RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economics

IMF- Global Economy growth is expected to be slow in 2023

Rate Captain by Rate Captain
February 1, 2023
in Economics
Reading Time: 2 mins read
A A
0
IMF- Global Economy growth is expected to be slow in 2023
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in a quarterly update to its World Economic Outlook (WEO).

The IMF acknowledged that Economic growth proved surprisingly resilient in the third quarter of 2022, with a strong labor market, robust private demand, and better-than-expected adaptation to the energy crisis in Europe. Inflation also showed improvement with overall measures decreasing in most places. Even core inflation which excludes more volatile energy and food prices has yet to peak in many countries.

AlsoRead

Nigerians are facing challenges spending old Naira

Oil Prices Take a Dip Amidst Weaker Data from China and Stronger Dollar.

Buhari calls for duty free market access for Least Developed Countries.

In its statement, the global economy is expected to be slow in 2023 before rebounding next year. Growth will also remain weak by historical standards, as the fight against inflation, and Russia’s war in Ukraine weigh on activity. Global growth is expected to drop from 3.4 percent recorded in 2022 to 2.9 percent in 2023, then rebound to 3.1 percent in 2024. For advanced economies, the slowdown will be more pronounced, with a decline from 2.7 in 2022, to 1.2 percent in 2023. Nine out of ten advanced economies will see growth decelerate this year. US growth will slow to 1.4 percent in 2023, as federal interest rate heights work their way through the economy.

For developing economies the growth is expected to rise modestly to 4 percent, and 4.2 percent, from 2023 to 2024.
Global inflation has been revised upwards again to 6.9 percent in the first quarter of 2023 and is expected to decline to 4.4 percent by the end of 2023. Inflation could remain stubbornly high, with continued labor market tightness and growing wage pressures requiring tighter monetary policies, which will result in central banks raising their real policy rates above a neutral stance, and keeping them there until underlying inflation is on the decisive, declining path.

An escalation of the war in Ukraine remains a major threat and could destabilize energy and food markets, and further fragment the global economy. A sudden reprising in financial markets could tighten financial conditions, especially in emerging markets and developing economies. The recent news about inflation 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.

The Chief Economist of the IMF recommended that emerging market economies should let their currencies adjust as much as possible, in response to the tighter global monetary conditions using FX interventions or capital flow management where appropriate to smooth excessive and non-fundamental volatility and they should improve resilience, ease price pressures, and foster the green transition

Previous Post

Currency in circulation drops massively in the third quarter of 2022.

Next Post

Naira depreciates to N749/$ in the parallel market.

Related News

13 days to the expiration of old naira, scarcity of the new notes persists.

Nigerians are facing challenges spending old Naira

by Rate Captain
March 13, 2023
0

Old Naira notes that Nigerians collected from commercial banks are becoming difficult to spend because so many people still refuse...

Oil Prices Take a Dip Amidst Weaker Data from China and Stronger Dollar.

Oil Prices Take a Dip Amidst Weaker Data from China and Stronger Dollar.

by Rate Captain
March 8, 2023
0

Oil prices experienced a decline on Tuesday, with Brent crude oil dropping by 41 cents or 0.48% to $85.77 per...

Buhari calls for duty free market access for Least Developed Countries.

Buhari calls for duty free market access for Least Developed Countries.

by Rate Captain
March 7, 2023
0

President Muhammadu Buhari has called on developed and developing nations to grant duty-free and quota-free market access for products originating...

NESG launches diagnostic report on Nigeria’s mining sector.

NESG launches diagnostic report on Nigeria’s mining sector.

by Rate Captain
February 16, 2023
0

The Nigerian Economic Summit Group (NESG) and the Ford Foundation launched a diagnostic report on Tuesday, February 14, 2023, on...

Next Post
Naira depreciates to N749/$ in the parallel market.

Naira depreciates to N749/$ in the parallel market.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

CBN governor blames insecurity and high transport costs for the hike in food inflation.

March 22, 2023
CBN governor hails fintech companies for efficiency in online transactions.

CBN governor hails fintech companies for efficiency in online transactions.

March 22, 2023

Popular Story

  • Access Bank cuts PTA and BTA to $2,000 per application.

    Access Bank cuts PTA and BTA to $2,000 per application.

    0 shares
    Share 0 Tweet 0
  • Naira remains stable at N754/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • Naira appreciates to N765/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • CBN governor hails fintech companies for efficiency in online transactions.

    0 shares
    Share 0 Tweet 0
  • Naira remains stable at N745/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>