Patriotic Millionaires’ letter to Davos calls for ‘higher and fairer’ taxes on the global elite

DAVOS, Switzerland –The Patriotic Millionaires, a group of wealthy people who support hiking taxes on the rich, are taking their message global at the World Economic Forum. In a letter the group plans to release Wednesday, the Patriotic Millionaires will urge international tax reform. The Patriotic Millionaires was founded in 2010 and is chaired by former BlackRock executive Morris Pearl. The global corporate tax has essentially halved in the past 35 years. While Shalchi said he’s supportive of


DAVOS, Switzerland –The Patriotic Millionaires, a group of wealthy people who support hiking taxes on the rich, are taking their message global at the World Economic Forum.
In a letter the group plans to release Wednesday, the Patriotic Millionaires will urge international tax reform.
The Patriotic Millionaires was founded in 2010 and is chaired by former BlackRock executive Morris Pearl.
The global corporate tax has essentially halved in the past 35 years.
While Shalchi said he’s supportive of
Patriotic Millionaires’ letter to Davos calls for ‘higher and fairer’ taxes on the global elite Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: lauren hirsch
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Patriotic Millionaires' letter to Davos calls for 'higher and fairer' taxes on the global elite

DAVOS, Switzerland –The Patriotic Millionaires, a group of wealthy people who support hiking taxes on the rich, are taking their message global at the World Economic Forum.

In a letter the group plans to release Wednesday, the Patriotic Millionaires will urge international tax reform. Previously, the organization has focused its message on the United States, where it has lobbied in favor of a millionaire tax and against tax loopholes for investment funds.

The letter, which will be released under the moniker “Millionaires Against Pitchforks,” warns that tax evasion has “reached epidemic proportions” and contributed to “extreme, destabilizing inequality.” It is timed to land as millionaires and billionaires gather here for the World Economic Forum – which the group’s president, Erica Payne, calls “one of the most obnoxious displays of privilege that is found on the world stage.”

“There are two kinds of wealthy people in the world: those who prefer taxes and those who prefer pitchforks. We, the undersigned, prefer taxes,” the letter says. It is signed by 121 people, including Disney heiress Abigail Disney, Celtel-founder Mo Ibrahim, former Unilever CEO Paul Polman and “Love, Actually” filmmaker Richard Curtis.

The letter cites a 2018 IMF report that found that $12 trillion of multinational investments is “completely artificial” and sitting in empty corporate shells across the globe. Meanwhile, the world’s roughly 2,000 billionaires have more wealth than 60% of the planet’s population, researchers at Oxfam announced earlier this week. They warned that “extreme wealth is a sign of a failing economic system.”

The Patriotic Millionaires argue that taxes are the solution.

“Taxes are the best and only appropriate way to ensure adequate investment in the things our societies need. Individuals who reject this truth pose a dual threat both to the climate and to democracy itself,” says the letter, which was signed by Disney, Ibrahim, Polman, Curtis and others.

The group is urging tax reform for both individual and corporate taxes.

The Patriotic Millionaires was founded in 2010 and is chaired by former BlackRock executive Morris Pearl. Until now, its focus has been exclusively in the U.S., where it has run publicity campaigns and lobbied lawmakers to support its causes. The group stood by then-President Barack Obama’s side for his 2012 Tax Day address. Last month, the group unveiled its first spate of endorsements for 2020’s congressional elections.

But the group believes the global tax landscape is so fraught it must expand is mission overseas, Payne said. A number of the group’s signatories, like Polman, are not members of the U.S. organization. Payne said it took months to find global millionaires and billionaires to support its cause.

“The number of wealthy people concerned with their fellow humans is minuscule. That is true domestically and it appears to also be true internationally,” Payne said.

Djaffar Shalchi, an Iranian-Danish businessman who helped the Patriotic Millionaires build out their European network, said many requests for signatures were left simply left unanswered.

“The feedback was they didn’t want to sign it … most rich people are scared to sign something like that,” Shalchi said.

But if the letter resonates as the group hopes, the Patriotic Millionaires will look for more global allies, and jump more heartily into the debate, Payne said.

