Stronger demands for goods and services and moderating inflation have increased the chances that the global economy is moving towards a soft landing, International Monetary Fund managing director Kristalina Georgieva said on Thursday.
In a speech outlining the IMF's priorities before the 2023 Annual Meetings in Marrakesh next week, Ms Georgieva said that the global recovery of economic shocks was “slow and uneven”.
The blows the world has felt since 2020 have led to $3.7 trillion in global output loss, she said. Global growth is below the 3.8 per cent average in the decades before the Covid-19 pandemic.
But despite this uneven growth, there remains hope that a global recession is avoidable.
“The world economy has shown remarkable resilience and the first half of 2023 has brought some good news, largely because of stronger-than-expected demand for services and tangible progress in the fight against inflation,” she said in prepared remarks from Abidjan, Cote d'Ivoire.
“This increases the chances for a soft landing for the global economy. But we can’t let our guard down.”
Inflation is also moderating, but for some countries it will remain above target for another two years.
Many borrowers are also feeling the effects of tighter credit conditions. In the US, these pressures are reflected in 10-Year Treasury yields and in mortgage rates, which have recently climbed to their highest levels in 16 years and 23 years, respectively.
Ms Georgieva remained adamant that interest rates must be elevated for a longer period of time, warning about the consequences of easing monetary policy too soon.
“Fighting inflation is the number one priority,” she said.
Protecting against future shocks
There are stark differences to how countries have rebounded from economic shocks. The US is the only country to have returned to its pre-pandemic path.
Ms Georgieva also singled out India and Cote d'Ivoire as countries showing strong momentum.
Meanwhile, Chinese economic activity is below expectations and low-income countries are experiencing “anaemic growth”, she said.
Ms Georgieva said these developing countries were being hit the hardest because they lack the capacity to absorb the effect of the economic shocks.
“Economic fragmentation threatens to further undermine growth prospects, especially for emerging and developing economies, including right here in Africa,” she said.
Ms Georgieva said countries must rebuild protection against economic shocks, adding that recent ones have led to an increase in debt burdens for many countries in Africa and elsewhere.
Twenty per cent of emerging countries and more than half of low-income countries are still at risk of debt distress, she said.
“This is why we urgently need to strengthen the global financial safety net,” Ms Georgieva said.
She called on IMF partners to bolster the fund's quota resources so it is better equipped to strengthen the safety net and respond to needs of developing economies.
The IMF has approved about $300 billion in financing to 96 countries since the pandemic, according to the fund's 2023 annual report.
Ms Georgieva also called on members to help fund the IMF's Poverty Reduction and Growth Trust, as well as its Resilience and Sustainability Trust, which provides long-term funding to the most vulnerable nations.
The IMF's 2023 Annual Meeting in Morocco will be the first held on African soil since 1973.
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
Mercedes V250 Avantgarde specs
Engine: 2.0-litre in-line four-cylinder turbo
Gearbox: 7-speed automatic
Power: 211hp at 5,500rpm
Torque: 350Nm
Fuel economy, combined: 6.0 l/100 km
Price: Dh235,000
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
Scoreline
Real Madrid 1
Ronaldo (53')
Atletico Madrid 1
Griezmann (57')
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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
UAE currency: the story behind the money in your pockets
Race card
1.45pm: Maiden Dh75,000 1,200m.
2.15pm: Maiden Dh75,000 1,200m.
2.45pm: Handicap Dh95,000 1,200m.
3.15pm: Handicap Dh120,000 1,400m.
3.45pm: Handicap Dh80,000 1,400m.
4.15pm: Handicap Dh90,000 1,800m.
4.45pm: Handicap Dh80,000 1,950m.
The National selections:
1.45pm: Galaxy Road – So Hi Speed
2.15pm: Majestic Thunder – Daltrey
2.45pm: Call To War – Taamol
3.15pm: Eqtiraan - Bochart
3.45pm: Kidd Malibu – Initial
4.15pm: Arroway – Arch Gold
4.35pm: Compliance - Muqaatil
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Read more about the coronavirus
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
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COMPANY%20PROFILE
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The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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)
On sale: Now
FULL%20RESULTS
%3Cp%3E%3Cstrong%3EMiddleweight%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEslam%20Syaha%20(EGY)%20bt%20Robin%20Roos%20(SWE)%20%0D%3Cbr%3E%3Cstrong%3E%0D%3Cbr%3EWelterweight%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAlex%20da%20Silva%20(BRA)%20bt%20Bagyash%20Zharmamatov%20(KGZ)%20%0D%3Cbr%3EMurodov%20Samandar%20(TJK)%20bt%20Lucas%20Sampaio%20(BRA)%20%0D%3Cbr%3EShakhban%20Alkhasov%20(RUS)%20bt%20Salamat%20Orozakunov%20(KGZ)%0D%3Cbr%3EKhotamjon%20Boynazarov%20(UZB)%20bt%20Mikail%20Bayram%20(FRA)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EBantamweight%20%3C%2Fstrong%3E%0D%3Cbr%3EJieleyisi%20Baergeng%20(CHN)%20bt%20Xavier%20Alaoui%20(CAN)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EFlyweight%20%3C%2Fstrong%3E%0D%3Cbr%3ERashid%20Vagabov%20(RUS)%20bt%20Lun%20Qui%20(CHN)%20%0D%3Cbr%3EYamato%20Fujita%20(JPN)%20bt%20Furkatbek%20Yokubov%20(UZB)%20%0D%3Cbr%3EAaron%20Aby%20(WLS)%20bt%20Joevincent%20So%20(PHI)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%20%3C%2Fstrong%3E%0D%3Cbr%3EMark%20Hulm%20(RSA)%20bt%20Erkin%20Darmenov%20(KAZ)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ECatchweight%20160lb%20%3C%2Fstrong%3E%0D%3Cbr%3ERustam%20Serbiev%20(BEL)%20bt%20Anar%20Huseyinov%20(AZE)%20%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150lb%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EIslam%20Reda%20(EGY)%20bt%20Ernie%20Braca%20(PHI)%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EFlyweight%20(women)%3C%2Fstrong%3E%20%0D%3Cbr%3EBaktygul%20Kurmanbekova%20(KGZ)%20bt%20Maria%20Eugenia%20Zbrun%20(ARG)%20%0D%3Cbr%3E%3C%2Fp%3E%0A
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
