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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Global economic growth slows amid gloomy, uncertain outlook: IMF forecast

Global economic growth slows amid gloom and more, uncertain outlook: IMF forecast.
  • Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions
  • China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine

The International Monetary Fund (IMF) said that its baseline forecast predicts growth in the global GDP to slow from last year’s 6.1 percent to 3.2 percent this year and 2.9 percent next year, downgrades of 0.4 and 0.7 percentage points from the IMF April World Economic Outlook.

The IMF attributed this to stalling growth in the world’s three largest economies – the United States, China and the euro area.

Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions. China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine. As a result, global output contracted in the second quarter of this year.

The outlook has darkened significantly since April, said Pierre-Olivier Gourinchas, Economic Counsellor and the Director of Research of the IMF, in a press conference, adding that the world may soon be teetering on the edge of a global recession, only two years after the last one.