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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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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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