On July 26, the International Monetary Fund released
a report lowering its world economic forecast due to
major slowdowns in the world's three largest economies.
The United States, China and Europe all
face downturns amid Russia's war in Ukraine,
surging inflation and tighter monetary policy.
.
The IMF warns that the world economy
is expected to grow just 3.2% in 2022,
down 6.1% from last year.
CNN reports that, the outlook for 2023, is even worse.
According to the IMF, 2023 is only expected
to see 2.9% growth, just slightly above the
level considered to be a global recession.
According to the IMF, 2023 is only expected
to see 2.9% growth, just slightly above the
level considered to be a global recession.
The IMF already reduced its
global forecast in April, predicting
3.6% growth in both 2022 and 2023.
Pierre-Olivier Gourinchas, the IMF's director
of research, wrote in a blog post that , "the outlook has darkened significantly.".
Pierre-Olivier Gourinchas, the IMF's director
of research, wrote in a blog post that , "the outlook has darkened significantly.".
The world may soon be teetering
on the edge of a global recession,
only two years after the last one, Pierre-Olivier Gourinchas,
IMF director of research, via CNN.
As a result, businesses have
already begun to brace
for an economic downturn.
On July 26, GM announced
that it would be pulling back
on expenses and hiring
IMF Warns of Broad Global Impact, Due to Conflict in the Middle East.
According to 'The Guardian,' the International Monetary
Fund recently highlighted the risks of escalating
conflict in the Middle East with two new reports. .
The reports, titled World Economic Outlook (WEO) and the Global Financial Stability Review (GFSR), comes amid heightened fears of a war between Iran and Israel.
The IMF reports that the escalating conflict comes at a time when financial markets have remained optimistic of a soft landing for the global economy.
The IMF reports that the escalating conflict comes at a time when financial markets have remained optimistic of a soft landing for the global economy.
That soft landing, which would include lowering inflation, receding interest rates and would avoid a potential recession, could be threatened by the outbreak of war.
That soft landing, which would include lowering inflation, receding interest rates and would avoid a potential recession, could be threatened by the outbreak of war.
'The Guardian' reports that previous Middle East conflicts have resulted in significantly higher oil prices. .
Pierre-Olivier Gourinchas, the IMF’s economic
counsellor, said the organization was evaluating the
potential for another commodity shock from the conflict.
The increased inflation that would
come from higher energy prices would
trigger a response from central banks that
would tighten interest rates in order to
secure inflation coming back to target,
and that would weigh down on activity, Pierre-Olivier Gourinchas, IMF economic counsellor, via 'The Guardian'.
The increased inflation that would
come from higher energy prices would
trigger a response from central banks that
would tighten interest rates in order to
secure inflation coming back to target,
and that would weigh down on activity, Pierre-Olivier Gourinchas, IMF economic counsellor, via 'The Guardian'.
It would do so in a context in which,
in some countries, activity and growth
is already fairly weak, so that might
also have a strong effect there, Pierre-Olivier Gourinchas, IMF economic counsellor, via 'The Guardian'.
According to Gourinchas, the impact of a 15% increase
in the price of oil, combined with higher shipping costs,
could result in a 0.7% increase in global inflation.
According to Gourinchas, the impact of a 15% increase
in the price of oil, combined with higher shipping costs,
could result in a 0.7% increase in global inflation.
Gourinchas also warned that such
an increase would also bring down
business confidence and global investment.
Credit: Wibbitz Top Stories Duration: 01:31Published
The IMF team, led by Nathan Porter, expressed dismay at Pakistan's finance ministry for prematurely claiming fulfillment of structural benchmarks. Before completing their review, the team arrived to analyze economic data. The ministry's premature announcement left the IMF unable to provide feedback. Pakistan's finance minister assured such incidents wouldn't recur. Discussions continue for the release of the last $1.1 billion tranche, with speculation of a potential mini-budget to boost revenues.
#IMF #NathanPorter #PakistanEconomicCrisis #IMFPakistan #PakistanEconomy #IMFBailout #Worldnews #Pakistannews #Economynews #Oneindia #Oneindianews
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Ukrainian intelligence agents have successfully thwarted a Russian plan to assassinate Volodymyr Zelensky. The SBU State Security Service of Ukraine revealed that they apprehended Russian agents embedded within the Ukrainian state guard service. These agents were allegedly plotting to kidnap and assassinate the president along with other high-ranking government officials. According to Vasyl Malyuk, the Head of the SBU, the failed assassination attempt was intended as a "gift" to Vladimir Putin just before his upcoming inauguration on Tuesday. The SBU stated that they arrested two suspected "moles" who they believe were recruited by Russia prior to the invasion
#ZelenskyAssassinationPlan #UkraineFoilsPlot #RussianSpyAgency #RussiaUkraineWar #SecurityAlert #GeopoliticalTensions #InternationalEspionage #SBUIntelligence #DefendingZelensky #UnifiedResponse
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French President Emmanuel Macron clarified on Monday that the US and its allies have no intentions of seeking regime change in Russia. However, Paris remains committed to supporting Kiev in its ongoing conflict with Moscow, pledging continued aid for as long as necessary.
Macron's remarks came during a joint press conference with Chinese President Xi Jinping at the Elysee Palace, where they engaged in discussions alongside the President of the European Commission, Ursula von der Leyen. Among the topics addressed were the Ukraine conflict, bilateral trade, and economic relations between France and China.
In his statements, Macron emphasised the importance of dialogue and cooperation in addressing global challenges, underscoring the need for diplomatic solutions to complex geopolitical issues.
#Macron #France #Russia #UkraineWar #NuclearDeployment #TacticalWeapons #Diplomacy #Geopolitics #InternationalRelations #XiJinping #Meeting #PeaceEfforts #ConflictResolution #GlobalSecurity #News
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A Russian plot to kidnap and assassinate President Volodymyr Zelenskyy and other top Ukrainian officials has been uncovered by the country's state security.. Sky News
Moscow issued a stern warning, threatening retaliation against British military targets in Ukraine and beyond if Kyiv used British-supplied long-range missiles against Russia. British Foreign Secretary David Cameron's approval of these weapons prompted the warning. Despite tensions, Ukraine restored power to areas hit by Russian strikes. Russian forces intensified attacks on Sumy and Kharkiv.
#Putin #Moscow #BritishForeignSecretary #DavidCameron #Russia #Ukrainewar #RussiaUkraine #Ukrainewarlive #Worldnews #Oneindia #Oneindianews
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US Inflation Rises 9.1% in June, , Exceeds Expectations.
NBC News reports that the Consumer Price index hit 9.1% in June compared to a year ago and jumped 1.3% from May's 1% increase.
Wall Street..
Credit: Wibbitz Top Stories Duration: 01:30Published