recession
Washington (AFP) - The United States will likely enter a recession this year and face high inflation well into 2024, a majority of economists predicted in their response to a semiannual survey. More than two-thirds of respondents to the National Association for Business Economics (NABE) Policy Survey also see inflation remaining above four percent at the end of this year. The survey summarized the responses of 217 NABE members, and was conducted between March 2 and March 10, the organization said in a statement. The US Federal Reserve has raised rates 4.75 percentage points in a bid to tackle...
AFP
Fort Worth (United States) (AFP) - A recession in the US is "not inevitable," Treasury Secretary Janet Yellen said Thursday, adding that she believes the world's biggest economy is on the right track in lowering inflation. Her comments come on the heels of a forceful campaign by the US central bank to cool demand this year, walking a tightrope between lowering consumer costs while trying not to tip the economy into a downturn. For now, many economists expect the US could experience a downturn next year. On "whether or not we can avoid a recession, I believe the answer is yes," she told reporte...
AFP
Washington (AFP) - Global growth is expected to slow further next year, the IMF said Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns. The world economy has been dealt multiple blows, with the war in Ukraine driving up food and energy prices following the coronavirus outbreak, while soaring costs and rising interest rates threaten to reverberate around the globe. "This year's shocks will re-open economic wounds that were only partially healed post-pandemic," said International Monetary Fu...
AFP
Washington (AFP) - The global economy is at a difficult crossroads, buffeted by multiple shocks including soaring inflation, rising interest rates and a growing threat of broad debt crisis, but IMF Managing Director Kristalina Georgieva told AFP that institutions are better prepared to weather this storm. Below is an excerpt from an interview conducted ahead of the IMF and World Bank annual meetings in Washington next week: Could the fallout in 2023 be worse than the 2008 global financial crisis? What we had today is (a) much stronger banking sector than we had then, and that has proven to be ...
AFP
Washington (AFP) - IMF chief Kristalina Georgieva urged global policymakers Thursday to take concerted action to avoid a "dangerous 'new normal,'" as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to "stabilize the global economy by addressing the most immediate challenges" -- including rampant inflation. Policymakers need to act together to "prevent this period of heightened fragility from becoming a dangerous 'new normal,'" Georgieva said. But sh...
AFP
Washington (AFP) - Now that the US economy has posted two consecutive quarters of negative growth, is it in recession? Opinions are starkly divided, and President Joe Biden is definitely in the No camp. The "R" word is akin to profanity in some Washington circles these days, especially within the Biden administration. Just defining exactly what a recession is and when it begins has sparked furious debate -- based as much around politics as economics. "That doesn't sound like a recession to me," the US president said Thursday after the Commerce Department reported that GDP declined at an annual...
AFP
Washington (AFP) - Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday to downgrade its outlook for the global economy this year and next, while giving an even starker assessment of what may lie ahead. "The outlook has darkened significantly since April," said IMF chief economist Pierre-Olivier Gourinchas. "The world may soon be teetering on the edge of a global recession, only two years after the last one." "The world's three largest economies, the United States, China and the euro area are stalling with important consequences for the global outlook,...
AFP
Washington (AFP) - With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF Managing Director Kristalina Georgieva said Friday. But any temporary pain caused by a recession would be "a necessary price to pay" to defeat damaging inflation, she said. The Washington-based crisis lender again slashed its US growth forecast to 2.9 percent, from the 3.7 percent forecast in April, which was cut from the rate predicted at the start of the year. The world's largest economy rebounded strongly from the pandemic downtur...
AFP
Washington (AFP) - The American economy remains strong, a White House economist asserted Tuesday, while acknowledging President Joe Biden's team is concerned about a possible recession. With inflation soaring at the fastest pace in more than four decades, sending prices for gas and housing rocketing, Americans are feeling the pain and the Federal Reserve is cranking up interest rates to try to cool the economy, fueling fears of a sharp downturn. Despite a contraction in the first three months of the year, core parts of the world's largest economy remain in good shape, including the labor marke...
AFP
New York (AFP) - The United States is unlikely to suffer an economic downturn, despite sky-high inflation, US Treasury Secretary Janet Yellen said Thursday. "There's nothing to suggest that there's a recession in the works," she said during an interview at The New York Times' economic forum. The US economy has recovered strongly from the Covid-19 damage, but the highest inflation in four decades and supply chain snarls exacerbated by Russia's invasion of Ukraine are increasing pessimism. The US Labor Department is set to release the May consumer price index (CPI) report on Friday, and analysts...
AFP
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