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Added on the 13/02/2023 10:02:28 - Copyright : Euronews EN
The EU hikes its eurozone growth forecast for 2023 from 0.3 to 0.9 percent on the back of lower gas prices, with EU Commissioner for Economy, Paolo Gentiloni, announcing that the "EU economy is thus set to narrowly escape the technical recession that was projected back in autumn," at a conference in Brussels, Belgium. SOUNDBITE
The United States has only a slim chance of avoiding an economic downturn given the many risks it faces, the IMF says. "It's a very narrow path," says IMF chief economist Pierre-Olivier Gourinchas. (COMPLETES VIDI32FH3FK_EN and VIDI32FH2YE_EN) SOUNDBITE
US interest rates will likely peak at a higher level than was previously anticipated due to January data that came in stronger than recent trends expected, Federal Reserve Chair Jerome Powell tells a US Senate hearing, saying, "if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes." SOUNDBITE
The EU warns the eurozone is expected to fall into recession this winter as soaring energy prices batter the wallets of consumers around the continent. "The outlook for next year has weakened significantly and we now forecast the EU economy to grow by only 0.3 percent in 2023 before a progressive recovery to 1.6 percent in 2024" the European Commissioner for Economy, Paolo Gentiloni says. SOUNDBITE
Global growth is expected to slow further next year, the IMF says, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns. SOUNDBITE
The World Trade Organization on Wednesday dramatically lowered its global trade forecast for 2023, as Russia's war in Ukraine and other shocks take their toll on the world economy. 'Today the global economy faces multi-prong crises. Monetary tightening is weighing on growth across much of the world,' WTO Director-General Ngozi Okonjo-Iweala told reporters in Geneva. SOUNDBITE
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