Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

IMF: Massive downgrades in global growth, global output forecasts

  • By Al Mayadeen English
  • Source: Agencies
  • 6 Oct 2022 18:45
  • 1 Shares
4 Min Read

The IMF is considering that the entire economy will suffer in the year 2023, but the reality is that the downgrades will only apply to Western countries.

  • x
  • IMF director: Forecast for Global Growth in 2023 to be downgraded
    IMF director: Forecast for Global Growth in 2023 to be downgraded

IMF Managing Director Kristalina Georgieva said on Thursday that the International Monetary Fund (IMF) will downgrade its global economic forecast for 2023 in an upcoming World Economic Outlook to be released next week. 

During a speech before the upcoming meetings between the IMF and the World Bank, "As you will see in our updated World Economic Outlook next week, we will downgrade growth for next year."

Georgieva added that the IMF expects one-third of the global economy to undergo a recession in the year 2023.

Read more: IMF to slash global growth forecast 'substantially' in next update

Forecasts further predict for the global output to decline by about $4 trillion between now and 2026,  Georgieva said.

“Overall, we expect a global output loss of about $4 trillion between now and 2026. This is the size of the German economy — a massive setback for the world economy,” Georgieva stated during her speech today.

"We will flag that the risks of recession are rising. We estimate that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year. And, even when growth is positive, it will feel like a recession because of shrinking real incomes and rising prices," she added while warning against a rapid tightening of monetary policy.  

"Tightening monetary policy too much and too fast—and doing so in a synchronized manner across countries—could push many economies into prolonged recession," Georgieva concluded.

Read more: Anti-Russia sanctions to impact world: IMF Chief

The situation is likely to further worsen as the EU is continuing to sanction Teheran and Moscow. Just yesterday, the EU agreed to impose a price cap on Russian oil sales to third countries, in an attempt to block Moscow's use of EU-registered vessels for its oil exports, all while excluding pipeline deliveries from the 8th round of sanctions on Russia, Politico Europe reported on Tuesday.

Related News

US economic growth 'unlikely to last', IMF Managing Director says

Failure to reach deal on US debt limit to result in contraction: IMF

This decision was passed despite Cyprus, Malta, and Greece's opposition which had previously voiced their concern on the matter due to its impact on the shipping industry in the countries, and have been promised concessions by Brussels that proposed measures induced through a "monitoring system" to help ease the effects of the embargo that might emerge as a "significant loss of business" if commercial vessels were to resort to reflagging. 

On Wednesday, Iranian Deputy Energy Minister Ahmad Asadzadeh told Sputnik that the West, having imposed sanctions against Tehran and Moscow, suffered from these sanctions itself and faced an energy crisis.

"Now the world needs gas and oil. It would be good to treat this topic carefully, to take a transparent position. Sanctions against Iran and Russia are not good for the West, it will suffer from them. Today there is a gas crisis in Europe, there are problems. The same is true for oil," Asadzadeh explained.

Read more: West suffered from sanctions against Iran, Russia: Iranian diplomat

On October 5th, OPEC+ member states voted on cutting their production of oil and agreed to reduce their oil production by 2 million barrels a day in light of the world's surging energy crisis.

Earlier reports suggested that OPEC's Joint Ministerial Committee (JMMC) recommended cutting oil production by 2 million barrels per day.

"They have not formally agreed yet, but have already voted," the source said, commenting on whether the alliance has agreed on a decision to reduce oil production by 2 million barrels per day.

The sources clarified that all members voted in favor of the reduction after discussing oil market reports.

The US is concerned that OPEC's probable decision to reduce oil production will pose serious problems for the country and may even be interpreted as a hostile act, according to a US Treasury report.

The Biden administration assembled its top energy, economic, and foreign policy officials and entrusted them with lobbying Middle East allies such as Saudi Arabia, the United Arab Emirates, and Kuwait to vote against decreasing oil production.

To persuade its OPEC allies, the US proposed to purchase back up to 200 million barrels of oil from its OPEC partners.

Read more: US oil reserves massively depleting

  • Kristalina Georgieva
  • IMF
  • Global growth

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
Russia-Ukraine peace talks resume in Istanbul amid escalating war
Europe

Ukraine, Russia head for Istanbul talks as battles rage, cmdr. resigns

Australia urged to join Macron-led push for Palestinian statehood
Asia Pacific

Australia urged to join Macron-led push for Palestinian statehood

‘Israel’ lost international legitimacy for war on Gaza: Israeli media
Palestine

‘Israel’ lost 'international legitimacy' for Gaza war: Israeli media

MSF Chief: US-Israeli aid plan in Gaza ‘Dehumanising’
Politics

US-Israeli aid plan in Gaza used as tool for forced displacement: MSF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS