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— UNITED NATIONS —


February 4, 2023

UNESCO leads the Global Dialogue on regulating Digital Platforms and combating Disinformation and Hate Speech


Unesco


Photo: UNESCO Headquarters, Paris. A Session of the Unesco Executive Council. October 12, 2022. Image provided by & Copyright © UNESCO/Cyril Bailleul. [File Photo]


Paris, February 3, 2023 — As part of its Mandate, UNESCO has launched a global dialogue to provide guidelines for regulating digital platforms, fighting disinformation and hate speech, and protecting freedom of expression and human rights. The high point will be an international conference organized at the Organization’s Paris headquarters on 21-23 February. It will result in the presentation by UNESCO in mid-2023 of Global Guidelines for Governments, Regulatory Bodies, and Digital Companies.

“The call is now coming loud and clear from all quarters. It is time to address one of the defining questions of our age, with implications for democracy and human rights worldwide: the challenge of how to support States in developing principles and rules for digital platforms so that they enable freedom of expression and promote the availability of accurate and reliable information,” UNESCO Director-General Audrey Azoulay remarked.


• A flawed Business Model needs Correction.

Social media and other digital platforms have empowered people worldwide to communicate, share information, and transform their societies. But increasingly, these platforms are breeding grounds for disinformation, hate speech, and conspiracy theories. In recent years, the issue of monitoring and moderating content has been essential in violence, insurrection, marred elections, and democratic transfers of power in scores of countries, UNESCO said.

Studies show that people often prioritize engagement at any cost. It leads to algorithms favoring the most controversial content because it triggers the most reaction, despite the evidence that this content can damage the fabric of the societies, sowing distrust, helping to seed extremism, and undermining fundamental human rights. Moreover, there appear to be vast imbalances between regions and languages, with moderation resources sometimes distributed based on financial or political interests or far too late in response to public outrage once violence or election meddling has already occurred, UNESCO explained.


• Global Issues require Global Guidelines.

Many countries are advancing regulations to respond to these issues, but this needs to be coordinated and more cohesive, with some countries outside the international norms on freedom of expression. Given the global dominance of a limited number of players, the need for a consistent global approach has never been more pressing than right now.

As the United Nations agency for communication and information issues, UNESCO is leading global consultations on this topic, involving governments, regulatory bodies, digital companies, academia, civil society, and UN agencies. This international Dialogue will culminate in the first global conference specifically focused on guidance for regulating digital platforms from February 21 to 23, 2023. Thousands of representatives from these groups are already registered to participate.

UNESCO experts will then incorporate the feedback received during these discussions and engage in new consultations to finalize and publish the first global guidelines on the topic in mid-2023. With UNESCO’s expertise and support, governments, regulators, digital companies, and other groups would use these guidelines to implement policies and tools as needed.

UNESCO’s initiative responds to the call from the UN Secretary-General in “Our Common Agenda” to address the spread of disinformation and the denial of scientific facts, which poses “an existential risk to humanity.”


• UNESCO’s Mandate to provide Guidelines for Regulation.

UNESCO has a global mandate, enshrined in its constitution, to promote the free flow of ideas by word and image. It leads UN action to promote freedom of expression and access to information. It includes a decades-long history of providing guidance to and promoting cooperation between broadcast regulators and press councils, advancing international standards.

The Windhoek+30 Declaration on Information as a Public Good in the Digital Age, endorsed by UNESCO’s 193 Member States in 2021, calls for increased transparency of technology companies, support for the long-term viability of news media, and teaching media and information literacy to citizens everywhere.

Under the leadership of its Director-General, Audrey Azoulay, UNESCO is explicitly working to improve the transparency of digital platforms, including by developing a series of principles for transparency and accountability in the digital age. UNESCO also established the first global standard on the ethics of artificial intelligence, adopted unanimously by its Member States in 2021, which includes a specific call for “appropriate frameworks, including regulation.”


Source: UNESCO

|GlobalGiants.Com|


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Edited & Posted by the Editor | 5:58 AM | View the original post





January 31, 2023

IMF (International Monetary Fund) reports World Economic Outlook January 2023


IMF


Photo: People walk past the flags outside the IMF building during the 2022 Annual Meetings at the International Monetary Fund. October 12, 2022. Washington, DC, United States. Image provided by & Copyright © IMF. IMF Photo/Ariana Lindquist. [File Photo]


IMF


IMF


IMF


Washington, DC, January 31, 2023 — The global economy is poised to slow this year before rebounding next year. The IMF announced on Monday, January 30, 2023, that it expects global growth to slow from 3.4% in 2022 to 2.9% in 2023. The press briefing was held in Singapore to mark the launch of the January update of the World Economic Outlook report.

“The global economy will slow down this year before rebounding in 2024. But a global recession is not in our baseline. The important factors shaping the outlook are: On the downside, Russia’s war in Ukraine, and the global fight against inflation. On the upside, the reopening of China’s economy. Overall, we have a mild upward revision to our projections. The global economy has shown a lot of resilience. Labor markets are tight, household spending and business investment remain strong, and European economies have proved quite resilient against the energy crisis. Global growth is expected to slow from 3.4% in 2022 to 2.9% in 2023. The slowdown will be more pronounced for advanced economies. China and India will account for 50% of global growth. Global headline inflation is expected to fall from 8.8% in 2022 to 4.3% in 2024. Core inflation, however, is more persistent and remains too elevated. To sum up, barring new shocks, 2023 could be the year of turning points, with growth bottoming out and inflation decreasing,” said Pierre-Olivier Gourinchas, IMF’s Chief Economist.

However, the risks to the outlook remain tilted to the downside, even if adverse risks have moderated since October, and some positive factors seem more relevant.

“The balance of risks to the outlook remains tilted to the downside but is less skewed toward adverse outcomes than in the October WEO. Some upside risks have become more relevant. On the downside, China’s recovery could stall with spillovers to the rest of the world. Inflation could persist at high levels, requiring even tighter monetary policy. An escalation of the war in Ukraine remains a major risk to the global economy. A sudden market repricing could deteriorate financial conditions, especially for emerging and developing economies. On the upside, strong household balance sheets amid tight labor markets and robust wage growth could help sustain private demand. Easing remaining supply bottlenecks and easing labor market pressures could also allow for a soft landing with less monetary tightening,” added Gourinchas.

