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Bad harvest forecast for EU

Production of wheat and other grains in the European Union is expected to fall this year, the Wall Street Journal reports, citing a survey by agriculture consulting firm Strategie Grains, published on Thursday. A bad harvest in the EU could further pressure grain markets, it said. According to the survey, …

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World Bank issues grim economic forecast

The World Bank (WB) has cut its global growth projection for this year from 4.1% to 2.9%, warning that many countries are likely to face recession. “Amid the war in Ukraine, surging inflation, and rising interest rates, global economic growth is expected to slump in 2022,” the Tuesday press release …

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WHO issues forecast on monkeypox transmission

Europe should expect a wave of monkeypox cases in the coming months, according to Hans Kluge, the World Health Organization’s top official on the continent. “As we enter the summer season… with mass gatherings, festivals and parties, I am concerned that transmission [of monkeypox] could accelerate,” Kluge said on Friday. …

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EU issues dire economic forecast

The European Union on Monday slashed its forecasts for economic growth in the 27-nation bloc amid the sanctions imposed on Russia over the conflict in Ukraine and disruptions to energy supplies. According to the EU’s executive arm, the European Commission (EC), real GDP growth in both the EU and the …

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European gas prices forecast to triple

A “perfect winter storm” may be forming in Europe, as the continent seeks to limit Russian gas flows, analysts at Rystad Energy said in a press release this week. They added there might be not enough LNG to replace Russian gas during the freezing weather. The price of gas in …

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UK issues grim economic forecast

The Bank of England has raised its base rate from 0.75% to 1% on Thursday, in an attempt to curb soaring inflation that is predicted to surpass 10% by the year end. The measure has sent the cost of borrowing to its highest level since February 2009. The regulator has …

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Global growth forecast slashed

Global growth is expected to decelerate to 3.2% this year, the World Bank said on Monday, citing the impacts of the conflict in Ukraine, inflation, and the lingering effects of the coronavirus pandemic. The bank had previously projected 4.1% global economic expansion in 2022. World Bank President David Malpass told …

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Visa gives forecast on restoring revenue lost due to Russia exit

US-based card company Visa will be able to restore the revenue it lost by pulling out of Russia amid Ukraine-related sanctions within a year, the company’s Chief Financial Officer Vasant Prabhu said this week, as cited by the Wall Street Journal. Visa, along with rival Mastercard, suspended ties with Russia …

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WTO halves global trade growth forecast

The World Trade Organization (WTO) has cut its global trade growth forecast for 2022 due to Russia’s military operation in Ukraine and its immediate consequences – sanctions on Russia. While previously set at 4.7%, the global growth forecast was nearly halved this week to 2.5% due to “the impact of …

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IMF slashes Asia growth forecast, warns of ‘ravaging’ Covid spread & supply-chain disruptions

“Risks are tilted to the downside, mainly because of uncertain pandemic dynamics, vaccine efficacy against virus variants, supply chain disruptions, and potential global financial spillovers from the US monetary normalization,” the IMF said, adding that “The global Covid-19 pandemic is still ravaging the region.”  Nevertheless, Asia-Pacific will remain the fastest-growing …

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