Latest Economic growth News

EU leaders tackle inflation, energy shocks from Russia's war

Jun. 24, 2022 12:33 PM EDT

BRUSSELS (AP) — A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention Friday to the severe economic turbulence from Russia’s war in the neighboring country as the conflict's full impact sinks in and the threat of recession rises. ...

China's Xi criticizes sanctions at meeting of BRICS nations

Jun. 23, 2022 10:29 AM EDT

BEIJING (AP) — Chinese President Xi Jinping opened a meeting of leaders of major developing countries on Thursday by saying the world should oppose unilateral sanctions and efforts by some countries to maintain their political and military power. Xi's remarks at the virtual meeting...

Fed's Powell facing rising criticism for inflation missteps

Jun. 21, 2022 17:06 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved...

Transcript of AP interview with President Joe Biden

Jun. 16, 2022 22:51 PM EDT

WASHINGTON (AP) — A transcript of an Oval Office interview Thursday with President Joe Biden by AP White House reporter Josh Boak. Where the audio recording of the interview is unclear, ellipses or a notation that the recording was unintelligible are used. AP: I wanted to thank you...

Bank of England hikes interest rates but resists bolder move

Jun. 16, 2022 09:55 AM EDT

LONDON (AP) — The Bank of England raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high. The bank’s monetary policy committee voted 6-3 to boost its key rate to...

Fed attacks inflation with its largest rate hike since 1994

Jun. 15, 2022 18:18 PM EDT

WASHINGTON (AP) — The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a recession....

EXPLAINER: Just how high is the risk of another recession?

Jun. 15, 2022 16:54 PM EDT

WASHINGTON (AP) — Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve has just made borrowing even costlier. And the economy actually shrank in the first three months of this year. Is the United States at risk of enduring another recession, just two years...

OECD slashes global economic outlook on Russia-Ukraine war

Jun. 08, 2022 09:12 AM EDT

LONDON (AP) — Russia's war in Ukraine and the energy and food crises it worsened will severely drag down global economic growth and push up inflation this year, the Organization for Economic Cooperation and Development said Wednesday. China's “zero-COVID" policies, which have...

Japan's economy contracts, but at smaller rate than thought

Jun. 07, 2022 23:21 PM EDT

TOKYO (AP) — The Japanese economy contracted in the first quarter, but at a slower pace than earlier estimated, the government said Wednesday. The world’s third-largest economy contracted at an annual rate of 0.5%, according to Cabinet Office data. That was smaller than the 1.0%...

Asian shares rise, China trading closed for national holiday

Jun. 02, 2022 23:52 PM EDT

TOKYO (AP) — Asian shares rose Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. Trading was closed in China for the Dragon Boat Festival, a national holiday. Benchmarks in the rest of the region edged higher, cheered by a...