A majority of Chief Economists at the World Economic Forum believe that a global recession is likely in 2023. What does this mean for you and the global energy prices? Also, how can you prepare for a recession? Listen in to Vikram Chandra.

This World: The rising fear of a global recession

Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, it said.

&nbsp;Microsoft said in July last year that a small number of roles had been eliminated, while news site Axios in October reported that the company had laid off under 1,000 employees across several divisions.

The Satya Nadella-led firm is also grappling with a slump in the personal computer market after a pandemic boom fizzled out, leaving little demand for its Windows and accompanying software.

Microsoft is getting ready to slash more jobs from its worldwide workforce as software companies continue to reduce staff numbers to weather the current economic crisis.&nbsp;According to Bloomberg News, Microsoft may announce layoffs in its engineering departments as soon as Wednesday. Microsoft will not comment on what it referred to as "rumour," a spokeswoman for the company told AFP.

The Washington-based company, which according to industry experts&nbsp;employs over 220,000 people, reduced its workforce twice last year.

"Over the last few weeks we have seen significant headcount cut reduction from stalwarts Salesforce and Amazon," Wedbush analyst Dan Ives said in a note to investors.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musks-tesla-trial-for-alleged-fraud-over-funding-secured-tweet-begins-553631">Elon Musk's Tesla trial for alleged fraud over ‘funding secured’ tweet begins</a>

Wedbush is expecting staff cuts of another five to 10 percent across the tech sector, Ives told investors.

"Many of these companies were spending money like 1980's Rock Stars and now need to reign in the expense controls ahead of softer (macro-economic conditions)," Ives wrote.

Also watch |&nbsp;World Business Watch: Tesla under fire in Germany over union concerns on working hours

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Early in January, the online retail giant&nbsp;Amazon announced its decision to eliminate more than 18,000 positions, blaming "the uncertain economy" and the fact that it had "hired swiftly" during the pandemic.

The job-cutting exercise is the most significant among recent layoffs that have hit the hitherto unstoppable US tech sector, including Facebook ownercebook-owner Meta.

(With inputs from agencies)

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Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.

Joining the layoffs spree, US tech giant Microsoft Corp on Wednesday announced that it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, it said. Microsoft said in July last year that a small number of roles had been eliminated, while news site Axios in October reported that the company had laid off under 1,000 employees across several divisions. The Satya Nadella-led firm is also grappling with a slump in the personal computer market after a pandemic boom fizzled out, leaving little demand for its Windows and accompanying software. Microsoft is getting ready to slash more jobs from its worldwide workforce as software companies continue to reduce staff numbers to weather the current economic crisis. According to Bloomberg News, Microsoft may announce layoffs in its engineering departments as soon as Wednesday. Microsoft will not comment on what it referred to as "rumour," a spokeswoman for the company told AFP. The Washington-based company, which according to industry experts employs over 220,000 people, reduced its workforce twice last year. "Over the last few weeks we have seen significant headcount cut reduction from stalwarts Salesforce and Amazon," Wedbush analyst Dan Ives said in a note to investors. Also read | Elon Musk's Tesla trial for alleged fraud over ‘funding secured’ tweet begins Wedbush is expecting staff cuts of another five to 10 percent across the tech sector, Ives told investors. "Many of these companies were spending money like 1980's Rock Stars and now need to reign in the expense controls ahead of softer (macro-economic conditions)," Ives wrote. Also watch | World Business Watch: Tesla under fire in Germany over union concerns on working hours Early in January, the online retail giant Amazon announced its decision to eliminate more than 18,000 positions, blaming "the uncertain economy" and the fact that it had "hired swiftly" during the pandemic. The job-cutting exercise is the most significant among recent layoffs that have hit the hitherto unstoppable US tech sector, including Facebook ownercebook-owner Meta. (With inputs from agencies) WATCH WION LIVE HERE:

Microsoft to fire 10,000 people as tech layoffs intensify

Asia's third-largest economy India has a sizeable presence at World Economic Forum's Annual Meet which is taking place in Switzerland. The Forum has called on leaders from across the globe to address the immediate energy and food crisis. Watch to know more.

WEF Davos 2023: Resilience of the Indian Economy

The World Economic Forum's annual meeting kicks off in the city of Davos, Switzerland, from today (January 16) and will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit.

Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim AlKhorayef

The Global elites are gathering in Davos for the Annual Summit 2023. Last year Russia's invasion of Ukraine dominated the discourse in forum but this time, other teams are expected to form the agenda of the annual event.

WION at Davos 2023: India features prominently at WEF 2023

WION at Davos 2023: Gathering of global elite amid recession fear

After days of discussions about Russia’s war in Ukraine, a global food crisis, climate change and other hot-button issues, the World Economic Forum’s annual meeting is set start in Davos. Watch further to know more.

Davos ready to host the World Economic Form amid recession fears

An unexpected growth was registered in the economy of the UK in November as people splurged during the World Cup, stated official data on Friday as analysts warned the country may still face recession because of a crisis due to the high cost of living.&nbsp;

The Office for National Statistics (ONS), issued a statement, saying that even after several strikes, the country’s gross domestic product increased by 0.1 per cent in November. The ONS said that restaurants and pubs majorly boosted the economy as people visited places to watch football matches.

From October, the growth had slowed sharply, partly because of the workers’ strike. ONS’ director of economic statistics Darren Morgan, while speaking to BBC, said, “We definitely saw the impact of industrial action in today's figures.”

ALSO READ|&nbsp;<a href="https://www.wionews.com/business-economy/uks-economy-shrinks-more-than-previously-thought-in-third-quarter-data-545630">UK's economy shrinks more than previously thought in third quarter: Data</a>

“We saw reasonably large falls in rail transport, postal work and warehousing and this sector had the biggest drag on the economy in November,” he added.

“The economy grew a little in November, with increases in telecommunications and computer programming helping to push the economy forward. Pubs and bars also did well as people went out to watch World Cup games,” Morgan said.

ONS further said that the UK economy declined by 0.3 per cent in the last three months, in comparison to the three-month period starting from August.

"Over the last three months ... the economy still shrank -- mainly due to the impact of the extra bank holiday for the funeral of Her Majesty Queen Elizabeth in September," Morgan stated.

The UK government as well as the Bank of England believe that the economy is already facing recession due to rocketing inflation.&nbsp;

WATCH | World Business Watch | UK economy bounces back after two months of recession

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Analyst Sophie Lund-Yates warned, "On a three-monthly basis, the UK still shrank, and a 0.1-per cent gain on a monthly basis smells heavily of stagnation, rather than real growth. The idea that the UK will formally enter a recession soon is still very much a likelihood.”

"The boost in November could stem from extra spending in the economy in the run up to Christmas, and there's real risk now that consumers are going to tighten their belts,” the analyst added.

Commenting on the UK economy’s crisis, CBI economist Alpesh Paleja said, "High inflation is severely impacting household budgets and businesses are facing intense cost pressures. As a result, consumer spending and investment plans are weakening. The question for the government now is not whether we will fall into recession, but how long and deep the recession will be."&nbsp;

(With inputs from agencies) 
&nbsp;

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An unexpected growth was registered in the economy of the UK in November as people splurged during the World Cup, stated official data on Friday as analysts warned the country may still face recession because of a crisis due to the high cost of living.

