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The Latest Breaking News from OECD

Irish households saving almost €5,000 less per year than in 2020

Ireland is the country with the biggest savings drop out of 28 OECD nations

Dublin Live

Editorial: The war on Russia’s economy is working

Nine months into Russian President Vladimir Putin’s war in Ukraine, the damage done to the world’s 11th-largest economy is extensive. Leading Russian banks have been cut out of the global financial system, some $300 billion of central bank reserves are frozen, and hundreds of foreign companies have departed. Parts shortages…

Tribune News Service

Proposal to break central-local deadlock on Three Waters and climate

The Three Waters tensions are a symptom of a deeper democracy and legitimacy problem, says visiting author, that can only be addressed by allowing New Zealanders to participate in decision-making.

Newsroom.co.nz

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Irish households worse off by thousands of euro this year as disposable income plummets

“Ireland will go from being one of the world’s top savers - when they ranked 2nd in 2020 - to ranking 16th in 2022.”

Irish Mirror

Australia’s economy remains afloat – but there are choppy waters ahead

The OECD predicts 1.9% economic growth for Australia next year. That’s the good news

The Guardian - AU

Keir Starmer attacks ‘weak’ Rishi Sunak over non-dom tax breaks

Labour leader condemns non-dom and windfall tax avoidance, accusing PM of not standing up to his party

The Guardian - UK

Households given £1,400 warning as cost of living crisis worsens

Sir Keir Starmer issued the worrying figure during Prime Minister's Questions

Liverpool Echo

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UN to vote on new tax convention proposed by African states

Developing nations hope draft resolution will pave way for fresh talks on global tax policy

The Guardian - UK

Business output shrinks for second month

Demand for services has cooled off but manufacturing conditions remain relatively robust, according to a new survey.

AAP

UK forecast for 'worst recession among top economies' due to Brexit and Tory policies

The latest forecast from the OECD revealed a sharp downgrade for the UK economy, which is expected to shrink by 0.4 in 2023 and grow by just 0.2…

The National (Scotland)

Sunak warns of ‘challenging’ winter of strikes, high costs and NHS backlogs

The Prime Minister braced his Cabinet for misery in the coming months.

The Independent UK

UK ‘to face worst downturn of major economies’ in 2023, says OECD

Britain facing recession which much of world will avoid, says report

The Independent UK

UK to be second weakest performer of world’s big economies next year – OECD

Most countries’ forecasts cut as Ukraine war prompts ‘largest energy crisis since the 1970s’

The Guardian - UK

OECD says UK economy set for worst performance in G7

Germany’s economy is the only other G7 nation set to shrink next year

Evening Standard

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The Guardian - AU

Global shocks likely to drive more frequent interest rate changes, RBA says

Central banks will need to adjust rates more often to respond to unpredictable levels of inflation, Philip Lowe says

The Independent UK

OECD forecast: High rates and inflation to slow world growth

Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023

Fortune

If you think the world’s energy crisis is bad right now, next winter will be worse, says the OECD

The OECD says the true scale of the world’s economic woes will only become clear in 2023, when the organization predicts “a significant slowdown" for the global economy.

The Guardian - UK

Five-year mortgage rates drop below 6%; UK lagging G7 rivals; European stocks at three-month high – as it happened

Average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks, as OECD cuts growth forecasts

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The Guardian - UK

‘I’m afraid to have children’: fear of an older future in Japan and South Korea

As birth and fertility rates fall, there is official concern about the economic impact of a declining and ageing population

Caixin Global

Opinion: The Yuan’s Status as a Reserve Currency Could Improve

After the recent turmoil in forex markets blows over, central banks around the world will be likely to reduce their holdings of the yen, pound and even the euro, allocating more assets to the more stable yuan

The Guardian - AU

Australia criticised for resisting Cop27 push to end international fossil fuel subsidies

Labor party’s environment wing says it’s ‘disappointing’ Albanese government has not joined partnership which would build consensus across OECD

The Guardian - UK

Global corporations ‘cheating public out of billions in tax’, say campaigners

Tax Justice Network says countries lose $89bn a year by allowing anonymity over use of tax havens

Newsroom.co.nz

A future never to be seen

The former local politician reviews the review of local government, and is not confident its broad wellbeing goals will ever see the light of day.

The Conversation

Fighting inflation doesn’t directly cause unemployment – but that's still the most likely outcome

You may have seen the news: in its attempts to tackle inflation, the Reserve Bank is going to increase unemployment. The idea can even seem to come right from the mouths of experts, including the bank’s governor, Adrian Orr. Speaking recently to an industry conference, he said:

Newsroom.co.nz

Australia hopes to change climate reputation at COP27

A new government hopes to transform Australia’s reputation into a climate leader at COP27. But there’s a lot of damage to unpick, says Robyn Eckersley in part two of a series on COP27

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