World Bank: Iraq is among three countries that will record the highest economic growth in 2023

[yota691]

After the international monetary warning... the Iraqi government's first comment on the risks of the 2023 economy

• Time: 01/01/2023 22:09:55
•  
• Read: 6,682 times

  

{Economic: Al Furat News} The Iraqi government commented, on Sunday evening, about the risks of the economy in 2023, after the International Monetary Fund warned.

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, told Al-Furat News that: "The tracks of the federal general budget for the year 2023 will bear the seeds of building capital accumulation and the sustainability of development and its requirements through strengthening investment funds directed to development that will be handled by the private sector."
He added, "This measure will contribute to protecting the national economy through fruitful production and easy financing means that help at the same time to recover money through capital circulation and in a way that achieves financing sustainability again, and so on."
Waad Saleh, development funding directed through funds is "the basis of the prevailing trend that came at the heart of the government program, which is the ministerial program that was approved by Parliament as a national scientific vision for the government's economic and social policy that aspires to consolidate the country's economic future."
He continued, "As the government program protects the national economy in two directions, the first is to reduce its dependence on oil unilateralism through economic diversification by investing in the government product and the private sector, and the second is by using the financial savings achieved by the oil asset cycle in the current oil peak year witnessed by energy prices in the world."
Saleh explained, "It maximized oil revenues, in order to establish development financing funds with strong capital and support concessional investments financially, in a way that maximizes production and provides at the same time a positive capital recovery to be re-lent in the development life cycle - and concessional financing."
The financial advisor to the Prime Minister concluded, "As this financing-development cycle provides adequate relative protection against expectations of oil price fluctuations, the risks of the international oil market, or the risks of a downturn in the oil asset cycle that the International Monetary Fund mentions."
And the Director of the International Monetary Fund, Kristalina Georgieva, announced that the increase in Covid-19 infections in China is disturbing news for the global economy, and that this year 2023 will be more difficult than the previous one for most of the world's economies.
And Georgieva warned of the future prospects for emerging markets that are more dangerous due to debt levels, the strength of the dollar, and the state of economic recession in 2023.

From: Raghad Dahham

[yota691]

International Monetary shocked the world with "pessimistic" expectations for 2023

• Time: 01/01/2023 19:36:32
•  
• Read: 3,055 times

  

{Economic: Al Furat News} The Director of the International Monetary Fund, Kristalina Georgieva, announced that "the increase in Covid-19 infections in China is disturbing news for the global economy."

In a press interview, she said, "The escalation of corona cases in China carries bad news for the global economy in the short term."
And she indicated that "the European Union was severely affected by the war in Ukraine and half of its countries may enter recession next year."
"This year will be more difficult than the previous one for most economies in the world," she added.
Georgieva pointed out that "the future prospects of emerging markets are more dangerous due to debt levels and the strength of the dollar."
And the director of the International Monetary Fund expected that "the global economy will be in recession in 2023."

[yota691]

The International Monetary Fund warns: 2023 "will be difficult"

Arab and international
   

Economy News - Baghdad
The head of the International Monetary Fund, Kristalina Georgieva, said on Sunday that the year 2023 will be difficult for most of the global economy.

Georgieva said in a televised interview that the new year will be "more difficult than the year we leave behind."

"Why? Because the three major economies, the United States, the European Union and China, are all slowing down simultaneously," she added.

The International Monetary Fund had lowered its forecast for the growth of the global economy during 2023, in October, by 0.2 percentage points to 2.7 percent, compared to previous expectations last July that the global economy would grow in 2023 by 2.9 percent.

The International Monetary Fund expected that the year would witness an economic recession that would be felt by millions of people around the world.

 

 

---

Views 378

Added 01/01/2023 - 7:36 PM

Updated 01/02/2023 - 3:29 PM

[ronscarpa]

The IMF is spouting the Globalist line regarding the proported Covid Crisis in China and it's effect on the global economy - where in reality less than 2% of the Chinese population in the major cities has experienced any covid symptoms. Far less in China as a whole.

Edited January 2, 2023 by ronscarpa
spelling

[DF#1]

Good to see you back Yota....

 

[WheresmyRV?]

Yota's back! Glad to see you back! 

[Artitech]

Great to see Yota Back! 🤠

[southbeach]

1 hour ago, DF#1 said:

Good to see you back Yota....

 

 

[3n1]

was a member here many many years ago ( different moniker ) i first invested in 2005 at the time it was a little to annoying for me my personal opinion i left , years later was on another dinar chat and a person said go over to DV Yota is breaking news down line by line so i thought who is this Yota soon found her to be invaluable to keeping the hype down and the sanity level ,  its difficult reading typing bringing articles day after day year after year and just simply trying to navigate  daily life ... cheers dv'ers

[Fitxvz]

may God bless you yota..

 

[screwball]

Sounds like major players are failing and warnings to stay away from usd for emerging markets..

[6ly410]

Including Iraq.. three countries will record the highest economic growth in 2023

Wednesday 11 January 2023 10:32 | EconomicalNumber of readings: 292

Among them is Iraq. Three countries to record the highest economic growth in 2023 (ninanews-com.translate.goog)

Baghdad /Nina / TheWorld Bank predicted on Wednesday that three Arab countries, including Iraq, will record the highest growth rate during the year 2023. The bank stated in a report that "the growth of the countries of the region will decline during the current years 2023 and the next year 2024 to record 3.5% and 2.7%, respectively."

Despite the decline in the economic growth of Arab countries, the bank explained that "Egypt, the UAE and Iraq are the highest economic growth rate among other Arab countries during 2023, as their growth is expected to exceed 4%, while the growth rate of the rest of the Arab countries will decline to less than 4%."
The World Bank said that the economic growth rate of Egypt is 4.5%, the economic growth rate of the UAE is 4.1%, and the economic growth rate of Iraq will reach 4%.
He pointed out that "economic growth is likely to decline for Iraq and the UAE during 2024 to reach 2.9% and 2.3% for both countries, respectively, while Egypt's economic growth rate will increase to 4.8%.

The World Bank pointed out that "oil Exporters obtained unexpected gains thanks to the rise in crude and gas prices and the increase in production volumes, which was reflected in achieving an increase in GDP at the fastest pace in nearly a decade.”
According to the bank, "the growth of the Arab oil countries, by itself, will slow from 6.1% in 2022 to 3.3% this year, and to 2.3% next year."

[yota691]

World Bank: Iraq is among three countries that will record the highest economic growth in 2023

2023-01-11 01:50

 

 

 

Shafaq News / The World Bank expects, on Wednesday, that three Arab countries, including Iraq, will witness the highest growth rate during the year 2023.

 

 

 

In a report seen by Shafaq News agency, the bank stated that "the growth of the countries of the region will decline during the current two years 2023 and the next 2024, to record 3.5% and 2.7%, respectively."

Despite the decline in the economic growth of the Arab countries, the bank stated that "Egypt, the UAE and Iraq have the highest economic growth rate among the other Arab countries during the year 2023, as their growth is expected to exceed 4%, while the growth rate of the rest of the Arab countries will decrease to less than from 4%.

The World Bank suggested that the economic growth rate for Egypt would be 4.5%, the economic growth rate for the UAE would be 4.1%, and the economic growth rate for Iraq would reach 4%.

He pointed out that "economic growth is likely to decrease for Iraq and the UAE during the year 2024, to reach 2.9% and 2.3% for both countries, respectively, while the economic growth rate for Egypt will rise to 4.8%."

The World Bank pointed out that "oil-exporting countries obtained unexpected gains thanks to the rise in crude and gas prices and the increase in the volume of production, which was reflected in achieving an increase in gross domestic product at the fastest pace in nearly a decade."

According to the bank, "the growth of the Arab oil countries, by themselves, will slow from 6.1% in 2022 to 3.3% this year, and to 2.3% next year."

[yota691]

World Bank: Iraq is among three countries that will record the highest economic growth in 2023

money and business
   

Economy News _ Baghdad
Today, Wednesday, the World Bank expected that three Arab countries, including Iraq, would witness the highest growth rate during the year 2023.

 

In a report seen by Al-Eqtisad News, the bank stated that "the growth of the countries of the region will decline during the current two years 2023 and the next 2024, to record 3.5% and 2.7%, respectively."

 

Despite the decline in the economic growth of the Arab countries, the bank stated that "Egypt, the UAE and Iraq have the highest economic growth rate among the other Arab countries during the year 2023, as their growth is expected to exceed 4%, while the growth rate of the rest of the Arab countries will decrease to less than from 4%.

 

The World Bank suggested that the economic growth rate for Egypt would be 4.5%, the economic growth rate for the UAE would be 4.1%, and the economic growth rate for Iraq would reach 4%.

 

He pointed out that "economic growth is likely to decrease for Iraq and the UAE during the year 2024, to reach 2.9% and 2.3% for both countries, respectively, while the economic growth rate for Egypt will rise to 4.8%."

 

The World Bank pointed out that "oil-exporting countries obtained unexpected gains thanks to the rise in crude and gas prices and the increase in the volume of production, which was reflected in achieving an increase in gross domestic product at the fastest pace in nearly a decade."

 

According to the bank, "the growth of the Arab oil countries, by themselves, will slow from 6.1% in 2022 to 3.3% this year, and to 2.3% next year."

 

 

---

Views 119

Added 01/11/2023 - 10:03 AM

Updated 01/11/2023 - 5:43 PM

[yota691]

In a phenomenon that has not occurred in 80 years, the World Bank warns of a second global "recession" within one decade

2023-01-11 10:48

 

Shafaq News / The World Bank warned of the danger of an imminent recession this year, while this "potential" recession will be the second of its kind in one decade, in a phenomenon the world has not known in 80 years.

In its report, the World Bank lowered its forecast for global economic growth for 2023 to 1.7% compared to its previous forecast of 3%, against the backdrop of what it sees as deteriorating economic conditions on a large scale, warning that the world is "dangerously close" to recession.

And if this global recession occurs in 2023, it will be the second of its kind in just three years and this phenomenon, meaning that the world will witness two recessions in the same decade that last occurred in the 1930s, according to a CNN report.

The World Bank said that the expected global recession in 2023 would be "the third weakest pace of growth in nearly three decades, overshadowed only by the global recession caused by the pandemic and the global financial crisis."

The global economy contracted by 3.2% during the pandemic recession of 2020, before rebounding strongly in 2021.

If these expectations prove accurate, it will be the third weakest annual expansion in three decades, after the deep recession that resulted from the global financial crisis of 2008, and the Corona virus epidemic in 2020, according to the American CNBC network, and the World Bank expected that growth would return to 2.7% in Year 2024.

The World Bank report follows a similarly bleak forecast a week ago from Kristina Georgieva, head of the International Monetary Fund, who predicted that a third of the world would fall into recession this year.

Other economists also issued bleak forecasts, although most of them are not quite as pessimistic as the World Bank. Economists at JPMorgan Corporation expect slow growth this year for advanced economies and the world as a whole, but they do not expect a global recession.

Why will the global recession repeat so quickly?

“Global growth has slowed to such an extent that the global economy is perilously close to sliding into a global recession in 2023,” the World Bank said.

The World Bank explained that the world is heading towards recession in 2023, that it is caused by the massive increase in global interest rates to tame inflation.

The downgrade of global growth forecasts by the Bank was prompted by a significant downgrade in its outlook for the US economy, which is now expected to grow by 0.5% from a previous forecast of 2.4%.

The World Bank also lowered its growth forecasts for China for 2023 from 5.2% to 4.3%, Japan from 1.3% to 1%, and Europe and Central Asia from 1.5% to 0.1%.

The World Bank acknowledged that tightening monetary policies by central banks around the world may have been necessary to tame inflation, but stressed that it had contributed to a significant deterioration in global financial conditions.

To curb inflation, the international lender said central banks may need to raise interest rates by an additional 2 percentage points above the average 2-point increase in 2021. He warned that this could slow global GDP growth in 2023, which is expected to slow. Shrinking to 0.5% after contracting by 0.4%.

According to the World Bank, this would meet the technical definition of a "global recession".

"The United States, the eurozone and China are all going through a period of apparent weakness, and the resulting fallout is exacerbating other headwinds faced by emerging markets and developing economies," the report said.

Europe's economy will not grow at all

Europe, long a major exporter to China, is likely to suffer from a weaker Chinese economy.

The World Bank predicts that the EU economy will not grow at all next year, after expanding by 3.3% in 2022.

Although the US may avoid a recession this year, the World Bank expects the US economy to grow by 0.5%.

Global weakness is likely to be another headwind for businesses and consumers in America, in addition to higher prices and more expensive borrowing rates.

The United States also remains vulnerable to more supply chain disruptions if COVID-19 continues to rise, or Russia's war in Ukraine worsens.

The fate of the global economy depends on what will happen to China?

The bank expected China's economy to grow by 4.3%, almost a percentage point lower than it had previously forecast, and about half the pace recorded by Beijing in 2021.

The bank's reduction of its forecast for China's growth in 2023 came as a result of the continuous vibration in the country's real estate market, weak demand from other countries for products made in China, and the continuing disruptions caused by the outbreak of the epidemic after abandoning the zero Covid policy.

The World Bank said in its report that the faster-than-expected reopening of China poses a great deal of uncertainty about its economic recovery.

"China's economic recovery may be delayed if reopening leads to a large outbreak that overburdens the health sector and weakens confidence," the report said. "There is a great deal of uncertainty about the trajectory of the epidemic, and how households, businesses and policymakers in China will respond."

"China is a major variable, and there could be an upside for Beijing if they get rid of the effects of the pandemic," World Bank President David Malpass told CNBC on Tuesday.

"China is big enough in itself to raise global demand and supply," he said.

The problem is that there seems to be no solution to the crisis. If countries decide to avoid recession by encouraging demand for commodities, this means fueling the already high inflation, and this also means that the US Federal Reserve will continue to raise interest rates for a longer period of time.

Middle developing economies would do better

The Bank expects developing countries to do better, growing 3.4% this year as they did in 2022, though still about half the pace of growth in 2021. The Bank expects Brazil's growth to slow to 0.8% in 2023, down from 3%. % last year.

In Pakistan, the economy is expected to expand by just 2% this year, a third of last year's pace.

However, the World Bank report indicated that high interest rates in advanced economies such as the United States and Europe will attract investment capital from poor countries, thus depriving them of important domestic investment.

At the same time, the report said, these high interest rates will slow growth in developed countries, at a time when Russia's invasion of Ukraine has kept global food prices high.

But these conditions will be devastating for the poorest countries.. Here are the most affected regions of the world

“The prospects are particularly dire for many poorer economies, where poverty reduction has already stalled, and access to electricity, fertilizer, food and capital is likely to remain limited for a long time, especially as Russia’s invasion of Ukraine has added significant new costs,” said the World Bank chief. David Malpass on the phone with reporters.

The impact of the global recession will be particularly harsh on poorer countries in regions such as sub-Saharan Africa, which is home to 60 percent of the world's poor.

The World Bank expects per capita income to grow by only 1.2% in 2023 and 2024, a tepid pace that could lead to higher poverty rates.

“Weak growth and business investment will compound the already devastating setbacks in education, health, poverty, infrastructure and the growing needs of climate change,” Malpass said.

Addressing the scale of these challenges will require significantly more resources for global development and public goods.

Besides seeking new financing, so it can lend to more poor countries, Malpass said, the World Bank is seeking, among other things, to improve lending terms that would increase debt transparency, "especially for the growing share of poor countries, which She is at high risk of debt distress."

The deterioration will be broad-based, that is, it will include almost all regions of the world, according to CNN. Per capita income growth will be slower than it was during the decade preceding Covid-19.

"The setback to global prosperity is likely to continue," said the World Bank president.

And by the end of 2024, economic output in emerging market and developing economies will be about 6% below pre-pandemic levels, according to the World Bank.

Income growth is also expected to be slower than the average in the pre-Covid decade, making it difficult to close the gap with richer countries.