An unexpected growth was registered in the economy of the UK in November as people splurged during the World Cup, stated official data on Friday as analysts warned the country may still face recession because of a crisis due to the high cost of living. The Office for National Statistics (ONS), issued a statement, saying that even after several strikes, the country’s gross domestic product increased by 0.1 per cent in November. The ONS said that restaurants and pubs majorly boosted the economy as people visited places to watch football matches. From October, the growth had slowed sharply, partly because of the workers’ strike. ONS’ director of economic statistics Darren Morgan, while speaking to BBC, said, “We definitely saw the impact of industrial action in today's figures.” ALSO READ| UK's economy shrinks more than previously thought in third quarter: Data “We saw reasonably large falls in rail transport, postal work and warehousing and this sector had the biggest drag on the economy in November,” he added. “The economy grew a little in November, with increases in telecommunications and computer programming helping to push the economy forward. Pubs and bars also did well as people went out to watch World Cup games,” Morgan said. ONS further said that the UK economy declined by 0.3 per cent in the last three months, in comparison to the three-month period starting from August. "Over the last three months ... the economy still shrank -- mainly due to the impact of the extra bank holiday for the funeral of Her Majesty Queen Elizabeth in September," Morgan stated. The UK government as well as the Bank of England believe that the economy is already facing recession due to rocketing inflation. WATCH | World Business Watch | UK economy bounces back after two months of recession Analyst Sophie Lund-Yates warned, "On a three-monthly basis, the UK still shrank, and a 0.1-per cent gain on a monthly basis smells heavily of stagnation, rather than real growth. The idea that the UK will formally enter a recession soon is still very much a likelihood.” "The boost in November could stem from extra spending in the economy in the run up to Christmas, and there's real risk now that consumers are going to tighten their belts,” the analyst added. Commenting on the UK economy’s crisis, CBI economist Alpesh Paleja said, "High inflation is severely impacting household budgets and businesses are facing intense cost pressures. As a result, consumer spending and investment plans are weakening. The question for the government now is not whether we will fall into recession, but how long and deep the recession will be." (With inputs from agencies)

UK economy registers 0.1 per cent increase in November; still, recession looms

As the world is worried about a recession in 2023. Moody's Analytics says the more likely scenario is a "slowcession," where growth grinds to a near halt but a full economic downturn is narrowly avoided.

World Business Watch: Get ready for a 'slowcession' in 2023, Moody's warns

From gas to groceries, the year 2022 has been a whirlwind for people across the world. Prices rose at the fastest pace in decades. Economists say the coming year could bring in feeble growth as central banks raise rates to tackle high inflation. Will 2023 be the year of recession? Molly Gambhir tells you more.

Gravitas: What Could Tip Global Economy Into Recession?

British Consultancy Center for Economics and Business Research warns of global economic recession in 202,3 raises concerns on China's Covid policy and lack of growth-oriented policies in the UK.

Gravitas Global Headlines: UK recession warning raises concerns | Russia air base attack

The findings are more pessimistic than the latest forecast from the International Monetary Fund. That institution warned in October that more than a third of the world economy will contract and there is a 25 per cent chance of global GDP growing by less than 2 per cent in 2023, which it defines as a global recession.

World Business Watch: World economy headed for a recession, says report

The world is headed for a recession in 2023, according to the Centre for Economics and Business Research (CEBR). Fresh borrowing costs aimed at tackling inflation cause a number of economies to contract.

Reports: World economy is headed for a recession in 2023

Wall Street's major averages closed low ways today with tech heavy NASDAQ two percent drop leading losses. Investors are worried the data showing resilient economy would lead us that deserve to keep high kicking interest rates for longer.

World Business Watch: Wall Street tumbles on rate, recession worries

US&nbsp;stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.

The US&nbsp;central bank hiked rates by 50 basis points (bps) on Wednesday as was widely expected, downsizing from the consecutive 75 bps hikes at its prior four meetings, but Fed Chair Jerome Powell warned recent signs of inflation were not enough to convince Fed the battle against rising prices had been won.

“The investors were hoping that the Fed would hint that they will finish their rate tightening program by the first quarter of 2023 and begin a rate reduction program by the end of the year,”said Sam Stovall, chief investment strategist at CFRA Research.

“It (the Fed) delayed when they are likely to start cutting interest rates until 2024. So I think that's what's causing investors to say time to get defensive once again because a recession is likely around the corner.”

The Fed projected continued rate hikes to above 5% in 2023, a level not seen since a steep economic downturn in 2007.

“The Fed doesn't care about the stock market. They've said it multiple times. But investors seem to feel that because the Federal Reserve for the last 20 years has come to a rescue every time, that they're going to do it this time.’ said Ken Moraif, founder and CEO of Retirement Planners of America.

“If you think of inflation as cancer, you think of recession is the flu. Given a choice of which one you want, it's the flu. And so if they're going to drive us into a recession, that's they're going to do it.”

