Pakistan russia, Country

New Delhi, May 27 Breaking his silence over the current global meltdown, Tesla CEO Elon Musk on Friday said the recession the world is now experiencing owing to multiple macro-economic factors could last up to 18 months."Based on past experience, about 12 to 18 months," Musk replied to a follower who asked him about how long he thinks this recession will last."Companies that are inherently negative cash flow (i.e. value destroyers) need to die, so that they stop consuming resources," he added.World Bank chief David Malpass warned this week that Russia's ongoing invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump."As we look at the global GDP, it's hard right now to see how we avoid a recession... The idea of energy prices doubling is enough to trigger a recession by itself," he was quoted as saying in media reports.Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2 per cent.Developing countries are also being affected by shortages of fertiliser, food and energy.China has been hit harder by the latest round of lockdowns. The Covid-19 measures have led to a sharp slowdown in economic activity across the country.The US could also hit a recession before the end of this year or by early 2023, according to the chief investment officer of Hayman Capital.In India, foreign portfolio investors have pulled out around Rs 2.5 lakh crore from the Indian equity market.Global financial services provider firm Moody's Investors Service has slashed India's GDP projection to 8.8 per cent for 2022, from 9.1 per cent estimated previously.The Russia-Ukraine war, high inflation, Covid-19 lockdowns in China and rising interest rates are the reasons behind the economic activities being hampered across the globe.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Pakistan RussiaFOLLOW

Pakistan russia, Latest News

Stockholm, June 2 The Russia-Ukraine conflict could lead to a global food crisis that will hit developing countries ... ...

Kiev, June 1 Russia has "lost about 30,700 troops" in Ukraine between February 24 and June 1, Ukrainian ... ...

The EU leaders, on the first day of the summit in Brussels, agreed to ban "more than 2/3rd" of Russian oil imports, European Council President Charles Michel said on Tuesday. ...

Moscow, May 31 Russia's Gazprom Export has said it would suspend gas supplies to Dutch energy company GasTerra ... ...

Kiev, May 31 Ukrainian President Volodymyr Zelensky met with visiting French Foreign Minister Catherine Colonna to discuss support ... ...

South Ossetian President Alan Gagloev suspended the decree on calling a referendum on the country's entry into Russia until consultations are complete with Moscow, media reports said on Tuesday. ...

Moscow, May 27 Russian President Vladimir Putin said that the countries, which are attempting to isolate Russia, are primarily ... ...

New Delhi, May 27 Breaking his silence over the current global meltdown, Tesla CEO Elon Musk on Friday ... ...