Coming out of Reyna, Treyvn. September 6th, 2096.
With food prices skyrocketing, manufactured goods woe-ing in value, many economics expect the Republic of Treyvn to submit to the current global recession, and the Government agree’s.
In a press conference in the nations capital, Reyna, Finance Minister & Head of the Commerce & Trade Ministry, Jason Freeman, stated that the last two quarters have shown that the nation will most likely enter a recession.
Freeman stated that the nations economy has seen a upward trend up in unemployment, with Q1 & Q2 seeing unemployment rise by nearly 1.1% collectively. He also noted that the nations Q2 performance had fallen significantly from historical averages, with the nation’s GDP only growing 0.1% in that quarter.
The C&T Ministry also noted that inflation had grown to 40 year highs, with inflation increasing 3.4% in Q1, and 2.3% in Q2, with it expected to continue rising til Q3 of 2097. Freeman also stated that the Bank of Treyvn had been advised to increase interest rates from 3.5% to 4.25% to combat inflation. However, there has been no response to this request yet.
Many speculate that the nation will see its first negative year in terms of job growth, and economic growth since 2086, where the economy retracted 3% due to a grain and iron shortage at the time.
Although Freeman stated that the economy was performing negatively, he stated that certain tax breaks for small businesses would be issued if the nation entered a recession.