Gourinchas stressed that the global economic outlook hasn’t worsened, but the road back to a full recovery, with sustainable growth, stable prices, and progress for all, is only starting.

IMF’s Chief Economist concluded that the fight against inflation has started to bear fruit, but the battle is far from won:


Source: IMF

|GlobalGiants.Com|

— The editor is an IMF (IMF Institute for Capacity Development, Washington, DC) certified Financial Market Analyst.






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Edited & Posted by the Editor | 6:22 AM | View the original post





January 20, 2023

India Meets with World Economic Forum to advance Progress in addressing Socioeconomic Challenges and G20 Agenda




World Economic Forum


Photo: Smriti Zubin Irani, Minister of Women and Child Development of India, speaking in the “Economics of Women’s Health” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 17, 2023. Image provided by & Copyright © World Economic Forum/Manuel Lopez.


World Economic Forum


Photo: Gita Gopinath, International Monetary Fund (IMF), speaking during the “Fiscal Expansion: A Welcome Return or Ticking Bomb?” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 18, 2023. Image provided by & Copyright © World Economic Forum/Ciaran McCrickard.


World Economic Forum


Photo: Participants at the “30x30 Ambition: Next Steps after Montreal” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 19, 2023. Image provided by & Copyright © World Economic Forum/Manuel Lopez.


World Economic Forum


Photo: Gurudev Sri Sri Ravishankar, Founder, Art of Living Foundation, India, speaking in the “Renaissance of South Asia?” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 19, 2023. Image provided by & Copyright © World Economic Forum/Manuel Lopez.


World Economic Forum


Photo: Rahul Kanwal, News Director, India Today and Aajtak, India Today Group, India, speaking in the “Renaissance of South Asia?” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 19, 2023. Image provided by & Copyright © World Economic Forum/Manuel Lopez.


World Economic Forum


Photo: Claudia Romo Edelman, Founder, and CEO, Hispanic Star, USA, speaking in the “Press Conference: The Hispanic Promise 2.0” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 17, 2023. Media Village, Press Conference Room. Image provided by & Copyright © World Economic Forum/ Greg Beadle.


World Economic Forum


Photo: Participants at the “Reversing the Tide of Global Inequality” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 19, 2023. Congress Centre - Spotlight. Image provided by & Copyright © World Economic Forum/Sandra Blaser.


World Economic Forum


Photo: Ashwini Vaishnaw, Minister of Railways; Minister of Communications; and Minister of Electronics and Information Technology of India, speaking in the “Learning from Semiconductor Supply Shocks” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 19, 2023. Image provided by & Copyright © World Economic Forum/Sikarin Fon Thanachaiary.


World Economic Forum


Photo: Hina Rabbani Khar, Minister of State for Foreign Affairs, Ministry of Foreign Affairs of Pakistan, speaking in the “Renaissance of South Asia?” session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, January 19, 2023. Image provided by & Copyright © World Economic Forum/Manuel Lopez.


Davos, Switzerland, January 20, 2023 - In Davos, world leaders continue to progress on solutions for the most pressing crises affecting the world. The World Economic Forum Annual Meeting 2023 comes as multiple concerns deepen divisions and fragment the geopolitical landscape. As a result, governments and businesses must address people’s immediate, critical needs while laying the groundwork for a more sustainable, resilient world by the decade’s end.

The program simultaneously addresses immediate crises and future long-term challenges and helps set the scene for India’s G20 presidency.

“I had the pleasure of meeting the Indian ministerial delegation and many of its top business leaders,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “I commend the country’s decisive action on the climate case for renewables, its contribution to the global healthcare ecosystem, the focus on an economic model for women-led development, and its leadership on digital public infrastructure. India remains a bright spot amid global geoeconomics and geopolitical crises.”

The World Economic Forum shares a 38-year history with India and looks forward to continued partnership with the country during its G20 presidency under the leadership of Prime Minister Narendra Modi.

India is promoting just and equitable growth for all in the world during its G20 presidency.

“India’s G20 presidency comes at a crucial time. Prime Minister Modi’s leadership is critical in this fractured world,” Schwab said.

World leaders had gathered at the World Economic Forum Annual Meeting 2023 in the first major international gathering to address ongoing economic, energy, and food crises while laying the groundwork for a more sustainable, resilient world.

While many economists forecast recessionary risks in 2023 and see geopolitical tensions continuing to shape the global economy, there are glimmers of hope that pressures on food, energy, and inflation may be peaking.

“A perfect storm plagues our world on several fronts,” said United Nations Secretary-General António Guterres. He called for urgent action on many interconnected challenges, including the global economic crisis, climate, income and gender inequality, US-China relations, Russia’s invasion of Ukraine, and the lingering effects of the COVID-19 pandemic. “Now more than ever, it is time to forge the pathways to cooperation in our fragmented world,” he concluded.

Cooperation is becoming more virtual, and the Forum’s Global Collaboration Village showed how we could harness the metaverse for inclusive and effective international action. With the golden age of artificial intelligence underway, technology will provide more ways to bring people together.

“We can turn challenges into opportunities through collaboration, innovation, human goodwill, and ingenuity. It is the spirit of solving problems through mutual respect and cooperation. This is the spirit of Davos,” said Klaus Schwab, Founder and Executive Chairman World Economic Forum.

As crises converge, so too must the solutions. As a result, the Annual Meeting emphasized connections across significant systemic challenges. With over 480 sessions, more than 2,700 leaders - including over 350 public figures, government leaders, and 47 heads of state - came together at the Annual Meeting 2023 to address the world’s most pressing challenges.

Source: World Economic Forum

|GlobalGiants.Com|


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Edited & Posted by the Editor | 1:30 PM | View the original post





January 12, 2023

UNESCO International Institute for Educational Planning (IIEP-UNESCO) Governing Board meets for the Future of Educational Planning


Unesco- IIEP


Unesco IIEP


Photo: UNESCO Headquarters, Paris. Conference on Transforming Education through Regional Collaboration. Photographer: Lily CHAVANCE. Image provided by & copyright © UNESCO/Lily CHAVANCE.


Paris, January 12, 2023 — The Governing Board of the UNESCO International Institute for Educational Planning (IIEP-UNESCO) met in Paris, France, from 13 to December 14, 2022, to take stock of recent achievements and to chart a path forward for the Institute as the 60th anniversary of IIEP draws near.

