it was 5.7 per cent."

Also read |&nbsp;<a href="https://www.wionews.com/technology/microsofts-earnings-suffer-as-computer-sales-decline-500998" hreflang="en">Microsoft’s earnings suffer as computer sales decline</a>

The IMF said that the recession in Russia this year was still significant and that its economic output could deteriorate further next year as the impact of the sanctions are intensified.

(With inputs from agencies)

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The International Monetary Fund (IMF) has said that the world economy is "teetering" on the edge of a global recession. The remarks come as the world’s three largest economies —the United States, China and Europe— are witnessing a slowdown and spiralling inflation.

The International Monetary Fund (IMF) has said that the world economy is "teetering" on the edge of a global recession. The remarks come as the world’s three largest economies —the United States, China and Europe— are witnessing a slowdown and spiralling inflation. In an update of the World Economic Outlook, the IMF. said that economic prospects had darkened significantly in recent months as a result of the war in Ukraine, inflation and a resurgent pandemic. The agency warned that if these threats continue to intensify, the global economy could face one of its weakest years since 1970s, when a period of intense stagflation gripped the globe. “The world may soon be teetering on the edge of a global recession, only two years after the last one,” Pierre-Olivier Gourinchas, the I.M.F.’s chief economist, wrote in a blog post. Put simply, the outlook for the global economy is “increasingly gloomy,” he said. The Washington-based institution said that problems in China, EU and the US had triggered fall of global output in the second quarter of this year— the first contraction since the start of the Covid pandemic. “Higher than expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions. China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine,” he said. By the fourth quarter of 2022, the IMF said that was forecasting global inflation of 8.3 per cent, up from its April estimate of 6.9 per cent. The World Bank, too, had made a similar prediction in June for the global economy, saying that the Ukraine war and the COVID-19 pandemic have continued to hinder global economic growth. Also read | S&P predicts one-third decline in China's real estate sales as situation worsens "Things have gotten, unfortunately, much worse than what we expected," World Bank Prospects Group Director Ayhan Kose said in June. "We were expecting a slowdown. That slowdown is much more pronounced now. Growth is going to go down to 2.9 per cent, at the global level. Last year it was 5.7 per cent." Also read | Microsoft’s earnings suffer as computer sales decline The IMF said that the recession in Russia this year was still significant and that its economic output could deteriorate further next year as the impact of the sanctions are intensified. (With inputs from agencies) WATCH WION LIVE HERE

‘Global economy teetering on edge of recession’: IMF paints a gloomy picture

Taking note of surging inflation and severe slowdowns in the United States and China, the IMF downgrades its outlook for the global economy this year and the next. Will the slowdown in U.S. and China spill over to other economies? Will recession soon be a reality for the world?

WION Fineprint: American & Chinese economies on the edge?

Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency.

Zimbabwe launches gold coin as currency to battle extreme inflation

Race to 10 Downing Street is heating up. The two hopefuls, Former Chancellor Rishi Sunak and UK Foreign Secretary Liz Truss are in contest to replace Boris Johnson. They took part in their first head to head tv debate which descended into fierce clashes on a slew of topics.

Tory Leadership Race: Truss & Sunak trade blows in first TV debate

Central banks around the world are raising interest rates to tame the price rise. European Central Bank has hiked interest rates recently but what is the ground situation on inflation front ?

European Central Bank surprised markets with price  hike

Zimbabwe has been facing crippling levels of inflation in the past decade and over the years, they have tried a number of ways to get the situation in control. On Monday, the nation came up with their latest attempt as gold coins were launched in a bid to stabilise the economy. These coins will be sold to the public in order to boost the local currency that has been affected seriously by the inflation, according to the statement issued by the Reserve Bank of Zimbabwe. It has become common practice for people in Zimbabwe to acquire US Dollars from the black market as their currency struggle, but this move can finally put a roadblock in the illegal trade in the country.

Also read |&nbsp;<a href="https://www.wionews.com/world/several-people-killed-in-targetted-canadian-mass-shooting-report-500589" hreflang="en">Several people killed in 'targetted' Canadian mass shooting: Report</a>

The Reserve Bank has produced 2000 coins to begin with and they were given to the commercial banks. People will be able to buy it from the authorised banks and with a number of sellers not receiving the official currency anymore, the coins can become the new modes of transaction.

