Home / World Economy / IMF/OECD News (page 2)

IMF/OECD News

IMF chief warns on U.S.-China rivalry, calls Trump-era tariffs counterproductive

The head of the International Monetary Fund warned of risks to the global economy from the rivalry between China and the United States, while describing tariffs put on Chinese imports under then-President Donald Trump as counterproductive. “We may be sleepwalking into a world that is poorer and less secure as a result,” IMF Managing Director Kristalina Georgieva told the Washington Post in an interview published on Saturday. “I lived through the first Cold War on the other side of the Iron Curtain. And, yeah, it is quite cold out there,” ...

Read More »

Slowing Global Economic Growth is Increasingly Evident, High-Frequency Data Show

Global economic growth prospects are confronting a unique mix of headwinds, including from Russia’s invasion of Ukraine, interest rate increases to contain inflation, and lingering pandemic effects such as China’s lockdowns and disruptions in supply chains. In turn, our latest World Economic Outlook, released last month, lowered our global growth forecast for next year to 2.7 percent, and we expect countries accounting for more than one third of global output to contract during part of this year or next. Moreover, as we discuss in our latest report prepared for the ...

Read More »

OECD unemployment rate stable at 4.9% in September 2022 close to the record low

The unemployment rate in the OECD was stable in September 2022, at 4.9%, slightly above its lowest point since the start of the series in 2001 (4.8%) recorded in July 2022 (Figure 1, Table 1). This rate was 0.4 percentage point below its pre-pandemic level (Figure 2). The number of unemployed workers in the OECD decreased slightly, to 33 million (Table 2). The OECD unemployment rate was broadly stable in September for both women and men, at 5.1% and 4.6% respectively, as well as for workers aged 25 and above ...

Read More »

Global Challenges Facing ASEAN and Policy Priorities

By Managing Director Kristalina Georgieva at the ASEAN Summit, Phnom Penh, Cambodia Thank you, Excellency Hun Sen, I am honored to be with you today. May I start by commending you and the people of Cambodia for the remarkable achievements of the last two decades. You took the country from the darkest moment in its history to now being one of the fastest-growing economies in the world, dramatically reducing poverty, improving standards of living and aspiring to be an upper-middle income country by the end of this decade. I would ...

Read More »

IMF sees rising economic fragmentation risk, urges policymakers fight inflation

The biggest challenge facing central bankers now is bringing inflation down, International Monetary Fund Managing Director Kristalina Georgieva said on Thursday, as her deputy warned of the growing risk of economic fragmentation. Georgieva told a conference in Washington that policymakers should adopt targeted measures to alleviate rising food and fuel prices, while avoiding steps that could fuel inflation or sidetrack monetary policy. First Deputy Managing Director Gita Gopinath, speaking at the same conference, said the strengthening dollar, now at its highest level in more than 20 years, and concerns about ...

Read More »

Leading indicators continue to anticipate slowing growth in most major economies

The OECD Composite Leading Indicators (CLIs), designed to anticipate turning points and economic fluctuations relative to trend with information up to October 2022, continue to indicate slowing growth in the OECD area and in most major economies. Among major OECD economies, the CLIs, dragged down by high inflation, increasing interest rates and declining share prices, remain below trend and continue to anticipate growth losing momentum in the United States, the United Kingdom and Canada, as well as in the euro area as a whole, including Germany, France and Italy. By ...

Read More »

Growth and economic well-being: Second quarter 2022, OECD

Real household income per capita fell by 0.5% in the OECD in the second quarter of 2022, contrasting with growth of 0.3% in real GDP per capita (Figure 1). This is the third quarter in a row that real household income per capita has declined in the OECD, as rising consumer prices continue to undermine growth in household income when measured in real terms. Real household income per capita fell in most OECD countries for which data is available in Q2 2022, and in all G7 economies[1] except Germany. Real ...

Read More »

COP27: IMF chief says $75/ton carbon price needed by 2030

The price of carbon needs to average at least $75 a ton globally by the end of the decade for global climate goals to succeed, the head of the International Monetary Fund told Reuters. Speaking on the sidelines of the COP27 climate talks in the Egyptian coastal resort town of Sharm el-Sheikh, IMF Managing Director Kristalina Georgieva said the pace of change in the real economy was still “way too slow”. Recent analysis by the World Bank-affiliated group suggests the sum total of global national commitments on reducing climate-damaging emissions ...

