Posted on 10/16/2022 2:52:04 AM PDT by EBH
The International Monetary Fund is warning that the world is in for a rough ride, with more than a third of the global economy forecast to contract over this year and next amid a cost-of-living crisis fueled by inflation and exacerbated by factors such as Russia’s war in Ukraine.
For most people, it will feel like a recession.
“The worst is yet to come,” said the fund’s Chief Economist Pierre-Olivier Gourinchas. Speaking to a packed press conference Tuesday to launch the latest World Economic Outlook, he had a grim warning on global inflation, saying it is expected to peak at 9.5% this year and will remain elevated for longer than previously forecast.
The world is in for one of the worst periods for economic growth in the last two decades, surpassed only by the 2008 global financial crisis and the start of the COVID-19 pandemic, according to the report, which was released as finance ministers and global leaders gather in Washington for the World Bank-IMF annual meetings.
Global growth is forecast to sharply decelerate from 6% last year to 3.2% this year and again slow next year to just 2.7%
Who’s hit hardest: IMF has broad worries, but it warns that inflation will hit the lowest-income people and countries the hardest. Climate change in a time of uncertainty is only adding to the risks.
“Extreme weather events might undermine the global food supply, placing upward pressure on the prices of foods that make up a large part of diets, with dire consequences for the world’s poorest countries,” IMF wrote in the report, which dedicated a special section to the food price shocks.
Moreover, IMF is warning that the repercussions won’t just be short-term. Many lower-income nations are expected to suffer economic woes “for years to come,” especially those that have not fully recovered economically from the COVID-19 pandemic, those where schools were shuttered for longer periods, or those hit by consequences of the war in Ukraine.
What’s next: IMF says risks remain tilted to the downside, meaning things may get even worse than the baseline forecast. For example, next year has a chance of seeing growth sputter to below 2%, an historically low level that would be a real cause for alarm. There is a possibility it could be even worse.
Further, food and energy shocks remain serious risks, especially with the U.S. dollar getting stronger, pushing up inflation. The energy crisis is likely to have serious ramifications, with IMF keeping a close eye on Europe.
“Winter 2022 will be challenging, but winter 2023 will likely be worse,” Gourinchas said.
I didn't realize camp fires even had genders...😀
WEF did this. The hand that works Schwab's pie hole are doing this to murder the world's population.
“For most people, it will FEEL like a recession.”
but we repeat, it is NOT a recession, because if we SAY it’s a recession, then we’ll be banned by the fascist social media ...
But you must remember. Leftwingers are incapable of thought, of reason. Their actions result from feelings.
Bingo
The Covid hoax was the start to shut down the world’s economies, it failed. Now
We have the Ukie war which is draining the West.
Do remember, both Biden and the WEF motto is “ Build back better”. Many financial greats have stated it looks as if governments ( collusion?) and private organizations want a total economic crash, the $300 trillion of the world’s total unpayable debt gets “ forgiven”, wiped out, long story short, a total rebuilding from square one.
I monitor the rush to a sovereign, cashless, digital currency. When ( not if) the next crash comes, digital currency will be instated by promises that they can save your 401, pension, etc…people will rush to it like they did the Covid vax hoax.
England ( BOE) just stated their pensions are now on the block, pensions invested in their bonds have 14 days to “do something “. Fact is, the West is in big, big unpayable debt trouble. Monitoring the EU banking system would be a good indicator of “ when”, do remember our 2008 crash originated out of England. Bear Sterns was hooked at the hip with insolvent Scottish and English banks, they went down just weeks before the Bear Sterns insolvency, which was “ officially “ cited as the cause.
As for now, keep your eyes on Credit Suisse and Deutches bank, they are the most likely ones to kick off the next worldwide financial crisis. Financial data shows they alone are on the hook for more than 1 trillion in unpayable debt.
They can see it, they do not want panic
The Democrats are tryng to so damage our energy generating capability that even Trump will not be able to correct it.
————
No one can correct it. Our $30 trillion in debt is unpayable. The world’s debt is estimated to be over $318 trillion, ALL of it is unpayable.
The time is coming, when? Who knows, but the dominoes are beginning to fall. BOE announced all pensions are now at risk. Look for a worldwide “ Shemitah “ to occur.
The shelves won’t be empty, you just won’t be able to afford the price of a load of bread.
Others are already complaining they cannot withdraw cash from the bank without being harassed. Small amounts, not 10K levels, more like between 2-5K.
Tellers claiming they do not have that much cash on-hand?
Weird stuff is happening.
US Confederate currency going for some nice prices on Ebay - some over and above face value.
So hold on to your US currency. In 160 years or so it might be back to being worth face value.
More:
Fact is, the BOE is out of money. They are now trying to avoid panic. It is unavoidable.
Yay! Burn it all down!
If I was the leader of one of the world’s strongest militaries, I’d be mighty tempted to just wipe out debt and say we don’t pay commies.
metmom: "All according to plan"
" Moreover, IMF is warning that the repercussions won’t just be short-term. Many lower-income nations are expected to suffer economic woes “for years to come,”
especially those that have not fully recovered economically from the COVID-19 pandemic,..
"
"What’s next: IMF says risks remain tilted to the downside, meaning things may get even worse than the baseline forecast.
For example, next year has a chance of seeing growth sputter to below 2%, an historically low level that would be a real cause for alarm. There is a possibility it could be even worse.
Further, food and energy shocks remain serious risks, especially with the U.S. dollar getting stronger, pushing up inflation.
The energy crisis is likely to have serious ramifications, with IMF keeping a close eye on Europe.
“Winter 2022 will be challenging, but winter 2023 will likely be worse,” Gourinchas said.
(My Comment) :Let me repeat : " Global growth is forecast to sharply decelerate from 6% last year to 3.2% this year and again slow next year to just 2.7% "
“Winter 2022 will be challenging, but winter 2023 will likely be worse,” Gourinchas said", in the article.
https://freerepublic.com/focus/f-news/4100870/posts"
Right you are.
We’re in a serious recession now; the depression is coming soon.
If it walks like a duck, quacks like a duck, and swims like a duck...it's a duck.
“Global growth is forecast to sharply decelerate from 6% last year to 3.2% this year and again slow next year to just 2.7% “
So we go from inflation to a recession/depression where prices&payrolls drop?
Yup, and who steps up and promises a recovery ?
Why of course, it is the World Economic Forum (WEF) ,
the same ones who began all this man-made series of crises.
It's all about control and a Socialist establishment for the "elites",
that's why I refer to it as a return to "Feudalism" and fiefdoms.
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