India and China will account for half of global growth, while in the West “higher interest rates will depress demand”.
He International Monetary Fund (IMF) predicts that the global gross domestic product (GDP) growth. is located in the vicinity of 3% for the next five years, representing the worst medium-term outlook since 1990. The data is also below the average growth in global GDP over the past 20 years, which was 3.8%.
Kristina Georgievadirector of the IMF, has put forward these forecasts, expected for Tuesday: “The path ahead, and especially the path back to robust growth, is rough and confusing, and the ropes that hold us together can weaker now than a few years ago.”
Georgieva explained that there are “clear differences” between the blocks. For example, growth will come from emerging economies, and “Asia in particular is a bright spot“India and China are expected to account for half of global growth by 2023,” he said.
However, “economic activity in the United States and the euro area is slowingwhere higher interest rates depress demand,” he explained.
In any case, Georgieva has emphasized that banks are more solid and resilient now than they were during the 2008 crisis, though she urged authorities to remain vigilant. As long as there are no major problems, it has instructed central banks to remain focused on tackling inflation.
The director of the IMF has also set priorities to improve medium-term growth prospects and increase international solidarity to reduce the debt problems of the poorest countries.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
