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Economic situation ‘will get worse before it gets better’: IMF director warns

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Economic situation 'will get worse before it gets better': IMF director warns

Kristalina Georgieva admits that the war in Ukraine violated the forecasts of the International Monetary Fund

The Director General of the International Monetary Fund (IMF) said on Thursday that the global economic situation, aggravated rising inflation “it will still get worse before it gets better”, acknowledging that the invasion of Ukraine undermined the organization’s predictions.

Speaking at Georgetown University in Washington DC, Kristalina Georgieva said he thought the situation would “get worse before it gets better”.

“Uncertainty is very high,” he said, highlighting the effects of the war, noting that the pandemic “hasn’t gone away yet” and adding that “the risks associated with financial stability are growing.”

The IMF’s director-general said the organization had again lowered its forecasts for the global economy in 2023, projecting four billion euros of lower economic growth through 2026.

Georgieva also revealed that the institution had already cut its global growth forecast three times and now expects 3.2% this year and 2.9% in 2023.

The IMF Director General said that the situation could be resolved by three priorities for the economies, calling, firstly, for measures to reduce inflation, preventing it from “fixing” at current levels. However, these efforts must be balanced, he said, because otherwise they could plunge “many countries into a protracted recession.”

“Central banks must continue to respond,” he said, “even if the economy slows down.”

The second priority, Georgieva said, includes fiscal measures that protect “the most vulnerable families and businesses,” warning that these measures must be “very targeted” and urging countries “not to subsidize the rich.” The IMF Director General also warned of the negative effects of universal price controls.

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Finally, Georgieva stressed the importance of supporting emerging market and developing countries.

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Economy

This house in the middle of a village in Braga costs 1.8 million (and even the maid’s room is luxurious)

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This house in the middle of a village in Braga costs 1.8 million (and even the maid's room is luxurious)

It has “only” four rooms, but it costs 1.8 million euros. The family home, located in União de Freguesias de Escudeiros e Pensamento, five minutes from the center of Braga, is the most expensive family property for sale at luxury real estate agency Engel&Volkers, but it comes with some “add-ons” that, for some of them, may worth the investment.

The villa is located on a plot of 3800 square meters (m2), has six rooms, four bedrooms, four bathrooms, a swimming pool, a “small grass football field and a vineyard plot”, parking, central heating, air conditioning and wooden floors.

According to Engel & Volkers, the increase in the cost of housing, in addition to the already described, is also “modern architecture, with highly detailed and refined finishes”, which fits into the policy of the agency, one of the main in the premium segment worldwide, which in 2020 earned about billion euros.

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

The ground floor has an entrance hall, a double living room separated by a fireplace, also double sided, overlooking the street, overlooking a small vineyard and with an outdoor pool.

The real estate agency also says that the house is surrounded by a “green and harmonious environment offering unique peace and privacy.”

Consulting the company’s website held this Saturday by O MINHO, and out of curiosity, managed to verify that there is an additional room on the first floor, also with luxurious touches, called the “maid’s room”. division into luxury villas that served to accommodate domestic workers without moving them to the owners’ sleeping area, although its existence is now common for people with less mobility.

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

“On the same floor, we also have a large dining room, gym, kitchen with laundry room and maid’s room, as well as a garage for 2 cars,” emphasizes the real estate agency. On the ground floor, he adds, there are three “large suites” connected by a “shared balcony.”

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

Photo: Engel & Volkers

For those who are interested, and with a “full wallet”, a house “in the arms of nature, with enviable south exposure and complete privacy” is guaranteed.

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Economy

Bankers demand 6.25% pay rise at ‘breaking point’ and refuse further layoffs – ECO

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Bankers demand 6.25% pay rise at 'breaking point' and refuse further layoffs - ECO





Bankers demand 6.25% pay rise at ‘breaking point’ and refuse further layoffs – ECO































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Economy

Woman with fake belly caught smuggling hundreds of semiconductors (already worth 500 times more)

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Woman with fake belly caught smuggling hundreds of semiconductors (already worth 500 times more)

Sanctions and supply chain issues have created a parallel market in China, where these chips are sold for 500 times the market value.

Chinese customs officials caught a woman trying to smuggle semiconductors inside a prosthetic belly while pretending to be pregnant. This arrest sheds light on the reality of smuggling that has emerged in the world’s second-largest economy following the sanctions imposed by the United States of America.

According to bloomberg, a woman was caught by the authorities while trying to enter Zhuhai via Macau on November 25. According to customs authorities, the suspect had more than 202 processors and nine smartphones.

The woman came to the attention of the authorities when she was asked what month she was pregnant. “She said she was five or six months pregnant but she had a big belly that looked like she was in her third trimester,” Chinese officials explained.

The economic crisis caused by covid-19 and all the problems that have arisen in the supply chain have opened the door to the emergence of a black market in semiconductors in a country that needs these advanced chips to produce millions of products.

The situation has worsened recently as the Joe Biden administration tightened sanctions on China, focusing on developing advanced technologies, especially for military use.

According to the North American economic publication, the situation is so serious that the prices of these devices reach values ​​up to 500 times their market price, which creates ideal conditions for creating an entire parallel market with telecom operators and resellers.

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