Latest Economic growth News

Nigeria's Buhari proposes record $47.3B budget for 2023

Oct. 07, 2022 14:03 PM EDT

ABUJA, Nigeria (AP) — Nigerian President Muhammadu Buhari is launching an ambitious plan to grow the West African nation's economy and end its security woes with record government expenditure during the next fiscal year. The record 20.5 trillion naira ($47.3 billion) proposed...

Another month of solid US hiring suggests more big Fed hikes

Oct. 07, 2022 11:50 AM EDT

WASHINGTON (AP) — America’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation. Friday’s government report...

IMF warns of higher recession risk and darker global outlook

Oct. 06, 2022 12:28 PM EDT

WASHINGTON (AP) — Two principal economists painted very different pictures Thursday of what the global economy will look like in the coming years. Kristalina Georgieva, managing director of the International Monetary Fund, told an audience at Georgetown University on Thursday that...

Hot inflation slows 3Q earnings growth forecasts

Oct. 06, 2022 08:12 AM EDT

Wall Street expects the latest round of quarterly profits to show burn marks from the hottest inflation in four decades, and the damage could linger into 2023. Analysts have been trimming their forecasts, especially in the retail and communications sectors, as inflation drives up...

Power back in Bangladesh after grid failure causes blackout

Oct. 05, 2022 03:22 AM EDT

DHAKA, Bangladesh (AP) — Electricity supply across Bangladesh has been restored after the South Asian country plunged into a blackout following the failure of its national power grid, officials said. The blackout, which impacted much of the country, started at 2:05 p.m. on Tuesday...

After years of EU scrutiny, Greece promises balanced budget

Oct. 03, 2022 09:39 AM EDT

ATHENS, Greece (AP) — Greece has promised to return to a budget surplus in 2023, submitting its first spending blueprint in 12 years that is not under the direct scrutiny of European bailout lenders. Finance Ministry officials said Monday that Greece was planning to return to a...

China manufacturing weak, adding to economy pressure

Sep. 30, 2022 05:42 AM EDT

BEIJING (AP) — Growth in Chinese factory activity was weak in September, export orders fell and employers cut jobs, two surveys showed Friday, adding to pressure on lackluster economic growth. A monthly purchasing managers’ index released by business news magazine Caixin fell to...

India raises interest rate to 5.90% to tame inflation

Sep. 30, 2022 03:37 AM EDT

NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.90% in its fourth hike this year and said developing economies were facing challenges of slowing growth, elevated food and energy prices, debt distress and currency depreciation. ...

UK's Truss defends economic plan that sent pound tumbling

Sep. 29, 2022 14:20 PM EDT

LONDON (AP) — British Prime Minister Liz Truss on Thursday defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets, saying she’s willing to make “controversial and difficult decisions” to get the U.K. economy growing. In her first...

EXPLAINER: How do we know when a recession has begun?

Sep. 29, 2022 13:25 PM EDT

WASHINGTON (AP) — The economy shrank in the first half of this year, the government confirmed in a report Thursday, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits — a figure that...