Kristalina Georgieva, Managing Director of the International Monetary Fund, said that the UAE has always reminded us that if we want to progress, we have to come together.
And she added in a tweet following her participation in the World Government Summit: “Thank you, the UAE, for bringing us together every year at the World Government Summit. It is a great opportunity to discuss strengthening our cooperation and to remind us that together we can move forward.”
During the summit, Georgieva met with senior officials in the UAE, where it was an opportunity to discuss issues related to the global economic situation, relations between the UAE and the International Monetary Fund, and the role of the growing and diversified UAE economy as an effective model in supporting the business environment.
Georgieva expressed the bank’s aspiration to continue the distinguished cooperation relations with the UAE, which provides an inspiring economic model to follow. A fertile environment for constructive meaningful dialogue and exchange of visions, ideas, serious proposals and inspiring experiences, for cooperation whose results will benefit humanity.
Georgieva participated in two main sessions, “The World Economy… Between Radical Challenges and Specific Opportunities”, and “The End of Globalization or a New Beginning for It?”, among the main sessions of the summit held in Dubai, last week.
Georgieva also participated in the Public Finance Forum for Arab Countries, and attended a high-level closed session on climate finance to discuss the role of the public and private sectors, international and regional institutions and organizations in mitigating the challenges and obstacles facing the promotion of financing for climate action.
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International Monetary Fund
[Infographics] IMF lowers growth forecast of ASEAN economies | Business
written by Alexandra Hartman Editor-in-Chief
The International Monetary Fund (IMF) thinks that ASEAN’s economic growth is unlikely to reach the pace of 2022 with an increase of 5.2%, but still emphasizes the “surprising speed” when China opens up once more. back the economy.
Specifically, the IMF lowered the economic growth forecast for the ASEAN region in 2023 from 4.5% (given in October 2022) to 4.3%; Economic growth in 2024 is expected at 4.7%.
The IMF also forecasts for some major economies such as the US, the eurozone, the UK, China and India.
(VNA/Vietnam+)
India Inflation: Inflation in India expected to come down to 5 pc in 2023 and 4 pc in 2024: IMF
written by Alexandra Hartman Editor-in-Chief
Inflation in India is expected to come down from 6.8 percent in the current fiscal year ending March 31 to 5 percent the next fiscal, and then drop further to 4 percent in 2024, the International Monetary Fund (IMF) said on Tuesday. “Inflation in India as in other countries is expected to come down from 6.8 percent in 2022 to 5 percent in 2023 and then 4 percent coming towards the target in 2024,” Daniel Leigh, Division Chief, Research Department of the IMF told reporters.
“That partly reflects the central bank’s actions,” he added,
According to the World Economic Outlook update released by the IMF on Tuesday, regarding 84 percent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022.
Global inflation is set to fall from 8.8 percent in 2022 (annual average) to 6.6 percent in 2023 and 4.3 percent in 2024 — above pre-pandemic (2017-19) levels of regarding 3.5 percent, it said.
The projected disinflation partly reflects declining international fuel and non-fuel commodity prices due to weaker global demand. It also reflects the cooling effects of monetary policy tightening on underlying (core) inflation, which globally is expected to decline from 6.9 percent in the fourth quarter of 2022 (year over year) to 4.5 percent by the fourth quarter of 2023, the IMF said.
“Still, disinflation will take time: by 2024, projected annual average headline and core inflation will, respectively, still be above pre-pandemic levels in 82 percent and 86 percent of economies,” it said.
In advanced economies, annual average inflation is projected to decline from 7.3 percent in 2022 to 4.6 percent in 2023 and 2.6 percent in 2024 — above target in several cases. In emerging markets and developing economies, projected annual inflation declines from 9.9 percent in 2022 to 8.1 percent in 2023 and 5.5 percent in 2024, above the 4.9 percent pre-pandemic (2017-19) average, the IMF said. In low-income developing countries, inflation is projected to moderate from 14.2 percent in 2022 to 8.6 percent in 2024 — still high, but close to the pre-pandemic average, it further said.
In a blog post, Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF, wrote that global inflation is expected to decline this year but even by 2024, projected average annual headline and core inflation will still be above pre-pandemic levels in more than 80 percent of countries.
“The inflation news is encouraging, but the battle is far from won. Monetary policy has started to bite, with a slowdown in new home construction in many countries. Yet, inflation-adjusted interest rates remain low or even negative in the euro area and other economies, and there is significant uncertainty regarding both the speed and effectiveness of monetary tightening in many countries,” Gourinchas said.
Expecting slowdown in Indian economy to 6.1% in 2023 from 6.8% in 2022: IMF
written by Alexandra Hartman Editor-in-Chief
The International Monetary Fund (IMF) on Tuesday said it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 percent from 6.8 percent during the current fiscal ending March 31.
The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.
Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 percent growth for this current fiscal year, which runs until March, and then we’re expecting some slowdown to 6.1 percent in fiscal year 2023. And that is largely driven by external factors, Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF told reporters here.
Growth in India is set to decline from 6.8 percent in 2022 to 6.1 percent in 2023 before picking up to 6.8 percent in 2024, with resilient domestic demand despite external headwinds, said the IMF’s World Economic Outlook update.
According to the report, growth in emerging and developing Asia is expected to rise in 2023 and 2024 to 5.3 percent and 5.2 percent, respectively, following the deeper-than-expected slowdown in 2022 to 4.3 percent attributable to China’s economy.
China’s real GDP slowdown in the fourth quarter of 2022 implies a 0.2 percentage point downgrade for 2022 growth to 3.0 percen — the first time in more than 40 years with China’s growth below the global average. Growth in China is projected to rise to 5.2 percent in 2023, reflecting rapidly improving mobility, and to fall to 4.5 percent in 2024 before settling at below 4 percent over the medium term amid declining business dynamism and slow progress on structural reforms.
Overall, I want to point out that emerging market economies on the whole and developing economies seem to be already on their way up. We have a slight increase in growth for the region from 3.9 percent in 2022 to 4 percent in 2023, Gourinchas said.
Another relevant point here is that if we look at both China and India together, they account for regarding 50 percent of world growth in 2023. So a very significant contribution, he said.
I want to say, we had a positive view on India in our October forecast. That positive view is largely unchanged, Gourinchas said in response to a question.
In a blog post he wrote that India remains a bright spot. Together with China, it will account for half of global growth this year, versus just a 10th for the US and euro area combined, he added.
For advanced economies, the slowdown will be more pronounced, with a decline from 2.7 percent last year to 1.2 percent and 1.4 percent this year and next. Nine out of 10 advanced economies will likely decelerate, Gourinchas said.
The US’ growth will slow to 1.4 percent in 2023 as Federal Reserve interest-rate hikes work their way through the economy. Euro area conditions are more challenging despite signs of resilience to the energy crisis, a mild winter, and generous fiscal support, he said.
With the European Central Bank tightening monetary policy, and a negative terms-of-trade shock due to the increase in the price of its imported energy we expect growth to bottom out at 0.7 percent this year, Gourinchas wrote.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)