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Worst-performing G7 economy revealed

The US was the worst-performing of the Group of Seven most advanced Western economies in the second quarter of 2022, the latest data from the UK Office of National Statistics (ONS) showed on Friday. The ONS released the G7 comparison while also reporting that the British economy had contracted by …

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EU heading for ‘war economy’ – Orban

Hungarian Prime Minister Viktor Orban has lambasted an EU plan to reduce gas consumption by 15%. Unless the bloc pushes for peace in Ukraine, he warned that Europe will face an energy crisis, a recession, and political turmoil. Speaking following a meeting with Austrian Chancellor Karl Nehammer in Vienna on …

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Russian economy more resilient than expected – Bloomberg

Russia appears to be on track for a much shallower recession than was initially expected this year, Bloomberg reported on Wednesday, citing experts. Surging oil shipments have blunted the impact of US and EU sanctions, they say. According to the publication, economists from JPMorgan Chase, Citigroup, and other big banks …

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Russia could destroy half of Lithuania’s economy – governor

Moscow could bring down half of Lithuania’s economy in response to the partial trade blockade of Kaliningrad Region, Russia, its governor has said. “The transport sector of the Baltic states could be destroyed if Russia implements counter-sanctions on the goods coming in and out of the Baltic states,” Kaliningrad Region …

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Russia should rethink its export-driven economy – central bank

The Russian government should reconsider the way the nation’s export-dependent economy is functioning under the current circumstances, according to the country’s central bank governor Elvira Nabiullina. Speaking at the St. Petersburg International Economic Forum on Thursday, Nabiullina said that a “substantial part” of the country’s industry should work for the …

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France has entered ‘war economy’ – Macron

France will adjust its six-year military spending plan in the wake of the Russia-Ukraine conflict, President Emmanuel Macron announced on Monday. Macron said he instructed the government to “carry out a reassessment of the military spending program in the coming weeks, in the light of the geopolitical context.”  France “has entered into a …

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Hungarian PM makes grim warning about European economy

Hungarian Prime Minister Viktor Orban has warned about the devastating effects of an EU embargo on gas from Russia, which Brussels hopes to introduce eventually. Speaking on the conflict between Russia and Ukraine in a regular Friday interview with Kossuth Radio, Orban said, “the Hungarian government is almost the only …

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White House assesses state of US economy

American consumers may feel gloomy about the US economy, considering the rampant inflation, but its state is actually better than it was only a year ago, White House Press Secretary Karine Jean-Pierre claimed during her regular press briefing on Tuesday. She was commenting on the recent Wall Street Journal-NORC opinion …

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EU not considering Russian gas embargo – economy chief

Discussions in the EU regarding further sanctions on Russia over the military operation in Ukraine so far do not include a ban on Russian gas, European Commissioner for Economy Paolo Gentiloni has revealed. In an interview with Italian newspaper La Stampa published on Saturday, Gentiloni said that while no punitive …

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