World’s Top Economies Face Contraction Amid Uncertainties

World’s Top Economies Face Contraction Amid Uncertainties
Gas prices over $7.00 a gallon displayed at a Chevron gas station in Menlo Park, Calif., on May 25, 2022. Justin Sullivan/Getty Images
Kathleen Li
Updated:
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COVID-19 restrictions, global supply chain disruptions, and the impact of the Russia-Ukraine war on energy, food, and metals prices have resulted in the shrinkage of the world’s top two economies—the United States and China.

U.S. inflation remains at a 40-year high, with April’s consumer price index jumping 8.3 percent from 12 months earlier, according to the Labor Department. Compared to the 8.5 percent jump in March, the annual rate of inflation in April remains at a level unseen since the 1980s.
Kathleen Li
Kathleen Li
Author
Kathleen Li has contributed to The Epoch Times since 2009 and focuses on China-related topics. She is an engineer, chartered in civil and structural engineering in Australia.
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