UK heading for five years of economic gloom
Britain is on course to suffer five years of lost economic growth, the longest since the aftermath of the global financial crisis, new research has revealed. According to the National Institute of Economic and Social Research (NIESR), in its latest quarterly outlook of the UK economy, gross domestic product (GDP) is not forecast to pass...
Read MoreEverything you need to know about the U.S. government’s debt ceiling
Janet L. Yellen, the Treasury secretary, at the Treasury Department in April President Biden and top congressional leaders are scheduled to meet Tuesday to discuss how to raise the debt ceiling. This raises a lot of questions about what the debt ceiling really is and why the US has one. Here’s everything you need to...
Read MoreGTECM’s Top 10 World Events of 2022
Here are the Top Ten World Events of 2022 selected by GTECM 1. Russia-Ukraine conflict causes global impacts The global geopolitical and geo-economic landscape has shifted since Russia launched a special military operation in Ukraine on February 24, 2022. After nearly 10 months of confrontation with no sign of abating, the Russia-Ukraine conflict has caused long-term...
Read MoreIndia has surpassed Britain to become world`s fifth largest economy
The change in ranking has pushed the United Kingdom to the sixth spot as the country continues to grapple under the brutal cost-of-living shack. The Indian economy is forecast to grow more than 7 per cent this year. On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the...
Read MoreUK inflation reaches double digits for the first time in 40 years.
Consumer price inflation in the U.K. jumped to 10.1% in July, the highest since February 1982, making the U.K. the first major wealthy economy to see a double-digit price increase as soaring food costs exacerbated household budget constraints.Despite warnings this month of a possible recession, the Bank of England raised its key interest rate to 1.75%...
Read MoreGDP has negative growth for two consecutive quarters.
American economist Peter Schiff predicts that since the US GDP has experienced negative growth for two consecutive quarters, the US economy has fallen into recession by general definition, which will lead to large-scale layoffs in the US . Regarding the claim that the U.S. economy has or will be in recession, Schiff posted on social media...
Read MoreGTECM’s Top 10 World Events of 2021
Here are the Top Ten World Events of 2021 selected by GTECM 1. COVID-19 continues to rage For a second year the COVID-19 pandemic has raged, with more severe waves of infection causing more losses following the emergence of new variants of the SARS-CoV-2 virus: Delta and Omicron. At the end of 2021, the world has...
Read MoreSuez Canal blocked by traffic jam after massive container ship runs aground
Eight tug boats are working to free a large container ship stuck in Egypt’s Suez Canal, halting marine traffic through one of the busiest and most important waterways in the world. The rescue boats are working to float and release the Ever Given, a 59-meter-wide (193.5-feet) vessel that ran aground after 40-knot winds and a...
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