SOURE:CNN– The International Monetary Fund has modestly reduced its forecast for global economic growth this year, but warned the damage from the war with Iran could be much more severe if the conflict dragged on and oil prices rose further.
“The global outlook has abruptly darkened following the outbreak of war in the Middle East,” Pierre-Olivier Gourinchas, economic counsellor at the IMF, wrote in the fund’s latest World Economic Outlook report, published today. The conflict could still cause a global “energy crisis on an unprecedented scale,” he added.
The IMF now expects global growth of 3.1% in 2026, a 0.2 percentage point downgrade from its January forecast. This modest revision assumes that the war will be “relatively short-lived,” it said. Global inflation is also seen rising to 4.4% this year.
However, the fund also outlined two scenarios for a longer-lasting conflict. Under the more severe of these — in which oil and natural gas prices spike 100-200% relative to January and stay at that level into 2027 — global economic growth would come in at only 2% this year.
That would amount to “a close call for a global recession,” defined as economic growth below 2%, which has happened only four times since 1980, the IMF said.
Before the war, the global economy was performing better than expected, with growth on track to be revised upward this year, it noted. In one positive development, the downward revision was partly offset by reduced US tariff rates compared with last year, the IMF said.
CNN’s Olesya Dmitracova contributed reporting.
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
Hmmmmm! Let’s see if UPP can fix this global growth trajectory. Or let’s see if the say is Gaston’s fault.
UPP’s bestfriend. Lovell plunged the country into the IMF latrine. Let’s not give upp the chance to repeat their signature policy on our economy
It’s GB fault, because Antigua has no surplus to fall back to, because this government has looted and drain the peoples purse.
If you look in the Treasury right now, there is nothing in there..people can’t even get their back pay, and it will be even longer now for them to wait for that little money.
Economic powerhouse my back foot.
I told y’all this was coming.
GB has squandered the Golden years of Antigua’s economic opportunities. With the many lucrative investments that has come into the island in the last 12-13 years now, now no money from all dem taxes can be found, or did he not collect the taxes by giving all his cronies a big break?
Look what he did with the vehicle thief, swept it under the table..prime example. And that’s just one such mis judgement. LIAT will certainly collapse under this storm that’s coming..another terrible deal. Millions gone in that one.
And from the CIP to the ABST, there is nothing left.
Oh, I forgot that this foolish government forgive the 7% taxes or so on investment income to these CIP crooks.
Where are they now?
We all know for years that the Caribbean was a place where crooks hide their money, and this government has given these CIP crooks a massive pass, and now we lost our visa privileges to the US and Canada, and most certainly the EU to come.
So yes it’s GB fault for not having a surplus in the Treasury, but I bet he has some in his various bank accounts around the world.
This election was called for this very reason, most abruptly, because GB saw the shit storm coming and wanted to stay in power.
He did not call it for Antigua and it’s people, because Antiguan’s do not benefit one bit from this government in power..and I mean all Antiguan’s, not just those who come on this ANR thread with their Cultish support for a foolish dictator.
Real fools. They always say a fool and his money shall soon depart.
Watch Antigua suffer. I predicted this, many didn’t listen. This government is a sham. You cannot build your house on sand.
So its GB fault #45 and #47 decided to start a war that is basically screwing the entire world over driving up prices globally 😂. Lol you just have to laugh at some of the bs that are posted on here😂😂. The hate some people have for GB they would say it is GB fault God had to flood the world and why Jesus was crucified and nailed to the cross.
You miss the entire point. Where is the surplus that’s supposed to be in the Treasury?
Answer that one question and I’ll shut my mouth.
Read again and understand what I said..reading is comprehension you joker.
And by the way, Trump and his Republicans will be booted for their terrible decisions, but you want your bwoy Gassy to stay in power in spite of his terrible mistakes. There will be accountability here in the US for the Republicans, and so should it be in little Antigua as well.
But I guess people like you think that GB word is the gospel.
LMFAO!!!!! Not you having a hissy fit because I said ah GB fault #45 and #47 started a war that is screwing the over and no amount of surplus can offset the rising inflation. Guess it GB fault food prices all over the world is through the roof. Guess it’s GB fault the Strait of Hormuz is block carrying up oil prices which will carry up all prices right🤔 But yeah surplus will save us from the smart decision of #45 and #47. Like I said some people hate GB so much they will say its his fault Jesus was crucified and nailed to the cross🤣
Limpy Joe King Liar will always be remembered for taking Antigua to the IMF.
What a WICKED INCOMPETENT turtle face fella
@Islanman26 I usually agree with your posts but this one is way beyond the control of the government. No amount of surplus saved could provide a cushion for what Iran is doing. They are basically holding the entire world at ransom. And the US and Israel seem unable to stop them.
While all reasonable people should want the Islamists removed from power this haphazard way that it was done is not the way.
Antigua has zero say in what those countries do. The nation should be in a better position than it’s in now but you can’t blame everything on the leadership.
@Right Winger.
I will take your point,but there were many preventative measures that were proposed to this man that were ignored by him.
And buy the way, don’t our oil comes from Venezuela? While many countries in the world are touched by this war, there are some that are sheltered from the oil grab in the middle east. Here in texas, oil prices are way lower than many states, why, because they have a reserve. So yes having a reserve can stabilize prices until things cool down in the middle east.
Measures could have been taken here in the Caribbean, and especially Antigua who controls WIOC..Antigua for sure should be in a good place, much more so than other islands.
And that’s what I’m saying. I keep saying that Antigua should be 15-25 years ahead of where it is, and I blame that squarely on this leadership. Too many opportunities were either squandered or not fully taken advantage of.
And I stand by that.
I don’t hate GB, but I do have many issues with his leadership. Put Antigua first, and I’ll back you to the hills and back..I don’t care who you are, UPP or ABLP.
Comments are closed.