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Russia’s war of aggression against Ukraine continues to create serious headwinds for global economy, OECD says

The global economy is expected to slow further in the coming year as the massive and historic energy shock triggered by Russia’s war of aggression against Ukraine continues to spur inflationary pressures, sapping confidence and household purchasing power and increasing risks worldwide, according to the OECD’s latest Economic Outlook. The Outlook highlights the unusually imbalanced and fragile prospects for the global economy over the next two years. The global economy is projected to grow well below the outcomes expected before the war – at a modest 3.1% this year, before ...

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OECD GDP growth still sluggish at 0.4% in the third quarter of 2022

Gross domestic product (GDP) in the OECD rose by 0.4% quarter-on-quarter in the third quarter of 2022, according to provisional estimates. Quarterly OECD growth rates have remained weak for the past three quarters. Among G7 countries, GDP grew by 0.6% in the United States in Q3 2022 following contractions in the two previous quarters. GDP growth also increased in Germany (to 0.3%, compared with 0.1% in the previous quarter), but slowed in Italy (0.5%, compared with 1.1%), Canada (0.4%, compared with 0.8%) and France (0.2%, compared with 0.5%). GDP fell ...

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France needs to start reining in finances next year – IMF

France should begin reining in public finances from next year to ensure that debt does not keep piling up, the International Monetary Fund said on Monday. In a statement following an annual staff visit, the IMF said that France had successfully cushioned the economic blow from the energy price shock with gas and power price freezes, cash transfers for households and a fuel price rebate. But with the measures costing over 2% of economic output in 2021-2022, they came at a steep cost and the government should better focus support ...

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How Blended Finance Can Support Climate Transition in Emerging and Developing Economies

Emerging market and developing economies account for two-thirds of global greenhouse gas emissions, and many are highly vulnerable to climate hazards. These economies will need significant financing in coming years to reduce emissions and adapt to the physical effects of climate change. Many also have high debt and constrained budgets because of the pandemic and face higher government borrowing costs amid rising interest rates around the world, making it especially difficult for public finance to meet pressing climate financing needs. These factors mean mobilizing private capital on a large scale ...

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IMF backs UK plan for $65 billion of budget tightening

The International Monetary Fund’s managing director, Kristalina Georgieva, said she had spoken with British finance minister Jeremy Hunt on Friday to welcome his latest plan for 55 billion pounds ($65 billion) of budget tightening. “It strikes the right balance between fiscal responsibility and protecting growth and vulnerable households,” Georgieva said in a brief statement on social media. The IMF had criticised Hunt’s predecessor, Kwasi Kwarteng, for previous budget plans in September which included 45 billion pounds of unfunded tax cuts. Those plans led to market turmoil, pushing sterling to a ...

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New OECD data highlight multinational tax avoidance risks and the need for swift implementation of international reform

New data released today highlight continuing base erosion and profit shifting (BEPS) risks and the need to implement the two-pillar solution to ensure that large multinational enterprises (MNEs) pay a fair share of tax wherever they operate and earn their profits. The OECD’s latest annual Corporate Tax Statistics, covering over 160 countries and jurisdictions, includes new aggregated Country-by-Country Report (CbCR) data on the activities of almost 7,000 MNEs, representing a major boost in tax transparency efforts. The new CbCR data show that the median value of revenues per employee in ...

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IMF chief says war in Ukraine is the ‘single most important negative factor’ for global economy

The war in Ukraine is the “single most important negative factor” for the world economy this year — and most likely for 2023 as well, IMF chief Kristalina Georgieva told CNBC. “We judge the war in Ukraine to be the single most important negative factor for the world economy this year, most likely also next year,” she told CNBC’s Martin Soong on the sidelines of the Group of 20 meeting in Bali, Indonesia. “Anything that creates more anxiety is, of course, damaging for the prospects for growth and for meeting ...

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IMF: calibrating China’s COVID strategy critical to sustaining recovery

Calibrating China’s zero-COVID strategy to mitigate the country’s economic impact will be critical to sustain and balance the recovery, Gita Gopinath, the first deputy managing director of the IMF, told the Caixin Summit on Thursday. “For China, inflation and weakening growth allow for greater support for vulnerable households, which together with strengthening social safety nets would promote consumption,” she said via video. Source: Reuters (Reporting by Beijing newsroom; Editing by Jacqueline Wong)

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IMF’s Georgieva says Biden-Xi meeting ‘constructive’ signal for trade

President Joe Biden’s meeting with Chinese President Xi Jinping was a “very constructive” signal that may ease trade tensions between the world’s two largest economies, International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday. The leaders of top economies issued a “strong call” for an end to Russia’s war in Ukraine, in part because the conflict is the single biggest factor slowing global growth, Georgieva told Reuters as a contentious G20 summit ended. But the Biden-Xi meeting sent “a very significant message to the world that international cooperation is ...

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IMF’s Georgieva urges G20 leaders to ‘allow trade to do its job’

International Monetary Fund Managing Director Kristalina Georgieva warned G20 leaders on Tuesday against allowing trade protectionism to “take root” and said fragmentation of the world economy into geopolitical blocs would significantly hurt growth. In prepared remarks delivered at the Group of 20 leaders summit, Georgieva said that 345 million people in the world were now suffering from a food crisis as a result of Russia’s war in Ukraine, high inflation and climate disasters. She said G20 countries should “allow trade to do its job”. “Removing barriers, especially for food and ...

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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,” ...

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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 ...

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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 ...

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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 ...

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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 ...

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