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A dead sperm whale has washed ashore in the Philippines, the latest in a string of whale deaths that has experts concerned.

Two fishermen spotted the eight-metre carcass on a beach in the Davao region early on Saturday, the Department of Environment and Natural Resources (DENR) said. It had "multiple wounds" and was "most likely already lifeless" when it reached the shore, the DENR added.

"Some local said the whale washed ashore at 4am lifeless, I went there at 6am and it's already smelly at that time," Matthew Rafael Medel, a witness, told 9news.com.au.

WARNING: Images below may disturb some readers

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It's the second dead sperm whale found in the Philippines this year and the discovery came just a day after a juvenile female washed ashore in Tel Aviv, Israel. Earlier this month, an adult male and a newborn calf were found dead in the Florida Keys.

The IUCN Red List of Threatened Species lists sperm whales as "vulnerable" and at a "high risk of extinction in the wild".

In the United States, they are listed as endangered under the Endangered Species Act.

Experts are investigating the cause of death of the whale found in Davao and the necropsy is expected to take at least 36 hours.

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Earlier this year, another dead sperm whale, measuring more than 13 metres long, washed ashore on Mindanao – the second-largest island in the Philippines – stunning residents and baffling Philippine marine biologists who said they could not ascertain the cause of death despite collecting tissue samples and dissecting the whale's stomach for clues.

Five other sperm whales were discovered dead in areas around Davao in 2019. Some had eaten marine trash and toxic microplastics.

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A post-mortem of a dehydrated and emaciated young whale showed pieces of nylon rope and single-use plastic cups – commonly used by local food vendors – in its stomach. Its stomach and intestines were otherwise empty.

Disposing of dead whales is a mammoth task due to their size. Letting nature take its course is an option but noxious gases that naturally build up can prove dangerous.

In Davao, DENR regional executive director Bagani Fidel A Evasco ordered the area to be cordoned off.

"The carcass should be disposed of immediately because its smell can be toxic and hazardous to the community," he said.

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The global economy is being brought to the edge of a precipice by crisis upon crisis.

As the first World Economic Forum to be held in person since 2020 opened in Davos, Switzerland on Monday, the International Monetary Fund said the economy faces "perhaps its biggest test since the Second World War".

"We face a potential confluence of calamities," IMF managing director Kristalina Georgieva said in a statement.

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She warned that Russia's invasion of Ukraine has "compounded" the effects of the COVID-19 pandemic, weighing on the economic recovery and fanning inflation as the cost of food and fuel jumps.

Rising interest rates are adding to pressure on countries, companies and households with big piles of debt.

Market turbulence and ongoing supply chain constraints also pose a risk.

And then there's climate change.

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The head of the International Energy Agency urged countries to make the right investment choices in response to the fossil fuel shortages triggered by Russia's attack on Ukraine.

"Some people may well use Russia's invasion of Ukraine as an excuse for … a new wave of fossil fuel investments," IEA chief Fatih Birol said during a discussion in Davos.

"It will forever close the door to reaching our climate targets."

The scale of the economic challenge was underscored by a new report from the OECD on Monday, showing that the combined GDP of the G7 countries shrank by 0.1 per cent in the first quarter of the year, compared with the previous three-month period.

"We cannot solve the problems if we focus on only one of the problems," German economy minister Robert Habeck said.

"If none of these problems are solved, I fear, we will see a global recession — with huge implications, not only for the climate, for climate protection, but for global stability."

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To limit economic stress, the IMF is calling for government officials and business leaders meeting in Davos to discuss lowering trade barriers.

But as countries battle growing dismay about the cost-of-living crisis at home, some are heading in the opposite direction, implementing restrictions on trade in food and agricultural products that can exacerbate shortages and push up prices globally.

Earlier this month, India's decision to ban the export of wheat sent the price of the grain soaring, even though it's a relatively small exporter.

Indonesia banned most exports of palm oil in April to protect domestic supplies, but will lift the ban this week.

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Speaking during a visit to Tokyo, President Joe Biden said Monday that a recession was not inevitable and he reiterated that the White House was considering removing some Trump-era tariffs on Chinese goods, which Treasury Secretary Janet Yellen has said do more harm than good for American consumers and businesses.

"The biggest unturned stone the administration has is to lift the Trump tariffs on China. It wouldn't be huge, but it would be larger than any other option they have," Jason Furman, who previously served as President Barack Obama's top economic adviser, said.

He told CNN Business that the United States "is in the least bad shape of any economy in the world".

Consumers are worried about inflation, but they still have a big pot of savings, and spending remains strong.

"I'm more worried about recession risks about one year and further in the future," he said.

"I think the Fed should be trying for a soft landing. I don't know that they'll succeed."

