Dow Inc., a Michigan-based material science company, announced today that approximately 2,000 jobs will be cut globally as part of the corporation’s goal to save $1 billion this year. In a press release, Dow outlined a series of targeted actions to reduce spending through structural improvements and operating expenses, which the company expects to realize…
IMF to Slash Global Growth Forecast for 2023, Warns of Global Recession
The International Monetary Fund cut its global growth forecast for 2023, warning of a potential global recession next year. The IMF lowered its global growth estimates in its Oct. 11 World Economic Outlook report to 2.7 percent, which is down from its 2.9 percent outlook in July. The report said that “the slowdown of the global economy…
World Bank Says War to Cut Global Growth, Boosts Financing Target
WASHINGTON—The World Bank is reducing its global growth forecast for 2022 by nearly a full percentage point, to 3.2 percent from 4.1 percent, due to the impacts from Russia’s invasion of Ukraine, World Bank President David Malpass said on Monday. Malpass told reporters on a conference call that the World Bank was responding to the…
IMF’s Georgieva Says Ukraine War Hits Growth, Threatens to Fragment Global Economy
WASHINGTON—The war in Ukraine is prompting the International Monetary Fund to cut global growth estimates for both 2022 and 2023 as higher food and energy prices pressure fragile economies, the IMF’s managing director, Kristalina Georgieva, said on Thursday. Georgieva said in a “curtain raiser” speech for next week’s IMF and World Bank spring meetings that…
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