As they do, they will be joining a corporate tax debate that has been reverberating across the international stage for years. Globalization has made it easier for companies to seek shelter in countries with lower corporate tax rates. That challenge is heightened by the rising tech giants like Facebook, Amazon and Apple that render taxing based on physical presence an antiquated notion. The global corporate tax has essentially halved in the past 35 years. It stood at 49% in 1985 and is 24% today, according to the IMF.

Former IMF Chair Christine Lagarde has called existing global tax rules “fundamentally out of date.” Apple CEO Tim Cook said earlier this week the global tax system needs to be “rehauled.” The Organization for Economic Cooperation and Development is working to develop a framework tax solution for the wealthy countries that make up its membership, including Australia, the U.S., France and Ireland.

But efforts to create change have been stymied by diplomatic tensions. A frequently discussed potential solution is the imposition of a “digital tax” through which countries can tax an internet company doing business in its region. With most of the world’s largest technology companies based in the U.S, though, there are fears such a tax offers other nations a chance to prosper from the fruits of these American firms’ success.

As such, the U.S. has been sparring with France, Italy and Britain over threats of a digital tax. The debate has also clouded the negotiation of an OECD framework. Steven Mnuchin earlier this month informed OECD Secretary-General Angel Gurría that he has concerns about mandatory digital taxes being included as part of its global tax solution. President Donald Trump and French President Emmanuel Macron, meanwhile, called a truce in the matter, Reuters reported.

While Shalchi said he’s supportive of any efforts to close global tax loopholes, he said there may be an easier approach.

“We’re just complicating with 10 different kinds of taxes. They can tax the corporations, tax the stock markets – so on and so on – let’s just make it simple: let’s just tax the wealthy,” he said. “But we are talking about the 1% here, come on.”

Read the letter:


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: lauren hirsch
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US-China deal offers a ‘pathway to peace,’ IMF chief says

The signing of a “phase one” trade deal between the U.S. and China offers a “pathway to peace” which improves the outlook for the global economy, according to International Monetary Fund (IMF) Managing Director Kristalina Georgieva. The IMF this week revised down its forecast for global economic growth in 2020 to 3.3% from the 3.4% projected in October 2019. However, Georgieva told a CNBC panel at the World Economic Forum in Davos, Switzerland, that the trade truce had “reduced by 0.3% what woul


The signing of a “phase one” trade deal between the U.S. and China offers a “pathway to peace” which improves the outlook for the global economy, according to International Monetary Fund (IMF) Managing Director Kristalina Georgieva.
The IMF this week revised down its forecast for global economic growth in 2020 to 3.3% from the 3.4% projected in October 2019.
However, Georgieva told a CNBC panel at the World Economic Forum in Davos, Switzerland, that the trade truce had “reduced by 0.3% what woul
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US-China deal offers a 'pathway to peace,' IMF chief says

The signing of a “phase one” trade deal between the U.S. and China offers a “pathway to peace” which improves the outlook for the global economy, according to International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

The IMF this week revised down its forecast for global economic growth in 2020 to 3.3% from the 3.4% projected in October 2019.

However, Georgieva told a CNBC panel at the World Economic Forum in Davos, Switzerland, that the trade truce had “reduced by 0.3% what would have been the cost on the world economy.”

Washington and Beijing last week inked the partial deal which had been more than 18 months in the making, with the world’s two largest economies having levied billions of dollars of tariffs on one another’s imports over the course of a bruising trade war.


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China coronavirus deaths rise to 17, heightening global alarm

A health official scans the body temperature of a passenger as she arrives at the Soekarno-Hatta International Airport in Tangerang, Indonesia, Wednesday, Jan. 22, 2020. Deaths from China’s new virus rose to 17 on Wednesday with more than 540 cases confirmed, increasing fears of contagion from an infection suspected to originate from illegally-traded wildlife. The World Health Organization (WHO) was meeting to rule if the outbreak was a global health emergency. “The best way to conquer fear is t


A health official scans the body temperature of a passenger as she arrives at the Soekarno-Hatta International Airport in Tangerang, Indonesia, Wednesday, Jan. 22, 2020.
Deaths from China’s new virus rose to 17 on Wednesday with more than 540 cases confirmed, increasing fears of contagion from an infection suspected to originate from illegally-traded wildlife.
The World Health Organization (WHO) was meeting to rule if the outbreak was a global health emergency.
“The best way to conquer fear is t
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China coronavirus deaths rise to 17, heightening global alarm

A health official scans the body temperature of a passenger as she arrives at the Soekarno-Hatta International Airport in Tangerang, Indonesia, Wednesday, Jan. 22, 2020.