Members of the Board (currently chaired by José Weinstein and representing all regions of the world) stressed that equitable access to education and equal opportunities for learning and skills development could only be achieved through solid planning and management of education systems. And this lies at the heart of IIEP’s mandate, established in 1963.

Six decades on, this remains more relevant than ever as countries worldwide strive to recover learning losses arising from the pandemic and transform education and foundational learning in a rapidly changing world.

To accompany UNESCO Member States on this journey, the Board welcomed IIEP’s recent reflections and adjustments to its core offer to countries. It includes a new global training strategy, which aims to sustainably meet the capacity needs of educational planners and systems across the globe.

Additionally, IIEP will launch a new Global Learning Academy in 2023 with a refreshed course catalog, a hybrid blended approach offering greater flexibility for professionals, and enhanced harmonization across the Buenos Aires, Dakar, and Paris offices. It will come amid a year-long celebration of IIEP’s 60th anniversary, which will also involve deep reflections on the future of planning and its place in a world facing evolving global threats and challenges.

Adding to the momentum, the Board welcomed IIEP’s new Resource Mobilization Plan as the Institute seeks to maintain and grow its funding base. In addition, a donor mapping is underway to identify opportunities that align with country demand and IIEP’s critical priorities on data, governance and finance, management for learning, equity and resilience, and skills and flexible learning.

The 12-member Board also congratulated IIEP for its substantial achievements in 2022 and its contributions to global solution-building, echoing the spirit of the Transforming Education Summit this past year.

In 2022, several planners and other education professionals received training from IIEP, and 19 countries benefited from IIEP technical assistance. Hence, it increasingly emphasizes the importance of implementing and monitoring plans and policies for tangible system transformation.

IIEP lent its support beyond the traditional education sector analysis and plan development to include a more comprehensive and diverse offer to countries.

Today, IIEP emphasizes applying a gender and crisis lens throughout the planning cycle to protect the right to education for all and to build system resilience.

Finally, in 2022, the Institute launched its new Knowledge Management and Mobilization team. It also generated and shared new evidence and knowledge on various topics, including flexible learning pathways, open government initiatives, ministry of education leadership, digital education policies, and gender dynamics.

Source: UNESCO International Institute for Educational Planning (IIEP-UNESCO)

|GlobalGiants.Com|

— The Editor is an IIEP-UNESCO certified “Independent Appraiser” of Government Education Plans.


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Edited & Posted by the Editor | 12:57 PM | View the original post





December 17, 2022

UN Security Council Meets on Global Counter-Terrorism Approach Principles and Way Forward 


UN Security Council


Photo: Subrahmanyam Jaishankar,  President of the Security Council for December and External Affairs Minister of India, briefs reporters on a global counter-terrorism approach after the Security Council meeting. December 15, 2022. United States of America. New York. UN Photo/Eskinder Debebe.


UN Security Council


Photo: Victoria Nuland, Under Secretary for Political Affairs of the United States of America, addresses the Security Council meeting on threats to international peace and security caused by terrorist acts. The conference’s focus is “global counter-terrorism approach - principles and the way forward.” December 15, 2022. United States of America. New York. UN Photo/Manuel Elías.


UN Security Council


Photo: Subrahmanyam Jaishankar,  President of the Security Council for December and External Affairs Minister of India, chairs the Security Council meeting on threats to international peace and security caused by terrorist acts. The forum’s focus is “global counter-terrorism approach - principles and the way forward.” December 15, 2022. United States of America. New York. UN Photo/Eskinder Debebe.

Source: United Nations, New York

|GlobalGiants.Com|


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Edited & Posted by the Editor | 11:09 AM | View the original post





December 15, 2022

At the Inauguration Ceremony for Mahatma Gandhi Bust, UN Secretary-General said Peace Leader's Vision was Foundational for United Nations


United Nations, Mahatma Gandhi


United Nations, Mahatma Gandhi


United Nations, Mahatma Gandhi


Photos: Ceremony to Unveil Mahatma Gandhi Bust at UN Headquarters, a gift to the United Nations from India. The plaque says, “There is no way to peace; peace is the way.” The event was attended by, among others, the Secretary-General António Guterres, Csaba Kőrösi, President of the seventy-seventh session of the United Nations General Assembly, Ruchira Kamboj, Permanent Representative of India to the United Nations, and Subrahmanyam Jaishankar, External Affairs Minister of India. December 14, 2022. United States of America. New York. Images provided by & copyright © UN Photo/Mark Garten.


New York, December 15, 2022 — Following are UN Secretary-General António Guterres’ remarks at the inauguration ceremony for Mahatma Gandhi’s Bust in New York:

“It’s a great pleasure to join you today to mark the installation of this bust of Mahatma Gandhi. I thank the Government and the Permanent Mission of India for donating this tribute to one of the giants of the modern age.

“My visit to India earlier this year reminded me that there are few people in history so aligned with the goals and values of the United Nations as Mahatma Gandhi.

“Gandhiji’s anti-imperialist vision was foundational for the United Nations. As the Charter states, our Organization is built on the principle of “equal rights and self-determination of peoples .” Indeed, the drafters of the Charter took great inspiration from Gandhi’s message of peace, non-violence, and tolerance.

“Gandhi’s success in mobilizing millions for anti-colonial resistance while adhering to the principles of non-violence inspired people worldwide. But Gandhi is not only a historical figure. His visionary ideas and values, including his concern for justice and social transformation, continue to resonate today.

“Many of his ideas prefigured the concept of sustainable development — including his view that “poverty is the worst form of violence .” Likewise, his belief that societies should be judged on their record of uplifting the most vulnerable holds important lessons for today’s leaders.

“Gandhi was one of the first to recognize the dangers of the plunder and destruction of our environment, observing that the earth, the air, the land, and the water are not an inheritance from our forefathers but on loan from our children. He was a famous supporter of sustainable local products like khadi - India’s homespun cotton.

“He championed women in politics and rejected discriminatory practices. Gandhi was an uncompromising advocate for peaceful coexistence, non-discrimination, and pluralism. Recognizing that diversity is one of India’s greatest assets, he strove for harmonious relations between religions, cultures, and communities.

“The focus of his life was pressing for social and political reform through non-violent resistance while creating a culture of peace. His legacy is everywhere, including in the daily work of the United Nations worldwide for equality, solidarity, and empowerment.

“Once again, I thank the Government of India for its generous donation of this bust. I hope its installation here at the Headquarters of the United Nations will remind us of the values Gandhi upheld and to which we remain committed.”

