2023 to be tougher for global economy than 2022, IMF chief says

IMF Managing Director Kristalina Georgieva says one-third of world’s economies expected to be in recession this year.

This year will be tougher than 2022 for most of the global economy as the United States, European Union and China see slowing growth, the head of the International Monetary Fund (IMF) has warned.

IMF Managing Director Kristalina Georgieva said 2023 will be a “tough year”, with one-third of the world’s economies expected to be in recession.

“Why? Because the three big economies, [the] US, EU, China, are all slowing down simultaneously,” Georgieva said during an appearance on the CBS program “Face the Nation” on Sunday.

The remarks come after the IMF in October cut its global growth forecast to 2.7 percent, down from 2.9 percent forecast in July, amid headwinds including the war in Ukraine and sharply rising interest rates.

Georgieva said that China, the world’s second-largest economy, is likely to grow at or below global growth for the first time in 40 years as COVID-19 cases surge following the dismantling of its ultra-strict “zero-COVID” policy.

“That has never happened before. And looking into next year, for three, four, five, six months the relaxation of COVID restrictions will mean bushfire COVID cases throughout China,” Georgieva said. “I was in China last week, in a bubble in the city where there is ‘zero COVID’. But that is not going to last once the Chinese people start travelling.”

Georgieva said that she expected China’s growth to improve towards the end of the year but there are concerns about its longer-term trajectory.

“Before COVID, China would deliver 34, 35, 40 percent of global growth. It is not doing it anymore. It is actually quite a stressful for … the Asian economies. When I talk to Asian leaders, all of them start with this question, ‘What is going to happen with China? Is China going to return to a higher level of growth?’”

Meanwhile, the EU has been especially hard hit by the war in Ukraine, with half of the bloc expected to be in recession this year, Georgieva said.

The IMF chief said, however, that the US economy has stood out for its resilience and could outright avoid contraction this year.

“​​The US is most resilient. The US may avoid recession,” she said.

“We see the labour market remaining quite strong. This is, however, [a] mixed blessing because if the labour market is very strong, the Fed may have to keep interest rates tighter for longer to bring inflation down.”

SOURCE: AL JAZEERA AND NEWS AGENCIES

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Lula da Silva focuses on fight against social inequalities in Brazil

 Brasilia – Brazil´s President-elect, Luís Inácio Lula da Silva, cried as he spoke about social inequalities while addressing the nation.

Lula da Silva, who was speaking at his official workplace known as Palácio do Planalto based in Brasília, pledged that his government will invest more in the fight against all forms of inequality, racism, gender inequality in the country, as well as the protection of indigenous peoples, through the ministries of Racial Inequality, Women and Indigenous Peoples.

 

“From this crucial struggle, a transformed country will emerge, a country of all, by all and for all, a generous and supportive country that will leave no one behind”, he assured.

 

During his speech Lula da Silva thanked again all those who participated in the vigil in Curitiba municipality when he was imprisoned for 580 days as a result of investigations by Operation Lava Jato.

 

Still addressing the nation, he reiterated that there is only one Brazil, thus, he will govern for the 215 million Brazilians.

 

“I will govern for everyone, looking to our bright common future, and not through the rear-view mirror of a past”, he stressed.

 

People hand over presidential sash to Lula

 

With the absence of the former President Jair Bolsonaro and the Vice-President Hamilton Mourão at the swearing-in ceremony, the new President received the presidential sash from the Brazilian people.

 

The presidential sash was delivered to the President by a group of people composed of children, young people and adults, including a 90-year-old indigenous man, on behalf of the Brazilian people and its cultural diversity.

 

Lula da Silva´s inauguration ceremony ends with a reception at the Itamaraty Palace for heads of state and government and guests.

Angola and DRC analyse implementation of Luanda roadmap

 Luanda - The implementation of planned measures related to the Luanda roadmap was the main theme of a phone conversation between the Angolan Head of State, João Lourenço, and the President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, which took place Saturday in Brazil.

According to information made public on the facebook page of the Angolan presidency, President João Lourenço, who is on a working mission in Brasilia, the federal capital of Brazil, spoke with his DRC counterpart, Félix Tshisekedi, who provided information about the coordination efforts on the ground.

 

This is the coordination between the DRC and the East African Economic Community Force and the Verification Mechanism, in accordance with the agreements reached at the mini-summit in Washington, USA.

 

Some points of the Luanda roadmap

 

On 6 July 2022, the Angola, DRC and Rwanda Tripartite Summit, held in Luanda adopted the Roadmap of the International Conference on the Great Lakes Region on the Pacification Process in the eastern region of the DRC.

