NEW YORK, Oct 6 — Stronger demand for services and progress on lowering inflation have increased the chances that the global economy can escape recession, but fiscal and...
Worried Najib and Rosmah may go off scot-free, civil societies call for moratorium on DNAA and acquittals until AG's dual roles split
Stubborn inflation meant interest rates would have to remain “higher for longer” and economic fragmentation threatened to hit emerging and developing economies hardest, she said. Georgieva said the current pace of growth was “quite weak,” well below the 3.8 per cent pre-pandemic average, and inflation would likely remain above target in some countries until 2025.
Georgieva said expectations of a “soft landing” had helped boost various asset prices, but a rapid resurgence of inflation could lead to a sharp tightening of financial conditions. Georgieva underscored stark differences in growth dynamics, noting that the United States is the only major economy that had seen output return to pre-pandemic levels, and calling out India and Ivory Coast as other bright spots.
Many countries also faced significant fiscal risks and urgently needed to rebuild their buffers, with Africa and other regions seeing a further rise in debt burdens.
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