Latest news with #Kozack
Gulf Today
14-06-2025
- Business
- Gulf Today
Global economic growth outlook plunges to 2.3%, says World Bank
The World Bank lowered its 2025 global growth forecast to 2.3 per cent, down from 2.7 per cent previously expected. In its latest economic prospects report, the 189-country organisation attributed the downgrade to escalating trade tensions and policy uncertainty, noting that the US President Donald Trump's extensive tariffs have strained international ties and dampened economic outlooks worldwide. This revision marks the latest in a series of downgrades by international organisations. Meanwhile the International Monetary Fund said that its next global growth forecast in July will take into account both positive and negative trade developments but declined to predict a tariff-driven GDP downgrade similar to that released by the World Bank this week. IMF spokesperson Julie Kozack said that since the last release of the Fund's World Economic Outlook in April, there have been some positive developments that could support improved economic activity, including a major tariff reduction between the US and China and an initial trade deal between the US and Britain. 'So taken together such announcements combined with the April 9 pause on the high level of tariffs, these could support activity relative to the forecast that we had in April,' Kozack told a regular IMF news briefing. 'But nonetheless, we do have an outlook for the global economy that remains subject to heightened uncertainty, especially as trade negotiations continue.' The IMF also will take into account US President Donald Trump's added steel and aluminium tariffs, she said. These have now reached 50 per cent for all exporters. The World Bank slashed its 2025 global growth forecast by four-tenths of a percentage point from its January forecast to 2.3 per cent, saying that higher tariffs and heightened uncertainty posed a 'significant headwind' for nearly all economies. The development lender cut forecasts for nearly 70 per cent of all economies - including the US, China and Europe, but the prior forecast came before Trump took office and imposed tariffs on nearly all trading partners. The IMF's steep April forecast cut did take into account Trump's initial tariff assault, reducing the 2025 global growth outlook by half a percentage point from its January forecast to 2.8 per cent, with a slower decline in inflation. Kozack said the next IMF World Economic Outlook update will be issued toward the end of July, but did not provide a specific date. Trump's 'reciprocal' tariff pause is currently scheduled to expire on July 8, with many countries seeking to negotiate tariff-reducing deals before then. And Trump has said there could be extensions of that deadline for countries engaged in good faith negotiations with the US Kozack said that more recent activity indicators reflect 'a complex economic landscape' with first quarter front-loading activity to beat tariffs, while there has been some diversion of trade and an unwinding of import activity in the second quarter. There also could be more trade deals or other developments to take into account. 'So all of this creates kind of a complicated picture for us, with some upside risk, some other developments, and we'll take all of these developments together into account as we update our forecast,' Kozack said. The International Monetary Fund said that its next global growth forecast in July will take into account both positive and negative trade developments but declined to predict a tariff-driven GDP downgrade similar to that released by the World Bank this week. IMF spokesperson Julie Kozack said that since the last release of the Fund's World Economic Outlook in April, there have been some positive developments that could support improved economic activity, including a major tariff reduction between the US and China and an initial trade deal between the US and Britain. 'So taken together such announcements combined with the April 9 pause on the high level of tariffs, these could support activity relative to the forecast that we had in April,' Kozack told a regular IMF news briefing. 'But nonetheless, we do have an outlook for the global economy that remains subject to heightened uncertainty, especially as trade negotiations continue.' Meanwhile world stock markets fell on Friday, and oil prices surged, as Israel launched military strikes on Iran, sparking inflows into safe havens such as gold and the dollar. An escalation adds uncertainty to financial markets at a time of heightened pressure on the global economy from US President Donald Trump's unpredictable trade policies. Brent crude oil prices were last up 7.25 per cent at $74.39 per barrel, having jumped as much as 14 per cent during Asian trading hours. They were set for their biggest one-day jump since 2022, when energy costs spiked after Russia's invasion of Ukraine. Gold, a safe haven in times of global uncertainty, rose 1.4 per cent to $3,432 per ounce, bringing it close to the record high of $3,500.05 from April. The rush to safety was matched by a dash out of risk assets. The Dow Jones Industrial Average fell 1.65 per cent, the S&P 500 dropped 0.86 per cent, and the Nasdaq Composite lost 0.9 per cent. Reuters
RTÉ News
13-06-2025
- Business
- RTÉ News
IMF says July forecasts to take into account trade deals, uncertainty
The International Monetary Fund said its next global growth forecast in July will take into account both positive and negative trade developments but declined to predict a tariff-driven GDP downgrade similar to that released by the World Bank this week. IMF spokesperson Julie Kozack said that since the last release of the Fund's World Economic Outlook in April, there have been some positive developments that could support improved economic activity, including a major tariff reduction between the US and China and an initial trade deal between the US and Britain. "So taken together such announcements combined with the April 9 pause on the high level of tariffs, these could support activity relative to the forecast that we had in April," Kozack told a regular IMF news briefing. "But nonetheless, we do have an outlook for the global economy that remains subject to heightened uncertainty, especially as trade negotiations continue." The IMF also will take into account US President Donald Trump's added steel and aluminum tariffs, she said. These have now reached 50% for all exporters. The World Bank earlier this week slashed its 2025 global growth forecast by four-tenths of a percentage point from its January forecast to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. The development lender cut forecasts for nearly 70% of all economies - including the US, China and Europe, but the prior forecast came before Trump took office and imposed tariffs on nearly all trading partners. The IMF's steep April forecast cut did take into account Trump's initial tariff assault, reducing the 2025 global growth outlook by half a percentage point from its January forecast to 2.8%, with a slower decline in inflation. Kozack said the next IMF World Economic Outlook update will be issued toward the end of July, but did not provide a specific date. Trump's "reciprocal" tariff pause is currently scheduled to expire on July 8, with many countries seeking to negotiate tariff-reducing deals before then. Trump has said there could be extensions of that deadline for countries engaged in good faith negotiations with the US. Kozack said that more recent activity indicators reflect "a complex economic landscape" with first quarter front-loading activity to beat tariffs, while there has been some diversion of trade and an unwinding of import activity in the second quarter. There also could be more trade deals or other developments to take into account. "So all of this creates kind of a complicated picture for us, with some upside risk, some other developments, and we'll take all of these developments together into account as we update our forecast," Kozack said.
