economic growth

IMF says global ‘soft landing’ in sight, lifts 2024 growth outlook

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The International Monetary Fund (IMF) has upgraded its forecast for global economic growth, citing faster-than-expected easing of inflation. The IMF’s chief economist, Pierre-Olivier Gourinchas, stated that a “soft landing” was in sight, but overall growth and global trade still remained lower than the historical average. The IMF forecast global growth of 3.1% in 2024, up from its previous forecast of 2.9%, and expected global trade to expand by 3.3% in 2024. However, risks such as geopolitical tensions in the Middle East and attacks in the Red Sea could disrupt commodity prices and supply chains. The IMF also warned that delays in fiscal consolidation and the potential violation of global trade rules by certain countries could impact economic activity.

Investors eye , ‘critical season’ for Big Tech earnings

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Investors eye , ‘critical season’ for Big Tech earnings

Five Big Tech companies with a combined market value of over trillion will report earnings this week. Investors are interested in the potential benefits of artificial intelligence (AI) technologies from Microsoft, Google-parent Alphabet, Meta Platforms (formerly Facebook), Amazon, and Apple. These companies have been driving the S&P 500 index’s record gains in 2023. The CEO of deVere Group describes this earnings season as “critical” for Big Tech due to its influence on the broader market and the technology sector’s role in economic growth. Investors are also looking for updates on AI innovation, consumer behavior, and e-commerce trends. The performance of these tech giants will have significant implications for market and economic sentiment.

Economic growth slows, to pick up from 2025

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Economic growth slows, to pick up from 2025

The University of Cyprus has estimated that real GDP growth in Cyprus will slow from 5.1% in 2022 to 2.4% in 2023. Economic growth is projected to remain at 2.4% in 2024 and improve to 3.2% in 2025. The forecast for 2023 has remained unchanged, but the forecast for 2024 has been revised down by 0.4 percentage points. The slowdown in growth in 2023 is attributed to tightening monetary policy and geopolitical turmoil. Despite the slowdown, economic activity and the labor market in Cyprus have remained resilient, and inflation has gradually decelerated. Inflation is projected to decrease from 3.5% in 2023 to 2.1% in 2024 and 2.0% in 2025. Risks to the growth outlook are tilted to the downside, while risks to the inflation outlook are skewed to the upside due to increased geopolitical turmoil.