The US economy likely rolled out of 2022 with momentum, registering decent growth in the face of painful inflation, high interest rates and rising concern that a recession may be months away.
WASHINGTON—
Despite a likely second straight quarter of expansion, the economy is widely expected to slow and then slide into a recession sometime in the coming months as increasingly high interest rates, engineered by the Federal Reserve, take a toll. The Fed’s rate hikes have inflated borrowing costs for consumers and businesses, from mortgages to auto loans to corporate credit.
But the good times for America’s workers aren’t likely to last. As higher rates make borrowing and spending increasingly expensive across the economy, many consumers will spend less and employers will likely hire less. Another threat to the economy this year is rooted in politics: House Republicans could refuse to raise the federal debt limit if the Biden administration rejects their demand for broad spending cuts. A failure to raise the borrowing cap would prevent the federal government from being able to pay all its obligations and could shatter its credit.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Farm output declines anew in 2022Farm output declined for third straight year owing to weak crop and fishery sectors, the Philippine Statistics Authority (PSA) reported on Wednesday, Jan. 25.
Read more »
US-Philippines trade value expected to surpass $33B in 2022 - CarlsonBilateral trade between the United States and the Philippines was expected to hit record-breaking levels last year, according to US Ambassador to the Philippines MaryKay Carlson.
Read more »
Natural disasters caused $313 billion economic loss in 2022 – AonNatural disasters, many driven by climate change, caused global economic losses of $313 billion in 2022, insurance broker Aon estimated on Wednesday, of which less than half was insured. | Reuters
Read more »
2022 GDP growth seen to have surged past 7%The Philippine economy’s prospects as being among the best performers in Asia last year is on firm ground if only based on most forecasts putting the full-year 2022 readout above 7 percent. | RonWDomingoINQ /PDI
Read more »
Philippines beats 2022 GDP growth targetBREAKING. The Philippines’ gross domestic product (GDP) accelerated by 7.6% in 2022, as holiday consumption and further reopening of businesses even amid the pandemic boosted growth.
Read more »
Globe blocks record-high of 2.72 billion spam, scam texts in 2022
Read more »