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One-third of the world will face recession this year, IMF warns

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Kristalina Georgieva, managing director, International Monetary Fund (IMF), has warned that a third of the global economy will face recession this year.

Georgieva spoke in an interview with CBS, an American broadcast television and radio network, on Sunday.

She said economic activities in the United States, the European Union, and China are all slowing simultaneously.

“We expect one-third of the world economy to be in recession,” the IMF managing director said.

“Half of the European Union will be in a recession this year.”

Georgieva further explained that the rapid spread of Covid-19 in China, especially now that the government has dropped its severe containment policy, means that the country faces a fresh economic blow in the short term.

She said the next couple of months will be “tough for China” due to the spread of the deadly virus.

The projection of the IMF boss aligns with that of Goldman Sachs, a multinational investment bank, that global economic growth will slow to 1.8 percent in 2023.

The IMF, had in October, cut its 2023 outlook for global economic growth, citing the continuing drag from the war in Ukraine as well as inflation pressures and interest rate hikes by major central banks.

“For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative,” Georgieva said.

“For the first time in 40 years, China’s annual growth is likely to be at or below global growth, meaning it could drag down worldwide economic activity rather than propelling it. That has never happened before.”

Georgieva also said the US is likely to escape the worst of the downturn, adding that its strong labour market was likely to help it outperform most other majors.

“The US may avoid a recession because its unemployment is so low,” she said.

“If that resilience  holds in 2023 the US would help the world to get through a very difficult year. The US economy is remarkably resilient.”

Last year, the bank of England said the United Kingdom’s economy was set for a five-quarter recession starting at the end of 2022 — with the gross domestic product (GDP) shrinking.

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SEE FULL LIST: Fireboy, Osimhen, Amusan make Forbes Africa’s ‘30 Under 30’ list

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Fireboy DML, the singer, Victor Osimhen, Super Eagles footballer, and Veekee James, a fashion designer, are among the six Nigerians listed in the 2024 edition of Forbes Africa’s ‘30 Under 30’.

Forbes ’30 Under 30′ is an annual listicle by Forbes magazine spotlighting prominent business and industry figures.

In the tenth edition of the list recently released, the business magazine featured Africans under 30 who are shaping the continent in entertainment, education, sports, technology, healthcare, art, and other industries.

Other Nigerians on the list include Josiah Akinloye, founder and CEO of Mainlogix Technology; Tobi Amusan, track and field athlete; and Abioye Oyetunji; founder and CEO FXKudi.

Africans on the list include Tyla Laura Seethal, South African singer; Peace Wutawunashe, founder of Trigershot Engineering; Kenneth Njeru, director and founder of Africa Afya Healthcare; and Calvin Usiri, co-founder and CTO of Ramani, among others.

To curate the 2024 list, the finalists were drawn after a “rigorous vetting process” by the editorial team led by Under 30 curator Chanel Retief, alongside a panel of independent external judges such as Mo Abudu.

Other judges are Kate Kallot, Chris Maurice, Tlaleng Mofokeng, Helena Ndume, and Desiree Ellis.

Forbes said the evaluation process commenced in late 2023, with the support of its audit partner, SNG Grant Thornton.

Burna Boy, Davido, Wizkid, and Rema are among Nigerians who have made the list in the past.

The magazine earlier announced that Omah Lay, the singer, will be performing at the Under 30 summit in Botswana in May.

Below is the Forbes Africa ’30 Under 30′ list for 2024:

