What happened in worlds economy in last 24 hours?

 As of 23 March 2025 

Over the past 24 hours, several significant events have impacted the global economy:

Market Sentiment and Tariff Concerns:

Global markets concluded the week on a downbeat note, overshadowed by the looming U.S. tariffs scheduled for April. 

Transportation Disruptions:

A fire at an electrical substation led to the closure of London's Heathrow Airport, disrupting global flight schedules. This incident caused notable declines in travel and hotel stocks, with companies like British Airways owner IAG and Premier Inn owner Whitbread experiencing significant stock value drops. 

Inflation and Central Bank Policies:

Japanese inflation surged, reinforcing expectations of rate hikes. 

The Bank of England decided to maintain its key interest rate at 4.5%, reflecting ongoing economic challenges, including slowing growth and persistent inflation. 

Government Debt and Fiscal Policies:

Governments worldwide are facing the highest debt costs since 2007, with interest payments now consuming a significant portion of budgets. The OECD reports that debt servicing costs accounted for 3.3% of GDP across its 38 member economies, up from 2.4% in 2021, due to rising bond yields and increasing indebtedness. 

Political Developments:

In the U.S., President Donald Trump announced a pending deal with Ukraine and noted progress in peace talks. 

These events underscore the dynamic nature of the global economy, influenced by geopolitical developments, fiscal challenges, and central bank policies.