The S&amp;P 500 lost 99.57 points, or 2.49%, to end at 3,895.75 points, while the Nasdaq Composite lost 360.36 points, or 3.19%, to 10,810.53.

The Dow Jones Industrial Average fell 764.13 points, or 2.25%, to 33,202.22.

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US stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.

US stock indexes closed sharply lower on Thursday (December 15), with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession. The US central bank hiked rates by 50 basis points (bps) on Wednesday as was widely expected, downsizing from the consecutive 75 bps hikes at its prior four meetings, but Fed Chair Jerome Powell warned recent signs of inflation were not enough to convince Fed the battle against rising prices had been won. “The investors were hoping that the Fed would hint that they will finish their rate tightening program by the first quarter of 2023 and begin a rate reduction program by the end of the year,”said Sam Stovall, chief investment strategist at CFRA Research. “It (the Fed) delayed when they are likely to start cutting interest rates until 2024. So I think that's what's causing investors to say time to get defensive once again because a recession is likely around the corner.” The Fed projected continued rate hikes to above 5% in 2023, a level not seen since a steep economic downturn in 2007. “The Fed doesn't care about the stock market. They've said it multiple times. But investors seem to feel that because the Federal Reserve for the last 20 years has come to a rescue every time, that they're going to do it this time.’ said Ken Moraif, founder and CEO of Retirement Planners of America. “If you think of inflation as cancer, you think of recession is the flu. Given a choice of which one you want, it's the flu. And so if they're going to drive us into a recession, that's they're going to do it.” The S&P 500 lost 99.57 points, or 2.49%, to end at 3,895.75 points, while the Nasdaq Composite lost 360.36 points, or 3.19%, to 10,810.53. The Dow Jones Industrial Average fell 764.13 points, or 2.25%, to 33,202.22. 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 ×

Wall Street slumps as Fed heightens recession fears

US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation. Yellen spoke with reporters during her visit to the Bureau of Engraving and Printing's currency facility in Fort Worth, Texas.

On "whether or not we can avoid a recession, I believe the answer is yes," she told reporters.

Yellen's comments came on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn.

Meanwhile, a Reuters poll said that the US&nbsp;economy is heading into a short and shallow recession over the coming year. The&nbsp;economists polled by Reuters unanimously expected the US&nbsp;Federal Reserve to go for a smaller 50 basis point interest rate hike on December&nbsp;14.

After raising the federal funds rate 75 basis points at each of the previous four meetings, all 84 economists polled from December&nbsp;2-8 expected the central bank to go for a slightly softer half a percentage point to 4.25 per cent-4.50 per cent&nbsp;this time.

There is still a feeling among economists that the US may experience downturn next year.

Yellen however, said that supply chain bottlenecks had begun to ease and new apartment rents have "essentially peaked," with the labour market cooling slightly as well.

"Without seeing significant net nationwide layoffs, I believe we're on the right track in terms of lowering inflation and a recession's not inevitable," she added.

Also Read | <a href="https://www.wionews.com/world/us-landmark-bill-to-protect-same-sex-marriage-passed-by-congress-541396">US: Landmark bill to protect same-sex marriage passed by Congress</a>

As businesses tone down their growth expectations and hiring plans, the number of people leaving their jobs has also dipped a little, she said.

Last week, Federal Reserve Chair Jerome Powell added it remains "very plausible" for the US to reach a soft landing, referring to a scenario where unemployment rises but the economy avoids a severe recession.

(With inputs from agencies)

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US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation.

