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Barrack: We call upon Druze, Bedouins, and Sunnis to put down their weapons and together with other minorities build a new and united Syrian identity building peace and prosperity with their neighbors
US Special Envoy to Syria Tom Barrack: Israeli Prime Minister Benjamin Netanyahu and Syrian President Ahmad al-Sharaa supported by the US have agreed to a ceasefire embraced by Türkiye, Jordan, and their neighbors
YAF spokesperson Brigadier General Yahya Saree: We carried out a top-tier operation targeting Ben Gurion Airport in Lydd with a Palestine 2 hypersonic ballistic missile
Israeli media: Israelis in the Gush Dan area and al-Quds were asked to enter shelters immediately
Sirens sound in Tel Aviv and occupied al-Quds after a missile was launched from Yemen
Sheikh Qassem: We are ready to defend ourselves if 'Israel' attacks us in a way that we believe calls for us to defend ourselves
Sheikh Qassem: "Israel" will never be handed over our weapons
Sheikh Qassem: He who refuses so and accepts humiliation, that is their own business, but for us, we will not accept humiliation. We have made great sacrifices, and our strength has helped us achieve this result
Sheikh Qassem: Be patient with the issue of exclusivity of arms with the state in the face of the great danger that will not spare Lebanon; let us speak with one voice and work for the sake of priority
Sheikh Qassem: Lebanon faces three real dangers: 'Israel', ISIS tools on the eastern border, and US tyranny

US, EU economies slowing amid growing recession risks

  • By Al Mayadeen English
  • Source: Wall Street Journal
  • 24 Jun 2022 10:24
2 Min Read

As surging food and energy prices weaken demand for other goods and services. the risk of recessions in the US and Europe increases.

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  • Higher prices in June have brought down consumer demand (Unsplash)
    Higher prices in June have brought down consumer demand (Unsplash)

The risk of recessions is rising on a global scale, with the US and Europe's economies slowing sharply in June amid rising food and energy prices.

According to new figures, the war in Ukraine has impacted growth in Europe and the US, as high inflation spreads. The problem was further exacerbated by supply-chain disruptions.

S&P Global said on Thursday that the US composite purchasing managers index, which measures activity in the manufacturing and services sectors, fell in June from 53.6 (May) to 51.2, reaching its lowest level in five months.

The index fell from 54.8 in May to 51.9 in June in the eurozone, marking a 16-month low. When the index is above 50 points, this signifies economic expansion, while below 50 points mean economic contraction.

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The results, which show that US retail sales fell in May, while mortgage prices rose 5.81% last week (scoring the highest rise since 2008), and inflation at a four-decade high, all point to a US economy that will grow at an annual rate of less than 1% in June, and will contract in the third quarter, according to Chris Williamson, chief business economist at S&P Global.

In Europe, readings point to a second-quarter growth rate of 0.2%.

The obstacles faced by the West's economy this year range from renewed Covid-19 lockdowns in China, rising food and energy prices, central banks combating high inflation by increasing borrowing costs, and the decisive factor being the war in Ukraine.

Economists at Barclays envisioned a 2.2% growth for the US economy this year, followed by a 1.1% growth in 2023. As for the eurozone, the economy is expected to enter a recession in the final quarter of 2022, and may expand by just 0.5% in 2023.

US President Biden has been blaming his domestic inflation on Russia at a time when it has been pushing for West-led sanctions on Russian oil, which is sinking the world into further crises. 

  • US
  • United States
  • European Union
  • Recession
  • energy prices
  • Food Prices

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