recession - updates

Rappler's latest stories on recession


Hong Kong plunges into recession as protests, trade war take toll

Oct 31, 2019 - 7:25 PM

It is the first time Hong Kong has witnessed a recession since early 2009 at the height of the financial crisis

This photo taken on October 12, 2019 shows pedestrians crossing a road outside Chungking Mansions (back C-L) in the Tsim Sha Tsui district of Kowloon in Hong Kong. (Photo by Anthony WALLACE / AFP)

Brexit turmoil drives UK economy towards recession

Aug 09, 2019 - 6:02 PM

Gross domestic product fell 0.2% in the April-June period, the first time the economy has contracted in almost 7 years

UK ECONOMY. Union flags fly near the Houses of Parliament, comprising the House of Commons and the House of Lords, in London on March 13, 2017. File photo by Daniel Leal-Olivas/AFP

Italy emerges from recession in 1st quarter of 2019

Apr 30, 2019 - 7:18 PM

The return to slender growth is heralded by surprisingly positive industrial output figures in January and February after 4 months of contraction

ITALY. Italy is Europe's second largest manufacturer and was the only European Union member in recession. Turin, Italy image via Shutterstock

Turkey tumbles into recession as polls loom

Mar 11, 2019 - 6:42 PM

The flagging economy coupled with a currency crisis last year are sensitive issues for President Recep Tayyip Erdogan and his ruling Justice and Development Party before the vote on March 31

TURKEY. Skyscrapers are pictured at the financial and business district Maslak on August 15, 2018 in Istanbul. File photo by Ozan Kose/AFP

Recession warning as UK marks one month to EU vote

May 23, 2016 - 10:04 PM

Prime Minister David Cameron says Britain risked sparking a do it yourself recession by backing a Brexit in a referendum on June 23

The Union flag (R) and European Union flag (L) hang over Europa House in London, Britain, 17 January 2013. EPA/ANDY RAIN

G7 warns over global economy as currency row flares

May 22, 2016 - 7:00 AM

G7 finance ministers also oppose Britain s possible exit from the European Union as well as vow to clamp down on terrorist financing

epa05318873 Japanese Finance Minister Taro Aso (C) chairs the session one meeting of the G7 Finance Ministers and Central Bank Governors meeting at Akiu in Sendai, Miyai Prefecture, northern Japan, 20 May 2016. The G7 meeting is held 20 and 21 May 2016. EPA/KIMIMASA MAYAMA / POOL

'Brexit' in spotlight at G7 meeting in Japan

May 21, 2016 - 11:45 AM

The G7 – which also includes the US Japan Germany France Italy and Canada – backs Britain remaining in the EU

BREXIT? Finance ministers, central bank governors and representatives of world economic organizations start the session one meeting of the G7 Finance Ministers and Central Bank Governors meeting at Akiu in Sendai, Miyai Prefecture, northern Japan,  May 20, 2016. Photo by Kimimasa Mayama/EPA

Currency wars, fiscal stimulus rift in focus at G7 meeting

May 18, 2016 - 1:45 PM

Japan believes large scale stimulus spending is the way to spur global growth but Germany and Britain are not keen on the idea

epa04391995 A Tokyo money dealer is waiting for sell calls during trade in Tokyo, Japan, 09 September 2014, as the US dollar rises to the 106 yen low range, more than one yen from the previous day. Japanese finance minister Taro Aso showed on 09 September his concern about recent sharp currency moves of the US dollar, which is hitting the highest level in six years against the Japanese yen. EPA/KIMIMASA MAYAMA

Venezuela leader gets emergency powers, rivals vow ouster

Feb 13, 2016 - 6:39 PM

Members of the Venezuelan opposition are exploring the use of a referendum to oust President Nicolas Maduro

OUSTER? Venezuelan opposition are outraged at the Supreme Court's approval of President Nicolas Maduro's decree to place the country in a state of economic emergency. Photo by Miguel Gutierrez/EPA

Venezuela enters recession, inflation tops 63%

Dec 31, 2014 - 8:23 AM

The inflation rate a figure that had not been released since August comes in at 4 7 for the month of November and 63 6 for the year – among the highest in the world

Homeless guides show tourists a 'hidden' Barcelona

Dec 25, 2014 - 4:55 PM

Barcelona is one of Spain s wealthiest cities but has also been hit hard by the recent years of recession Its homeless population accounts for a tenth of all the homeless in Spain

Ramon Holgado (C) conducts a tour for Barcelona Hidden City Tours, a startup company who offers homeless people a job as tour guides in Barcelona on December 11, 2014. AFP PHOTO/ QUIQUE GARCIA

Romanian PM to face IMF grilling on budget

Nov 30, 2014 - 1:53 PM

Romania s PM Victor Ponta needs to convince IMF that raising minimum wage and doubling benefits can be met while still limiting the deficit to 1 4 of GDP