US Treasury Secretary Janet Yellen said on Thursday (December 8) that a recession in US was 'not inevitable', adding that the economy was on the right track in lowering inflation. Yellen spoke with reporters during her visit to the Bureau of Engraving and Printing's currency facility in Fort Worth, Texas. On "whether or not we can avoid a recession, I believe the answer is yes," she told reporters. Yellen's comments came on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn. Meanwhile, a Reuters poll said that the US economy is heading into a short and shallow recession over the coming year. The economists polled by Reuters unanimously expected the US Federal Reserve to go for a smaller 50 basis point interest rate hike on December 14. After raising the federal funds rate 75 basis points at each of the previous four meetings, all 84 economists polled from December 2-8 expected the central bank to go for a slightly softer half a percentage point to 4.25 per cent-4.50 per cent this time. There is still a feeling among economists that the US may experience downturn next year. Yellen however, said that supply chain bottlenecks had begun to ease and new apartment rents have "essentially peaked," with the labour market cooling slightly as well. "Without seeing significant net nationwide layoffs, I believe we're on the right track in terms of lowering inflation and a recession's not inevitable," she added. Also Read | US: Landmark bill to protect same-sex marriage passed by Congress As businesses tone down their growth expectations and hiring plans, the number of people leaving their jobs has also dipped a little, she said. Last week, Federal Reserve Chair Jerome Powell added it remains "very plausible" for the US to reach a soft landing, referring to a scenario where unemployment rises but the economy avoids a severe recession. (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 ×

US economy is heading into a short and shallow recession, say economists in poll

The EU and the euro area are now anticipated to see contraction in the final three months of this year and the first three months of 2023, which would constitute a technical recession, before recovering to positive growth in the spring of 2023.

WION Wideangle | Europe: Heading to a recession?

China: protests erupt over Zero Covid policy. Mass Layoffs grip the tech world. With Ukraine-Russia War causing food shortages, and Britain seeing a slumping economy, are we entering a Global Recession? Find out with WION Wideangle.

WION Wideangle | Global Recession: Imminent?

A global recession is coming in 2023. Economies the world over are contracting, layoffs are growing at an alarming pace. Which countries are at risk? Will India be able to escape the crisis? How will it impact you? Priyanka Sharma explains on Gravitas Plus.

Gravitas Plus: A global recession is coming

Britain's main business lobby group said on Monday (November 21) that the country needed more migrant labour for greater productivity in view of soaring inflation and shrinking growth. The verdict from the Confederation of British Industry (CBI) came at its annual gathering in Birmingham, Britain's second biggest city.

The CBI conference took place after the UK Prime Minister Rishi Sunak slashed spending and increased taxes in budget.

"We come together, once more in extraordinary times," CBI director-general Tony Danker told delegates in Birmingham, central England.

"Britain is in the middle of stagflation -- rocketing inflation and negative growth -- for the first time that probably most of us can remember.

"We know how to fight inflation. We know how to fight recession. But we don't really know how to fight them together."

Sunak addressed the CBI on Monday. It has been one month since he took office after predecessor Liz Truss delivered an unfunded tax-slashing mini-budget that tanked the pound and sent UK borrowing costs soaring. Right now UK inflation is at 11.1 per cent. That is a 41-year high. This has meant that food and energy costs have risen in the wake of the Ukraine war.&nbsp;

Consumer prices have also raced higher as demand rebounds following the lifting of pandemic.

(With inputs from agencies)

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Britain's main business lobby group said on Monday (November 21) that the country needed more migrant labour for greater productivity in view of soaring inflation and shrinking growth.

Britain's main business lobby group said on Monday (November 21) that the country needed more migrant labour for greater productivity in view of soaring inflation and shrinking growth. The verdict from the Confederation of British Industry (CBI) came at its annual gathering in Birmingham, Britain's second biggest city. The CBI conference took place after the UK Prime Minister Rishi Sunak slashed spending and increased taxes in budget. "We come together, once more in extraordinary times," CBI director-general Tony Danker told delegates in Birmingham, central England. "Britain is in the middle of stagflation -- rocketing inflation and negative growth -- for the first time that probably most of us can remember. "We know how to fight inflation. We know how to fight recession. But we don't really know how to fight them together." Sunak addressed the CBI on Monday. It has been one month since he took office after predecessor Liz Truss delivered an unfunded tax-slashing mini-budget that tanked the pound and sent UK borrowing costs soaring. Right now UK inflation is at 11.1 per cent. That is a 41-year high. This has meant that food and energy costs have risen in the wake of the Ukraine war. Consumer prices have also raced higher as demand rebounds following the lifting of pandemic. (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 ×

More migrant labour needed in recession-hit UK, says business body

As the rising cost of living eats away at people's wages, the UK is experiencing its largest reduction in living standards ever.&nbsp;

After accounting for growing costs, the government's forecaster predicted that household incomes would decline by 7 per cent&nbsp;over the following few years.&nbsp;

Additionally, it anticipates a spike in unemployment of more than 500,000 people.&nbsp;

The chancellor just declared that the UK was already in a recession and was likely to get worse the next year.

