Tag: oct 19 2021

The widespread shortage of natural gas across Europe and parts of Asia is forcing factories, cities, and utilities to switch to oil, which could soon add 500,000 barrels a day in new demand to a commodity already in short supply around the world, the International Energy Agency (IEA) has reported. That would create a deficit...

Recep Erdogan, Turkey’s president, abruptly fired two central bank deputy governors and one policy committee member who were leery of cutting interest rates yet again as the country struggles with runaway inflation. Erdogan has serially fired top bank officials over the past 12 months, most notably bank governor Naci Agbal, who was shown the door...

Five highly-regarded German research institutes have cut the country’s 2021 growth outlook by more than a third, from 3.7 percent to 2.4, citing shortages of raw materials in manufacturing and the COVID virus’s impact on consumer spending. The economic resurgence earlier this year was not as strong or enduring as expected “and that was because...

In its 12 October World Economic Outlook report, the International Monetary Fund (IMF) lopped a full percentage point off its forecast for U.S. economic growth this year, reducing it to 6.0 percent in the biggest single downgrade of any G7 country. The cut was prompted by soft third-quarter consumer spending, due in part to a...

The tangled global supply chain is going to become even more knotted before it improves, Moody’s warned on 11 October. “As the global economic recovery continues to gather steam, what is increasingly apparent is how it will be stymied by supply-chain disruptions that are now showing up at every corner,” the analytics firm said.  “Border...