IMF chief Kristalina Georgieva urged global policymakers Thursday to take concerted action to avoid a "dangerous 'new normal,'" as the risks of a worldwide recession are driven ever higher by repeated economic shocks.
In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to"stabilize the global economy by addressing the most immediate challenges" -- including rampant inflation. FILE PHOTO
Policymakers need to act together to "prevent this period of heightened fragility from becoming a dangerous 'new normal,'" Georgieva said. Faced with the "darkening global outlook ... the risks of recession are rising," Georgieva said -- announcing that the crisis lender plans to once again downgrade its 2023 forecast for the world economy, in the forecasts due to be published next week for the annual meeting.
"In less than three years we lived through shock, after shock, after shock," Georgieva said in her speech at Georgetown University.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Koko Pimentel on Marcos' first 100 days: He's trying his best, but..."I believe he&39;s trying his best pero bawas-bawasan na lang natin itong mga kilos or activities which give us a hint of some insensitivity to what our people are going through right now," Senate Minority Leader Aquilino "Koko" Pimentel III said in a statement. "This is really a very difficult time to govern. The world&39;s situation is very unpredictable, if not chaotic. I hope he will always &39;keep his eyes on the ball.&39; Let us not be distracted. Let us give our responsibility 100 percent of our focus and attention," he added.
Read more »
39-year-old from Davao del Sur becomes first blind man to reach peak of Mt. ApoA 39-year-old man from Sta. Cruz, Davao del Sur just became the first blind man to reach Mt. Apo&39;s peak.
Read more »
South Korea, US troops launch missiles in response to North Korea missile testSouth Korea and the US military fired a volley of missiles into the sea in response to North Korea&39;s launch of a ballistic missile over Japan, Seoul said on Wednesday, as Pyongyang&39;s longest-range test yet drew international condemnation.
Read more »
'Superman' costume, superstar memorabilia worth £11M up for auctionStar Wars villain Darth Vader&39;s gloves will be among the famous and familiar items from films, television and the world of music up for grabs in British memorabilia company Propstore&39;s annual live auction next month.
Read more »
Royal rift after Danish queen strips grandkids’ titlesThe Queen of Denmark&39;s decision to strip four of her grandchildren of their titles has sparked unprecedented royal drama in Copenhagen and led her enraged son to air the family&39;s dirty laundry in public.
Read more »