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Tuesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines with Jane King.

New report predicts worldwide recession next year

The world faces a recession in 2023 as rising interest rates are causing many countries to see their economies contract.

The report from the Centre for Economics and Business Research says the battle against inflation is not won yet and many central banks will keep raising interest rates.

The recession will have a negative impact on China’s timeline for overtaking the U.S. as the world’s largest economy. China is not expected to overtake the U.S. until 2036 at the earliest — six years later than expected.

IRS delays tax reporting rule for Venmo, Etsy sellers

Anyone being paid through apps like Venmo or Etsy just got a reprieve from the IRS.

The IRS announced it would delay the implementation of a rule change that would have resulted in a virtual paper chase of tax forms going out by Jan. 31 to anyone using those platforms for business transactions.

The agency has pushed the change to 2024.

Restaurants getting back to full staff

U.S. restaurants are finally getting back to full staff.

The industry, which experienced among the biggest reductions in jobs and workers after the COVID-19 pandemic struck the United States, has erased most of those losses.

A report from “The Wall Street Journal” says that in the past month, restaurants and bars had nearly doubled the number of employees who were working at the pandemic low in April 2020.

Expert: The best time to buy a new car is right now

The man behind says the last 10 days of December are a car buyer’s fantasy — sales are super slow and buyers have lots of leverage because cars from the current model year need to go by the end of the year and dealers are motivated to sell.