New Delhi: Once again, the whole world is in the grip of recession. This recession may be larger than the 2008 recession. Bank of America Merrill Lynch has mentioned this in one of its reports. Bank of America conducted a survey between August 2 and 8 among the world's largest fund managers. In the survey, 34 per cent of fund managers have admitted that there could be a major slowdown in the next one year, the biggest since October 2011.
The survey was attended by 224 fund managers. The survey says that large companies are still not trying to improve their balance sheets, which could lead to this at the moment. Large companies should focus on improving their balance sheets, not on increasing buybacks and capex. The US fears of a trade war with China, Iran and India are deepening. It is a matter of great concern for the global economy. If trade wars continue, then many countries may be vulnerable.
A news agency has published a report that says that the economy is not at a good rate in all countries in Asia. In countries like Singapore, China, South Korea, the growth rate has gone down considerably. Countries like India and China are currently having trade wars with the US. This is affecting the industry a lot.
Singapore's growth rate in the past three months fell to only 3.4 per cent, the lowest since 2012. China's imports have also fallen by 1.3 per cent over the previous year. Export data has also shown a decline of 7.3 per cent. South Korea's economy also declined significantly in the first quarter of this year. A large number of jobs are being lost these days, which is also indicative of this.
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