The west has broken its promises to developing countries – and we’re all paying the price

A summit in Paris this month offers a way to tackle this disastrous failure, but only if western leaders bother to turn up, says the Guardian’s economics editor, Larry Elliott

Eurozone sinks into recession as cost of living crisis takes toll

GDP shrank 0.1% in first quarter of 2023 and final three months of 2022 after revisions to earlier estimates

Jeremy Hunt expresses concern about cost of living crisis after OECD forecast

Chancellor responds to news UK likely to avoid recession but will have one of highest inflation rates among G20

Poorest countries are biggest losers from economic shocks, says World Bank

Combined impact of Covid crisis, Ukraine war and tough measures by central banks taking heavy toll

German economy in recession after high prices take toll, revised figures reveal

Updated data shows economy went into reverse in first quarter with GDP falling by 0.3%

Sunak to urge G7 support for collective action against ‘economic coercion’

Leaders expected to form council that will discuss response if states such as Russia and China boycott trade for political reasons

The US debt ceiling crisis is more proof of Republicans’ cynicism and bad faith

Republicans want to force spending cuts by threat instead of legislating – and the cuts they’re asking for are appalling

European economy expected to grow faster than forecast, says EU

Revised outlook for 2023 and 2024 puts average growth for 27-member bloc at 1%

The UK has a PR plan masquerading as an industrial strategy

Britain says it has no need for Biden-style green subsidies as it has a thriving renewables sector. The complacency is staggering

Cyprus handed 800-page US dossier on Russia sanctions breaches

Report details how local people and firms allegedly helped Alisher Usmanov conceal assets

How war in Taiwan could mean the wheels come off the UK economy

Microchips are an issue, of course, but China also makes the alloy wheels our cars mostly roll on. And what about TikTok?

Eurozone economy avoids recession ‘by a whisker’

Warmer winter, lower energy prices and China’s reopening help bloc surprise economists and stave off severe downturn

UK economy not ‘out of the woods’, says Barclays boss after bank’s record profit

Venkatakrishnan says bank remains cautious about months ahead despite first-quarter profit of £2.6bn

If China invaded Taiwan it would destroy world trade, says James Cleverly

UK foreign secretary warns a war across Taiwan strait and likely destruction of semiconductor industry would have global effects

India and Russia in ‘advanced talks’ over free trade agreement

Deal would build closer economic ties as most western states push to isolate Moscow over Ukraine