Deaths from China’s new virus rose to 17 on Wednesday with more than 540 cases confirmed, increasing fears of contagion from an infection suspected to originate from illegally-traded wildlife.

The previously unknown, flu-like coronavirus strain is believed to have emerged from an animal market in central Wuhan city, with cases now detected as far away as the United States.

Contrasting with its secrecy over the 2002-03 Severe Acute Respiratory Syndrome (SARS) that killed nearly 800 people, China’s communist government has this time given regular updates to try to avoid panic as millions travel for the Lunar New Year.

“The rise in the mobility of the public has objectively increased the risk of the epidemic spreading,” National Health Commission vice-minister Li Bin said.

The World Health Organization (WHO) was meeting to rule if the outbreak was a global health emergency.

After official appeals to stay calm, many Chinese were cancelling trips, buying face masks, avoiding public places such as cinemas and shopping centres, and even turning to an online plague simulation game or watching disaster movie “The Flu” as a way to cope.

“The best way to conquer fear is to confront fear,” said one commentator on China’s Twitter-like Weibo.

The virus has spread from Wuhan around China to population centres including Beijing, Shanghai, Macau and Hong Kong.


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A ‘growth rotation’ from the US to the rest of the world is underway, Standard Chartered CEO says

The global economy is seeing a “growth rotation” away from the U.S. and toward Europe and the rest of the world, according to Standard Chartered CEO Bill Winters. The euro zone economy stuttered in 2019, forcing the European Central Bank (ECB) to cut interest rates to an all-time low of -0.5% and launch a massive new bond-buying program. The International Monetary Fund (IMF) this week revised down its euro area growth projections from 1.4% to 1.3% in 2020, but this still represents an improvemen


The global economy is seeing a “growth rotation” away from the U.S. and toward Europe and the rest of the world, according to Standard Chartered CEO Bill Winters.
The euro zone economy stuttered in 2019, forcing the European Central Bank (ECB) to cut interest rates to an all-time low of -0.5% and launch a massive new bond-buying program.
The International Monetary Fund (IMF) this week revised down its euro area growth projections from 1.4% to 1.3% in 2020, but this still represents an improvemen
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A 'growth rotation' from the US to the rest of the world is underway, Standard Chartered CEO says

The global economy is seeing a “growth rotation” away from the U.S. and toward Europe and the rest of the world, according to Standard Chartered CEO Bill Winters.

The euro zone economy stuttered in 2019, forcing the European Central Bank (ECB) to cut interest rates to an all-time low of -0.5% and launch a massive new bond-buying program.

The International Monetary Fund (IMF) this week revised down its euro area growth projections from 1.4% to 1.3% in 2020, but this still represents an improvement from the 1.2% seen in 2019.

However, Winters told CNBC at the World Economic Forum in Davos, Switzerland, that there are “green shoots” for the European economy, and suggested that there are also signs of China’s slowdown stabilizing in the fourth quarter of 2019 and beginning to improve.

The IMF upgraded its outlook for Chinese growth by 0.2 percentage points to 6.0%, in part reflecting the easing of trade tensions following a “phase one” deal with the U.S., and Winters contended that China is “still the growth driver of the world.”

“Global economic growth is below its potential, I think we can all recognize that, and the very low interest rates, negative interest rates in Europe, the slowing growth in China, are all indicators that global growth compressed, largely as a result of the uncertainty in the world over the past couple of years, but probably also because we’re late in the economic cycle,” Winters said.

“But there’s a lot of signs that things are turning back around, and we’re seeing global growth that could actually begin to pick back up in 2020, probably a little bit slower in the U.S., a little bit stronger in the rest of the world,” he added.

With growth stabilizing in conjunction with an anticipated pickup in global trade, Winters concluded that he was feeling “pretty good about the state of the world.”

