Gross domestic product — one of the main indicators of economic health — has slumped in the first quarter of 2022, the Organisation for Economic Co-operation and Development (OECD) announced on Monday.
Across OECD countries, GDP rose by only 0.1 per cent quarter-on-quarter according to provisional estimates, a sharp slowdown compared with the 1.2 per cent increase in the fourth quarter of 2021.
Most nations in the G7 also had slowing or contracting GDP as the bloc of industrialised economies fell by 0.1 per cent compared with an increase of 1.2 per cent the previous quarter.
The UK and Canada managed to record growth but weaker than the previous quarter, at 0.8 per cent and 1.4 per cent respectively.
Elsewhere in the G7, the US had negative growth at minus 0.4 per cent, Italy at minus 0.2 per cent and Japan at minus 0.2 per cent. France recorded zero growth.
Germany was the only G7 country where the pace of growth increased, with GDP growth of 0.2 per cent in the first quarter of 2022 compared with minus 0.3 per cent in the previous quarter.
The German economy is on track for a tepid economic recovery but risks are tilted to the downside and Berlin should focus on cushioning the impact of the war in Ukraine and on securing gas supplies, according to the International Monetary Fund.
Fiscal policy in Europe's largest economy should be flexible in the uncertain environment that includes the war and navigating out of Covid restrictions, the IMF said in Monday.
The IMF said it projected that growth in the German economy would slow to about 2 per cent in 2022, picking up in 2023.
Among other OECD countries, Portugal and Austria recorded the highest increases in GDP compared with the previous quarter, at 2.6 per cent and 2.5 per cent respectively.
Decreases were recorded in Norway, with minus 1.0 per cent, Chile (minus 0.8 per cent), Costa Rica (minus 0.5 per cent), Israel and Sweden (minus 0.4 per cent in both countries) and Denmark (minus 0.1 per cent).
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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UAE currency: the story behind the money in your pockets
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
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Women:
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2. Lysanne Richard (CAN) 285.75
3. Ellie Smart (USA) 277.70
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2. Constantin Popovici (ROU) 424.65
3. Oleksiy Prygorov (UKR) 392.30
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THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
