Economic news now

Here are the latest economic news updates:

Global Economy

• The International Monetary Fund (IMF) has cut its global economic growth forecast for 2023 to 3.2%, citing rising inflation and interest rates. (Source: Reuters)
• The World Bank has warned that the global economy is facing a "delicate" situation, with risks of a recession increasing due to high inflation and interest rates. (Source: Bloomberg)

US Economy

• The US economy added 223,000 jobs in May, beating expectations and showing resilience in the face of rising inflation and interest rates. (Source: CNBC)
• The US unemployment rate fell to 3.6% in May, the lowest level since 1969. (Source: Bureau of Labor Statistics)
• The Federal Reserve has raised interest rates by 0.5% to combat inflation, which is expected to peak at around 4.5% this year. (Source: Federal Reserve)

China Economy

• China's economy grew 4.8% in the second quarter, beating expectations and showing signs of recovery after a slowdown in the first quarter. (Source: Xinhua News Agency)
• China's trade surplus widened to $42.8 billion in May, as exports rose 16.7% and imports fell 1.1%. (Source: Customs Administration)

Europe Economy

• The European Central Bank (ECB) has raised interest rates by 0.5% to combat inflation, which is expected to peak at around 3.5% this year. (Source: ECB)
• The UK economy contracted by 0.3% in the first quarter, as Brexit uncertainty and rising inflation weighed on growth. (Source: Office for National Statistics)

Cryptocurrency

• Bitcoin has fallen below $20,000 for the first time since December 2020, as investors worry about rising interest rates and inflation. (Source: CoinDesk)
• The total value of all cryptocurrencies has fallen to around $800 billion, down from a peak of over $3 trillion in November 2021. (Source: CoinMarketCap)

Other News

• The US has imposed tariffs on $2.4 billion worth of European goods, including wine, cheese, and aircraft, in a dispute over subsidies to Airbus. (Source: US Trade Representative)
• The UK has agreed to a trade deal with Australia, which will reduce tariffs on goods such as beef and lamb. (Source: UK Government)