Source: United Nations, New York

|GlobalGiants.Com|


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Edited & Posted by the Editor | 12:22 PM | View the original post





December 14, 2022

Finance & Central Bank Deputies Meeting under the G20 Presidency of India, Bengaluru (December 13-15, 2022)


G20 India


Photo: Gateway of India, Mumbai, illuminated to welcome G20 delegates to Mumbai. Image provided by G20 India.


G20 India


Photo: A view of the G20 Finance & Central Bank Deputies Meeting in Bangaluru, India, December 14, 2022. Image provided by G20 India.


Bengaluru, India, December 14, 2022 — The first G20 Finance and Central Bank Deputies (FCBD) meeting is taking place 13-15 December 2022 in Bengaluru. This meeting, which marks the start of discussions on the Finance Track agenda under the Indian G20 Presidency, is hosted jointly by the Ministry of Finance and the Reserve Bank of India.

The G20 Finance Track, led by Finance Ministers and Central Bank Governors of G20 countries, focuses on economic and financial issues. It provides an effective forum for global economic discourse and policy coordination. The First Finance Ministers and Central Bank Governors Meeting will be held during 23-25 February 2023 in Bengaluru.

Prime Minister Modi said in his address at the Bali G20 Summit that the need today is that the benefits of development are universal and all-inclusive. Ministry of Finance, India, has imbibed this idea in the G20 Finance Track agenda.

Mr. Ajay Seth, Secretary Department of Economic Affairs, and Dr. Michael D. Patra, Deputy Governor of the Reserve Bank of India, are co-chairing the G20 Finance and Central Bank Deputies meeting. Their counterparts from G20 member countries and several other countries and international organizations invited by India are participating in the two-day conference.

The G20 Finance Track discusses critical issues of relevance for the global economy, encompassing the global economic outlook, the international financial architecture, infrastructure development and financing, sustainable finance, global health, international taxation, and financial sector issues, including financial inclusion.

On the sidelines of the meeting, a panel discussion took place on ‘Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century. In addition, a seminar on the ‘Role of Central Banks in Green Financing’ took place.

The Indian G20 Presidency’s theme of ‘One Earth, One Family, One Future’ will guide the G0 Finance Track discussions. Approximately 40 meetings of the Finance Track will take place in several locations in India, which include arrangements of G20 Finance Ministers and Central Bank Governors.

India has assumed the G20 Presidency at a time of multiple challenges, which include scarring from the COVID-19 pandemic, sharpened geopolitical tensions, rising food and energy security concerns, growing debt distress, inflationary pressures, and monetary tightening, among others. Hence, a vital role of the G20 is to guide in dealing with such challenges.

During India’s G20 Presidency, supporting the countries most in need and reflecting the concerns and aspirations of developing countries will be at the forefront of the G20’s efforts. The Ministry of Finance and the Reserve Bank of India will steer the G20 Finance Track agenda in an inclusive manner aimed at addressing the global economy needs of today as well as preparing for a better tomorrow.

Source: G20 India

|GlobalGiants.Com|


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Edited & Posted by the Editor | 9:29 AM | View the original post





December 10, 2022

At UNESCO, World Education Leaders call for Environment Education and Digital Access to be part of Learning for All.


The High-Level Steering Committee on Sustainable Development Goal 4 on Education, convened by UNESCO, called on countries to adopt new indicators measuring the implementation of green Education and digital access to learning for all.


Unesco, Education


Unesco Education


Photos: UNESCO Headquarters Paris. SDG4 High-Level Steering Committee Meeting. December 9, 2022. Images provided by & copyright © UNESCO/Christelle ALIX.


Paris, December 09, 2022 — To advance its priorities, on December 8 & 9, UNESCO convened a meeting of the High-Level Steering Committee on Sustainable Development Goal 4 on Education. The meeting took place at UNESCO Headquarters, under the chairmanship of Audrey Azoulay, UNESCO’s Director General, and Julius Maada Bio, the President of Sierra Leone.

Following the Transforming Education Summit (TES) on September 2022 in New York, the UN Secretary-General mandated the Committee to ensure and monitor the effective follow-up of countries’ commitments at the Summit.

The Committee called on world leaders to endorse the six calls to action at the Summit:

“Ensuring all children and youth are climate-ready, improving schools’ digital connectivity and students’ access to online learning contents are critical goals. We appeal to world leaders to accelerate progress in these areas following the agreements reached by the Transforming Education Summit,” UNESCO Director-General Audrey Azoulay said.

The Sustainable Development Goal benchmarks will measure each country’s progress by 2025 and 2030, representing the transformation countries want to see from the Summit. For example, governments could count how many schools are green-accredited and how much national laws, policies, and standards cover climate education. On digital transformation, countries could measure the extent to which every school and child is connected to digital solutions.

The High-Level Steering Committee (HLSC) comprises principals of United Nations and education partner agencies, civil society and donor representatives, and Ministers of Education from 12 countries.

HLSC follows the Transforming Education Summit (TES) that took place in September 2022 in New York. TES was the largest global education summit in recent decades. It led to national commitments from 133 countries to recover learning losses from the pandemic and transform their education systems to make them more inclusive, relevant, and resilient to future shocks.

Source: UNESCO

|GlobalGiants.Com|

The editor is a UNESCO—IIEP readied “Independent Appraiser” of Government Education Plans.


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Edited & Posted by the Editor | 3:20 PM | View the original post





October 17, 2022

International Monetary Fund Financial Committee Press Briefing


IMF


Photo: The Governor, Reserve Bank of India, Shaktikanta Das, confers with another Central Bank Governor during IMFC Restricted Early Warning Exercise Meeting in Washington, DC. IMF Managing Director Kristalina Georgieva, First Deputy Managing Director Gita Gopinath, Deputy Managing Director Bo Li, and Deputy Managing Director Kenji Okamura also participated in the International Monetary and Financial Committee Restricted Early Warning Exercise during the 2022 Annual Meetings at the International Monetary Fund. October 13, 2022. Washington, DC, United States. IMF Photo/Allison Shelley.


IMF


Photo: IMF Managing Director Kristalina Georgieva takes her seat before the Annual Meetings Plenary at the International Monetary Fund. October 14, 2022. Washington, DC, United States. IMF Photo/Allison Shelley.


