WASHINGTON—The International Monetary Fund on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries. The war is expected to further increase inflation, the IMF said in its latest World Economic Outlook,…
IMF Cuts Global Growth Forecast Due to ‘Seismic Waves’ From Russia’s War in Ukraine
April 20, 2022
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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…
Global Debt Reaching ‘Dangerous’ Levels: IMF
April 12, 2022
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Global debt is at such a high level that a worldwide cooperative approach is needed to tackle the danger, according to Vitor Gaspar, director of the International Monetary Fund’s (IMF) fiscal affairs department, and Ceyla Pazarbasioglu, the organization’s strategy chief. Data from the IMF’s Global Debt Database shows that borrowing rose by 28 percentage points…
The Fallout From the Eclipse of US Hegemony
April 12, 2022
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Commentary “America at this moment stands at the summit of the world.”—Winston Churchill, 1950 At the end of World War II, the United States was far and away the world’s predominant economic and military power. America in 1950 was nothing less than an industrial colossus. According to the International Organization of Motor Vehicle Manufacturers, the…
IMF Urges Japan to Raise Taxes, Scale Down Emergency Pandemic Support
Japan’s tax revenues in Growth Domestic Product (GDP) have left room for the country to raise some tax rates while scaling down emergency pandemic support, the International Monetary Fund (IMF) said in its report on Thursday. According to IMF, Japan’s policy response to the pandemic has been “exceptionally strong,” with the country’s GDP forecast to…
IMF Urges Japan to Raise Taxes and Scale Down Emergency Pandemic Support
Japan’s tax revenues in Growth Domestic Product (GDP) have left room for the country to raise some tax rates while scaling down emergency pandemic support, the International Monetary Fund (IMF) said in its report on Thursday. According to IMF, Japan’s policy response to the pandemic has been “exceptionally strong,” with the country’s GDP forecast to…
US Coal Stockpiles Near Historic Lows
January 18, 2022
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The U.S. Energy Information Administration’s (EIA’s) latest short-term energy outlook (pdf) reveals that coal inventories in the electric power sector reached 93.7 million short tons as of December 2021—an increase since September when stockpiles hit a historic low not seen since the Carter administration. Isaac Orr, a policy fellow at the Center of the American…
‘No New Coal Plants Should Be Built’: UN Secretary-General to World Economic Forum
January 17, 2022
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In a special address to the World Economic Forum’s Davos Agenda 2022, United Nations Secretary-General António Guterres said that “no new coal plants should be built.” “This must be a priority for us all—to phase-out coal,” he said. Guterres, a former prime minister of Portugal who also previously led the Socialist International, has served as…
Global Co-Operation Urged to Counter Cyberattacks, Though No Easy Solution
The vulnerability of governmental and financial systems to cyberattacks has prompted calls to action, though experts say the most widely proposed solutions have their own problems. On Dec. 9, 10 countries participated in a simulated cyberattack “war game” event in Israel, called “Collective Strength,” which was also attended by representatives from the World Bank, International…
Emerging Markets, the US Dollar, and the IMF
Commentary As more countries copy the Federal Reserve’s monetary policy without the global demand for the U.S. dollar, financing trade and fiscal deficits by printing a weakening currency, nations become more dependent on the U.S. dollar. Neither domestic nor international citizens demand local currency, and governments continue to build large fiscal and trade imbalances believing…
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