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Watch: WHO officials hold news conference on the coronavirus outbreak

The World Health Organization is holding a briefing Wednesday to address the mysterious coronavirus that has killed at least 17 people and sickened hundreds of others in China. WHO Director-General Tedros Adhanom Ghebreyesus is expected to confirm whether the virus constitutes a global health emergency and to make recommendations on how to contain the outbreak. The briefing follows an emergency meeting of international health experts in Geneva to discuss the virus earlier Wednesday. WHO doesn’t


The World Health Organization is holding a briefing Wednesday to address the mysterious coronavirus that has killed at least 17 people and sickened hundreds of others in China.
WHO Director-General Tedros Adhanom Ghebreyesus is expected to confirm whether the virus constitutes a global health emergency and to make recommendations on how to contain the outbreak.
The briefing follows an emergency meeting of international health experts in Geneva to discuss the virus earlier Wednesday.
WHO doesn’t
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Watch: WHO officials hold news conference on the coronavirus outbreak

[The stream is slated to start at 2 p.m. ET. Please refresh the page if you do not see a player above at that time.]

The World Health Organization is holding a briefing Wednesday to address the mysterious coronavirus that has killed at least 17 people and sickened hundreds of others in China. The briefing was originally scheduled for 1 p.m. ET but was later delayed an hour.

WHO Director-General Tedros Adhanom Ghebreyesus is expected to confirm whether the virus constitutes a global health emergency and to make recommendations on how to contain the outbreak.

The briefing follows an emergency meeting of international health experts in Geneva to discuss the virus earlier Wednesday.

Health officials on Tuesday confirmed the first U.S. case of the virus and earlier in the week said the respiratory illness, which has evoked memories of the 2003 outbreak of severe acute respiratory syndrome, or SARS, is capable of spreading from person to person.

Over the weekend, the U.S. Centers for Disease Control and Prevention and the Department of Homeland Security began screening people traveling to the United States from Wuhan, China, where the outbreak is believed to have started.

WHO doesn’t enact these emergencies easily, said Lawrence Gostin, a professor and faculty director of the O’Neill Institute for National and Global Health Law at Georgetown University. The international health agency has only applied the emergency designation five times since the rules were implemented in the mid-2000s.

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Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: berkeley lovelace jr
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New York the top city globally for entrepreneurial talent, Adecco says

New York is the best city in the world for talent competitiveness, according to annual rankings by HR provider, the Adecco Group. The U.S. city led the way thanks to its strong performance across four of the five pillars on which Adecco bases its research — enabling, attracting and growing talent, as well as its ability to develop global knowledge skills. London came in second place, followed by Singapore, San Francisco and Boston rounding out the top five places. Adecco released the 2020 Global


New York is the best city in the world for talent competitiveness, according to annual rankings by HR provider, the Adecco Group.
The U.S. city led the way thanks to its strong performance across four of the five pillars on which Adecco bases its research — enabling, attracting and growing talent, as well as its ability to develop global knowledge skills.
London came in second place, followed by Singapore, San Francisco and Boston rounding out the top five places.
Adecco released the 2020 Global
New York the top city globally for entrepreneurial talent, Adecco says Cached Page below :
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New York the top city globally for entrepreneurial talent, Adecco says

New York is the best city in the world for talent competitiveness, according to annual rankings by HR provider, the Adecco Group.

The U.S. city led the way thanks to its strong performance across four of the five pillars on which Adecco bases its research — enabling, attracting and growing talent, as well as its ability to develop global knowledge skills.

The report referred to the success of New York-based start-up Pymetrics, which uses artificial intelligence (AI) — the core theme of this year’s report — and neuroscience to match people to jobs, helping the labor market.

London came in second place, followed by Singapore, San Francisco and Boston rounding out the top five places.

Adecco released the 2020 Global Talent Competitiveness Index at the World Economic Forum in Davos. It measures talent competitiveness across 132 countries and 155 cities, in partnership with business school INSEAD and tech giant Google.


