A banking crisis in the US and Switzerland and the pivot to higher interest rates to fight inflation have increased risks to financial stability, but there are “green shoots” appearing, especially in China, that are positive for the world economy, the International Monetary Fund's managing director has said.
“Policymakers have acted decisively in response to financial stability risks, and advanced economy central banks have enhanced the provision of US dollar liquidity. These actions have eased market stress to some extent, but uncertainty is high, which underscores the need for vigilance,” Kristalina Georgieva said in a speech on Sunday at the 2023 China Development Forum.
The fund, which holds its joint Spring Meetings with the World Bank next month in Washington DC, is monitoring developments closely and assessing potential implications for the global economic outlook and global financial stability, particularly for the most vulnerable and low-income countries with high debt levels, she said.
The IMF still expects growth of the global economy below 3 per cent due to “scarring” from the Covid-19 pandemic, the Ukraine war and monetary tightening, Ms Georgieva said.
In its January World Economic Outlook, the IMF raised its global economic growth estimate for this year by 0.2 percentage points to 2.9 per cent from its October forecast, a slowdown from 3.4 per cent in 2022.
The fund expects the global economy to rebound to 3.1 per cent in 2024, below the historical average of 3.8 per cent over the 2000-2019 period.
The IMF will release a detailed assessment of the global economy and growth forecasts during its April 10-16 meetings.
Ms Georgieva was upbeat on the reopening of China's economy and rebound of economic activity in the world's second largest economy.
In its last forecasts, the IMF estimated gross domestic product in China would grow 5.2 per cent in 2023, 2 percentage points higher than in 2022. Growth rebounded to 8.4 per cent in 2021 following a deceleration after the Covid-19 pandemic in 2020.
“Here the economy is seeing a strong rebound … driving this growth is the anticipated rebound of private consumption as the economy has reopened and activity has normalised,” she said.
“This matters for China, and it matters for the world. The robust rebound means China is set to account for around one third of global growth in 2023 — giving a welcome lift to the world economy.”
The fund estimates that a 1 percentage point increase in GDP growth in China leads to 0.3 percentage point increase in growth in other Asian economies, on average.
In February, Goldman Sachs said the reopening of China’s economy and a full recovery in the country's domestic demand may raise global output by about 1 per cent this year and lead to a rally in oil prices.
Regional Asian economies and oil exporters are likely to be the biggest winners from China’s reopening, but it also should provide a healthy boost to GDP levels in most economies, the global investment banking and securities firm said.
“With such a solid recovery, China can now build on positive momentum and — through comprehensive policies — stay on the growth path towards convergence with advanced economies,” Ms Georgieva said.
Raising productivity and rebalancing China's economy away from investment and towards more consumption-driven growth that is more durable is an important priority for Beijing, the fund's director said.
China's social protection system will need to play a central role by providing higher health and unemployment insurance benefits to help cushion households against shocks, she said.
“At the same time, market-orientated reforms to level the playing field between the private sector and state-owned enterprises, together with investments in education, would significantly lift the economy’s productive capacity,” Ms Georgieva said.
IMF research shows that productivity-enhancing reforms in China could lift real GDP by as much as 2.5 per cent by 2027 and by about 18 per cent by 2037.
The implementation of such policies can also help offset demographic pressures and narrow faster the gap to advanced economy income levels, Ms Georgieva said.
China's goal of achieving net-zero emissions by 2060 will help reduce its vulnerability to global warming effects, according to the fund.
Last year severe droughts reduced hydropower output and put pressure on the power sector, and temperatures in China are rising faster than the global average, bringing increased risks to its economic growth.
Unmitigated warming could lead to estimated GDP losses in China of between 0.5 and 2.3 per cent as early as 2030, according to IMF estimates.
Measures to rebalance the economy will help China achieve its climate goals, reducing its carbon dioxide emissions by 15 per cent over the next three decades, which in turn would lower global emissions by 4.5 per cent over the same period, it said.
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
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Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Mohammed bin Zayed Majlis
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