Express Tribune
13-06-2025
- Business
- Express Tribune
IMF positive after trade deals, tariff cuts
The International Monetary Fund said on Thursday that its next global growth forecast in July will take into account both positive and negative trade developments but declined to predict a tariff-driven GDP downgrade similar to that released by the World Bank this week. IMF spokesperson Julie Kozack said that since the last release of the Fund's World Economic Outlook in April, there have been some positive developments that could support improved economic activity, including a major tariff reduction between the US and China and an initial trade deal between the US and Britain. "So taken together such announcements combined with the April 9 pause on the high level of tariffs, these could support activity relative to the forecast that we had in April," Kozack told a regular IMF news briefing. "But nonetheless, we do have an outlook for the global economy that remains subject to heightened uncertainty, especially as trade negotiations continue."
Yahoo
12-06-2025
- Business
- Yahoo
IMF says July forecasts to take into account trade deals, uncertainty
By David Lawder and Karin Strohecker (Reuters) -The International Monetary Fund said on Thursday that its next global growth forecast in July will take into account both positive and negative trade developments but declined to predict a tariff-driven GDP downgrade similar to that released by the World Bank this week. IMF spokesperson Julie Kozack said that since the last release of the Fund's World Economic Outlook in April, there have been some positive developments that could support improved economic activity, including a major tariff reduction between the U.S. and China and an initial trade deal between the U.S. and Britain. "So taken together such announcements combined with the April 9 pause on the high level of tariffs, these could support activity relative to the forecast that we had in April," Kozack told a regular IMF news briefing. "But nonetheless, we do have an outlook for the global economy that remains subject to heightened uncertainty, especially as trade negotiations continue." The IMF also will take into account U.S. President Donald Trump's added steel and aluminum tariffs, she said. These have now reached 50% for all exporters. The World Bank on Tuesday slashed its 2025 global growth forecast by four-tenths of a percentage point from its January forecast to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. The development lender cut forecasts for nearly 70% of all economies - including the U.S., China and Europe, but the prior forecast came before Trump took office and imposed tariffs on nearly all trading partners. The IMF's steep April forecast cut did take into account Trump's initial tariff assault, reducing the 2025 global growth outlook by half a percentage point from its January forecast to 2.8%, with a slower decline in inflation. Kozack said the next IMF World Economic Outlook update will be issued toward the end of July, but did not provide a specific date. Trump's "reciprocal" tariff pause is currently scheduled to expire on July 8, with many countries seeking to negotiate tariff-reducing deals before then. And Trump has said there could be extensions of that deadline for countries engaged in good faith negotiations with the U.S. Kozack said that more recent activity indicators reflect "a complex economic landscape" with first quarter front-loading activity to beat tariffs, while there has been some diversion of trade and an unwinding of import activity in the second quarter. There also could be more trade deals or other developments to take into account. "So all of this creates kind of a complicated picture for us, with some upside risk, some other developments, and we'll take all of these developments together into account as we update our forecast," Kozack said.
Yahoo
12-06-2025
- Business
- Yahoo
IMF welcomes Argentina reform steps ahead of end-June visit
LONDON (Reuters) -The International Monetary Fund said on Thursday that it welcomed recent measures taken by Argentina's central bank and finance ministry ahead of a visit by the Fund to the country later in June. Argentina's central bank rolled out a broad package of economic measures on Monday to boost reserves, including an up to $2 billion repurchase agreement. The steps are part of President Javier Milei's 'Phase 3' economic plan, which includes easing monetary controls, floating the peso, and cleaning up the central bank's balance sheet. "We welcome the recent measures announced this represent another important step in efforts to consolidate disinflation, support the government's financing strategy and to rebuild reserves," said Julie Kozack, Director of the IMF's Communications Department during a media briefing. "The Treasury's successful re entry into capital markets and other actions to mobilize financing for Argentina are also expected to boost reserves and stability overall." Kozack said the IMF team continued to engage "frequently and constructively" with Argentine authorities as part of the program's first review of the recently agreed $20 billion loan agreement. To this end, a technical mission was due to visit Buenos Aires in late June, Kozack added, to assess progress on program targets and objectives, and to also discuss the authorities' forward-looking reform agenda. "More broadly and despite the more challenging environment, the authorities, as I said, have continued to make very notable and impressive progress." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
