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    • IMF head expects less than 3% global economic growth in 2023

    Kristalina Georgieva, managing director of the International Monetary Fund (IMF), left, and German Chancellor Olaf Scholz speak at a press conference in Berlin, Tuesday, Nov. 29, 2022. (Britta Pedersen/dpa via AP) Kristalina Georgieva, managing director of the International Monetary Fund (IMF), left, and German Chancellor Olaf Scholz speak at a press conference in Berlin, Tuesday, Nov. 29, 2022. (Britta Pedersen/dpa via AP)
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    WASHINGTON -

    The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally.

    Kristalina Georgieva said the period of slower economic activity will be prolonged, with the next five years of growth remaining around 3%, calling it "our lowest medium-term growth forecast since 1990, and well below the average of 3.8% from the past two decades."

    Georgieva said slower growth would be a "severe blow," making it even harder for low-income nations to catch up. "Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis," she said.

    Georgieva's comments at a Politico event at the Meridian International Center come ahead of next week's spring meetings of the IMF and its sister lending agency, the World Bank, in Washington, where policymakers will convene to discuss the global economy's most pressing issues.

    The annual gathering will take place as central banks around the world continue to raise interest rates to tame persistent inflation and as an ongoing debt crisis in emerging economies pushes debt burdens higher, preventing nations from developing.

    Roughly 15% of low-income countries are already in debt distress, and another 45% face high debt vulnerabilities, according to the IMF.

    Georgieva said high interest rates, a series of bank failures in the U.S. and Europe, and deepening geopolitical divisions are threatening global financial stability.

    Given the economic projections, non-governmental organizations are calling for the IMF to allocate more funds to low-income countries through Special Drawing Rights, which are an IMF international reserve asset that can be exchanged for hard currency.

    More than 50 NGOs, labor unions and civil organizations sent a letter to the U.S. Treasury Department and the White House on Thursday calling for the U.S. representative at the IMF to support a new allocation of Special Drawing Rights for use by low-income countries.

    Center for Economic and Policy Research co-director Mark Weisbrot said the funds could be used for food and medicine and to help countries "avoid destructive economic crises."

    U.S. President Joe Biden's budget proposal requests US$2.3 billion for contributions to multilateral development banks, including the IMF. Republicans have yet put forth their own budget plan before negotiations start with the Democratic president.

    Georgieva said that countries have thus far been "resilient climbers" out of the coronavirus pandemic, which has killed almost 6.9 million people globally, according to the World Health Organization, and has disrupted global supply chains and exacerbated worldwide food insecurity.

    Based on her report, countries see stark differences in the possibility of recession risks. "Asia especially is a bright spot," she said, as India and China are expected to account for half of global growth in 2023.

    Advanced economies face the challenge of high inflation, as 90% of them are projected to see a decline in their growth rate this year.

    This all comes as the United States, the European Union and others are rethinking their trade relationships with China.

    Tensions with China accelerated after Russia's invasion of Ukraine in February 2022, with Chinese President Xi Jinping pledging a friendship without limits to Russian President Vladimir Putin.

    Georgieva warned in her speech: "But the path ahead -- and especially the path back to robust growth -- is rough and foggy, and the ropes that hold us together may be weaker now than they were just a few years ago."

    "Now is not the time to be complacent," she said. "We are in a more shock-prone world, and we have to be ready for it."

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    Canada

    • A BC NDP campaign office in Campbell River received a bomb threat Friday afternoon, according to the party.

    • Sometimes love is written in the stars, but for one couple, it鈥檚 written in the aurora borealis.

    • A multiple vehicle collision took place Saturday morning on Hwy. 101 in Nova Scotia.

    • Two young men are facing second-degree murder charges in connection with the fatal fire in Old Montreal that killed L茅onor Geraudie, 43, and her daughter V茅rane Reynaud-Geraudie on Oct. 4.

    • The event took place on Saturday at Willkommen Platz in downtown Kitchener.

    • Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.

    World

    Politics

    Health

    • The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

    • A Montreal study found that many seniors are being overprescribed inappropriate medications.

    Sci-Tech

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    Sports

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    Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.

    A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.

    • A B.C. Supreme Court judge has ruled on a case she describes as a "bizarre mess" in a decision issued earlier this week.

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    • A program that started in Nanaimo five years ago that teaches Indigenous kids how to play hockey is so popular that it鈥檚 expanding.

    • Toronto police are investigating after a Jewish girls' school in North York was hit by gunfire for the second time this year.

    • Parents at some private, for-profit daycares across the GTA are being warned that their fees could soon be doubling as operators consider pulling out of the national $10-a-day child-care program.

