Two principal economists painted very different pictures Thursday of what the global economy will look like in the coming years.
International Monetary Fund Managing Director Kristalina Georgieva speaks on the global economic outlook and key issues to be addressed at the IMF and World Bank annual meetings at Georgetown University in Washington, Oct. 6, 2022.
Meanwhile, U.S. Treasury Secretary Janet Yellen, on the other side of town at the Center for Global Development, focused on how the U.S. and its allies could contribute to making longer-term investments to the global economy.She called for ambitious policy solutions and didn’t use the word “recession” once. But despite Yellen’s more measured view, she said “the global economy faces significant uncertainty.
Georgieva said the IMF estimates that countries making up one-third of the world economy will see at least two consecutive quarters of economic contraction this or next year and added that the institution downgraded its global growth projections already three times. It now expects 3.2% for 2022 and now 2.9% for 2023.
Yellen agreed Thursday that “macroeconomic tightening in advanced countries can have international spillovers.” The Organization for Economic Cooperation and Development last week said the global economy is set to lose $2.8 trillion in output in 2023 because of the war.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF's Georgieva: Risks of global recession are risingInternational Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Thursday that they will downgrade the global growth forecast of 2.9%
Read more »
Global CEOs Expect Impending Recession to Be ‘Short and Sharp,' Poll ShowsGlobal CEOs say impending recession will be “short and sharp”: KPMG
Read more »
CEOs say they expect a global recession, but express little long-term concernAlthough CEOs are not expressing much concern over a global recession, rank-and-file employees may have more reason to be nervous about a recession.
Read more »
Sex Differences Seen in Inflammatory Arthritis Healthcare UseWomen’s higher risk of conditions such as osteoarthritis and pain and fatigue may help to explain why overall healthcare resource use was higher in female patients with inflammatory arthritis.
Read more »
Treasury Yields Climb as Jitters Over Inflation and Fed Policy LingerTreasury yields climbed higher on Thursday as markets remained uncertain about the outlook for inflation and what this means for Federal Reserve policy.
Read more »
OPEC+ approves sharp cut in oil output; gas prices could riseOPEC+ said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”
Read more »