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WHO postpones decision on declaring China coronavirus a global health emergency

The World Health Organization postponed making a decision Wednesday on whether the mysterious coronavirus that has killed at least 17 people and sickened hundreds of others in China is a global health emergency. Tedros said the emergency committee on Wednesday was split on whether to designate the illness a global health emergency. WHO defines a global health emergency, also known as a Public Health Emergency of International Concern, as an “extraordinary event” that is “serious, unusual or unex


The World Health Organization postponed making a decision Wednesday on whether the mysterious coronavirus that has killed at least 17 people and sickened hundreds of others in China is a global health emergency.
Tedros said the emergency committee on Wednesday was split on whether to designate the illness a global health emergency.
WHO defines a global health emergency, also known as a Public Health Emergency of International Concern, as an “extraordinary event” that is “serious, unusual or unex
WHO postpones decision on declaring China coronavirus a global health emergency Cached Page below :
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WHO postpones decision on declaring China coronavirus a global health emergency

The World Health Organization postponed making a decision Wednesday on whether the mysterious coronavirus that has killed at least 17 people and sickened hundreds of others in China is a global health emergency. WHO Director-General Tedros Adhanom Ghebreyesus said physicians need more information and he’s asked his committee, which held an emergency meeting in Geneva, Switzerland, Wednesday, to reconvene on Thursday. “Today, there was an excellent discussion during the committee meeting, but it was also clear that to proceed we need more information,” Tedros told about 150 reporters on a conference call that was delayed for almost two hours while the committee met. Tedros said the emergency committee on Wednesday was split on whether to designate the illness a global health emergency. He said WHO has researchers on the ground in China collecting data. “The decision about whether or not to declare a public health emergency of international concern is one I take extremely seriously, and one I am only prepared to make with appropriate consideration of all the evidence,” Tedros said.

Two women wearing protective masks walk outside Beijing railway station in Beijing on January 22, 2020. Nicolas Asrouri | AFP | Getty Images

Chinese authorities say many of the patients with the new illness had come into contact with seafood and meat markets, suggesting the virus is spreading from animals to people. WHO physicians said they’ve found evidence of human-to-human transmission within close contacts, citing family members, and within a health-care environment. They said the virus was stable and not showing any kind of unusual activity. Physicians compared the outbreak to the 2003 outbreak of SARS, or severe acute respiratory syndrome, which had a short incubation period of 2 to 7 days and WHO officials said was less infectious than the flu. It took almost two months for SARS to spread to 456 people. The 2019 coronavirus has infected more than 540 people in less than a month. WHO defines a global health emergency, also known as a Public Health Emergency of International Concern, as an “extraordinary event” that is “serious, unusual or unexpected.” The virus that emerged from Wuhan, China, over the holidays has spread throughout Asia, infecting people in China, Thailand, Taiwan, Japan and the Republic of Korea, according to WHO and Chinese state media. The U.S. confirmed its first case on Tuesday, a Washington state man who was traveling in China, the Centers for Disease Control and Prevention said. WHO doesn’t enact the emergencies lightly, according to Lawrence Gostin, a professor and faculty director of the O’Neill Institute for National and Global Health Law at Georgetown University. The international health agency has only applied the emergency designation five times since the rules were implemented in the mid-2000s. The last time WHO declared a global health emergency was in 2019 for the Ebola outbreak in eastern Congo that killed more than 2,000 people. The agency also declared global emergencies for the 2016 Zika virus, the 2009 H1N1 swine flu and the 2014 polio and Ebola outbreaks.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: berkeley lovelace jr
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We cozy up ‘like little sardines’: Meet the youth delegates camping in subzero temperatures at Davos

Arctic Basecamp is hosting six global youth climate delegates at the World Economic Forum in Davos, Switzerland in 2020. In addition, two youth volunteers joined the Arctic Basecamp crew to help with with logistics. DAVOS, Switzerland — Youth climate delegates from around the world are taking part in a “collaborative protest” against the rich and powerful by camping in subzero temperatures at the World Economic Forum. It follows the hottest year on record for the world’s oceans, the second-hotte


Arctic Basecamp is hosting six global youth climate delegates at the World Economic Forum in Davos, Switzerland in 2020.
In addition, two youth volunteers joined the Arctic Basecamp crew to help with with logistics.
DAVOS, Switzerland — Youth climate delegates from around the world are taking part in a “collaborative protest” against the rich and powerful by camping in subzero temperatures at the World Economic Forum.
It follows the hottest year on record for the world’s oceans, the second-hotte
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We cozy up 'like little sardines': Meet the youth delegates camping in subzero temperatures at Davos

Arctic Basecamp is hosting six global youth climate delegates at the World Economic Forum in Davos, Switzerland in 2020. In addition, two youth volunteers joined the Arctic Basecamp crew to help with with logistics.

