US Treasury Secretary Janet Yellen has warned that the United States could see a recession and "cause a global financial crisis" if it defaults on its national debt as lawmakers grapple over raising the debt limit.

New data shows retail sales in the US fell for the second consecutive month in December, amid concerns that the country is headed for another recession.

Bank of America chief economist Michael Gapen said the risk of the US economy falling into recession is high and that 2023 could be a difficult year for the country.

Wall Street's main indexes fell on Wednesday, giving up modest initial gains, on growing concern about a recession in 2023 and surging COVID-19 cases in China, the world's top oil importer.

The British government has unveiled an austerity budget with $65 billion of tax hikes and spending cuts as recession bites.

The European Union has warned that the eurozone is set to slide into recession over the winter with Brussels hiking inflation forecasts for 2022 and 2023 amid soaring energy prices.

The Bank of England says the UK is plunging into its longest recession since records began.

The US Federal Reserve is pegged to make a fourth straight steep hike in the key interest rate this week as it battles surging costs, with its aggressive stance fueling expectations of a recession.

The United States has officially ended its economic recession, but a “double-dip” recession is expected to be around the corner.

Former U.S. treasury secretary Steve Mnuchin said on Wednesday he believed the United States was in a recession.