Read More »

Western Hemisphere Regional Economic Outlook: Navigating Tighter Global Financial Conditions

Recent developments in Latin America and the Caribbean have been dominated by the impact of two distinct global shocks: the COVID-19 pandemic and the Russian invasion of Ukraine. A third shock—tightening global financial conditions—is now shaping the outlook for the region, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook for the Western Hemisphere . After contracting sharply in 2020, most of the economies in Latin America and the Caribbean recovered strongly in 2021 and early 2022, helped by the global recovery, the normalization of service sectors, ...

Read More »

Share of emissions covered by carbon prices is rising, OECD data shows

As part of their efforts to cut greenhouse gas (GHG) emissions, countries have increased their use of carbon pricing through taxes or emissions trading systems, with coverage increasing across countries and sectors in 2021, according to a new OECD report. Pricing Greenhouse Gas Emissions: Turning climate targets into climate action finds that more than 40% of GHG emissions were covered by carbon prices in 2021, up from 32% in 2018, with average carbon prices higher in 47 of the 71 countries studied. Average explicit carbon prices from carbon taxes and ...

Read More »

Asia Pacific region faces risks from global financial tightening, slowdown in China: IMF official

The Asia Pacific region is facing three main risks, including due to global financial tightening and a slowdown in China, according to an IMF official. Shanaka Jayanath Peiris, Division Chief of Regional Studies Division, Asia Pacific Department at the IMF, also said that currencies in the region have depreciated sharply while public debt ratios have increased. “We have identified three main risks to the region — global financial tightening, Ukraine-Russia war, which has raised commodity prices, but (has) also slowed external demand particularly from Europe and the slowdown in China,” ...

Read More »

IMF staff recommends Turkey raise rates, boost central bank independence

Turkey should tighten monetary policy and give its central bank more independence, a mission from the International Monetary Fund (IMF) said on Friday. “To address (Turkey’s) challenges, the mission recommended early policy rate hikes accompanied by moves to strengthen the central bank’s independence,” said the IMF in a press release. “Such moves would help reduce inflation more durably and allow reserve buffers to be rebuilt over time.” Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December. In ...

Read More »

Inflation rises to 10.5% in September 2022, with inflation pressures broadening beyond food and energy in most countries

Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) rose to 10.5% in September 2022, from 10.3% in August (Figure 1). Double-digit inflation in September 2022 was recorded in 19 of 38 OECD countries, with the highest rates observed in Estonia, Hungary, Latvia, Lithuania and Türkiye (all above 20%). Inflation excluding food and energy continued to rise in the OECD in September (to 7.6%). In particular, services prices accelerated in a majority of OECD countries. Although energy inflation fell somewhat for the third consecutive month, down ...

Read More »

IMF says it’s monitoring developments on Ukraine grain export deal

The International Monetary Fund on Wednesday said it would continue to carefully monitor developments on a deal freeing up grain exports from war-torn Ukraine after Moscow reversed course and said it would resume its participation. An IMF spokesperson said the deal allowing grain exports through a Black Sea corridor had been “instrumental” in reducing the impact of Russia’s war on global food markets and should be maintained. Russia on Saturday suspended its participation, saying it could not guarantee safety for civilian ships crossing the Black Sea after an attack on ...

Read More »

U.S. Q3 GDP overshot IMF forecasts, but growth volatile -official

The International Monetary Fund may need to raise its forecast for U.S. growth after stronger-than-expected third-quarter GDP data, a senior IMF official said on Wednesday, but Federal Reserve rate hikes are starting to cool demand, especially in housing. Nigel Chalk, acting director of the Fund’s Western Hemisphere department, told Reuters in an interview that the latest IMF World Economic Outlook forecasts for 1.6% U.S. real GDP growth in 2022 had assumed a lower third-quarter print than the 2.6% annual growth rate reported last week by the Commerce Department. “It was ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping