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Pierre - 1 Olivier Gourinchas - 1 Petya Koeva - 1 Brooks - 1 David Lawder - 1 Chizu - 1
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☆ IMF sees drought causing Argentina contraction of 2.5% in 2023
  + stars: | 2023-07-25 | by ( David Lawder | ) www.reuters.com   time to read: +1 min
WASHINGTON, July 25 (Reuters) - The International Monetary Fund said on Tuesday it is now projecting Argentina's economy will contract 2.5% in 2023, with a year-end inflation rate of about 120%, largely due to a crippling drought that has curtailed agricultural production. "Argentina is facing a very difficult situation particularly that's made worse by the drought, the agricultural drought it has been facing in the last year or so," IMF chief economist Pierre-Olivier Gourinchas told a news conference. The Argentina forecast, a steep downgrade from an April projection of 0.2% growth in 2023, stands in stark contrast to a slightly improved outlook for global growth in the IMF's latest World Economic Outlook projections. Gourinchas declined to comment on how the forecasts may affect negotiations with Argentina over its $44 billion IMF loan program. IMF deputy research director Petya Koeva-Brooks said the inflation projection of 120% would require some moderation of inflation rates and would require implementing macroeconomic policies agreed between the IMF and Argentina.
Persons: Pierre, Olivier Gourinchas, Petya Koeva, Brooks, David Lawder, Chizu Organizations: Monetary Fund, IMF, The, Thomson Locations: Argentina
☆ Emerging markets growth slowdown bottomed out in 2022, but risks remain -IMF
  + stars: | 2023-01-31 | by ( Rodrigo Campos | ) www.reuters.com   time to read: +4 min
NEW YORK, Jan 30 (Reuters) - The International Monetary Fund on Monday raised its output growth estimate on emerging markets for this year, with projections now showing the economic slowdown in the region may have bottomed out in 2022, on the back of China reopening, a resilient India and unexpected growth in Russia. Inflation, a recent hamper on growth, is seen high although continuing to slow this year and next. Russia, on the other hand, has seen a 2.6 percentage point increase in the 2023 growth projection, which translates to a view of a 0.3% expansion this year. Brazil and Mexico, Latin America's largest economies, were both upwardly revised in their 2023 economic growth by 0.2 and 0.5 percentage point, respectively. For Latam and the Caribbean, the overall increase in the growth estimate was just 0.1 percentage point, to 1.8%.
☆ IMF slashes UK growth outlook, adding pressure on finance minister Hunt
  + stars: | 2023-01-31 | by ( ) www.reuters.com   time to read: +3 min
REUTERS/Henry NichollsLONDON, Jan 31 (Reuters) - Britain is the only Group of Seven nation to have suffered a cut to its 2023 economic growth outlook in International Monetary Fund forecasts published on Tuesday, adding to pressure on finance minister Jeremy Hunt to come up with a growth plan. Britain's flagging economy now looks set to shrink by 0.6% this year, a sharp downgrade from previously expected growth of 0.3% in the IMF's last forecast in October. All other G7 economies are predicted to grow this year, mostly at a stronger pace than the IMF forecast three months ago. Responding to the IMF report, Hunt said nearly all advanced economies were facing headwinds, and that past forecasts from a range of bodies including the IMF had proven too gloomy about Britain's prospects. Hunt is due to announce measures that he hopes will speed up growth in a budget statement on March 15.
☆ The IMF thinks we may actually skirt a recession. It is also surprisingly upbeat about Russia's economy.
  + stars: | 2023-01-31 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
The IMF expects the world economy to grow 2.9% in 2023 — which is better than its October forecast of 2.7%. The IMF also expects Russia's economy to grow 0.3% — a reversal from its contraction of 2.2% in 2022. The IMF expects Russia's economy to expand 0.3% in 2023 and 2.1% in 2024 — a stark reversal from an expected 2.2% contraction in 2022. The IMF had predicted in October that Russia's economy would contract by 3.4% in 2022. The fund told Reuters that Russia's economy was supported by a "fairly high" export revenue in 2022 and robust fiscal stimulus in part from military spending.
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