However, Jeremy Hunt said that the tax increases and spending cuts he announced in his Autumn Statement, totalling £55 billion, will result in a "shallower downturn" and fewer job losses.&nbsp;

The government's energy price guarantee programme, which lowers bills, is largely to blame for the forecaster's prediction that price increases will peak at 11 per cent&nbsp;in the last three months of this year.&nbsp;

It nonetheless predicted that inflation would "erode real wages and reduce living standards" this year by the largest amount since records began in 1956.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/jeremy-hunt-to-unveil-uk-autumn-budget-today-after-liz-truss-failed-experiment-534990">Chancellor Jeremy Hunt announces tax hikes, spending squeeze in £55 billion autumn budget</a>

It anticipates that after accounting for inflation, household earnings will return to where they were in 2013. The recovery process will take another six years, but by 2028, they will still be "over 1 per cent&nbsp;below pre-pandemic levels."

The Office for Budget Responsibility (OBR) claims that the UK is also experiencing problems with rising interest rates, which the Bank of England has increased to 3 per cent&nbsp;in an effort to combat inflation.&nbsp;

Due to rising mortgage expenses, it is also anticipated that house values will decrease by around 9 per cent&nbsp;over the next two years.

(with inputs from agencies)

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As the rising cost of living eats away at people's wages, the UK is experiencing its largest reduction in living standards ever. After accounting for growing costs, the government's forecaster predicted that household incomes would decline by 7 per cent over the following few years.

As the rising cost of living eats away at people's wages, the UK is experiencing its largest reduction in living standards ever. After accounting for growing costs, the government's forecaster predicted that household incomes would decline by 7 per cent over the following few years. Additionally, it anticipates a spike in unemployment of more than 500,000 people. The chancellor just declared that the UK was already in a recession and was likely to get worse the next year. However, Jeremy Hunt said that the tax increases and spending cuts he announced in his Autumn Statement, totalling £55 billion, will result in a "shallower downturn" and fewer job losses. The government's energy price guarantee programme, which lowers bills, is largely to blame for the forecaster's prediction that price increases will peak at 11 per cent in the last three months of this year. It nonetheless predicted that inflation would "erode real wages and reduce living standards" this year by the largest amount since records began in 1956. Also Read: Chancellor Jeremy Hunt announces tax hikes, spending squeeze in £55 billion autumn budget It anticipates that after accounting for inflation, household earnings will return to where they were in 2013. The recovery process will take another six years, but by 2028, they will still be "over 1 per cent below pre-pandemic levels." The Office for Budget Responsibility (OBR) claims that the UK is also experiencing problems with rising interest rates, which the Bank of England has increased to 3 per cent in an effort to combat inflation. Due to rising mortgage expenses, it is also anticipated that house values will decrease by around 9 per cent over the next two years. (with inputs from agencies)

Economy already in recession and set to shrink further next year: UK chancellor

The UK Chancellor Jeremy Hunt is spending his Friday defending his autumn statement. On Thursday, he announced a series of tax increases and tighter public spending in a plan presented to the House of Commons in London.

OBR: UK's living standards to fall by 7%, millions still face higher bills | Recession

Nine months after beginning its military offensive in Ukraine, Russia has entered a recession as a result of the economic pressure caused by Western sanctions, according to official figures released on Wednesday.&nbsp;

In the&nbsp;third quarter,&nbsp;GDP decreased by four per cent, according to a preliminary estimate by the national statistics office Rosstat.&nbsp;

With two consecutive quarters of declining GDP, which follows one of a similar size in the second quarter, Russia now satisfies the technical criteria for a recession.&nbsp;

The decrease in economic output between July and September was four per cent, which was less than the 4.5 per cent reduction that many economists had predicted.