IMF


Photo: IMF Managing Director Kristalina Georgieva participates in the Debate on Global Economy Seminar during the 2022 Annual Meetings at the International Monetary Fund. October 13, 2022. Washington, DC, United States. IMF Photo/Joshua Roberts.


IMF


Photo: IMF Managing Director Kristalina Georgieva, First Vice President of Spain and IMFC Chair Nadia Calvino, and Secretary General of the United Nations, António Guterres, participate in the IMFC Plenary Session during the 2022 Annual Meetings at the International Monetary Fund. October 14, 2022. Washington, DC, United States. IMF Photo/Cory Hancock.


Washington, DC, October 15, 2022 — International Monetary Fund Financial Committee (IMFC) Chair Nadia Calvino and IMF Managing Director Kristalina Georgieva summarized the outcome of the 46th IMFC at the 2022 IMF-World Bank Annual Meetings.


IMF Managing Director Kristalina Georgieva said that the message from the IMF is clear.


We recognize that we need to do more, especially in debt. So meeting participants are urging the IMF to forcefully step forward with possible solutions to bring more impactful needs to the standard framework. They are also asking to proactively work for the creditors and debtors to seek an early resolution to the problems for which we need clear guidelines. We need more predictability, and we need fair treatment of all creditors, public and private. Finally, I want to finish by saying what I said in the end. We were running out of time, and you turned to me and said, How would you sum up this meeting? And my summing up was to buckle up and keep going. And this is what we intend to do, said Georgieva.


IMF Managing Director Kristalina Georgieva called for an end to Russia’s war on Ukraine.


“On a very human, practical, and objective level. Stop the war. Stop the war. I’m looking at this audience. Wouldn’t you think this is the most straightforward way to get the world economy in better shape? Stop the war,” said Georgieva.


IMFC Chair Nadia Calvino highlighted the global economic situation as a factor in the growth of far-right extremism.


“The current environment is one of slowing down growth, high cost of living or increasing cost of living in many parts of the world. But, in addition, big changes involve digitalization, climate change, geopolitical shift, and rising inequality in many of our countries. And this is an environment which is quite open to the messages of people that have elementary and ineffective and wrong solutions to complex matters,” said Calvino.


Source: IMF (International Monetary Fund)

|GlobalGiants.Com|

— The editor is a Financial Market Analyst qualified from the International Monetary Fund Institute for Capacity Development, Washington, DC.


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Edited & Posted by the Editor | 4:54 AM | View the original post





October 11, 2022

IMF releases World Economic Outlook Report October 2022


IMF


Photo: Behinds the scenes during the 2022 Annual Meetings at the International Monetary Fund. Washington, DC, United States. October 10, 2022. IMF Photo/STEPHEN VOSS.


IMF


Photo: IMF Managing Director Kristalina Georgieva participates in a meeting at the Global Center on Adaptation. Rotterdam, Netherlands. September 5, 2022. IMF Photo/Eric Kampherbeek.


Washington, October 11, 2022 — The IMF projects global growth is slowing under the burden of high inflation, the impact of Russia’s war in Ukraine, and the lingering effects of the pandemic, announced Pierre-Olivier Gourinchas, the IMF’s Chief Economist on Tuesday, October 11 in Washington, DC.

The Fund expects global growth to remain unchanged in 2022 at 3.2 percent and to slow down to 2.7 percent in 2023—0.2 percentage points lower than the July forecast—with a 25 percent probability that it could fall below 2 percent.

“The global economy is weakening further and facing a fragile environment. The outlook continues to be shaped by three forces. Persistent and broadening inflation, causing a cost-of-living crisis, the Russian invasion of Ukraine and the associated energy crisis, and the economic slowdown in China. This year’s projection for world GDP growth is unchanged at 3.2%, as in the July World Economic Outlook update. Global growth is forecast to slow to 2.7% in 2023, 0.2 percentage points lower than projected in July. The slowdown is broad-based. More than a third of the global economy will contract in 2023, while the three largest economies in the world, the United States, the Euro area, and China, will continue to stall. For the first time, we calculated risks around the baseline projections. We find there is a 25% chance that growth will fall below 2% in 2023. It happened exceedingly rarely in the past, and a 10 to 15% chance it will fall below 1%, corresponding to a decline in real output per capita,” said Gourinchas.


IMF Projection


Downside risks remain elevated, while policy trade-offs to address the cost-of-living crisis have become acutely challenging. Moreover, monetary, fiscal, or financial policy miscalibration risk has risen sharply when the world economy remains historically fragile and economic markets show signs of stress.

Gourinchas explained that, unfortunately, most risks to the outlook are to the downside:

  1. Monetary policy miscalibration is risky during high uncertainty and fragility. In particular, we are concerned that central banks will ease too early, causing inflation to remain excessively high and requiring a much more significant loss of output later.
  2. A persistently strong dollar could fuel inflation and amplify financial tightening, especially in emerging markets and developing economies.
  3. High post-pandemic debts and higher borrowing costs could cause widespread debt distress in low-income countries.
  4. China’s more profound real estate crisis could cause severe financial stress.
  5. The war could further destabilize energy markets.
  6. A resurgence of the pandemic would hit under-vaccinated regions hard, especially Africa.
  7. Further geopolitical fragmentation could hamper global policy coordination and trade.


Persistent and broadening inflation pressures have triggered a rapid and synchronized tightening of monetary conditions, alongside a robust appreciation of the US dollar against most other currencies. Tighter global economic and financial conditions will work their way through the economy, gradually weighing demand down and helping to subjugate inflation.

IMFGrowth Chart

“The biggest fight now is the fight against inflation. Central banks are laser-focused, and they need to keep a steady hand. Growth will slow in 2023 as conditions tighten and some financial fragilities may emerge. But the main priority should be to restore price stability. It is the bedrock of future economic prosperity. Next, fiscal policy needs to be guided by coherent economic principles. First, pandemic-era stimulus should be withdrawn and buffers rebuilt. Second, fiscal policy should not work at cross-purposes with monetary policy. Third, the energy crisis will be long-lasting. Solving it requires supply to increase and demand to decrease. Price signals will be important to achieve that. Fourth, governments should provide direct, temporary, and targeted help to low- and middle-income families. Finally, many countries are struggling with the strength of the dollar. Yet this reflects mostly the speed of the tightening cycle in the United States and the energy crisis. Unless financial markets become severely disrupted, monetary policy should focus on inflation while allowing the exchange rate to adjust to underlying economic forces,” warned Gourinchas.