 

The document became known as the Luanda Roadmap for Peace in Eastern DRC and it was signed by the Presidents of Rwanda, Paul Kagame, DR Congo’s Félix Tshisekedi, and Angola’s João Lourenço, with the Angolan Head of State acting in his capacity as Chairman of the International Conference for the Great Lakes Region and African Union representative.

 

Here are some points from Luanda´s signed roadmap:

 

- Establishment of a climate of confidence between the States of the Great Lakes Region;

- Creation of ideal conditions for dialogue and political consultation with a view to resolving the security crisis in the eastern region of the DRC;

- Normalisation of political and diplomatic relations between the DRC and Rwanda;

- Immediate cessation of hostilities;

- Creation of an ad hoc monitoring mechanism, headed by an Angolan general, to monitor compliance with the agreements;  

- Immediate withdrawal of the positions occupied by M23 movement on Congolese territory, in accordance with the Nairobi final communiqué.

- Creation of conditions for the return of refugees;

- Reactivation of the joint intelligence team to define the practical arrangements and programme for combating LRD, in coordination with the Presidency of the ICGLR and the Nairobi Process;

- Establishment of regional mechanisms to combat the illegal exploitation of natural;

João Lourenço attends inauguration of Lula da Silva

 Brasilia - Angolan Head of State, João Lourenço, witnessed on Sunday the inauguration of the President-elect of Brazil, Luís Inácio Lula da Silva, in a ceremony attended by over 300,000 people.

Accompanied by the First Lady of the Republic, Ana Dias Lourenço, President João Lourenço joined other heads of State and Government who were invited to the ceremony, which began at 02:00 pm in Brasilia.

During the procession, the new President of Brazil, Lula da Silva, Vice-President, Geraldo Alckmin, and their respective wives were transported from the Cathedral to the National Congress (Parliament) in a convertible vehicle.

 

 

In the National Congress, Lula da Silva took office, for the third time, as President of the Federative Republic of Brazil, and on the same occasion the Vice-President, Geraldo Alckmin, also took office.

 

In the chamber plenary, the President and Vice-President of Brazil received greetings from Senators and Deputies, as well as from some heads of State and heads of Government and guests.

 

The event was attended by 60 delegations from several countries, one of which was Angola.

 

A Brazil for All

In his inauguration speech, Lula da Silva pledged to do everything in his power, together with the Vice-President, to improve the living conditions of Brazilians.

 

“Today our message to Brazil is of hope and reconstruction”, said the new Head of State.

 

According to President Lula da Silva, from now on all the efforts of his government will be focused on rebuilding a country of rights and national values.

 

He also said that the diagnosis he received from the Transition Office is shocking.

 

Lula da Silva stated that health resources have been drained, as well as those for education, culture, science and technology, in addition to the destruction of the environment.

 

“No resources were left for school meals, vaccination, public security, forest protection, social assistance”, he added.

 

Also according to the sworn-in President, the economy, public financing, support for companies, entrepreneurs and foreign trade have been disorganised.

 

In the face of the budget disaster, the Head of State revealed that proposals were presented to the National Congress in order to support the vulnerable population to survive through the State.

 

Regarding such situation, he promised to resume the policy of permanent valuing of the minimum wage and put an end, once again, to what he called the “shameful” queue at the National Institute of Social Security (INSS), as well as promised more dialogue between the government, trade unions and businesses on new labour legislation and freedom of enterprise also.

 

Active Dialogue with nations

 

The new Brazilian Government wants also to invest in re-energising the economy and re-taking the leadership in the fight against environmental crises and also the resumption of South American integration, starting with the Southern Common Market (Mercosul), the revitalisation of the Union of South American Nations (Unasur) and other bodies of sovereign articulation in the region.

 

On this basis, Lula da Silva wants to rebuild dialogue with the United States, the European Community, China, the countries of the East and other global players.

 

The new President of Brazil wants also to contribute to strengthening the five leading emerging economies of the world namely Brazil, Russia, India, China, and South Africa (BRICS), and cooperation with African countries in order to break the isolation to which the country has been restricted.

 

“Brazil has to be its own boss, it should be master of its destiny. It has to go back to being a sovereign country. We are responsible for most of the Amazon and for vast biomes, large aquifers, mineral deposits, oil and clean energy sources”, he pointed out.

 

With sovereignty and responsibility, President Lula da Silva also wants to share the greatness of Brazil with humanity.

 

The relevance of the elections in Brazil puts an end to the threats that the democratic model has been facing.

 

The new President pointed to the existence of what he considered “a wave of authoritarian extremism that disseminates hatred and lies, through technological means that do not submit to transparent controls”.