Iraqi News Friday Afternoon 9-16-22
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The World Bank Warns Of A Global Recession In 2023
Economie Fri, 16 Sep 2022 10:46 AM Follow-up / National News Center The World Bank has warned that the world may be on its way to a global recession as central banks around the world raise interest rates simultaneously to combat persistent inflation.
The bank stated in a new study that “the world’s three largest economies – the United States, China and the eurozone – are slowing sharply, and that even a moderate hit to the global economy over the next year could push it into recession.”
He added that “the global economy is now going through its most severe slowdown in the wake of the recovery that followed the recession in 1970 and that consumer confidence has already fallen more sharply than in the period leading up to previous global recessions.”
“Global growth is slowing sharply, and there is the potential for a further slowdown as more countries enter a recession,” World Bank President David Malpass said, expressing concern that these trends will continue, with serious consequences for emerging markets and developing economies. .
The bank stated that “simultaneous increases in interest rates globally and related policy measures are likely to continue in the coming year, but they may not be sufficient to return inflation to levels that it was before the Covid-19 pandemic.”
To drive inflation down, central banks may need to raise interest rates by an additional 2 percentage points, on top of the 2 percentage point increase already achieved above the 2021 average.
But the bank said that “an increase of this size, coupled with financial market pressures, would slow global GDP growth to 0.5% in 2023, or cause a contraction of 0.4% in per capita terms, which would meet the terms of the technical definition of a global recession. .
“Policy makers should shift their focus from reducing consumption to boosting production, including efforts to create additional investment and increase productivity,” Malpass said.
The bank said that “previous recessions have shown the risks of allowing inflation to remain high for a long time while growth is weak, noting that the economic recession in 1982 caused more than 40 debt crises.” https://nnciraq.com/152049/
Five Specialized Exhibitions For Trade During The Remaining Months Of This Year
Friday 16 September 2022 | EconomicNumber of readings: 131 Baghdad / NINA / – The General Company for Exhibitions and General Commercial Services, affiliated to the Ministry of Commerce, announced the establishment of five specialized exhibitions for the remainder of this year, including the Baghdad International Fair.
The company explained in a schedule published on its website, that the Baghdad International Fair will witness the establishment of the International Exhibition for Food, Livestock and Aquaculture for the period from 26 to 29 of this month, as well as the Iraqi International Construction Exhibition for Building Facilities and Cooling Systems for the period from 27 to 30 of this month. Present.
She confirmed that the beginning of November will witness the holding of the forty-sixth Baghdad International Fair for the period from 1 to 10 of it, adding: “The Iraq International Exhibition for Building and Construction will also be held on the grounds of the Baghdad International Fair for the period from 21 to 24 of it, and that a book fair will be held during The period from 10 to 20 next December, which is the last exhibition for this year.”/ Ended 8 https://ninanews.com/Website/News/Details?key=1000556
Al-Jubouri: The Size Of The GDP For The Current Year Will Not Exceed 300 Billion Dollars
Money and business Economy News – Baghdad Haitham al-Jubouri, technical advisor to Prime Minister Mustafa al-Kazemi, set, on Thursday, the value of government and private domestic product for the current year, and while he expected the volume of total spending for this year, he revealed projects to increase non-oil revenues.
Al-Jubouri said, “The volume of domestic product for the public and private sectors for the year 2022, according to current oil prices, will not exceed $300 billion,” noting that “the government is currently spending according to the exchange rule 12/1 of last year’s budget, in addition to what was allocated in the Food Security Law.”
He added, “What was allocated from food security amounted to 25 trillion dinars, in addition to 103 trillion dinars spent last year 2021, as it is a base we rely on, so that the total amount disbursed by the end of this year is 128 trillion dinars, which is equivalent to 88 or 89 billion dollars,” noting.
He pointed out that “the government output alone will range approximately, according to the current oil prices, from 145 to 155 billion dollars at the end of the year.”
On the government’s steps to provide additional non-oil resources, he explained that “there are efforts to activate the transit of goods through Iraq and the port of Faw, as well as the completion of plans and designs for new railways linking northern and southern Iraq by an Italian company, and these will increase revenues, and other steps to complete the automation of border crossings.
And the relationship between the currency sale window, customs and tax, which is supposed to be reflected in the increase in revenues in addition to political and security stability,” he said, explaining that “the investment situation in Iraq is improving dramatically.”
Al-Jubouri stressed, “the need to conduct a population census to make the numbers of segments of society clear accurately, especially since the Financial Management Law stressed the need for the budget to be based on gender,” noting that “determining the percentage of women, the elderly, children and youth is very important according to the expected census,” according to the news agency. official.
With regard to the government’s efforts to reduce the effects of population growth on the country’s economy, al-Jubouri stated that “the growth is continuing, and we should be guided by accurate numbers that we are waiting for from the housing census so that we can rely on them in decision-making.”
And he added, “Iraq is one of the very advanced countries in the process of population growth, which reaches an annual rate of 3%, while globally it reaches under half a percent,” noting that “this needs an increase in spending and the provision of services and many plans to be parallel to this increase.”
147 . views Added 09/15/2022 – 7:46 PM Update 09/16/2022 – 2:55 PM
Dollar Exchange Rates In Local Markets
Economie| 10:21 – 16/09/2022 Baghdad – Mawazine News The dollar exchange rates stabilized today, Friday, on the Iraqi Stock Exchange. And the selling prices of the dollar were 147.850 dinars per 100 dollars, while the purchase prices of the dollar were 147.750 dinars per 100 dollars.
Oil Is Rising And Heading For A Weekly Loss
Economie| 10:40 – 09/16/2022 Follow-up – Mawazine News: Oil prices rose today, Friday, but are heading towards recording a weekly loss, in fears of global demand for black gold.
US West Texas Intermediate crude futures rose 0.27% to $85.33 a barrel.
Brent crude futures rose 0.35% to $91.16 a barrel, according to Bloomberg website data.
Investors are preparing to raise the interest rate by the US Federal Council next Wednesday, after US inflation data, which will cast a shadow on oil prices. https://www.mawazin.net/Details.aspx?jimare=205599
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