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

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...