COVID-19 recession

Greece's unemployment rate for the first quarter of 2024 stood at 12.1% compared to 10.5% in the previous quarter and 11.8% in the corresponding quarter of the previous year.

The number of unemployed persons amounted to 574,130, recording an increase by 17.5% compared to the previous quarter and an increase by 4.3% compared to the same quarter of the previous year.

Japan's economy has unexpectedly contracted, leading the country to slip from its position as the world's third-largest economy to the fourth spot, now behind Germany.

Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023. The grim data indicates a contraction in GDP for two consecutive quarters, marking what economists term as a "technical recession."

China's economy grew at a 6.3 percent annual pace in the April-June quarter, much lower than analysts had forecast given the slow pace of growth the year before.

The world's second-largest economy is expected to slow further in coming months given slack consumer demand in China and weaker demand for Chinese exports in other economies as their post-pandemic recoveries lose momentum.

Singapore's economy grew more than expected in the second quarter, data showed on July 14, helping it avoid a recession, but analysts warned the trade-dependent city faced headwinds owing to weak overseas demand.

The Southeast Asian nation's performance is often seen as a barometer of the global environment because of its reliance on international trade.

British economic output declined for a second month in a row in April, weighed down by decades-high inflation, official data showed yesterday.    

Gross domestic product fell 0.3 percent in April after a drop of 0.1 percent in March, the Office for National Statistics said in a statement.    

The World Bank has sharply slashed its annual growth forecast for China, warning in a report that COVID disruptions could further slow recovery in the world's second-largest economy.    

Saudi Arabia reported its fastest economic growth rate in a decade on May 1, as a booming oil sector fueled a 9.6 percent rise in the first quarter over the same period of 2021.

The preliminary results come after the world's biggest oil exporter resisted U.S. entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.

The U.S. economy ended 2021 by expanding at a brisk 7 percent annual pace from October through December, the government reported Thursday in a slight upgrade from its earlier estimate as businesses stepped up their restocking of supplies.

The Commission emphasizes the positive prospects of the economy in its report on the conclusion of the 13th evaluation, while it sees the rise in energy prices as a source of uncertainty. It emphasizes, among other things, that Greece has recovered quickly from the pandemic and the prospects remain strong, although they are subject to high uncertainty.