The IMF forecast global growth will slow to 2.7% in 2023, a year that will ‘feel like a recession for millions of people and businesses’
The JSE is set for a tough start with red screens from Asia on Wednesday morning after Wall Street ended largely lower overnight and traders digest the International Monetary Fund cutting its global growth forecast for 2023.
“The worst is yet to come, and for many people 2023 will feel like a recession,” chief economist Pierre-Olivier Gourinchas wrote in a foreword to the report. “As storm clouds gather, policymakers need to keep a steady hand.” The Asian markets tracked the S&P 500 and the Nasdaq ending lower overnight as traders are concerned about the possibility of further interest rate hikes and a global recession.
Traders will be on the lookout for the minutes from the US Federal Reserve’s most recent policy meeting, which are due to be released on Wednesday and, more importantly, the US CPI report on Thursday, which will give an indication of the Fed’s next move at its Federal open market committee meeting in November.
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