Meanwhile, China could see its economy shrink this quarter because of the impact of COVID-19 lockdowns in Shanghai, Bejiing and dozens of other cities, and the fallout of a real estate crisis.

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The country's central bank delivered the biggest cut on record on Friday to a key interest rate after housing sales collapsed.

Zhu Ning, a professor at the Shanghai Advanced Institute of Finance, said he believed that authorities still had ample options to tackle the series of challenges facing the world's second biggest economy.

"China still has a lot of room if it wants to — to lower interest rate, to give monetary stimulus to the economy," he said.

An 18-year-old man has been charged with attempted robbery and a slew of other offences after CCTV footage captured a stolen Mercedes ploughing into the glass doors of a Queensland service station.

The Gold Coast man is allegedly responsible for a "series of incidents" in Coomera on Monday, which involved four separate crashes in different suburbs.

The 18-year-old has been charged with a total of six offences, including attempted robbery, driving while drunk or on drugs, driving on a suspended license, willful damage and dangerous driving.

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Police allege he stole a white Mercedes-Benz station wagon from Nerang yesterday at around 2pm.

"During the course of the next several hours, police received reports from the public of the vehicle allegedly being driven erratically, at high speeds and dangerously," police said.

"At around 4.30pm the vehicle entered the driveway of an Alexander Drive, Highland Park petrol station and after doing several laps it was driven, at speed, into the glass front doors, smashing them."

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Police allege around 10 minutes later, the man was involved in a hit and run crash after colliding head-on with another car.

Twenty minutes later, it's alleged the man drove the stolen car into the driveway of a Highland Park home, slamming into the garage before reversing and crashing into a parked car.

Police believe the man then parked behind another vehicle in Southport, before exiting the Mercedes and threatening a man and woman inside the car.

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He allegedly demanded they exited the car, "kicking out at their vehicle" and retreating back to the stolen Mercedes when they refused.

The man allegedly dumped the car at Surfers Paradise around 6pm before fleeing on foot.

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"Multiple police units saturated the area, including the dog squad, and he was taken into custody soon after on Surfers Paradise Boulevard," police said.

The man has been denied bail and will appear in Southport Magistrates Court today.

Police said nobody was injured during the spree and thanked members of the public for directing their pursuit of the man.

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Prime Minister Anthony Albanese will likely be left dealing with sky-high petrol prices just months into government when the halving of the fuel excise ends.

The excise cut – which slashed the tax on every litre of fuel from 44.2 cents to 22.1 cents – is due to expire on September 28, a commitment Albanese has already agreed to.

It was the policy of then-treasurer Josh Frydenberg and formed the centrepiece of the Morrison government's pre-election federal budget focused on addressing the soaring cost of living.

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In real-world terms, if a motorist was filling up a 40-litre fuel tank on average they would save around $10 per tank or $250 over the entire six months.

But economists predict that motorists will bear the brunt of global factors forcing up the price of oil.

Already, hikes to the price of petrol sold at Australian retailers have effectively consumed any savings gained by the excise cut.

In a research note released yesterday, CommSec's chief economist Craig James said petrol seems "set to return to record levels".

"Australia's wholesale petrol price lifted by 9.1 cents a litre last week," James said. 

"The record Australian average unleaded pump petrol price was 212.5 cents a litre in the week to March 20 and currently prices are just over 13 cents from record highs."

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According to the Australian Institute of Petroleum, the national average unleaded petrol price rose by 14.1 cents in just seven days, marking the third biggest increase on record.

The national average price for unleaded is sitting at an eight-week high of 199.1 cents per litre.

Australia takes its wholesale or terminal gate fuel price from Singapore MOGAS, which spiked nine per cent last week to record its highest ever price.

Fundamentally, retailers are paying more for fuel which will then be passed on to consumers, regardless of how much government tax is being imposed on every litre poured.

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Yesterday, incoming Treasurer Jim Chalmers acknowledged the price of fuel is severely impacting household budgets, but stopped short of promising an extension to the fuel excise cut.

"That will make life harder for people. They are also getting punished at the petrol pump, of course, at the moment with petrol prices going back up again," he said.

"Obviously we'll have a look at the conditions at the time when it comes off.

"We'll have a budget not long after that and if there's more that we can do to ease the cost of living pressure on people, we'll do that."

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Andrew O'Keefe has checked into a rehabilitation centre after being released on bail.

The former TV personality left Silverwater jail in Sydney last night and travelled north to the facility.

The 50-year-old stopped at a service station on his way and told 9News: "I feel well".

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O'Keefe had been in custody since he was arrested in January and charged with assaulting and choking a woman.

In February he pleaded guilty to a separate charge of drug possession.

The conditions of his bail include staying at the rehab centre for six months full-time, taking any medication prescribed to him and regularly seeing a psychiatrist and psychologist.