recession - updates

Rappler's latest stories on recession


U.S. recession started in February, ending 128-month expansion

Jun 09, 2020 - 7:05 AM

'The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession,' says a committee

ALMOST EMPTY. A man walks across Wisconsin Avenue in the normally busy shopping district of Georgetown in Washington, DC, on March 23, 2020. Photo by Mandel Ngan/AFP

[ANALYSIS] Rare Philippine recession: Why this one’s unique, even necessary

May 08, 2020 - 12:00 PM

Let’s make this recession and our collective sacrifice count. But that won’t very well happen if government fails to set its priorities right and get its act together fast.

[ANALYSIS] Will the lockdown kill more people than COVID-19?

May 02, 2020 - 2:00 PM

There is compelling evidence that economic recessions lead to higher mortality

Coronavirus sends Germany into recession

Apr 15, 2020 - 5:00 PM

'Falling global demand, interruption of supply chains, changes in consumers' behavior, and uncertainty among investors' all make themselves felt in Germany

DESERTED. A nearly deserted shopping street is after the town's mayor declared a state of emergency to stop the outspread of the new coronavirus COVID-19 on March 18, 2020 in Halle/Saale, eastern Germany. Photo by Jens Schlueter/AFP

Great Depression: 1930s economic nightmare

Apr 10, 2020 - 11:00 PM

As the world deals with the crushing economic impact of the coronavirus pandemic, here is a look back at the Great Depression of the 1930s

GREAT DEPRESSION. A crowd gathers outside the New York Stock Exchange after the 1929 crash. Photo from Wikimedia Commons

Pandemic may cause sub-Saharan Africa's 1st recession in 25 years

Apr 09, 2020 - 10:00 PM

(UPDATED) 'African countries are likely to be hit particularly hard' by the coronavirus pandemic, says Hafez Ghanem, the World Bank's vice president for Africa

Informal vendors gather in front of a municipal office building in Braamfontein, Johannesburg, on April 8, 2020, as they try to obtain a permit for working during the 21 days national lockdown that started on March 27, 2020, in an attempt to halt the spread of the COVID-19 coronavirus outbreak. (Photo by Luca Sola / AFP)

German economy set for 'significant' recession – economists

Mar 30, 2020 - 11:50 PM

'The German economy will shrink significantly in 2020,' says an expert panel, with the exact size of the impact depending on health policy measures and how the country would rebound from the coronavirus

DESERTED. A nearly deserted shopping street is after the town's mayor declared a state of emergency to stop the outspread of the new coronavirus COVID-19 on March 18, 2020 in Halle/Saale, eastern Germany. Photo by Jens Schlueter/AFP

OECD chief calls for new Marshall Plan against pandemic

Mar 23, 2020 - 10:45 PM

Angel Gurria says governments' coordination to fight the coronavirus pandemic should exceed the Marshall Plan, which rebuilt Europe after World War II

A municipal worker uses a sprayer while disinfecting the popular Medina neighbourhood of Dakar on March 22, 2020. - The Senegalese government wanted to be firm on Saturday in the fight against the new coronavirus, ruling out "all tolerance" in the face of violators of established rules, including the ban on assemblies, in a country which has reached nearly 60 confirmed cases. (Photo by JOHN WESSELS / AFP)

World markets tumble as recession fears eclipse stimulus

Mar 18, 2020 - 11:40 PM

(UPDATED) Most market commentators agree that the virus-wracked world economy will likely plunge into recession

Traders work on the floor at the opening bell of the Dow Industrial Average at the New York Stock Exchange on March 18, 2020 in New York. - Wall Street stocks resumed their downward slide early Wednesday as the economic toll mounts from the rapid near-shutdown of key industrial and services sectors.About 15 minutes into trading, the Dow Jones Industrial Average stood at 20,040.66, down around 1,200 points or 5.6 percent. (Photo by Bryan R. Smith / AFP)

Recession risk calls for joint response – U.N. chief

Mar 16, 2020 - 1:30 PM

'No country can face it alone,' says United Nations Secretary-General Antonio Guterres, as the coronavirus 'infects' the global economy

MISSED OPPORTUNITY. UN Secretary-General Antonio Guterres says the international community lost an opportunity. File photo by Fabrice Coffrini/AFP

South Africa slips into 2nd recession in 2 years

Mar 03, 2020 - 7:55 PM

(UPDATED) South Africa remains dogged by high and rising debt, low growth, and soaring unemployment

BATTLE VS FAKE NEWS. The South African flag flies above the South African Parliament on November 18, 2014, in Cape Town. File photo by Rodger Bosch/AFP

Italy faces recession as coronavirus hits economy

Mar 02, 2020 - 11:30 PM

Just as Italy was expecting a gradual improvement in both growth and debt, the coronavirus epidemic struck. It is the worst-hit in Europe.

CHURCH. Women wearing respiratory masks walk across Piazza del Duomo in central Milan on February 23, 2020. Photo by Andreas Solaro/AFP

Trump economic advisor sees no U.S. recession ahead

Feb 26, 2020 - 2:30 PM

United States National Economic Council Director Larry Kudlow says the US economy is 'holding up nicely' amid the novel coronavirus outbreak

AMERICAN ECONOMY. The United States' gross domestic product in the 2nd quarter of 2019 slows to 2.1%. Photo from Shutterstock

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