International News

Global Economic Stagnation, Inflation

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Author : Bozhou Marine
Update time : 2022-07-30 11:14:48

The global economy has been hit by multiple crises, fueling fears of recession, job losses, hunger and a stock market crash.
Major economies, including the United States and France, released the latest inflation data, showing prices of all types of goods rose at their fastest pace in 40 years in June.
The grim numbers raise the prospect of more aggressive interest rate hikes by central banks to slow price increases — a move that is expected to cost jobs, batter financial markets and threaten poor countries with debt crises.

Most of the challenges tearing apart the global economy have been triggered by the world's response to the spread of the coronavirus and its consequent economic shock, and the recent upheaval - Russia's disastrous attack on Ukraine - has resulted in food, fertilizer and These challenges are exacerbated by reduced energy supplies.
Prices of staples such as bread have soared in countries from Egypt to Laos that have traditionally relied on both countries for wheat supplies.
The UN World Food Programme announced this month that the number of people globally considered "severely food insecure" has more than doubled since the outbreak, from 135 million to 276 million.

▲ A factory in Germany earlier this month.
As Europe's largest economy, Germany relies on Russia for nearly a third of its natural gas.

▲The port of Odessa, Ukraine, last month.
Russia's attack on Ukraine reduces world supplies of food, fertilizer and energy

▲ Shoppers in Manhattan on Wednesday.
Consumer anxiety over rising prices and a recent slowdown in spending has fueled recession fears.

▲A market in Milan in May.
For the European Central Bank, which meets on Thursday, the prospect of an economic downturn will further complicate a series of already painful decisions.

▲Workers in Bangkok in March.
Central banks in rich countries have tightened credit, causing investors to abandon developing countries such as South Africa and Thailand.

▲A baker in Cairo.
From Egypt to Laos, countries traditionally reliant on Russia and Ukraine for wheat have suffered a surge in prices for staples such as bread. | Marine Light

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