Source: IMF (International Monetary Fund)

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— The editor has an Academic Certificate in “Financial Market Analysis” issued by “Institute for Capacity Development, International Monetary Fund, Washington, DC.”


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"Peace Monument" sculpture in the Garden of UN Headquarters, New York


United Nations


Photo: A view of the “Peace Monument” sculpture in the garden of UN Headquarters. Croatian sculptor Antun Augustincic made this sculpture. It depicts a woman riding a horse with an olive branch in one hand and a globe in the other. September 29, 2022. The United States of America. New York. UN Photo/Rick Bajornas.

Source: United Nations, New York

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October 6, 2022

World Teachers' Day: UNESCO alarms about the global teacher shortage crisis.


World Teachers Day2022


Paris, October 5, 2022 — On World Teachers’ Day, Audrey Azoulay, Director-general of UNESCO, called governments worldwide to step up their support for teachers, warning that the profession is struggling to retain its workforce and attract new talent. Worldwide, 69 million teachers are needed to reach universal primary education by 2030.

UNESCO’s estimates indicate the need for an additional 24.4 million teachers in primary education and some 44.4 million teachers for secondary education to achieve universal primary education by 2030.

New UNESCO figures unveiled for 2022 World Teachers’ Day show that, in sub-Saharan Africa, 5.4 million teachers are needed at the primary level and 11.1 million at the secondary level for achieving the targets set by the 2030 Agenda. Southern Asia is the region with the second largest deficit. Here UNESCO projects that 1.7 million additional teachers will be needed at the primary level and 5.3 million at the secondary level.

In low-income countries, the first obstacle is the heavy workload. According to new UNESCO data, each primary teacher in these countries has an average of 52 pupils per class at the primary level, while the global average is 26. The ratio is exceptionally high in sub-Saharan Africa - 56 pupils per teacher - and Southern Asia - 38. In Europe and North America, there are only 15 pupils per teacher on average.

A lack of training amplifies supervision difficulties. In addition, teachers do not always have all the tools at hand to succeed in the classroom. For example, UNESCO data shows that about 26% of primary and 39% of secondary school teachers do not have the minimum qualification requirements in low-income countries, compared to 14% and 16% globally.

Non-competitive salaries also accentuate the vocational crisis. UNESCO data shows that 6 out of 10 countries pay primary school teachers less than professionals with similar qualifications. This criterion is particularly evident in high-income countries. In 5 out of 6 countries in this group, primary school teachers earn less than other comparable professionals. Three high-income countries have a commendable teacher salary policy: Singapore, with an average salary of 139% of similar professions, Spain (125%), and the Republic of Korea (124%).

World Teachers’ Day is held annually on October 5 to celebrate all teachers around the globe. It commemorates the anniversary of adopting the 1966 ILO/UNESCO Recommendation concerning the Status of Teachers, which sets benchmarks regarding the rights and responsibilities of teachers, and standards for their initial preparation and further education, recruitment, employment, and teaching and learning conditions. In addition, the Recommendation concerning the Status of Higher-Education Teaching Personnel was adopted in 1997 to complement the 1966 Recommendation by covering teaching personnel in higher education.

Source: UNESCO

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October 2, 2022

MONDIACULT 2022: States adopt historic Declaration for Culture

• One hundred-fifty States unanimously adopted an ambitious Declaration for Culture on Friday at the end of a three-day conference convened by UNESCO. The text affirms Culture as a “global public good.” It reflects countries’ agreement on a joint roadmap to strengthen public policies in this field.


MONDIACULT


MONDIACULT


MONDIACULT


MONDIACULT


MONDIACULT


Photos: MONDIACULT 2022. UNESCO World Conference on Cultural Policies and Sustainable Development. Images provided by & copyright © UNESCO / Juan Luis M. Acevez.


Mexico, September 30, 2022 — MONDIACULT 2022, the most significant world conference devoted to Culture in the last 40 years, brought together nearly 2,600 participants over three days in Mexico City. At UNESCO’s and Mexico’s invitations, 150 States sent delegations to the conference, and 135 of them were represented at the highest level by ministers of Culture.

“Culture has a fundamental role in our societies. People can discover their common humanity through Culture and become free and enlightened citizens. Yet, despite progress, it still does not have the place it deserves in public policies and international cooperation. MONDIACULT 2022 is a powerful signal to change this. The Declaration adopted today is a commitment to action,” UNESCO Director-General Audrey Azoulay said.

In the Declaration, the fruit of ten months of multilateral negotiations led by UNESCO, States affirm for the first time that Culture is a “global public good.” Consequently, States call for Culture to be included “as a specific objective in its own right” among the United Nations Sustainable Development Goals.

The text defines a set of cultural rights that need to be considered in public policies, ranging from artists’ social and economic rights to artistic freedom. Also included is the right of indigenous communities to safeguard and transmit their ancestral knowledge and protect and promote cultural and natural heritage.

It also calls for substantial regulation of the digital sector, notably of the major platforms, to benefit online cultural diversity, artists’ intellectual property rights, and fair access to content for all.

Stepping up the fight against illicit trafficking in cultural property: In the Declaration, governments also commit to intensify the fight against illegal trafficking in cultural goods with increased international cooperation. They call on art market operators not to offer for sale objects whose provenance is not proven.

The emphasis on “unprovenanced” objects calls for protecting vulnerable archaeological sites. The Declaration mandates UNESCO to propose standard-setting instruments to meet these challenges.

On the same subject, Ms. Azoulay announced the creation by UNESCO and INTERPOL of a virtual museum of stolen cultural property. It will serve as an educational and pedagogical tool so that citizens can learn about the history of these works and help people research the provenance of pieces about which they are unsure. The virtual museum will be up and running by 2025.

A delegation headed by the Minister of State for Culture, Arjun Ram Meghwal, represented India at UNESCO-MONDIACULT 2022 World Conference.

Source: UNESCO

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September 22, 2022

United Nations General Assembly Session 2022


United Nations General Assembly


Photo: UN Secretary-General António Guterres (right) meets with Queen Máxima of the Netherlands. September 21, 2022. The United States of America. New York. UN Photo/Ariana Lindquist.


United Nations General Assembly


Photo: Csaba Kőrösi (right), President of the seventy-seventh session of the United Nations General Assembly, meets with Katalin Novák, President of Hungary. September 21, 2022. The United States of America. New York. UN Photo/Loey Felipe.


