IMF: Global Economy Is In Recession

According to the International Monetary Fund (IMF), the global economy has been growing slowly during the global financial crisis. Experts see the reasons for this in trade conflicts and geopolitical risks.

According to the IMF, the global economy will grow by 3% in 2019. This is the worst figure since the 2008-2009 crisis. The conclusions are of the report “Prospects for the development of the global economy: a global downturn, growth in trade barriers”, published by the IMF on Tuesday 15 October.

The global economy expects growth of 3.4 percent in 2020, the document said. At the same time, the IMF predicts a slowdown in most global economies. Thus, according to the report, the economy of the European Union (EU) will grow by only 1.2% in 2019 and 1.4% in the next year. Experts say the reasons for this development are trade conflicts between countries (primarily the US-China customs dispute), as well as “uncertainty related to geopolitical risks”.

Growth is also being weighed down by country-specific factors in several emerging market economies, and by structural forces, such as low productivity growth and aging demographics in advanced economies, IMF reported,

German Chancellor Angela Merkel called the current development of the situation “alarming” and the eventual unregulated exit of the UK from the EU as one of the factors influencing the current negative situation.

IMF emphasised that countries need to work together because multilateralism remains the only solution to tackling major issues, such as risks from climate change, cybersecurity risks, tax avoidance and tax evasion, and the opportunities and challenges of emerging financial technologies.

Read More

288 Kilos Of Heroin Seized In Trust Coming From Iran

Bulgarian customs officials confiscated more than 288 kilograms (635 pounds) of heroin hidden on a truck from Iran, prosecutors announced Thursday.

Bulgaria Is Having A Hard Time Attracting Funding For Science

Bulgaria is among the countries in the European Union (EU) with the least number of projects and grant funding under the Horizon...

Suspect In Viktoria Marinova Murder Arrested

Hundreds gather before the Palace of Justice in Sofia in memory of Viktoria Marinova / Author: Liliya Goranova SOFIA (Bulgaria), October 10 (SeeNews) - A...


Scooter Startups Suffering Massive Losses In Bulgaria And The Rest Of The World

Two major players in the e-scooters market - Lime and Bird, which have businesses in Bulgaria, suffer heavy economic losses from their operations, world agencies...

Gas Prices On The Rise In Bulgaria

Gasoline prices in Bulgaria went up sharply. Only a few months after the massive protests in the autumn that spanned the country...

How Will 5G Benefit Bulgaria?

5G is the fifth generation of global mobile networks, designed to operate faster and with greater reliability than its 4G predecessor. Another...