Despite uncertainties, IMF’s Georgieva expresses confidence in the global economic outlook

The International Monetary Fund (IMF) has recently revised its GDP growth forecast for the Middle East and North Africa region downward to 2.9% this year. However, despite these uncertainties, Kristalina Georgieva, the managing director of the IMF, expressed confidence in the global economic outlook during a speech at the World Government Summit in Dubai.

Georgieva also announced that the IMF would release a paper on phasing out explicit energy subsidies in the Middle East, which could result in significant savings of $336 billion, equivalent to the entire economies of Iraq and Libya combined. In addition to substantial cost savings, Georgieva emphasized that eliminating regressive energy subsidies would also discourage pollution and help improve social spending.

Despite ongoing uncertainties related to war and geopolitics, Georgieva expressed confidence in the global economy’s remarkable resilience. She warned of the wide-ranging consequences of the conflict in Gaza and its potential to further exacerbate economic challenges faced by economies still recovering from previous shocks.

By Editor

Leave a Reply