United Nations General Assembly


Photo: The high-level meeting of the United Nations General Assembly to mark the commemoration of the thirtieth anniversary of the adoption of the “Declaration on the Rights of Persons Belonging to National or Ethnic, Religious and Linguistic Minorities” was held on the second day of the General Assembly’s general debate. September 21, 2022. The United States of America. New York. UN Photo/Ariana Lindquist.


United Nations General Assembly


Photo: A view of UN Headquarters and delegates of the high-level week of the seventy-seventh session of the United Nations General Assembly. September 20, 2022. The United States of America. New York. UN Photo/Manuel Elías.


United Nations General Assembly


Photo: Csaba Kőrösi (right), President of the seventy-seventh session of the United Nations General Assembly, meets with Subrahmanyam Jaishankar, Minister for External Affairs of the Republic of India. September 19, 2022. The United States of America. New York. UN Photo/Evan Schneider.


United Nations General Assembly


Photo: Priyanka Chopra Jonas, Goodwill Ambassador of United Nations Children’s Fund (UNICEF), spoke during the “SDG Moment 2022” and “Transforming Education Summit.”

The “SDG Moment “is an event during the UN General Assembly high-level week to highlight the promise of inclusion, resilience, and sustainability embedded in the Sustainable Development Goals (SDGs), especially in times of crisis. Convened by Secretary-General António Guterres, the event is shaped by the narrative of the SDGs as our To-Do List for a better future for all on a safe and healthy planet. In addition, the SDG Moment features the Secretary-General’s SDG Advocates Co-Chairs, and SDG Dialogues focused on solutions for inequalities and climate and environmental challenges. 

The Secretary-General had convened the “Transforming Education Summit” in response to a global crisis in education - one of equity and inclusion, quality, and relevance. Often slow and unseen, this crisis is devastatingly impacting the futures of children and youth worldwide. The Summit provides a unique opportunity to elevate education to the top of the global political agenda and to mobilize action, ambition, solidarity, and solutions to recover pandemic-related learning losses and sow the seeds to transform education in a rapidly changing world. 

September 19, 2022. The United States of America. New York. UN Photo/Laura Jarriel.


Source: United Nations, New York

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September 18, 2022

United Nations Landmark Launch of Scoring for the Goals Event 


United Nations


United Nations


Photos: A landmark launch of the Scoring for the Goals event with the projection of images of Sustainable Development Goals on the UN Building. September 17, 2022. The United States of America. New York. UN Photo/Cia Pak.

Source: United Nations, New York

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September 9, 2022

The Managing Director of IMF calls on the President of India.


IMF


Photo: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), called on the President of India, Smt. Droupadi Murmu at Rashtrapati Bhavan today (September 9, 2022).


IMF


Photo: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), met with Prime Minister of India, Narendra Modi, earlier today (September 9, 2022).


New Delhi, September 09, 2022 — Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), called on the President of India, Smt. Droupadi Murmu at Rashtrapati Bhavan today (September 9, 2022).

Welcoming Ms. Georgieva to Rashtrapati Bhavan, the President said that the world is passing through the third year of the Covid pandemic. She noted that multilateral institutions such as the IMF and the World Bank provided significant assistance to many low-income countries. She said that IMF has to play an essential role in maintaining the stability of the International Monetary System.

The President said that today, India is one of the fastest growing major economies in the world. India’s start-up ecosystem ranks high in the world. The success of start-ups in our country, especially the increasing number of Unicorns, is a shining example of our industrial progress. What is even more gratifying is that the development of our country is becoming more inclusive, and regional disparities are also reducing. The basic mantra of today’s India is compassion - compassion for the oppressed, compassion for the needy, and compassion for the marginalized.

Source: President’s Secretariat, New Delhi

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September 7, 2022

Message from Ms. Audrey Azoulay, Director-General of UNESCO, on International Literacy Day, September 08, 2022


• Message from Ms. Audrey Azoulay, Director-General of UNESCO, on International Literacy Day, September 08, 2022.


UNESCO, EDUCATION


Source: UNESCO

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September 2, 2022

Ministry of Culture, India, celebrates the successful inscription of 'Durga Puja in Kolkata' on the Representative List of Intangible Cultural Heritage of Humanity in 2021


Unesco, Culture, India


Unesco, Culture, India


Photos: UNESCO Headquarters Paris. The UNESCO Director-General handed over the “Certificate of inscription of Durga Puja in Kolkata to the list of Intangible Cultural Heritage” to the Permanent Representative of India to UNESCO. Images provided by & Copyright © UNESCO/Lily CHAVANCE.


New Delhi, India, August 31, 2022 — The Ministry of Culture and Sangeet Natak Akademi, the designated nodal agency for Intangible Cultural Heritage (ICH), in collaboration with the National Museum and National Museum Institute, organized the celebration of the successful inscription of ‘Durga Puja in Kolkata’ on the Representative List of ICH of Humanity in 2021.

A mesmerizing dance ballet, Devi Rising, was presented by the renowned Odissi dancer and Sangeet Natak Akademi awardee Smt. Sharmila Biswas and her troupe from Kolkata. It enthralled the audience and the guests by depicting Devi Durga or the feminine shakti through aesthetically conceptualized choreography, music, costumes, and theme.

Ms. Lily Pandeya, Joint Secretary, Ministry of Culture; Mr. Tim Curtis, Secretary of UNESCO’s 2003 ICH Convention; Mr. Eric Falt, Director and UNESCO Representative to Bhutan, India, Maldives, and Sri Lanka; Ms. Ritu Sethi, ICH expert; Ms. Shikha Jain & Prof. Manvi Seth, National Museum Institute; Mr. Arvind Kumar, Director/ UNESCO, Ministry of Culture; Mr. Suman Kumar of Sangeet Natak Akademi, and officers from Ministry of External Affairs graced the occasion with their presence.

The Secretary, Convention for Safeguarding the Intangible Culture Heritage, UNESCO, Mr. Tim Curtis, spoke about the developments in UNESCO’s 2003 ICH Convention. He stated that UNESCO will now accept ICH dossiers in the language of the practitioners, along with English or French, for evaluation.

Director and UNESCO Representative to Bhutan, India, Maldives, and Sri Lanka, Eric Falt, said, “I think it is essential to bring together all of the stakeholders and different groups involved in such nominations and this workshop.” He added, “I’m grateful to all of the other partners who have worked with us in the past few years to raise the importance and visibility of intangible cultural heritage.” He also mentioned that UNESCO is organizing an ICH workshop at the regional level in Udaipur, bringing several representatives from various countries.

