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The IMF predicts Portugal’s GDP growth by 0.7% in 2023. Global growth expected to remain at 2.7% next year – Economy



The IMF predicts Portugal's GDP growth by 0.7% in 2023.  Global growth expected to remain at 2.7% next year - Economy

The International Monetary Fund (IMF) on Tuesday slightly improved the outlook for the Portuguese economy this year to 6.2%, but cut forecasts for next year to 0.7%, appearing more pessimistic than the government. As for global growth, the IMF estimates that it will be 3.2% this year, and only 2.7% in 2023.

In world economic forecasts released on Tuesday, the IMF predicts that gross domestic product (GDP) will grow by 6.2% this year, higher than the 5.8% estimate known in June and close to the 6.5% forecast. %. introduced by the Government of Portugal in the state budget for 2023 (OE2023).

In a paper submitted to parliament on Monday, the Portuguese chief executive says he expects growth to slow to 1.3% next year, but the IMF is more pessimistic and sees the Portuguese economy grow at 0.7%, below the forecast by 1.9%. % in June.

The IMF also estimates annual growth at 2.3% in the fourth quarter of 2022 and 1.8% in the fourth quarter of 2023.

The Bretton Woods Institution projects Portugal’s inflation rate this year at 7.9% and 4.7%, which compares with the 7.4% and 4% forecast by the Portuguese executive.

The IMF also forecasts Portugal’s current account balance at -1.1% of GDP this year and -0.4% of GDP in 2023.

He is still projected to have an unemployment rate of 6.1% this year and 6.5% next.

For this year, the Council of Public Finances (CFP) and the Bank of Portugal (BdP) forecast GDP growth in Portugal at 6.7%, while the European Commission at 6.5%, and the Organization for Cooperation and Development estimates growth at 5.4% .

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For next year, CFP predicts 1.2%, European Commission 1.9%, OECD 1.7% and BdP 2.6%.

Global growth this year will be 3.2%, but by 2023 it will decrease to 2.7%.

The IMF kept its forecast for global GDP growth at 3.2% this year, but cut 2023 growth by 0.2 percentage points to 2.7%, with a 25% chance of falling below 2%.

In updating its economic forecasts, the IMF estimates that more than a third of the world economy will contract this or next year, while the three largest economies – the US, the European Union and China – will continue to stagnate.

“The worst is yet to come, and for many, 2023 will look like a recession,” the institution’s chief economist, Pierre-Olivier Gurinchas, warns in the report.

The IMF warns that the world is going through an unstable period, whether in economic, geopolitical and environmental terms, that will affect the global outlook, especially highlighting the consequences of the war in Ukraine.

However, it keeps the global growth outlook for this year unchanged from estimates released in July, but is revising its forecasts for next year downward, still significantly higher than forecast in April.

“Forecasts are weaker than expected for 143 countries for 2023. The outlook for 2023 is the weakest since the 2.5% growth rate seen during the global recession in 2001, except for those seen during the financial crises and Covid-19,” he said. He speaks.

The IMF improved by 0.5 p.p. forecast for this year for the eurozone, up 3.1% compared to July, but reduced by 0.7 percentage points. by 2023 – by 0.5%.

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The slowdown in growth will also be felt in the US, where the Bretton Woods organization revised its forecast downward by 0.7 percentage points. forecast for this, up 1.6%, estimating next year’s expansion of 1%.

For China, GDP growth is expected to be 3.2% this year and 4.4% in 2023, down 0.1 p.p. below. and by 0.2 p.p. correspondingly less than before.

Despite the scenario, the IMF notes that “a decline in global GDP or global GDP per capita – which often occurs during a recession – is currently not included in the baseline forecast.”

However, it acknowledges that a technical recession (at least two consecutive quarters of contraction in real GDP) at some point during 2022–2023 in about 43% of countries with quarterly forecast data (31 out of 72 countries) representing more than one third world GDP.

The IMF notes that downside risks to the outlook remain high given that “the risk of monetary, fiscal or financial policy miscalibration has risen sharply at a time when the global economy remains historically fragile and financial markets are showing signs of stress.”

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How the Portuguese Map Saved Me in South Korea



How the Portuguese Map Saved Me in South Korea

None of my Luxembourg cards went through the taxi driver’s device in the middle of Seoul.

The power of women

Madalena QUEIROS

None of my Luxembourg cards went through the taxi driver’s device in the middle of Seoul.