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    • Calgary Public Library (CPL) locations closed early on Friday following a cyber attack.

    • The company behind a contentious biogas project near High River removed its website after Canada鈥檚 anti-greenwashing rules came into effect.

    • Eugene Lewis caught a 10-yard touchdown pass from Tre Ford with 1:09 remaining in the game to lead the Edmonton Elks to a 23-18 win over the Calgary Stampeders at McMahon Stadium on Saturday.

    • CTVNewsOttawa.ca looks at what's open and closed in Ottawa over the Thanksgiving weekend.

    • Firefighters help to rescue a person that fell over through the sidewalk into a ventilation shaft in downtown Ottawa on Saturday.

    • Ontario Provincial Police are investigating after was found dead in a single all-terrain vehicle (ATV) crash.

    • Two young men are facing second-degree murder charges in connection with the fatal fire in Old Montreal that killed L茅onor Geraudie, 43, and her daughter V茅rane Reynaud-Geraudie on Oct. 4.

    • For months, Premier Francois Legault has said Quebec has too many people crossing the border and has demanded that the federal government step in to send them to other provinces.

    • Spiders are larger and more visible in the Montreal area in the fall as they prepare to lay their eggs before the cold winter months.

    • A stretch of Yellowhead Trail in north Edmonton was closed Saturday night after a serious crash.

    • A man's death is under investigation after he was found critically injured on the LRT foot path near the High Level Bridge on Friday night.

    • 愛污传媒 Edmonton spoke with two families, as well as Edmonton's public and Catholic school divisions, about the first month of school with Alberta's school cellphone ban.

    • Halifax Regional Police located a person of interest in relation to a homicide.

    • A multiple vehicle collision took place Saturday morning on Hwy. 101 in Nova Scotia.

    • More than a month after the murder of Nova Scotia woman Esther Jones, her family continues to grapple with the loss.

    • Two Winnipeggers have been arrested after images and videos were posted online of animals being tortured and killed.

    • A 37-year-old Winnipeg man has been charged with multiple offences after videos filmed in a public pool change room were seized by police.

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    • The Saskatchewan Roughriders will host a playoff game for the first time since 2021 after defeating the B.C. Lions Saturday night at Mosaic Stadium.

    • The Saskatchewan Party laid out its platform on Saturday, outlining their plan if they get re-elected in the Oct. 28 provincial election.

    • White Butte RCMP and local fire services are responding to a fertilizer spill on Highway 46 and the overpass near Balgonie, Sask. on Saturday afternoon.

    • Days after flames ripped through three units of the Mohawk Plaza, the club is still coming to terms with the loss.

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    • The Ontario Provincial Police West Region Highway Safety Division, Traffic Incident Management Enforcement Team and the Ministry of Finance were involved in a joint forces operation on Thursday.

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    • The Saskatchewan Party laid out its platform on Saturday, outlining their plan if they get re-elected in the Oct. 28 provincial election.

    • Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.

    • The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

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    • OPP are investigating a single-vehicle collision in Caledon early Saturday morning that resulted in the death of the driver.

    • With the arrival of Thanksgiving weekend, food banks and shelters in Windsor are reminding people that not everyone in our community will be able to have a turkey dinner with their family.

    • The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

    • Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.

    • A BC NDP campaign office in Campbell River received a bomb threat Friday afternoon, according to the party.

    • A program that started in Nanaimo five years ago that teaches Indigenous kids how to play hockey is so popular that it鈥檚 expanding.

    • Ever since a cougar made its way from the mainland to the island almost three months ago, the community鈥檚 social media pages have been awash with questions about sightings, sounds and strange goings on. Some residents have posted warnings of deer carcasses spotted on the side of the road; others have described hearing strange caterwauling in the night.

    • Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.

    • A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.

    • Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.

    • The Vancouver Giants scored late to force overtime before winning 4-3 over the Lethbridge Hurricanes Friday night.

    • If you鈥檙e looking for something to do this long weekend, the Lethbridge Corn Maze is open and hosting its annual fundraiser on Monday.

    • Local photographers were amazed by the aurora borealis display in the night sky over Lethbridge on Thursday night.

    • A 32-year-old woman has been charged in connection with the death of an 18-year-old man this past January, according to Ontario Provincial Police.

    • Two people are facing multiple charges after a dead person was brought to North Shore Health Network in Blind River this summer.

    • A closer look at preventing graffiti will be looked at in Sault Ste. Marie, after a string of offensive displays by one man, including spray painting anti-Indigenous language and painting over the pride crosswalk.

    N.L.

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