VICTOR PONTA. In this file photo, Romania's Presidential candidate and prime minister Victor Ponta makes a statement after the first exit-poll figures were officially announced, at his party headquarters in Bucharest, Romania, late 16 November 2014. Photo by EPA

Japan PM Abe plans snap election on December 14 – media

Nov 15, 2014 - 4:05 PM

The prime minister is expected to announce his decision at a press conference on Tuesday November 18

Japanese Prime Minister Shinzo Abe gives a speech during the photo call sessions of the 17th ASEAN-Plus Three Summit as part of the ASEAN Summit at the Myanmar International Convention Center in Naypyitaw, Myanmar on November 13, 2014. Photo by Bagus Indahono/EPA

IMF/World Bank: build infrastructure to fight malaise

Oct 12, 2014 - 12:27 PM

Eurozone s backsliding Japan s unrewarded stimulus efforts China s slowdown and the US s inability to accelerate into a higher gear of growth erode economists optimism that the world would avert another recession

A file photo dated 18 May 2011 showing the sign of the International Monetary Fund at the entrance of the Headquarters of the IMF, also known as building HQ2, in Washington, DC, USA. Jim Lo Scalzo/EPA

Brazil falls into recession as election looms

Aug 30, 2014 - 3:40 PM

The contraction of Latin America s largest economy could further weaken President Dilma Rousseff s chances for re election in October

Wal-Mart cuts profit forecast as it gears up e-commerce

Aug 15, 2014 - 12:45 PM

Wal Mart faces a sluggish retail market in the US as the economy still struggles to recover 5 years after exiting severe recession

RETAIL BEHEMOTH. View of a Wal-Mart store in the Mexican city of Puebla. File photo by Francisco Guasco / EPA

IMF: Russia is in recession

Apr 30, 2014 - 5:59 PM

Russia s economy has seen colossal capital flight since the start of the Ukraine crisis

ARMED. An armed pro-Russian protestor stands guard at a checkpoint near Krasnyi Liman, in the Donetsk area, Ukraine, April 24, 2014. Evgeniy Maloletka/EPA

Recession no laughing matter for clown industry

Mar 30, 2014 - 3:39 PM

Clowning is an art pursued more as a labor of love of laughs these days than for a living

NO LAUGHING MATTER. 'There are very few clowns who do it full time anymore,' says World Clown Association President  Deanna Hartmier

Spain exits recession, job losses ease

Oct 23, 2013 - 7:24 PM

Spain escapes from its two year recession in the 3rd quarter of 2013 with timid growth as job destruction eased

BYE, RECESSION. Spain is no longer in a recession. AFP file photo shows a euro coin with a Spanish national flag in the background

IMF cuts world growth forecast for 2013, 2014

Oct 08, 2013 - 9:19 PM

Advance economies show signs of pick up while emerging market economies are losing momentum the IMF says

PH is prepared for Fed taper — IMF

Sep 24, 2013 - 1:07 PM

The visiting IMF team says the Philippines has strong fundamentals to weather the impact for the eventual tapering of the Fed s massive stimulus program

FORECAST. The Washington-headquartered multilateral lender cuts global economic forecast anew.

Will foreign investors return after Fed move?

Sep 19, 2013 - 7:41 PM

With the Fed move showing a patchy recovery in the US equities commodities and currencies in emerging markets rally

MONETARY STRATEGY. US Federal Reserve, chaired by Ben Bernanke, decides to keep interest rates?

US stocks close at all-time highs on Fed news

Sep 19, 2013 - 8:18 AM

The Dow S P and Nasdaq stocks rise to all time closing highs after the Federal Reserve left its huge monetary stimulus in place

Fed leaves stimulus unchanged at $85-B, no taper

Sep 19, 2013 - 7:41 AM

The Federal Reserve leaves its massive stimulus program in place against broad expectations that it would reduce it as the US economy grows

MONETARY STRATEGY. US Federal Reserve, chaired by Ben Bernanke, decides to keep interest rates?

'Emerging Europe set for next growth curve'

Jul 28, 2013 - 3:55 PM

Emerging Europe may be breaking free of a deep 5 year setback sparked by the financial crisis and even be on the verge of a new growth curve experts say

A flag of the European Union (EU) waves in front of a cloudy sky above the dome of the Reichstag building in Berlin, Germany. AFP PHOTO / DPA / SOEREN STACHE

Life and Style wRap: Textbook porn to Berlin Wall

Jul 13, 2013 - 6:05 PM

Smut in school books Berlin Wall art and fried eggs make the news

ART AND BARRIERS. Panorama photographs of the world's tensest borders and barriers are on display on the Berlin Wall. Photo from

British economy 'out of intensive care'

Jun 24, 2013 - 10:49 AM

Finance minister George Osborne says the British economy can be turned around but deep cuts to public spending remain

OUT OF THE DOLDRUMS? British economy can be turned around but austerity still key, says finance minister. File photo by AFP

