New Zealand’s reserve bank delivered its largest rate hike in history on Wednesday, piling pressure on the country’s homeownersRosie Smyth and Richard Larsen, along with their toddler daughter, had spent years looking for an affordable home in Lyttelto…
New Zealand forecasts recession in 2023 as it delivers largest rate hike in history
New Zealand’s reserve bank says spending levels still need to be reduced with rate rises, in order to tame inflationNew Zealand’s reserve bank has forecast that the country will tip into recession in 2023, and has lifted the official cash rate by an u…
G20’s dysfunctional family show little sign of working together in a crisis
Communique unlikely to stretch beyond usual platitudes despite the need for a global plan for recoveryThe Cambodian prime minister, Hun Sen, was struck down by Covid, the Argentinian prime minister, Alberto Fernández, had gastroenteritis and the Russia…
China economy grows faster than expected, but falls short of targets as risks loom
GDP rose 3.9% in the July to September quarter, but China remains on track to deliver among weakest growth in almost four decadesChina’s economy expanded faster than economists expected in the September quarter but the poor performance of the nation’s …
India is quietly laying claim to economic superpower status
India recently overtook UK as the world’s fifth biggest economy – and it could be third by 2030The rise of China has been the biggest story in the global economy in recent decades. But amid concern about its stumbling property market and global fears a…
IMF offers Sri Lanka provisional $2.9bn loan to tackle debt crisis
Funding still needs to be approved but could offer breathing space amid country’s economic turmoilThe International Monetary Fund has tentatively offered Sri Lanka a $2.9bn (£2.5bn) loan to help the country recover from the worst economic crisis since …
Burn out: Inside the 2 September Guardian Weekly
On the frontline of Britain’s energy bills crisis. Plus: Visions of outer space Get the Guardian Weekly magazine delivered to your home addressThe spiralling cost of living has been an increasingly urgent problem in the UK. But for many people, huge ri…
China’s export sector posts stronger than expected figures for July
Outbound shipments grew 18% after struggle with shortages of raw materials and lockdowns in first half of yearChina’s export industries performed strongly last month after spending the first half of the year hampered by shortages of raw materials and p…
Bangladesh to hold talks with IMF after applying for bailout
Dhaka is understood to be seeking $4.5bn rescue package after being hit by high import costs and falling exportsBangladesh is to hold talks with the International Monetary Fund after applying for a bailout to prevent the country running out of cash.The…
There is a global debt crisis coming – and it won’t stop at Sri Lanka | Jayati Ghosh
Foreign capital flees poorer countries at the first sign of instability. The pandemic and Ukraine war ensure there is plenty of that aroundThis January, even before Sanjana Mudalige’s salary as a sales worker in a shopping mall in Colombo, Sri Lanka, w…
Shinzo Abe obituary
Japanese politician who as prime minister had sought to stimulate the economy through the radical monetary policy of AbenomicsFew other Japanese leaders in living memory have left as deep an imprint on their country as Shinzo Abe. One of the most trans…
China funnels its overseas aid money into political leaders’ home provinces
Schools, stadiums or airports help the presidents of countries that receive cash from Beijing tighten their grip on powerChina’s financing of overseas projects has disproportionately benefited the core political supporters of incumbent presidents or pr…
EU growth forecast cut as war in Ukraine fuels inflation
European Commission downgrades growth prospects from 4% to 2.7%, while economy slows rapidly in ChinaRussia-Ukraine war: latest updatesThe growth prospects for the EU have been revised sharply downwards after Russia’s invasion of Ukraine put paid to ho…
China’s struggle delights some – but should make us all nervous | Larry Elliott
Covid has amplified the threats that accompany the country’s role as an economic superpowerChina has been central to the story of globalisation over the past 30 years but now it is struggling. More than two years after Covid-19 cases were discovered in…
Sri Lanka is the first domino to fall in the face of a global debt crisis
The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the lastThe departure of Sri Lanka’s prime minister, Mahinda Rajapaksa, follows weeks of protest and a deepening crisis. Ther…