DAVOS, Switzerland — Youth climate delegates from around the world are taking part in a “collaborative protest” against the rich and powerful by camping in subzero temperatures at the World Economic Forum.

The annual January get-together — which is often criticized for being out of touch with the real world — is set to welcome more than 3,000 participants this week, with those in attendance poised to focus on the intensifying climate crisis.

It follows the hottest year on record for the world’s oceans, the second-hottest year for global average temperatures and wildfires from the U.S. to the Amazon to Australia.

Many policymakers and business leaders are expected to travel in and out of Davos via private jets this year, but others have decided to camp in the Swiss Alpine town.

“We are just trying to show them that we are doing the right thing despite the fact that we are not sleeping or staying in the best conditions. And, as they are enjoying their first class (flights), they should know that there are people who are actually living in worse conditions,” Vanessa Nakate, a climate activist from Uganda, told CNBC on Tuesday.

“So, we are practically representing those people who are already facing the impact of the climate crisis. It is time to get out of our comfort zones,” Nakate said.


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5 charts show the latest IMF forecasts for the global economy

Those forecasts were detailed in an update to the IMF’s World Economic Outlook report, which is widely read by both public and private sectors globally. Here are five charts that show the fund’s latest assessments of the world economy. Global recoveryThe IMF has forecast the global economy to rebound to 3.3% this year from an estimated 2.9% last year. China’s upgradeChina’s growth forecast for 2020 was revised higher by 0.2 percentage points to 6.0%, according to the IMF. These are the IMF’s gro


Those forecasts were detailed in an update to the IMF’s World Economic Outlook report, which is widely read by both public and private sectors globally.
Here are five charts that show the fund’s latest assessments of the world economy.
Global recoveryThe IMF has forecast the global economy to rebound to 3.3% this year from an estimated 2.9% last year.
China’s upgradeChina’s growth forecast for 2020 was revised higher by 0.2 percentage points to 6.0%, according to the IMF.
These are the IMF’s gro
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5 charts show the latest IMF forecasts for the global economy

A US cargo ship is seen at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018. Johannes Eisele | AFP | Getty Images

The International Monetary Fund on Monday released its latest projections for the global economy. Those forecasts were detailed in an update to the IMF’s World Economic Outlook report, which is widely read by both public and private sectors globally. Here are five charts that show the fund’s latest assessments of the world economy.

Global recovery

The IMF has forecast the global economy to rebound to 3.3% this year from an estimated 2.9% last year. However, that projection for 2020 is a downward revision from 3.4% stated in its October 2019 World Economic Outlook.

The fund attributed “the lion’s share” of the downward revision to “a more subdued growth forecast” for India.

India’s growth markdown

India, Asia’s third-largest economy, is expected to grow by 5.8% in 2020 — a 1.2 percentage point markdown from the organization’s October forecast.

The IMF said India’s “domestic demand has slowed more sharply than expected” amid stresses in the financial sector and a decline in credit growth. Still, the 5.8% forecast for this year is an improvement from the estimated 4.8% growth for last year, owing to both monetary and fiscal measures, and subdued oil prices, said the IMF.

China’s upgrade

China’s growth forecast for 2020 was revised higher by 0.2 percentage points to 6.0%, according to the IMF. That’s partly because the country’s “phase one” trade deal with the U.S. is likely to reduce some risks facing the world’s second-largest economy, the fund said.

“However, unresolved disputes on broader US-China economic relations as well as needed domestic financial regulatory strengthening are expected to continue weighing on activity,” the fund wrote in its report.

US growth moderation

The U.S., the world’s largest economy, is projected to grow by 2.0% this year — a downward revision of 0.1 percentage points compared to the IMF’s October forecast.

Max Lin, a strategist at NatWest Markets, said the downgrade reflects a slowing manufacturing sector in the U.S. and potential risks from the presidential elections later this year.

Euro area pick up

Growth in the euro area for this year was revised down by 0.1 percentage points to 1.3%, according to the IMF.