G7 tackles growth, debt balance

May 12, 2013 - 3:09 AM

The Group of Seven top world economies wraps up talks aimed at striking a balance between supporting fragile economic recovery and slashing government debts

Crisis-hit Greece sees rise in social inequality

May 06, 2013 - 11:57 AM

After 6 consecutive years of brutal recession with homeless and unemployment rates skyrocketing Greek society is experiencing an unheard of fragmentation

EU sees deeper recession in gloomy outlook

May 04, 2013 - 11:41 AM

Recession in the crisis hit eurozone will be deeper than expected for the rest of 2013 hitting even Europe s biggest economies and leaving unemployment at record levels

Bank of England keeps interest rate at record low

Feb 07, 2013 - 8:53 PM

The Bank of England votes to freeze its key interest rate at a record low 0 50 and maintain its quantitative easing cash stimulus as Britain stands on the brink of another recession

UK risks another recession as economy contracts 0.3% in Q4

Jan 25, 2013 - 6:13 PM

Britain s economy contracted by 0 3 in the final quarter of 2012 a year in which it recorded zero growth putting the country at risk of yet another recession

RECESSION RISK. People cross the London Bridge as they leave work in central London. Britain risks a return to recession after its economy contracted in the last 3 months of 2012. Photo by AFP

IMF calls on Britain to ease austerity drive

Jan 25, 2013 - 10:29 AM

The IMF s chief economist Olivier Blanchard urges Britain to lessen the pace of its austerity program because of the risk it may fall back into recession this 2013

Crisis-hit Greeks slash household heat as fuel prices rise

Dec 16, 2012 - 3:06 PM

Temperatures are falling fast in Greece but with new taxes sending the price of heating fuel higher than ever before many crisis hit households are unsure they can afford to warm their homes this winter

LESS HEAT. Some households in crisis-hit Greece cut their heating fuel spending as fuel prices soar. Photo by AFP

Eurozone in recession as debt crisis hits growth, outlook

Nov 15, 2012 - 7:40 PM

The eurozone economy shrinks 0 1 compared with the 3 months to June meeting the technical definition of a recession as two consecutive quarters of decline

German companies defy Europe recession, brace for difficult 2013

Nov 11, 2012 - 12:48 PM

Europe is in recession but the majority of companies in Germany the region s top economy are continuing to defy the crisis with strong and often better than expected results in the third quarter

Singapore economy shrinks but avoids recession

Oct 12, 2012 - 1:34 PM

Singapore s economy shrinks by 1 5 in the 3rd quarter but avoids a technical recession

Obama calls for rebuilding of US economy

Jul 07, 2012 - 8:01 PM

He says United States needs to do more than just reclaim jobs lost to the recession

Greece aims to stem layoffs, extend recovery: policy plan

Jun 23, 2012 - 9:26 PM

The blueprint is designed to reduce anger in Greece towards the austerity policies of the EU IMF loan agreement which are deemed to have deepened a recession continuing for a 5th year

Banks call on G20 to avert global recession

Jun 15, 2012 - 8:53 AM

The global banking lobby IIF says the risk of a global recession for the second time in 4 years is very real

Asia safe from Europe woes, no China hard landing: Fitch

May 14, 2012 - 3:54 PM

Asian economies are better shielded from Europe s financial woes than other regions and China is unlikely to undergo a hard landing despite recent gloomy data credit watchdog Fitch says

Britons told: work harder and stop complaining

May 13, 2012 - 1:33 PM

Foreign Secretary William Hague says Britain s national work ethic had been declining for decades with people convinced they could live on expanded debt forever rather than having to earn what we spend

S and P cuts Spain rating, warns of more contraction

Apr 27, 2012 - 8:35 AM

Standard Poor s cut Spain s sovereign debt rating by two notches warning that the government s budget situation is worsening and that is likely to have to prop up its banks

Spanish king's Africa hunting scandal puts crown in peril

Apr 22, 2012 - 10:09 AM

Spainish King Juan Carlo was criticized for going on a frivolous hunting holiday in Africa while his country endures one of the deepest recessions in its history

Italy struggles with hike in suicides amid economic woes

Apr 15, 2012 - 1:29 PM

Italians have been taking their own lives at an alarming rate as a result of the economic crisis in recent weeks forcing a business group to put in place a dedicated psychological assistance network

Amid debt crisis, archaeology becomes Greece's Achilles heel

Apr 05, 2012 - 1:13 PM

Faced with massive public debt Greece is finding that its fabled antiquity heritage is proving a growing burden with licensed digs postponed illegal ones proliferating museum staff trimmed and valuable pieces stolen

British economy officially worse than expected

Mar 28, 2012 - 10:06 PM

Britain s economy shrank by a worse than expected 0 3 in the 4th quarter of last year revised official data showed on Wednesday March 28 raising the prospect of another recession

Spain in recession (again)

Mar 27, 2012 - 5:55 PM

The Spanish economy contracted again in the first quarter of 2012 after shrinking 0 3 in the final quarter of 2011