Economy

Russia faces ‘economic oblivion’ despite short-term resilience

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Russian President Vladimir Putin attends a meeting with parliamentary leaders in Moscow, Russia July 7, 2022. Alexey Nikolskyi | Sputnik | Reuters Russia is facing “economic oblivion” in the long-term because of international sanctions and the flight of businesses, several economists have said. The International Monetary Fund last week upgraded Russia’s gross domestic product estimate …

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Biden shrugs off recession talk, talks up fighting inflation

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WASHINGTON (AP) — President Joe Biden and his administration went all out Thursday to play down a troubling new economic report that added to the evidence of a recession, trying to pull focus instead to major progress on measures to tame inflation, reduce debt and preserve America’s competitive edge. The desire to accentuate the positive …

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GDP: US economy contracts again, fueling recession fears

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Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth. The hotly anticipated data release has taken …

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Dollar strength is more worrisome than inflation for Asia, economist says

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Exchange rate weakness in the face of a strong US dollar is a bigger concern for Asia than inflation, Taimur Baig, managing director at DBS Bank in Singapore, told CNBC on Thursday. “We’re not particularly worried about inflation driving policy, but exchange rate weakness, dollar cash drying up, those things [are] a bigger issue, [and …

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