A 22.6 per cent decline in wholesale trade and a 9.1 per cent decline in retail trade were the main contributors to the contraction.&nbsp;

Agriculture increased by 6.2 per cent, and building increased by 6.7 per cent.&nbsp;

Exports and imports, notably those of essential industrial parts and spare parts, have been restricted by Western sanctions.

Also &nbsp;Read:&nbsp;<a href="https://www.wionews.com/world/elon-musk-to-find-a-new-leader-to-run-twitter-gives-employees-deadline-to-resign-534874">Elon Musk to find a new leader to run Twitter, gives employees deadline to resign</a>

As a result of a partial mobilisation that forced several hundred thousand men out of labour, businesses have also been struggling with a staffing shortage.&nbsp;

Rosstat reports that even though the economy is shrinking, the unemployment rate in Russia was only 3.9 per cent&nbsp;in September.&nbsp;

As a result, the Russian economy has grown even more reliant on energy exports, which have generated around 40 per cent&nbsp;of the country's total income.

(with inputs from agencies)

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Nine months after beginning its military offensive in Ukraine, Russia has entered a recession as a result of the economic pressure caused by Western sanctions, according to official figures released on Wednesday.

Nine months after beginning its military offensive in Ukraine, Russia has entered a recession as a result of the economic pressure caused by Western sanctions, according to official figures released on Wednesday. In the third quarter, GDP decreased by four per cent, according to a preliminary estimate by the national statistics office Rosstat. With two consecutive quarters of declining GDP, which follows one of a similar size in the second quarter, Russia now satisfies the technical criteria for a recession. The decrease in economic output between July and September was four per cent, which was less than the 4.5 per cent reduction that many economists had predicted. A 22.6 per cent decline in wholesale trade and a 9.1 per cent decline in retail trade were the main contributors to the contraction. Agriculture increased by 6.2 per cent, and building increased by 6.7 per cent. Exports and imports, notably those of essential industrial parts and spare parts, have been restricted by Western sanctions. Also Read: Elon Musk to find a new leader to run Twitter, gives employees deadline to resign As a result of a partial mobilisation that forced several hundred thousand men out of labour, businesses have also been struggling with a staffing shortage. Rosstat reports that even though the economy is shrinking, the unemployment rate in Russia was only 3.9 per cent in September. As a result, the Russian economy has grown even more reliant on energy exports, which have generated around 40 per cent of the country's total income. (with inputs from agencies)

Russia officially enters recession, GDP shrinks 4% in third quarter

Amazon has become the latest major tech company to announce layoffs. Can job cuts in the Silicon Valley trigger a recession?

Gravitas: Will a recession begin from the Silicon Valley?

In the United States it is still unclear who will win the race to hold Congress so whether it is going to be the democrats or would it be the Republicans but one thing which seems to have influenced the voters is the state of the economy and the fear of the recession. Watch the video to know what President Joe Biden has to say on the issue.

US not anywhere near recession: President Joe Biden on state of economy | Latest News | WION

According to Barclaycard, almost half of Britons plan to cut down on Christmas gifts to try to save money amid the biggest cost of living crisis in the country.

48 percent people plan to spend less this Christmas, says Barclaycard

While supply chain issues are hampering the auto industry output, Mercedes posts profits beating recession fears. Watch this report.

WION Dispatch: Mercedes posts profits beating recession fears

South Korea's SK Hynix Inc warned on Wednesday of an "unprecedented deterioration" in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%.

Chipmakers had enjoyed a strong post-pandemic demand surge until early this year. But demand has turned sharply weaker in recent months as soaring inflation, rising interest rates and gloomy economic outlook have led consumers and businesses to tighten spending.

"We are hoping that the market will stabilise to some extent by second half of next year, but we are not ruling out the possibility of a longer downturn," Kevin Noh, Chief Marketing Officer at SK Hynix, told analysts.

Dire projections by Hynix follow warnings of decreased growth given by US tech giants this week. On Tuesday, Microsoft had projected quarterly revenue below Wall Street targets.

SK Hynix said its operating profit fell to 1.66 trillion won ($1.16 billion) in the July-September quarter, from 4.2 trillion won a year earlier. The result was below analysts' expectations of a 1.87 trillion won profit, according to Refinitiv SmartEstimate.

