👉After New Zealand's central bank aggressively increased interest rates to a 14-year high, the country's economy entered a recession. Official data indicate that during the first three months of the year, its GDP decreased by 0.1 percent. The economy is in a "technical recession" as a result of that, which came after a contraction of 0.7% in the preceding quarter. Since October 2021, the Reserve Bank of New Zealand (RBNZ) has significantly increased borrowing costs. One of the first nations to begin raising interest rates following the pandemic, New Zealand has moved ahead of the US Federal Reserve. The RBNZ raised its main interest rate to 5.5% last month. In New Zealand, where prices were already rising, higher interest rates are now having an effect on mortgage repayments and other loan costs. David Jordan, a web engineer with a home in Auckland, told the BBC that interest rates are "catastrophic." He continued, "I have seen many job losses in my industry as start-ups attempt to save money, but consultancies working with big global firms appear to be doing better." In an effort to contain price increases triggered by economies opening up following the Covid lockdowns, central banks around the world increased the cost of borrowing. The war in Ukraine also contributed to an increase in inflation because of the rising cost of everything from fuel to food.✅ . . #NewZealandEconomy #InterestRateHike #Recession #GDPDecline #CentralBankPolicy #Inflation #MortgageRepayments #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉After furnishing its audited FY21 financials 18 months late in September, edtech major Byju’s on Wednesday said it would cut – or “rationalise” – about 5% of its 50,000-strong workforce across departments such as product, content, media and technology in a phased manner. This would translate to about 2,500 people losing their job. The final number may be different, but it would still be one of the largest layoffs by a major startup. IRCC issued invitations to 4,250 candidates with minimum CRS score of 500 on October 12.✅ . . #Byjuys #byjusapp #byjusonlinelearning #learnwithbyjus #byjuslearningapp #recession #canadianarmy #Canadanews #byjusindia #dailynewscanada #candadianmallu #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉Statistics Canada released new GDP data on Tuesday that displays signs of economy recovery in 2023 contrary to December 2022. StatCan said advance information suggests a 1.6 per cent annualized increase in GDP for the fourth quarter of the year and annual growth of 3.8 per cent in 2022.✅ . . #GDP #canadaGDP #statisticscanada #canadaeconomy #statcan #recession #canadarecession #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉According to new data from Statistics Canada, the Canadian economy grew by a modest 1% in July. Their estimates, however, show economic growth stagnating in August, when the annual inflation rate reached 7%, down from a high of 8.1% in June. Canada's cooling housing market will play a significant role in that slowing, as housing start to weaken as you head into a recession. The latest Statistics Canada figures show output from real estate agents and brokers dropping 3.4% in July, down for the fifth consecutive month. The trend is expressed to continue. The Bank of Canada raised interest rates to 3.25% on Sept. 7 to fight inflation, which has contributed to the cooling housing market. The increase followed a full percentage point hike in July, which was the largest single rate increase in Canada since August 1998. Economists across Canada predict the next interest rate hike will come on Oct. 26 which could be the last.✅ . . #Canadaeconmy #Canadaeconomicgrowth #recessionincanada #recession #canadaeconomist #canadahousemarket #Canadarealestate #Canadanews #canadaeconomynews #dailynewscanada #candadianmallu #mnm #malayalisnearmeapp #canadaupdate #canadanews