Joint Secretary Ministry of Culture Ms. Lily Pandeya said, “India is a member of almost all of the UNESCO Cultural Conventions and Programs. In addition, India continues to strengthen the intercultural dialogue among nations with 40 UNESCO World Heritage sites, 14 intangible cultural heritage elements inscribed on Representative List, nine documentary heritage elements recognized in the International Memory of the World Register, and 6 Creative Cities.”

‘Durga Puja in Kolkata’ was inscribed on the Representative List of Intangible Cultural Heritage of Humanity during its 16th session in Paris, France, from 13th to 18th December 2021.

Source: India Ministry of Culture

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August 30, 2022

The American University in Cairo to receive the 2022 UNESCO/Jikji Memory of the World Prize


Unesco


Photo: UNESCO Headquarters, Paris. A section of the participants at the Opening of An Ambition to Transform Education. June 29, 2022. Image provided by & Copyright © UNESCO/Lily CHAVANCE.


Paris. France, August 29, 2022 — UNESCO Director-General Audrey Azoulay has named the American University in Cairo’s Libraries and Learning Technologies, Rare Books, and Special Collections Library in Egypt as the laureate of the 2022 UNESCO/Jikji Memory of the World Prize. She did it following the recommendation of an international jury of experts.

“The Rare Books and Special Collections Library is a powerful testament to how well-preserved, accessible documentary heritage can become a wellspring for understanding history and culture across regions. I congratulate them on winning this Prize,” said UNESCO Director-General Audrey Azoulay.

In its recommendation, the international jury of experts recognized the laureate’s unique expertise and outstanding work in preserving and enabling access to Egyptian documentary heritage of global significance. The Library will be presented with the Prize in a ceremony in Cheongju, the Republic of Korea, on September 2, during the 30th-anniversary celebration of UNESCO’s Memory of the World Programme.

• The Rare Books and Special Collections Library

Founded in 1919, the American University in Cairo (AUC) became actively involved in the preservation of cultural heritage in the 1950s when it acquired the collection of Sir Keppel Archibald Cameron Creswell, a pioneer in the study of Islamic art and architecture. It has since continued collecting and preserving rare books, drawings, and other documentary heritage, including, to name but a few, the papers, plans, and artifacts of notable Egyptian architect Hassan Fathy, the Van Leo Photographic Collection, and documents about the history of Egyptian women and society.

The University’s Rare Books and Special Collections Library has a conservation laboratory and digitization center, contributing to its important work in preserving Egyptian documentary heritage and making it accessible to scholars, students, and the public. By supporting research and collaborating with other institutions in Egypt and beyond, the Library has become an indispensable research hub for Arabic and African countries.

The UNESCO / Jikji Memory of the World Prize commemorates the inscription on the Memory of the World International Register of Buljo jikji simche yojeol, a Korean work considered the oldest book printed with movable metal type. Funded by the Republic of Korea through the City of Cheongju, the Prize recognizes efforts to contribute to preserving and accessibility to documentary heritage as the common heritage of humanity.

Source: UNESCO

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July 26, 2022

IMF (International Monetary Fund) publishes World Economic Outlook July 2022


International Monetary Fundf


Washington, DC, July 26, 2022 — IMF today published its World Economic Outlook for July 2022. The outlook for global growth has grown “gloomy and more uncertain,” the IMF’s chief economist Pierre-Olivier Gourinchas warned.

Increasingly gloomy developments followed tentative recovery in 2021 in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. In addition, several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide—especially in the United States and major European economies—triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.

“The outlook has darkened significantly since April. The world may soon be teetering on the edge of a global recession, only two years after the last one. Multilateral cooperation will be key in many areas, from climate transition and pandemic preparedness to food security and debt distress. Amid great challenge and strife, strengthening cooperation remains the best way to improve economic prospects for all and mitigate the risk of geo-economic fragmentation,” Gourinchas said at the launch of the quarterly update of the IMF’s World Economic Outlook report.

The Fund is warning that elevated inflation, rising interest rates, a high US dollar valuation, the impact of the war in Ukraine, and a slowdown in Chinese growth are all factors leading to a downward revision in the forecast.

“In particular, a full shutdown of Russian gas flows to Europe or inflation pressures remaining more elevated than they’ve been in the past. And we’ve been repeatedly surprised by the persistence and the broadening of inflation in recent times and an increase in financial tightening around the world. And so if you put all these things together, we get a global economy, as I mentioned in my remarks, that gets close to 2% in 2023, where we think a lot of the vulnerabilities are where you have a lot of slowdown happening. And so 2% is a low number for the global economy. So that’s a sense in which we’re getting close, really close to a global recession,” he explained.

Persistent high inflation in the US and other big economies is leading central banks to hike interest rates. Meanwhile, there is a move to the safety of the US dollar, which means that emerging markets are especially hit with higher prices while also seeing the cost of servicing their debt increase. As a result, the temptation will be to push off reforms or to raise spending, but the Fund says that action now will head off more pain later.

“What is important here is that, in a sense, there is one overwhelming priority at this point: to bring back price stability in advanced economies and emerging markets. Many of them have seen elevated price pressure, whether we are in the baseline or whether we are in the alternative scenario. And in the alternative scenario, inflation pressures are pushing even higher, and there’s even more of a need for central banks and policymakers to address that issue. And this is critical because it’s necessary to plant the seed for future macroeconomic stability. So a stable macroeconomic environment requires that we bring down inflation in the coming year, year-and-a-half,” he answered.

Gourinchas also said there is still a path to a ‘soft landing’ in the US, meaning that the Federal Reserve can head off a recession through calibrated action.

“The current environment suggests that the likelihood that the US economy can avoid a recession is quite narrow. Under our current projections, for instance, for the US, the quarter… Q4 on Q4 growth rate in 2023 is only 0.6%. And 0.6%, that’s under our baseline. So you see, a small shock at this point could be enough to sort of knock off the US economy of a fairly low number and tilt it into recession. So it’s a very narrow, it’s a very narrow path at this point,” Gourinchas remarked.

Source: IMF (International Monetary Fund)

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— The editor holds certification in “Financial Market Analysis” from International Monetary Fund, Washington, DC.




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