Global economic growth may be reaching a “turning point”, supported by falling inflation and China’s reopening, International Monetary Fund managing director Kristalina Georgieva said on Sunday.
“While this is encouraging, the balance of risks remains tilted to the downside. China’s recovery could stall [and] inflation could remain higher than expected,” said Ms Georgieva, who was speaking at the seventh Arab Fiscal Forum in Dubai.
“Russia’s war in Ukraine could escalate, causing further fragmentation of the global economy.”
Watch: Ukraine's Zelenskyy lands in Belgium ahead of EU summit meeting
Last month, the fund raised its global economic growth estimate for this year to 2.9 per cent from a previous forecast of 2.7 per cent.
The IMF expects global inflation to decline to 6.6 per cent in 2023 from 8.8 per cent last year. It is expected to fall further to 4.3 per cent next year.
“China’s reopening is helping, as well as resilient labour markets and consumer spending in the US and the EU,” said Ms Georgieva.
The Middle East and North Africa region is forecast to grow by 3.2 per cent this year, following a 5.4 per cent expansion in 2022, as the Opec+ group of countries sticks to an oil output cut of 2 million barrels per day.
Opec+ announced a reduction of its collective output in October last year amid growing signs of an economic slowdown and Covid-19 curbs in China, the world’s second-largest economy and top crude importer.
Brent, the benchmark for two thirds of the world’s oil, surged to $90 a barrel last month after China reopened its borders after nearly three years of adhering to a strict zero-Covid policy. The global benchmark has since given up some gains and was last trading at $86.39 on Friday.
“For oil importers, the challenges would continue. Public debt is a particular concern, with several economies in the region facing elevated debt-to-GDP ratios — some close to 90 per cent,” Ms Georgieva said.
Inflation in the Mena region is expected to surpass 10 per cent for the fourth consecutive year in 2023 on higher food prices and currency depreciations, the IMF said.
“We expect inflation to gradually decline as commodity prices settle and tighter monetary and fiscal policies have their intended effect. For the Gulf Co-operation Council countries, we expect inflation to remain contained,” Ms Georgieva said.
However, the war in Ukraine and climate disasters could worsen food shortages for the “most vulnerable”, she added.
“Tighter global or domestic financial conditions could lead to high borrowing costs and, in some cases, a financing crunch,” she said.
“Domestically, delays in much-needed reforms could weigh on regional prospects and government finances.”
Last week, Moody's Investors Service downgraded Egypt's credit rating to B3 from B2 owing to the country's reduced external buffers and shock absorption capacity as it pursues economic reforms in line with its IMF programme.
In 2022, Egypt, the Arab World’s third-largest economy, agreed to a $3 billion rescue plan with the fund that is contingent on the country introducing a flexible foreign exchange regime and reducing the state's footprint in the economy to allow more room for the private sector.
Inflation in the country soared in 2022, exacerbated by the fallout from the war in Ukraine, prompting the Central Bank of Egypt to raise interest by 800 basis points.
Meanwhile, Lebanon, which is in the grip of its worst economic crisis in decades, continues to suffer from hyperinflation, which hit 122 per cent in December, compared with the same period a year earlier.
“Several Arab countries are adopting credible medium-term fiscal frameworks. These are key to mitigating risks when they materialise, while enabling governments to maintain essential spending, stabilise debt, and build investor trust,” Ms Georgieva said.
NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
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MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
Price: Dh1,000,885
On sale: now