I know it was nine thousand kilometers. That it took me about 13 hours by plane to get to the other side of the world. That the taxi driver did not understand anything from what I said. That I did not understand anything from what he told me. But all I had to do was stop at the door of my destination, a hotel, on one of Seoul’s many avenues, and turn around to realize it was time to pay the bill for I don’t know how many thousand Koreans had won. Instinctively, I opened my wallet and proudly pulled out my Luxembourg bank card. Turning away, the taxi driver quickly handed me a small white car that looked like something from the Cosmos 1999 TV series. And so he handed over the card. From the first try. Anything. It must be a small device, I thought. I renewed the card again. And he went back there, trying to get through it. Anything. Let’s try with the second Luxembourg card. After two more attempts, nothing. And the gentleman at the entrance to the hotel where I was, opened the taxi door for me. And the taxi driver looks at me suspiciously. And I imagined myself already being interrogated by the South Korean police, detained at a police station on the other side of the world because I couldn’t pay the bill. When… I remembered my Portuguese bank card, which I hardly use. Without much hope that it would work, I handed it over to the taxi driver. And to my surprise… it worked!

This is one of the mysteries that has tormented me for a long time. Why does the richest country in the world, which ranks second in terms of investment funds in the world, have such an archaic system of bank cards, compared to the Portuguese system. Because ATMs in Luxembourg can withdraw money and nothing else. While Portuguese ATMs only need to cook….they can pay bills, transfer money, charge mobile phones, buy train tickets and even pay tax debts.

As for South Korea, where I went with the Economic Mission led by the Crown Grand Duke, I keep the memory of a high-tech city full of Christmas lights that never stops. Where historic buildings sit side by side with skyscraper architecture of the future, in the world’s fourth largest metropolitan area with a population of over ten million people. Friendly, delicate people who do everything to guide us. It was 72 hours in the eastern lands, full of surprises and some disrespect for journalists from the local authorities. At the last moment, journalists were canceled at the Korean Space Forum, where the Korean president was present.

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Joao Semedo, Portuguese Viktor Frankl – Observer



Joao Semedo, Portuguese Viktor Frankl - Observer

I write these words knowing that at this time the last funeral ceremonies are taking place and honoring the Portuguese Viktor Frankl, Joao Semedo or Johnson for friends. I call him that without fear of being misunderstood, believing that in all of us, and in João Semedo in particular, dwells the same force that lived (or flourished) in the personality of Viktor Emil Frankl, Nelson Mandela, Martin Luther King, Jr. Teresa. from Calcutta, Desmond Tutu and many others (just talking about the departed).

I could start by talking about João Semedo and his work, but I can’t because I didn’t have the good fortune to work with him and there are so many others who could do so with great right. I could talk about Viktor Frankl, the famous Viennese neurologist and psychiatrist, but somehow I already did it in last two articles.

What makes me say that I believe João Semedo’s path reflects what Viktor Frankl has always believed in and has led many others to follow in that conviction is that we are within our reach to find the meaning of our lives. helping others find the meaning of life. their lives [1], regardless of our existential biography. For Frankl, in any hopeless situation, there is always an opportunity surpassMos this is us to position ourselves in front of every moment of our lives, counteracting the consequences and symptoms that we may experience, because each of usfromWith this is It is proposed to behave freely and responsibly in all life circumstances. And I believe that João Semedo, faced with adversity and the contexts he experienced, decided to confront life, finding in it the motivation to transcend himself.

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Portugal’s Neemias Kweta scores 20 points in NBA G-League loss to Stockton Kings – World Today News



Portugal's Neemias Kweta scores 20 points in NBA G-League loss to Stockton Kings - World Today News

Portugal’s Nimias Keta scored 20 points and grabbed 11 rebounds on Friday in the Stockton Kings’ 106-108 home loss to the Santa Cruz Warriors in the North American Basketball League (NBA) G-League game.

In a match in which he had 36 minutes to his credit, the Portuguese made eight of 14 field goals and two free throw attempts, and added four assists and two tackles.

After a great game a week ago against the same opponent, with 38 points and 18 rebounds, Nimias was once again the top scorer for the Sacramento Kings second team.

However, this time around, the Portuguese lost the post battle to James Wiseman, number two in the 2020 NBA Draft, who added 24 points and 13 rebounds, in a game in which he converted 11 of 13 “shots” from the field attempt.

The Stockton Kings are now four wins and five losses, fourth in the Western Division, with the Santa Cruz Warriors in fourth with five wins and six losses.

Nehemiah, who went through Barreirense and Benfica in training, has extended his contract with the Kings through the 2022/23 season, re-signing a two-way deal that allows him to play for the first team as well as the secondary side Stockton Kings of the League. G.

The 2.13-meter Pole, 22, became the first Portuguese to join an NBA team since being selected 39th overall by the Sacramento Kings in the 2021 draft on July 29 in New York.

As a rookie (2021-22), Nimias played 15 games for the Kings in which he scored 45 points (average 3.0), 31 rebounds (2.1), eight tackles (0.5) and six assists. (0.4) out of 119.34. minutes (8.0).

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In the 2022/23 season, the Portuguese has not yet been called up to a single game for the Sacramento Kings, who remain in seventh place in the NBA Western Conference (11 wins and nine losses).

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