Amid rapid tech growth and rising environmental concerns, understanding the current automotive industry trends, especially in luxury, is vital, says Dr Manfred Bräunl of Porsche.

Rallying of gold prices and growing concern about a potential global banking crisis are seen as key reasons for the increased allocations, says a latest global report.

The slowdown in trade comes as global demand for Chinese products weakens with energy prices soaring and the United States facing the threat of recession. Sporadic Covid-19 lockdowns have also hurt consumer enthusiasm and business confidence in the world's second-largest economy.

A major factor in bringing the world to this pass is the simultaneously hike in interest rates by central banks across the world in response to inflation, the World Bank added.

Asian and European stock markets nursed losses Wednesday on resurgent fears that sharp interest rate hikes aimed at tackling runaway inflation could spark recession.

Morocco’s new government aims to narrow the wealth gap in the country where unemployment is running at almost 13 percent. The economic recovery is expected to continue, although the pandemic may leave some scars.