What is a recession? 5 economic stories to read this week
Russian sanctions, carbon budgets and recessions - here are the latest economic stories. Image: Unsplash/AbsolutVision
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- This weekly round-up brings you some key economic stories from the past seven days.
- Top economics stories: What is a recession?; Russia's resilience to sanctions; The economic and political crisis in Sri Lanka; Economic priorities for the G20; Carbon budgets explained.
1. What is a recession?
With slowing growth, rising inflation and a 'global economic outlook that has darkened significantly', according to the IMF, the word 'recession' is on the lips of many. But, what is a recession?
The National Bureau of Economic Research (NBER) defines the event as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income and other indicators. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough.”
Discover more about how recessions are created and how they end.
What is the World Economic Forum doing to help companies reduce carbon emissions?
2. How resilient is Russia's economy against sanctions?
Five months on from being hit by harsh sanctions, the ruble appears to be in a better state than many people expected. A higher price of oil has helped the nation's economy, as well as some emergency measures. But can it last?
Learn more about how the Russian economy is faring and the actions the rest of the world is taking.
3. The economic crisis in Sri Lanka visualized
Sri Lanka is currently facing an economic and political crisis, defaulting on its debt payments and near empty foreign currency reserves. This economic turmoil has led to mass protests and violence across the nation. So what led to this?
Find out what the economic crisis means for Sri Lanka.
4. Economic priorities for the G20
Ahead of last week's G20 meeting Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), looked at the challenges facing the global economy and outlined three economic recommendations.
1. Countries must do everything in their power to tackle high inflation
2. Fiscal policy must help - not hinder - central bank efforts to bring down inflation.
3. The G20 must lead a fresh impetus for global cooperation.
Read more about the G20's economic recommendations.
5. What are carbon budgets and how can they help us reach net zero?
Carbon budgets are not dissimilar to everyday household spending budgets. They measure CO2 emissions across industries, homes and countries in order to calculate how much emissions should be cut by to reach net zero.
By calculating these carbon budgets, governments can work towards meeting climate commitments.
Discover more about carbon budgets and how countries are using them.
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Spencer Feingold
November 20, 2024
