Economic Slowdown

PwC US to cut 1,800 jobs over restructuring, its first layoffs in 15 years

PwC's US unit will lay off around 1,800 workers, its first formal job cuts since 2009, as part of a restructuring process amid decreased demand for certain services, its US leader, Paul Griggs said

China challenges dim European firms' investment appetite, says lobby group

The European Union Chamber of Commerce in China said in the latest edition of its Position Paper

Domestic steel consumption growth may slow down to 7-8% in FY25: ICRA

With most large steel-consuming hubs globally facing subpar economic activities in the near term, global steel trade flows have been increasingly redirected to high-growth markets like India

Vodafone in 'active discussions' about Italy deal as German recovery slows

The British group rejected a merger offer from rival Iliad in Italy last month in favour of pursuing other options

Budget should sustain growth momentum

The government's capital expenditure has boosted growth and provided resilience to the Indian economy. Incipient signs of this crowding in private investments are visible

Global economic slowdown headed for worst phase in three decades: WEF study

Global economic growth is estimated to fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said on Monday. Releasing the Future of Growth Report 2024 here ahead of its annual meeting of world leaders, the World Economic Forum (WEF) said this downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development. The report called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed, and quality together. Analysing the quality of growth across 107 economies, it found that high-income economies score high on innovation and inclusion, while lower-income economies on sustainability. "Reigniting global growth will be essential to addressing key challenges, yet growth alone is not enough," WEF Managing Director Saadia Zahidi said. "The .

We will maintain export figures of last year despite global slowdown: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday exuded confidence that during this fiscal, the country will maintain the last year's export figures despite slowdown in global trade. He said that India's exports of goods and services rose to USD 776 billion in 2022-23 from USD 500 billion two years ago. "Globally growth has been negative, international trade is in the negative territory, estimates are that this year international trade may fall, and in that perspective after having grown so rapidly we are looking at a phase of consolidation... "and I expect that the current year, we will maintain our figures of last year and strengthen our processes and our domestic capacities, capabilities to be able to grow at much faster rates in the years to come," Goyal told reporters here. Cumulatively, the country's merchandise exports in April-November 2023-24 contracted by 6.51 per cent to USD 278.8 billion. The estimated value of services export during the eight-month period stood

Despite hiring slowdown, top IIT students receive offers worth over Rs 1 cr

The highest pre-placement offer (PPO) at IIT Guwahati stood at Rs 1.10 crore as five students received offers above Rs 1 crore

Low demand drags India's services PMI to seven-month low in October

The survey also mentioned that services companies in India reported an increase in their expenses in October due to higher food, fuel, and staff costs

Mastercard forecasts weaker revenue growth on economic slowdown fears

"This was a disappointing quarter, in our view, as guidance fell just short of likely elevated expectations," Edward Jones analyst Logan Purk said

US firms in China say vague rules, tensions with Washington, hurting biz

American companies operating in China view tensions with Washington over technology, trade and other issues as a major hindrance for their businesses there, according to a survey by the American Chamber of Commerce in Shanghai. The survey released on Tuesday showed a continued downgrading of China's importance as an overseas destination for investment, even though two-thirds of the 325 companies responding said they had no immediate plans to change their China strategy. Just over one in five of the companies surveyed said they were decreasing their investment in China this year, with the top reason being uncertainty about the US-China trade relationship, followed by expectations of slower growth in China, it said. Overall, the survey showed sentiment worsened from last year, when companies were embroiled in disruptions from zero-COVID policies that caused parts of entire cities, transport networks and travel to be shut down, sometimes for weeks at a time. Such disruptions were a ma

Rolling the dice on growth

To believe in strong, secular growth, we first need to understand and believe in our growth model

China's slowdown means it may never overtake US economy, forecast shows

That's according to Bloomberg Economics, which now forecasts it will take until the mid-2040s for China's gross domestic product to exceed that of the US

China's economic slowdown alarms international leaders, investors: Report

For the first time in decades, the world's second economy is itself in trouble

US, Chinese commerce officials express support for better trade conditions

US Commerce Secretary Gina Raimondo and her Chinese counterpart expressed support Monday for improving trade conditions as Raimondo began a visit to Beijing as part of U.S. efforts to improve chilly relations. Raimondo follows other American officials, including Treasury Secretary Janet Yellen in July, who have visited China in the past three months. They expressed optimism about improving communication but have announced no progress on disputes over technology, security, human rights and other issues that have plunged relations to their lowest level in decades. For its part, Chinese leader Xi Jinping's government wants to revive foreign investor interest in China as it tries to reverse a deepening economic slump. Beijing is ready to work together to foster a more favorable policy environment for stronger cooperation between U.S. and Chinese businesses and bolster bilateral trade and investment," Commerce Minister Wang Wentao told Raimondo. Wang gave no details of possible ...

China's worsening economic slowdown is sounding alarm bells across globe

Policymakers are bracing for a hit to their economies as China's imports of everything from construction materials to electronics slide

Xi calls for measures to mitigate flooding amid economic slowdown

Chinese leader Xi Jinping has called for measures to mitigate the effects of this year's disastrous flooding which has left scores dead and inflicted massive damage on crops, homes and infrastructure, including in and around Beijing. At least 90 rivers have risen above warning levels and 24 have already overflowed their banks, according to state media, threatening a vast area in northeastern China with flooding, including the Songliao Basin north of the capital, which encompasses more than 1.2 million square kilometres (482,200 square miles) with a population of almost 100 million. As China is still in the main flood season, rainstorms, floods, typhoons and other disasters still occur frequently in many places across the country, the Xinhua News Agency said, summarising conclusions of Thursday's meeting of the party's all-powerful Politburo Standing Committee presided over by President Xi. Participants urged relevant localities and departments to always prioritise the safety of ...

Disinflation spreads across several emerging markets and selloff deepens

In Hungary, which has the highest interest rate in the European Union, inflation dipped below 20% for the first time in 11 months. The government expects the rate to fall below 10% by October

Multidimensional poverty estimates: Is India measuring poverty accurately?

Multidimensional poverty index measures poverty on the basis of parameters such as nutrition, child and adolescent mortality, and maternal health, among others

MSMEs to face headwinds due to economic slowdown in US, Europe: CRISIL

A fifth of the MSME sector by value is expected to witness an increase in working capital requirement this fiscal, the report said