Irish Taxi Forum
Public Area => Taxi Talk => Topic started by: silverbullet on June 07, 2022, 08:43:01 pm
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Economy
World Bank warns many countries headed for recession
Washington-based institution says Russia’s invasion of Ukraine has compounded damage from pandemic and raised risk of 1970s-style stagflation
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A protest in Pakistan against rising inflation. Photograph: EPA
By Eoin Burke-Kennedy
Tue Jun 7 2022 - 15:46
Many countries will find it hard to avoid a recession in the coming months as Russia’s invasion of Ukraine, lockdowns in China and ongoing supply-chain issues disrupt activity and trade and accommodative monetary policy is withdrawn, the World Bank has warned.
The Washington-based institution said war in Ukraine had compounded the damage from the pandemic and “magnified” a global slowdown. It warned the global economy could be entering “a protracted period of feeble growth and elevated inflation” similar to the stagflation era of the 1970s.
In its latest Global Economic Prospects report, the bank delivered one of its bleakest assessments of the global economy in years.
Global growth is expected to slump from 5.7 per cent in 2021 to 2.9 per cent in 2022 – significantly lower than 4.1 per cent the World Bank anticipated in January. It is expected “to hover around that pace over 2023-24″, as the war in Ukraine disrupts activity, investment, and trade in the near term, pent-up demand fades, and fiscal and monetary policy accommodation is withdrawn. The bank noted that the level of per capita income in developing economies this year would be nearly 5 per cent below its pre-pandemic trend.
“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries recession will be hard to avoid,” World Bank group president David Malpass said. “Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate and debt policy are needed to counter capital misallocation and inequality,” he said.
In its report the bank offers the first systematic assessment of how current global economic conditions compare with the stagflation of the 1970s.
It said the current juncture resembles the 1970s in three key aspects: “persistent supply-side disturbances fuelling inflation, preceded by a protracted period of highly accommodative monetary policy in major advanced economies, prospects for weakening growth, and vulnerabilities that emerging market and developing economies face with respect to the monetary policy tightening that will be needed to rein in inflation.”
The current period also differs from the 1970s in several aspects: the dollar is strong, the jump in commodity prices smaller, and the balance sheets of major financial institutions are generally strong.
“More importantly, unlike the 1970s, central banks in advanced economies and many developing economies now have clear mandates for price stability, and, over the past three decades, they have established a credible track record of achieving their inflation targets,” it said.
Nonetheless it warned that interest rate increases required to control inflation at the end of the 1970s were so steep that they triggered a global recession in 1982, and a string of financial crises in emerging market and developing economies.
The bank said war in Ukraine had led to a surge in prices across a wide range of energy-related commodities. Higher energy prices will lower real incomes, raise production costs, tighten financial conditions, and constrain macroeconomic policy especially in energy-importing countries, it said.
Decisive global and national policy action was required to avert the worst consequences of the war in Ukraine for the global economy.
A turbulent recovery for tourism and air travel
“This will involve global efforts to limit the harm to those affected by the war, to cushion the blow from surging oil and food prices, to speed up debt relief, and to expand vaccinations in low-income countries. It will also involve vigorous supply responses at the national level while keeping global commodity markets functioning well,” it said. While global inflation is expected to moderate next year it will likely remain above inflation targets in many economies 8)
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I know all this Silver paid off the Car ,no mortgage ,Done a deal with me credit card .Thinking of fitting a log burner in the living room plenty of factories and free pallets around me .Covid has to be paid for the Indian Doctor gave with one hand and will take back with both and his Backpassage deal with Boris will be shown for the Electioneering it was .I remember in the early 70s going with me Ma to Sales of Work to buy second hand clothes or getting stuff sent down to me from my cousins .I doubt todays kids will stand for that they will be on their mobile phones posting on twitter how terrible their Ma is and ringing Child Line or Ballyfermot Joseph to complain .GET A GUN .I posted this before and its true Anybody born between 1980 and 2000 were the luckiest people ever born in this country No wars .Cheap money ,Cheap houses Cheap credit Cheap Ryanair Flights .Now they are addicted to Cheap the Banks will up the Interest .