  • Alex Mativo, 29, Kenya, CEO and Co-founder, E-LAB, Nanasi and Duck, Industry: Multiple ventures
  • Ann-Kathrin Joos, 28, South Africa, CEO and Founder, Standard Beauty, Industry: Beauty
  • Vimbai Masiyiwa, 29, Zimbabwe, CEO, Batoka Hospitality, Industry: Tourism
  • Andrew Ddembe, 28, Uganda, Co-founder and CEO, MobiKlinic, Industry: Healthtech
  • Chad Jones, 28, South Africa, Social Media Content Creator and Brand Influencer, Industry: Social media
  • Adedamola Oyinlola Adefolahan (Fireboy DML), 28, Nigeria, Singer-songwriter, Industry: Entertainment
  • Tyla Laura Seethal, 22, South Africa, Singer-Songwriter, Industry: Entertainment
  • Ayushi Chandaria, 26, Kenya, Founder, Design Thinking Program (Kenya), Industry: Education
  • Ama Qamata, 25, South Africa, Actress, Producer, Industry: Entertainment
  • Daniel Novitzkas, 28, South Africa, Co-founder and Chairman of the Board, Specno, Industry: Software development and technology solutions
  • Prisca Wegesa Magori, 29, Tanzania, CEO and Co-founder, TenTen Explore and Smart EFD, Industry: Software development
  • Luke Mostert,27, South Africa, Co-founder and Chief Strategy Officer, CatalyzU, Industry: Venture Capital
  • Kenneth M. Njeru, 25, Kenya, Director and Founder, Africa Afya Healthcare, Industry: Health investment services  Services
  • Arooj Sheikh, 28, Kenya, Founder and CEO, Beyond Kenyan Bars, Sector: Social development
  • Cayley Jorgensen, 29, South Africa, CEO and Founder, Ingage Support; Registered Counselor, Sector: Mental health
  • Hildah Magaia, 29, South Africa, Forward for Mazatlán F.C Femenil and Banyana Banyana, Industry: Sport-football
  • Victor Osimhen, 25, Nigeria, Footballer and Striker for Super Eagles, Industry: Sport-football
  • Tobi Amusan, 26, Nigeria, Track and Field Athlete, Industry: Sport – athletics
  • Damian Willemse, 25, South Africa, Stormers and Springboks Rugby Player, Industry: Sport – rugby
  • Ricardo Lognath, 29, South Africa, Co-Founder and CEO, Omninela Medical, Industry: Healthcare/E-commerce
  • Nicolas Lognath, 27, South Africa, Co-Founder and Director, Omninela Medical, Industry: Healthcare/E-commerce
  • Ruth Erikan James, 29, Nigeria, Founder, Veekee James, Industry: Fashion
  • Shaun Maswanganyi, 23, South Africa, Track and Field Athlete, Industry: Sport – athletics
  • Jeremiah Thoronka, 24, Sierra Leone, Founder and CEO, Optim Energy, Sector: Climate change and sustainability (Social Impact)
  • Calvin Usiri, 28, Tanzania, Co-founder and CTO, Ramani, Industry: Geographic Information Systems (GIS)
  • Peace Wutawunashe, 27, Zimbabwe, Founder, Trigershot Engineering, Industry: Solar/Renewable Energy
  • Esethu Cenga, 29, South Africa, Co-founder and CEO, Rewoven, Industry: Fashion
  • Josiah Akinloye, 29, Nigeria, Founder and CEO, Mainlogix Technology, Industry: Automation and technology
  • Abioye Oyetunji, 29, Ghana, Founder and CEO, FXKudi, Industry: Fintech
  • Nadine Roos, 27, South Africa, South African Rugby Union (Springboks) and Sevens player, Industry: Sport – rugby
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‘The world cannot afford another war’ — Guterres condemns Iran-Israel conflict

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Antonio Guterres, UN secretary-general, has condemned the missile attack on Israel by Iran.

On Saturday, Iran launched a drone and missile attack on Israel in a reprisal move. The attack from Iran was the first time it has targeted Israel directly from Iranian soil.

Israel had said alongside allies, it intercepted more than 300 Iranian drones and missiles.

Nigeria, France, Germany, UK, and the US have condemned the attack.

In a statement, Guterres appealed for maximum restraint by all parties and said he was deeply alarmed by the very real danger of a devastating region-wide escalation.

“I urge all parties to exercise maximum restraint to avoid any action that could lead to major military confrontations on multiple fronts in the Middle East,” he said.

“I have repeatedly stressed that neither the region nor the world can afford another war. I call for an immediate cessation of these hostilities.”

In a separate statement, Dennis Francis, president of the UN general assembly, also expressed concerns over the unfolding conflict in the Middle East.

Francis said Iran had explained its action “in the context of article 51 of the UN Charter, following the recent Israeli attack on the Iranian Embassy in Damascus”.

“The Iranian response compounds the already tense and delicate peace and security situation in the Middle East,” the statement reads.

He asked all parties to exercise the utmost restraint to avoid further escalation of tension in the region, adding that dialogue and diplomacy are the only way to resolve differences.

“This is a moment that calls for wise and prudent judgement, in which the risks and extended risks are very carefully considered,” Francis said in the statement.

“I expect that the Iranian authorities will honour their word that by their action today, the matter can be deemed concluded.

“A vicious cycle of attack and counterattack will lead to nowhere, but inevitably, to more death, suffering and misery.”

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Iran launches attack on Israel in retaliation move

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Iran has launched an attack on Israel with drones and missiles.

The drones are expected to take several hours to reach Israel.

The attack is believed to be a retaliatory move following an April 1 attack reportedly carried out by Israel on the Iranian embassy in Syria, which killed seven Iranian military officers.

The attack will escalate the tension in the Middle East amid the ongoing war between Isreal and Hamas, which has recorded high casualty.

The United States had earlier warned that Iran could launch a major attack on Israel with more than 100 drones and dozens of missiles aimed at military targets inside the country.

The US State Department has issued a travel advisory to Americans in Israel not to move outside major cities in order to be protected by the Dome missile defense system.

While addressing the nation, Benjamin Netanyahu, Israeli prime minister, said the country is ready for the attack and will respond accordingly.

“Citizens of Israel, in recent years, and even more so in recent weeks, Israel has been preparing for the possibility of a direct attack from Iran,” Netanyahu said.

“Our defense systems are deployed, and we are prepared for any scenario, both in defense and offense. The State of Israel is strong, the IDF is strong, the public is strong.”

Joe Biden, president of the United States, on Friday, said the country would defend Isreal in the event of an attack from Iran.

“We will support Israel; we will help defend Israel and Iran will not succeed,” Biden said.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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