![]() ![]() ![]() He said Europe would likely fall into recession next year, and the United States was in a "productivity recession" with markets unable to absorb the effects of rising interest rates fully. They will have to get used to the fact that debt would be no longer so cheap," Rogoff said. ![]() "There will be a difficult adjustment to the advanced economies. Boas, Chair of International Economics at Harvard University, warned that uncertainties from an escalated Ukraine and Russia war could prolong the current high energy price regime and inflation, forcing the central banks to keep the high-interest rate longer. Keneth Rogoff, a professor of Economics, and Maurits C. She said developing countries like India and Indonesia faced the fallout as capital flights weakened their currency and undermined their ability to import critical commodities like food and energy. These interest rate increases are the biggest coordinated rise in interest rates in the past half-century," Ghosh said. "And we are now facing a very big spillover effect of monetary policy. High inflation in developed countries forces central banks to increase interest rates, forcing businesses to delay their expansion. There are food, fuel, debt, and climate crises," Jayati Ghosh, the professor of economic development at Jawaharlal Nehru University in New Delhi. "We are facing a perfect storm, no doubt about it. They expect high inflation, economic contraction, and geopolitical problems piling simultaneously on its shaky recovery from the Covid-19 pandemic. World leaders and economic experts are now bracing for a perfect storm to hit the global economy next year. ![]() But stay careful and vigilant," President Joko "Jokowi" Widodo, when opening the 2022 BNI Investor Daily Summit at the Jakarta Convention Center on Tuesday. The summit gathers top government officials, business leaders, and international experts to share insights about economic prospects and the latest business trend. IMF also cut the 2023 global economic projection to 2.7 percent from 2.9 percent. On Tuesday, the fund cut its projection for the country's 2023 growth to 5 percent next year from 5.3 percent in its July projection. Indonesia's economic growth rate in the third quarter of 2022 is estimated to reach 5.2 percent and 4.8 percent in the fourth quarter. Indonesia's current economic fundamentals are inversely proportional to the 28 countries queuing up for assistance from the International Monetary Fund (IMF). ![]()
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