Most of todays dumb fucks dont realise they have been going backwards since the mid Naughties .In 1920 most Dubs lived under a landlord in a Slum now they live under a Landlord in a block of appartments .In 1920 only the rich could get into hospital or to see a doctor .Have you tried to make an appointment .The poor traveled by Tram or bicycle ?The average Joe in 1920 had a zero hour Contract paid the foreman for work now you pay an agency .The only bit of progress is in 1920 if you had a handicapped kid you could dump it with the nuns and they would LOOK AFTER IT .If you had kids with ADHD or Autism they were branded and fucked into Artane we have moved on a tiny bit from that .The biggest Tread on here was the Brexit tread Covid delayed it but it will fuck us in the End .The EU will short change us again to suit the Brits .
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HERE YOU GO SILVER ...Boris Johnson 'will push ahead' with publishing law to scrap Brexit rules for Northern Ireland despite EU trade war threats and warnings from the Government's own legal advisers that it may breach international law
PM to introduce law allowing ministers to override the Northern Ireland Protocol
Move could placate Tory Rights but trigger a new row with his party critics
It would also risk a trade war with Brussels, which has vowed to retaliate .
100 years after we decided to tell the Brits to Fuck off its payback time .Our Half Indians Backpassage Deal that the EU told him not to do will be used to totally FUCK US .GET A GUN .
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NOSTRA DAMN that!
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There is still a Cabal in England that blame Ireland for the demise of the Empire .When a little Island like us told the Brits to Fuck off and they never retaliated .India then most of Africa followed .When Norn Eirland leaves the UK that is the end of the United Kingdom the final nail in the Coffin of British Imperialism .The Irish scare the fuck out of the Brits they dont understand us .When they were in power here and asked Paddy to saddle up their horse Paddy fucked the job up so the British master assumed we were Stupid he could never accept we were disobedient .Its not all Doom and Gloom Coola but its not going to be easy for some ,especially the young .Somebody sent me an advert last week a two bedroomed two up one down red bricked terrace house in Inchicore ,identical to my mothers which she bought for £700 in 1976 is for rent for 1995 a month .
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I dunno how peoples can affort that?
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There is still a Cabal in England that blame Ireland for the demise of the Empire .When a little Island like us told the Brits to Fuck off and they never retaliated .India then most of Africa followed .When Norn Eirland leaves the UK that is the end of the United Kingdom the final nail in the Coffin of British Imperialism .The Irish scare the fuck out of the Brits they dont understand us .When they were in power here and asked Paddy to saddle up their horse Paddy fucked the job up so the British master assumed we were Stupid he could never accept we were disobedient .Its not all Doom and Gloom Coola but its not going to be easy for some ,especially the young .Somebody sent me an advert last week a two bedroomed two up one down red bricked terrace house in Inchicore ,identical to my mothers which she bought for £700 in 1976 is for rent for 1995 a month .
Wasn't it free marketeers who said "The market will decide"?
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Is it true something like 2/3"s of TD's are landlords ::fds Why would they want prices to come down? Every penny counts when your basic salary is €103,000 p.a.
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Is it true something like 2/3"s of TD's are landlords ::fds Why would they want prices to come down? Every penny counts when your basic salary is €103,000 p.a.
A lot of TD who had the Family seat secured use to buy a gaff in Dublin in the Wifes or company name then rent it to themselves using their housing allowance for their two night stay over in Dublin .The biggest one Gaff landlords are Farmers They use to buy a Gaff in Dublin close to UCD then the kids would live in it and get their pals to share never knowing who actually was the landlord .After two or three kids went through college they just rented it out to gangs of students .I doubt there is a farmer in the country with more than one University graduate in the family dosent own a rented house .