"Supply will continue to exceed demand for the time being," SK Hynix said in a statement, pointing to a fall in notebook and smartphone shipments.

The company said that memory chip prices plunged by 20 per cent in the third quarter. The company attributed this to dropping PC and smartphone shipments data centres prioritising using up existing chip stocks.

(with inputs from agencies)

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South Korea's SK Hynix Inc warned on Wednesday of an "unprecedented deterioration" in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%.

South Korea's SK Hynix Inc warned on Wednesday of an "unprecedented deterioration" in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%. Chipmakers had enjoyed a strong post-pandemic demand surge until early this year. But demand has turned sharply weaker in recent months as soaring inflation, rising interest rates and gloomy economic outlook have led consumers and businesses to tighten spending. "We are hoping that the market will stabilise to some extent by second half of next year, but we are not ruling out the possibility of a longer downturn," Kevin Noh, Chief Marketing Officer at SK Hynix, told analysts. Dire projections by Hynix follow warnings of decreased growth given by US tech giants this week. On Tuesday, Microsoft had projected quarterly revenue below Wall Street targets. SK Hynix said its operating profit fell to 1.66 trillion won ($1.16 billion) in the July-September quarter, from 4.2 trillion won a year earlier. The result was below analysts' expectations of a 1.87 trillion won profit, according to Refinitiv SmartEstimate. "Supply will continue to exceed demand for the time being," SK Hynix said in a statement, pointing to a fall in notebook and smartphone shipments. The company said that memory chip prices plunged by 20 per cent in the third quarter. The company attributed this to dropping PC and smartphone shipments data centres prioritising using up existing chip stocks. (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 ×

Chipmaker SK Hynix to halve investment amid looming recession

At the time of record high inflation, reports indicate that nearly 70% percent of Singaporeans are concerned about higher household expenses. According to a survey, this increase of 11 percentage points from last year is mainly the result of rising inflation.

WION Business News | Recession fears: 70% of Singaporeans concerned

Fitch Ratings on Tuesday presented another gloomy report by suggesting that the US economy may witness a 1990-style mild recession, starting spring next year. A combination of stubborn inflation and the US Central Bank's three consecutive interest rate hikes will lead to such a recession, explained the credit rating agency.

Fitch Ratings on Tuesday presented another gloomy report by suggesting that the US economy may witness a 1990-style mild recession, starting spring next year. A combination of stubborn inflation and the US Central Bank's three consecutive interest rate hikes will lead to such a recession, explained the credit rating agency. The report added that the US GDP may grow at a snail's pace of 0.5 per cent which was an entire percentage point down from the June prediction. However, in an attempt to cushion its rather gloomy analysis, the agency said that the US economy will be entering this phase from a 'position of strength' as the consumers are not saddled with debt, like 'The Great Recession of 2008'. “US household finances are much stronger now than in 2008, the banking system is healthier and there is little evidence of overbuilding in the housing market,” it said. “Fitch Ratings expects a very strong consumer balance sheet and the strongest labour market in decades to cushion the impact of a likely recession." WATCH | Fitch: Inflation and fed hikes to drive US economy into recession × The forecast made by the agency may be in line with the recent performance of the US economy. For two consecutive quarters, the US economy has shrunk, meaning, it has technically entered a recession. While the US remains down, the rest of the world is not faring much better either. As reported by WION, last month, the same agency lowered the GDP forecasts for all the major economies citing high inflation, the European gas crisis, and a sharp acceleration in the pace of global monetary policy tightening. Read more: Fitch lowers world's growth forecast, slashes India's GDP rise to 7% for 2022-23 The world is now expected to grow at 2.4 per cent for the current year from the earlier projection of 2.9 per cent, according to the agency. (With inputs from agencies) WATCH WION LIVE HERE:

US economy may sink into mild recession next spring, reminiscent to 1990: Fitch Ratings

The IMF has revised its economic projections for 2023. It forecasts a lower GDP but says a recession is not likely. However, it warns that 2023 will feel like a recession for many people. Priyanka Sharma tells you more.

Gravitas: IMF reduces 2023 GDP outlook

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