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Housing crisis and recession

The 2008 global financial crisis was a severe economic crisis worldwide. Before the current COVID-19 induced recession, it was considered the most serious financial crisis since the Great Depression. There were a wide range of reasons including excessive risk-taking by

India’s economy to enter recession for first time ever

NEW DELHI: India’s economy is likely to enter a recessionary phase for the first time ever since independence. According to a statement by Reserve Bank of India, the Indian economy has shrunk for the second straight quarter (July-September) of the

New Zealand’s economy plunges into recession

AUCKLAND: New Zealand plunged into recession for the first time in a decade as data released on Thursday confirmed a record-breaking economic collapse. The 12.2 percent contraction in April-June is by far the largest since records began, said the national

Australia enters recession after three decades of growth

MELBOURBE: Australia has entered its first recession since 1991 after the economy shrank seven percent in the second quarter, official figures showed as the country reels from the coronavirus pandemic. The Australian Bureau of Statistics said it was the fastest

Singapore plunges into recession as economy shrinks 41%

SINGAPORE: Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus. Preliminary data show the economy shrank 12.6 percent between April and June as strict curbs were imposed

Japan’s economy slips into recession amid pandemic

TOKYO: Japan dived into its first recession since 2015, according to official data on Monday as the world’s third-largest economy contracted by 0.9 percent in the first quarter amid the fallout from the coronavirus. The drop in gross domestic product

Coronavirus could cut up to 9.7 percent off global economy: ADB

MANILLA: The Asian Development Bank on Friday said the coronavirus pandemic could cut up to 9.7 percent off the global economy, doubling its previous estimate as the virus stifles trade and leaves millions jobless. The estimated impact would cost as

The Great Lockdown

It is being now referred to as the ‘Great Lockdown’ as the economic situation could be similar to the ‘Great Depression’ over ninety years ago. The IMF and the World Bank have now forecast the worst recession for countries around

IMF forecasts negative 1.5 percent growth in Pakistan this year

WASHINGTON: The International Monetary Fund (IMF) has projected a steep economic recession for Pakistan during the ongoing coronavirus pandemic being referred to as ‘The Great Lockdown’ and could contract the global economy this year. In the annual World Economic Outlook

Pakistan is in recession

The IMF has already warned that the world is in the midst of a global recession amid the coronavirus pandemic. The World Bank has now released a gloomy report stating that South Asia, one of the most densely-populated region with

PSX plunges by 1000 points over recession fears

KARACHI: The stock market opened to a disappointing start on Monday and plummeted by over a thousand points due to worrying concerns on the economic consequences of the coronavirus pandemic. The World Bank has warned that Pakistan may fall in

Global trade will plunge by a third in 2020 amid pandemic: WTO

GENEVA: The World Trade Organisation has warned global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic. “World trade is expected to fall by between 13 percent and 32 percent in