The International Monetary Fund on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, warning that inflation was now a "clear and present danger" for many countries.
The Bank of Thailand kept its benchmark interest rate unchanged for a fifth straight meeting to preserve its limited policy space, while reiterating concerns about a currency rally and lowering its economic growth forecast for next year.
The European Bank for Reconstruction and Development (EBRD) drastically slashed its economic outlook for the 37 countries in its region on Wednesday, forecasting a contraction of 3.5 percent this year as a result of a sharp hit to tourism, remittances and commodity prices from fallout from the coronavirus.
The European Union predicted Wednesday “a recession of historic proportions this year” due to the impact of the coronavirus as it released its first official estimates of the damage the pandemic is inflicting on the bloc’s economy.
The Bank of Japan kept monetary policy steady and nudged up its economic growth forecasts on Tuesday, as the government’s stimulus package and receding pessimism over the global outlook took some pressure off the central bank to top up stimulus.
Official weather forecasts for Australia out on Thursday showed no substantial rains for at least three months, providing grim news as firefighters battle to get more than 100 bushfires raging across the east coast under control.
Singapore slashed its full-year economic growth forecast on Tuesday as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.
Most forms of Brexit will worsen the country’s finances and reduce space for new initiatives to address child poverty, social care and left-behind communities that some argue drove the Brexit vote, a report has found.