IMF Lowers Global Economic Growth Forecast

Jul 30 , 2022


[ssba-buttons]

The International Monetary Fund (IMF) has lowered its global economic growth forecast to 3.2pc. The forecast comes against the backdrop of an ongoing global economical crisis due to combination of factors such as inflation, COVID-19, and political instability. The IMF predicts there will be 2.5pc economic growth for developed countries, and 3.6pc for developing countries The updated forecast is 0.4 percentage points lower that the Fund's initial forecast in the world economic outlook released in April 2022. The IMF says that the United States and major European countries are experiencing higher than expected inflation, which is putting financial activity around the world in a dilemma. Similarly, China has been stretched by the pandemic and is facing challenges from a slowdown in its financial institutions' resource mobilisation efforts. The Fund says the conflict between Russia and Ukraine has been an added burden on the ongoing global economic crisis.


Radar

Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months

Oromia Bank's new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank's contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusi...


Radar

Ethiopia Partners with UK to Ease Shipping Bottlenecks

The Ethiopian Freight Forwarders & Shipping Agents Association (EFFSAA) and the British International Freight Association (BIFA) signed a memorandum of understanding (MoU) on May 27, 2025, at Hilton Hotel Addis Abeba, to address skills gaps, customs delays, and corridor inefficiencies in the freight and logistics sector. The partnership focuses on technical cooperation, training, and regulatory reform. With over 90pc of trade dependent on the Djibouti corridor, rising congestion, customs...


Radar

Education Authority Sanctions Mishqen College for Rule Violations

The Education & Training Authority has issued a decisive directive last week, mandating legal action against Mishqen College for persistently defying regulatory orders and unlawfully continuing to offer higher education services. Mishqen College had previously been licensed to conduct undergraduate distance learning programs across multiple regions from 2019 to 2022. However, after serious regulatory breaches, the institution was ordered to cease all instruction, complete pending academic...