The Reserve Bank of Zimbabwe - John Mangudya – told Associated Press that the coins were minted outside the country but they are planning to eventually create them in the country. &nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-looks-to-ship-food-grains-this-week-despite-attack-on-odessa-port-500548">Ukraine looks to ship food grains this week despite attack on Odessa port</a>

“The government is trying to moderate the very high demand for the US dollar because this high demand is not being matched by supply,” said Zimbabwean economist Prosper Chitambara.

“The expectation is that ... there will also be moderation in terms of the depreciation of the local currency, which should have some kind of stabilising effect in terms of pricing of goods."

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Zimbabwe has been facing crippling levels of inflation in the past decade and over the years, they have tried a number of ways to get the situation in control. On Monday, the nation came up with their latest attempt as gold coins were launched in a bid to stabilise the economy.

Zimbabwe has been facing crippling levels of inflation in the past decade and over the years, they have tried a number of ways to get the situation in control. On Monday, the nation came up with their latest attempt as gold coins were launched in a bid to stabilise the economy. These coins will be sold to the public in order to boost the local currency that has been affected seriously by the inflation, according to the statement issued by the Reserve Bank of Zimbabwe. It has become common practice for people in Zimbabwe to acquire US Dollars from the black market as their currency struggle, but this move can finally put a roadblock in the illegal trade in the country. Also read | Several people killed in 'targetted' Canadian mass shooting: Report The Reserve Bank has produced 2000 coins to begin with and they were given to the commercial banks. People will be able to buy it from the authorised banks and with a number of sellers not receiving the official currency anymore, the coins can become the new modes of transaction. The Reserve Bank of Zimbabwe - John Mangudya – told Associated Press that the coins were minted outside the country but they are planning to eventually create them in the country. Also read | Ukraine looks to ship food grains this week despite attack on Odessa port “The government is trying to moderate the very high demand for the US dollar because this high demand is not being matched by supply,” said Zimbabwean economist Prosper Chitambara. “The expectation is that ... there will also be moderation in terms of the depreciation of the local currency, which should have some kind of stabilising effect in terms of pricing of goods." WATCH WION LIVE HERE -

Zimbabwe debuts gold coins as legal tender to battle extreme inflation

Global inflation appears to be slowly having an impact on Japan, a country that is considered as one of the strongest economies in the world. Weak Yen and volatile oil prices continue to make situation shaky.

Inflation shows early signs of hitting a peak; overall prices in Japan rose 2.4% in June

Spiralling living costs are hurting Europeans amid historic inflation. The European central bank had to hike interest rates to control the economic mess.

Europe's historic inflation: Spiralling living costs hurt Europeans

Why do central banks raise interest rates to curb inflation? What is the rationale behind this move? Molly Gambhir explains.

WION Fineprint: Why do central banks raise interest rates to curb inflation?

The European Central Bank brought an end to the era of negative interest rates in the eurozone with a bigger than expected half-point hike to combat soaring inflation. Molly Gambhir tells you what it means for the Eurozone.

WION Fineprint | Eurozone raises interest rates for first time in 11 years

The European Central Bank has raised interest rates for the first time in 11 years by a larger-than-expected amount in an attempt to cool rampant inflation in the euro zone.

European Central Bank hikes interest rates for first time in 11 years by larger-than-expected amount

The Bank of Japan projected inflation would exceed its target this year in fresh forecasts issued on Thursday, but maintained ultra-low interest rates and signalled its resolve to remain an outlier in a wave of global central banks' policy tightening.

Japan's inflation stays above Bank Of Japan's target

Inflation was continued to hit major economies, this time price rise in UK has hit 40-year higher levels; last month, it was backed by surging petrol and food prices.

UK inflation strikes news 40-year high

Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in US crude inventories as product demand weakens.

Oil falls on inflation concerns, anticipated stock builds

On The Good Life, we take you to a century-old eatery serving countless varieties of the famous kulfi! We'll also show you how inflation is hitting your favourite food. And if you're hopping on intermittent fasting fad, here's what you should know.

The Good Life: Inside a century-old sweet spot

US Treasury Secretary Janet Yellen called for deeper trade ties among allies to fortify their supply chains, combat inflation and thwart China's unfair trade practices.

Yellen calls for strengthening trade ties between US and allies against China

Thousands of Kenyan have been taking to the streets calling for a boycott of the elections because of the high cost of living. According to the Kenya National Bureau of Statistics the country's year-on-year inflation rate has hit 7.9%.

