International Monetary Fund chief Kristalina Georgieva warned on Sunday that risks to financial stability had increased and stressed 'the need for vigilance' following the recent turmoil in the banking sector.
IMF chief Kristalina Georgieva says 2023 will be 'another challening year' but China's economic rebound is a bright spotBEIJING - International Monetary Fund chief Kristalina Georgieva warned on Sunday that risks to financial stability had increased and stressed"the need for vigilance" following the recent turmoil in the banking sector.
"Uncertainties are exceptionally high," with the outlook for the global economy likely to remain weak over the medium term, she told the China Development Forum."At a time of higher debt levels, the rapid transition from a prolonged period of low interest rates to much higher rates -- necessary to fight inflation -- inevitably generates stresses and vulnerabilities, as evidenced by recent developments in the banking sector in some advanced economies.
Bank shares tumbled on Friday as fears about the health of the financial sector resurfaced, with German Chancellor Olaf Scholz forced to give reassurances about Deutsche Bank after the long-troubled lender became a focus of investor concerns."These actions have eased market stress to some extent, but uncertainty is high which underscores the need for vigilance," she said.The IMF forecasts China's economy to grow 5.
"A 1.0 percentage point increase in GDP growth in China leads to 0.3 percentage point increase in growth in other Asian economies, on average -- a welcome boost."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cape Town musician puts his dreadlocks up for sale to fund his careerAn artist from Cape Town is selling his dreadlocks in an effort to fund his music career. The dreadlocks were grown for 21 years and cut five years ago:
Read more »
International Automotive Photography to be sponsored by BentleyReturning for its third edition, the International Automotive Photography (IAP) Awards is back for 2023 and Bentley is proud to sponsor the IAP Awards again this year.
Read more »
Mitsubishi's next-generation Triton bakkie teasedMotorsport-inspired XRT Concept debuts at Bangkok International Motor Show
Read more »
WATCH | Cabinet to meet to discuss ICC decision on arrest warrant for Vladimir PutinInternational relations minister Naledi Pandor has slammed the International Criminal Court's decision to issue an arrest warrant for Russian President Vladimir Putin.
Read more »
WATCH | Cabinet to meet to discuss ICC decision on arrest warrant for Vladimir PutinInternational relations minister Naledi Pandor has slammed the International Criminal Court's decision to issue an arrest warrant for Russian President Vladimir Putin.
Read more »