The global economy is headed for a downturn as inflation remains a major threat, a report says
The globe will slide into a recession next year as a number of economies will contract due to surging borrowing costs introduced to combat inflation, the UK-based Centre for Economics and Business Research (CEBR) has predicted in its latest report.
The world economy surpassed $100 trillion for the first time ever in 2022 but will stall in 2023 as “the battle against inflation is not won yet,” while regulators will keep raising interest rates, the consultancy said in its annual World Economic League Table.
“We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come,” the director and head of forecasting at CEBR, Kay Daniel Neufeld, wrote.
The report's conclusions are more pessimistic than the most recent forecast by the International Monetary Fund (IMF), which predicted in October that more than a third of the world’s economy will contract in 2023.
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The CEBR, which bases its growth, inflation, and exchange-rate forecasts on data from the IMF and an in-house model, said that “inflation has become the main economic story” of the past year. The analysts warned that “even though we are starting to see price growth decelerating in some economies, volatility in global energy markets and entrenched core inflation suggest that it will remain front and center in 2023 as well.”
The consultancy also predicted that China would outperform the US and become the world’s largest economy by 2036 – six years later than previously expected, due to the country’s zero-Covid policy and escalating trade tensions with the West, which have slowed its growth.
According to the study, India’s economy will become the third largest overall by 2032 and will reach the $10 trillion mark by 2035.
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The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
Volker Turk has warned that efforts to advance reparatory justice are facing resistance in “certain quarters,” and urged countries to back Africa’s push.
Reparatory justice for historical crimes, including colonialism, enslavement, and the trade in enslaved Africans, is crucial to dismantling systemic racism, UN High Commissioner for Human Rights Volker Turk has said.
Speaking at the UN Permanent Forum on People of African Descent on Tuesday, Turk linked present-day discrimination against people from the continent to the enduring legacy of colonialism and enslavement.
”Racism and dehumanizing rhetoric continue to permeate public institutions, communities, and online platforms,” he said, according to the UN Press Service. Turk noted that “digital technologies, including AI, are reproducing and amplifying existing biases against people of African descent.”
The remarks come weeks after the UN General Assembly adopted a resolution declaring the transatlantic slave trade “the gravest...
The US VP had to defend President Trump’s Gaza policy at a rally on a Georgia college campus.
US Vice President J.D. Vance was forced to defend Washington’s policy in Gaza after he was booed and heckled at a key MAGA event on Wednesday.
Co-founded by the late Charlie Kirk, Turning Point USA (TPUSA) is a conservative student group that has long been seen as a strong support base of President Donald Trump’s MAGA movement but is now showing apparent cracks.
Less than 15 minutes into a TPUSA event at the University of Georgia on Wednesday, Vance was interrupted by hecklers over US policy in Gaza, with one audience member shouting, “Jesus Christ does not support genocide!” As he attempted to respond, others shouted, “You’re killing children!” and “You’re bombing children!”
Vance replied by referring to Trump’s achievements as president, including securing a fragile ceasefire in Gaza, something he said the previous administration of Joe Biden failed to do.
“I ...