But that projection reflects a pick up from last year’s 1.2% estimate, which the organization attributed to an expected improvement in external demand. These are the IMF’s growth forecasts for major European economies this year: Germany: 1.1%

France: 1.3%

Italy: 0.5%

Spain: 1.6%

WATCH: How economists make predictions


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: yen nee lee
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Bank of Japan keeps rates on hold and nudges up growth forecast

Haruhiko Kuroda, governor of the Bank of Japan (BOJ), speaks during the Michel Camdessus Central Banking Lecture event at the International Monetary Fund (IMF) in Washington, D.C., July 22, 2019. The Bank of Japan (BOJ) kept monetary policy steady and nudged up its economic growth forecasts on Tuesday, as the government’s stimulus package and receding pessimism over the global outlook took some pressure off the central bank to top up stimulus. The central bank also upgraded its growth estimate f


Haruhiko Kuroda, governor of the Bank of Japan (BOJ), speaks during the Michel Camdessus Central Banking Lecture event at the International Monetary Fund (IMF) in Washington, D.C., July 22, 2019.
The Bank of Japan (BOJ) kept monetary policy steady and nudged up its economic growth forecasts on Tuesday, as the government’s stimulus package and receding pessimism over the global outlook took some pressure off the central bank to top up stimulus.
The central bank also upgraded its growth estimate f
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Company: cnbc, Activity: cnbc, Date: 2020-01-21
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Bank of Japan keeps rates on hold and nudges up growth forecast

Haruhiko Kuroda, governor of the Bank of Japan (BOJ), speaks during the Michel Camdessus Central Banking Lecture event at the International Monetary Fund (IMF) in Washington, D.C., July 22, 2019.

The Bank of Japan (BOJ) kept monetary policy steady and nudged up its economic growth forecasts on Tuesday, as the government’s stimulus package and receding pessimism over the global outlook took some pressure off the central bank to top up stimulus.

The BOJ also signaled cautious optimism over the global economy after the United States and China agreed on a preliminary deal to defuse their bitter trade war, saying that risks surrounding the outlook have “subsided somewhat.”

Markets will now scrutinize BOJ Governor Haruhiko Kuroda’s post-meeting briefing for clues on how his views on the pros and cons of his stimulus could affect policy decisions this year.

As widely expected, the BOJ kept its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0%.

It also maintained a guidance that commits to keeping rates at current low levels, or even to cut them, until risks keeping it from achieving its 2% inflation goal subside.

“Given that the yen has stabilised and other major central banks are pausing on policy, there’s no reason for the BOJ to take action for the time being,” said Toru Suehiro, senior market economist at Mizuho Securities.

The BOJ targets rates in guiding policy under a framework dubbed yield curve control. It also continues to buy huge

amounts of government bonds and risky assets in an effort to fire up inflation to its elusive target.

In a quarterly review of its forecasts, the BOJ revised up its growth projection for the fiscal year beginning in April to 0.9% from an estimate of 0.7% growth made in October, helped by a boost from the government’s fiscal stimulus package.

The central bank also upgraded its growth estimate for fiscal 2021, but largely maintained its price forecasts that

show inflation missing its 2% target through early 2022.

“Japan’s economy is likely to continue expanding moderately as a trend” as the impact of slowing global growth on domestic demand will be limited, the BOJ said in the quarterly report.

“While risks surrounding overseas economies have subsided somewhat, they remain big,” it said, underscoring the BOJ’s resolve to maintain its ultra-loose policy.

The world’s third-biggest economy ground to a near halt in July-September and is likely to have contracted in the final quarter of last year as the U.S.-China trade war knocked exports.

BOJ officials hope the government’s $122 billion fiscal package and robust capital expenditure will offset the hit from soft global demand and supply chain disruptions from last year’s typhoons that continue to weigh on factory output.

The International Monetary Fund on Monday trimmed its 2020 global growth forecasts on sharper-than-expected slowdowns in emerging markets, but said the U.S.-China deal was another sign that manufacturing activity may soon bottom out.

Pessimists in the BOJ, however, fret that weak global auto demand and the drag on consumption from October’s sales tax hike to 10% from 8% may mean only a modest rebound in January-March growth.

While the tax hike is weighing on domestic demand, the hit to consumption is likely to be smaller than when the levy on sales was raised to 8% from 5% in 2014, the BOJ said in the report.


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