Kenya: Protesters call for boycott of Presidential elections on August 9

Despite concerns that London is over-deregulatory, the new UK Finance Minister Nadhim Zahawi on Tuesday (July 19), will lay out his strategies to reduce inflation and ‘seize the opportunities of Brexit.’ In the midst of a turbulent political climate in Britain, Zahawi, who took over as Chancellor of the Exchequer after resignation of Rishi Sunak earlier this month, will outline his vision in his first speech in the position at London’s Mansion House. Zahawi when addressing the business representatives in London will attempt to pull all of that aside by vowing to ‘manage inflation’, enhance the private sector economy, and will offer a post-Brexit vision for financial services, AFP reported.&nbsp;

The ministry in a statement stated that the minister will commit to, “repeal hundreds of pieces of retained EU law and replacing them with a coherent and agile approach to financial regulation that is right for us."

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-politics-government-wins-confidence-vote-rishi-sunak-widens-lead-in-race-to-become-pm-498670">UK politics: Government wins confidence vote; Rishi Sunak widens lead in race to become PM</a>

However, Zahawi shares the same philosophy as his predecessor Rishi Sunak, who ran against Johnson for the position and promised a new ‘Big Bang’ in the finance industry following the deregulation of the 1980s.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/watch-rishi-sunak-says-he-is-proud-of-his-parents-in-law-498496">Watch: Rishi Sunak says he is proud of parents-in-law, Infosys founder Narayana Murthy and Sudha Murthy</a>

Prime Minister Boris Johnson resigned as a result of Sunak and other senior officials leaving, and now a tense struggle is taking place to choose the next leader.

The country had an inflation surge in May to a 40-year high of 9.1 per cent; this year, it is expected to double. A parliamentary report cautioned against “any inappropriate weakening of the UK's strong regulatory standards", which could "reduce the financial resilience of the UK's financial system and undermine international confidence in that system,” AFP reported.&nbsp;

(With inputs from agencies)

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Despite concerns that London is over-deregulatory, the new UK Finance Minister Nadhim Zahawi on Tuesday (July 19), will lay out his strategies to reduce inflation and ‘seize the opportunities of Brexit.

Despite concerns that London is over-deregulatory, the new UK Finance Minister Nadhim Zahawi on Tuesday (July 19), will lay out his strategies to reduce inflation and ‘seize the opportunities of Brexit.’ In the midst of a turbulent political climate in Britain, Zahawi, who took over as Chancellor of the Exchequer after resignation of Rishi Sunak earlier this month, will outline his vision in his first speech in the position at London’s Mansion House. Zahawi when addressing the business representatives in London will attempt to pull all of that aside by vowing to ‘manage inflation’, enhance the private sector economy, and will offer a post-Brexit vision for financial services, AFP reported. The ministry in a statement stated that the minister will commit to, “repeal hundreds of pieces of retained EU law and replacing them with a coherent and agile approach to financial regulation that is right for us." Also read | UK politics: Government wins confidence vote; Rishi Sunak widens lead in race to become PM However, Zahawi shares the same philosophy as his predecessor Rishi Sunak, who ran against Johnson for the position and promised a new ‘Big Bang’ in the finance industry following the deregulation of the 1980s. Also read | Watch: Rishi Sunak says he is proud of parents-in-law, Infosys founder Narayana Murthy and Sudha Murthy Prime Minister Boris Johnson resigned as a result of Sunak and other senior officials leaving, and now a tense struggle is taking place to choose the next leader. The country had an inflation surge in May to a 40-year high of 9.1 per cent; this year, it is expected to double. A parliamentary report cautioned against “any inappropriate weakening of the UK's strong regulatory standards", which could "reduce the financial resilience of the UK's financial system and undermine international confidence in that system,” AFP reported. (With inputs from agencies) 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.

UK Finance Minister Nadhim Zahawi to outline his plans to control inflation

The new UK Finance Minister Nadhim Zahawi on Tuesday will outline his plans to control inflation and 'seize the opportunities of Brexit'.

New UK Finance Minister Nadhim Zahawi to outline his plans to control inflation

There is a massive food crisis across Sri Lanka. The situation has turned five out of six households to resort to consuming less or even skipping meals entirely.

Reports: 22% of Sri Lankans need food aid | Five out of six families skip meals

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