Latest Economic outlook News

OR revenue forecast: $2.3 billion increase, bigger rebate

May. 18, 2022 14:56 PM EDT

SALEM, Ore. (AP) — Increased tax revenues are now predicted to deliver a record kicker rebate of $3 billion to taxpayers in 2024. The Oregonian/OregonLive reports that Economist Mark McMullen on Wednesday called the latest revenue outlook for the state’s two-year budget cycle...

UN drops forecast for global economic growth in 2022 to 3.1%

May. 18, 2022 12:14 PM EDT

UNITED NATIONS (AP) — The United Nations on Wednesday significantly lowered its forecast for global economic growth this year from 4% to 3.1%, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflationary pressures, upending the fragile recovery...

Japan's economy contracts as energy prices soar

May. 17, 2022 23:47 PM EDT

TOKYO (AP) — Japan’s economy shrank at a worse than expected annual rate of 1% in the first quarter, as rising prices and COVID-19 restrictions sapped spending and investment, according to data released Wednesday. Japan’s real gross domestic product, or GDP, the sum of the...

EU cuts forecast for economic growth as war's fallout widens

May. 16, 2022 09:53 AM EDT

BRUSSELS (AP) — The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies. The EU’s gross domestic product will expand 2.7% this year and 2.3% in 2023, the...

Shanghai says lockdown to ease as virus spread mostly ends

May. 16, 2022 03:53 AM EDT

BEIJING (AP) — Most of Shanghai has stopped the spread of the coronavirus in the community and fewer than 1 million people remain under strict lockdown, authorities said Monday, as the city moves toward reopening and economic data showed the gloomy impact of China's “zero-COVID" policy. ...

Ailing Lebanon votes for parliament, but big shift unlikely

May. 15, 2022 11:35 AM EDT

BEIRUT (AP) — When Lebanon’s economic collapse accelerated six months ago, Abdul-Hamid Yamout lost his job at Beirut’s international airport — and with it all sense of security. Since then, he's struggled to provide for his family, worrying constantly about the future of his...

Pricey tortillas: LatAm's poor struggle to afford staples

May. 13, 2022 15:03 PM EDT

MEXICO CITY (AP) — No item is more essential to Mexican dinner tables than the corn tortilla. But the burst of inflation that is engulfing Latin America and the rest of the world means that people like Alicia García, a cleaner at a restaurant in Mexico City, have had to cut back. ...

Officials: Expect $4.2B more NC revenue this year, $2B next

May. 09, 2022 16:40 PM EDT

RALEIGH, N.C. (AP) — North Carolina government tax collections will smash the projections used to help fashion the first year of the current two-year state budget, officials announced Monday as lawmakers return next week to begin figuring out what to do with billions in surplus. ...

EXPLAINER: Recession fears grow. But how high is the risk?

May. 09, 2022 13:13 PM EDT

WASHINGTON (AP) — Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve is making borrowing much 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...

China trade weakens after cities shut down to fight virus

May. 09, 2022 02:11 AM EDT

BEIJING (AP) — China’s export growth tumbled in April as global demand weakened, adding to pressure on the world’s second-largest economy after Shanghai and other industrial cities were shut down to fight virus outbreaks. Exports rose 3.7% over a year earlier to $273.6 billion,...