The International Monetary Fund (IMF) announced on Nov. 10 that Ukraine’s economic outlook for 2023 has surpassed expectations. According to a statement released by the IMF, the 2023 GDP growth forecast for Ukraine has been upgraded to 4.5%, an increase from the previous prediction of 1-3% made in July. Gavin Gray, an official from the …
Federal Reserve Chair, Jay Powell, addressed the International Monetary Fund in Washington, stating that monetary policy is currently in “restrictive territory” and is applying downward pressure on inflation. Although the economy exhibited robust performance in the third quarter, Powell cautioned that the Fed will not be swayed by temporary spikes in economic data. Nevertheless, the …
During the G20 leaders’ summit, U.S. President Joe Biden called on G20 leaders to support the World Bank and other multilateral development banks to increase their ability to support low and middle-income countries. From left, World Bank President Ajay Banga, Brazil’s President Luiz Inacio Lula da Silva, India’s Prime Minister Narendra Modi, South Africa’s President …
China’s jobless college graduates have become a source of embarrassment for Chinese leader Xi Jinping. The unemployment rate among young people in the country has reached an all-time high, showcasing China’s severe economic troubles domestically and internationally. In an attempt to hide these woes, Xi’s administration stopped releasing unemployment data. However, China’s economic problems cannot …
Turkey’s economic policy under President Recep Tayyip Erdogan is facing major challenges, with inflation skyrocketing and a potential balance-of-payments crisis on the horizon. In a surprising move, Erdogan has been forced to backtrack on his unconventional approach and allow the central bank to raise interest rates to a staggering 25%, a jump of 7.5 percentage …
The International Monetary Fund (IMF) has raised its growth forecast for the global economy, signaling increased positivity despite China’s slowing momentum. In its latest update to the World Economic Outlook, the IMF revised its 2023 global growth prediction to 3%, up by 0.2 percentage points from its April assessment of 2.8%. The forecast for 2024 …
Gita Gopinath, the esteemed first deputy managing director of the International Monetary Fund (IMF), recently shared her insights during an interview with CNBC at the ECB Forum in Portugal. In her discussion, Gopinath emphasized that major central banks should maintain higher interest rates for a longer period than anticipated by some investors. Gopinath acknowledged the …
Another debt crisis is looming in Europe. Greece urgently needs European creditors to release funds from a 2015 bailout agreement in order to fulfill its debt obligations. However, officials are at odds, raising concerns among investors and leading to demands for higher returns on Greek debt. To make matters worse, the International Monetary Fund has …