FILE PHOTO: 54th WEF annual meeting in Davos
FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva attends the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 17, 2024. REUTERS/Denis Balibouse/File Photo Photo: Reuters/DENIS BALIBOUSE
business

IMF chief confident on global economic outlook despite uncertainties

8 Comments
By Maha El Dahan and Federico Maccioni

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Sunday she was confident about the economic outlook despite uncertainties around war and geopolitics as the global economy has remained resilient.

In a speech at the World Governments Summit in Dubai, Georgieva said the IMF would publish a paper on Monday that shows phasing out explicit energy subsidies could save $336 billion in the Middle East, equivalent to the economies of Iraq and Libya combined.

She added that in addition to savings, eliminating regressive energy subsidies "discourages pollution, and helps improve social spending," in a copy of the speech published on the IMF website.

In its latest regional economic update published last month, the IMF revised its GDP growth forecast for the Middle East and North Africa region downwards to 2.9% this year, due in part to short term oil production cuts.

"While uncertainties are still high, we can be a bit more confident about the economic outlook, because the global economy has been surprisingly resilient," she said in the speech.

Speaking about the conflict in Gaza, Georgieva warned of widening consequences.

"This exceptionally uncertain moment compounds the challenges of economies that are still recovering from previous shocks. And further widening of the conflict would aggravate the economic harm," she said.

© Thomson Reuters 2024.

©2024 GPlusMedia Inc.

8 Comments
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Winners and losers. The US, Japan, Taiwan doing great. Canada, Germany, China are doing very badly.

0 ( +1 / -1 )

Buy more stock?

Think I'll wait until geo- political tensions subside.

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G-7 countries have record debt levels, spending remains out of control. How is a country doing great when its economy grows x but it's deficit spending is +2x? There's only technically GDP growth due to of Govt. spending.

Can't put lipstick on PIG, consumer spending DOWN on an inflation adjusted basis everywhere, why ONLY 13% in US feel better off financially with Biden last 3 years. Japan no different, Kishida approval ratings also in toilet.

1 ( +4 / -3 )

@JeffLee

IMF growth projections for 2024

China: 4.2%

USA: 2.1%

Japan: 0.9%

Taiwan: Not found

-1 ( +1 / -2 )

The IMF is just as USLESS as the UNSC.

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Debt at massive levels,US dollar being bypassed, conflicts increasing-it doesn’t look good!

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kurisupisuToday 08:38 am JST

Debt at massive levels,US dollar being bypassed, conflicts increasing-it doesn’t look good!

Dollar just as strong as it has been.

https://en.wikipedia.org/wiki/Reserve_currency#Global_currency_reserves

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deanzaZZRFeb. 12 09:19 am JST

IMF growth projections for 2024

Taiwan: Not found

Was that Taiwan's fault for existing? Doesn't matter as Taiwan will always be independent and wealthier than the mainland.

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