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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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Turkey-Syria earthquake: Rescuers battle snowstorm to find survivors as death toll nears 4500

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The death toll from the 7.8 magnitude earthquake that ripped through Turkey and Syria on Monday has now climbed past 4,300 people.

Yunus Sezer, Turkey’s head of disaster services, said at least 2,921 people were killed and more than 15,800 others injured.

In neighboring Syria, at least 1,451 people have died, SANA, the Syrian state news agency, reports.

After the initial earthquake, a series of aftershocks reverberated throughout the day with the largest coming about nine hours after as a second quake that measured 7.5 in magnitude.

Nearly 1,000 search and rescue volunteers have been deployed from Istanbul, Turkey’s largest city, along with dogs, trucks, and aid.

A host of countries have also sent rescue workers to help the disaster-struck region where a frantic effort to find and free trapped civilians is underway but a raging rain and snowstorm is hampering efforts.

Poor internet connections and damaged roads between some of the worst-hit Turkish cities, homes to millions of people, have also hindered efforts to assess the impact and plan help.

Residents of the southern Turkish province of Hatay told Reuters that they have had little help since Monday’s earthquakes.

Weeping in the rain, a resident who gave his name as Deniz wrung his hands in despair.

“They’re making noises but nobody is coming,” Reuter quoted him to have said.

“We’re devastated, we’re devastated. My God … They’re calling out. They’re saying, ‘Save us’ but we can’t save them. How are we going to save them? There has been nobody since the morning.”

Rescuers are working around the clock leaving them “very exhausted” as they wait for more aid.

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Second earthquake hits Turkey as death toll nears 1500

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More than 1,300 people have died in Turkey and Syria after a 7.8 magnitude earthquake hit Turkey early Monday.

BODEX BLOG had reported a death toll of at least 400 people and about 2,000 others injured earlier in the day.

Hundreds of buildings were completely destroyed in the quake, with tremors felt as far as Cyprus, Lebanon, Israel, and Egypt.

Hours later, there had been reports of major tremors in the affected region.

The European Mediterranean Seismological Centre confirmed that a second earthquake of at least 7.5 magnitude hit Turkey.

The earthquake came as the middle eastern country is experiencing a snowstorm that is expected to continue until Thursday.

Hundreds of thousands of Syrian refugees, displaced by the war in their home country, are settled in the regions of Turkey that have been worst hit by this morning’s earthquake.

Turkey shelters more than 3.6 million Syrian refugees, according to data from Human Rights Watch.

So far, the Turkish government has received offers of assistance from the North Atlantic Treaty Organization (NATO), the European Union, and 45 countries including embattled Ukraine.

Turkish President Recep Erdogan said rescue teams have rescued over 2,400 people from under the rubble of buildings flattened by the quake, the worst to hit the country in 100 years.

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JUST IN: Over 400 killed, others trapped as earthquake hits Turkey and Syria

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At least 400 people have been killed and about 2,000 others injured in Turkey and Syria after a 7.8 magnitude earthquake hit southern Turkey early Monday.

With a rising death toll, the earthquake is one of the strongest to hit Turkey in more than 100 years.

The earthquake sent tremors across the region that caused buildings to collapse.

Multiple aftershocks were felt in Cyprus, Lebanon, and Israel.

The earthquake came as the middle eastern country is experiencing a snowstorm that is expected to continue until Thursday.

Rescue teams are carrying out a frantic search for survivors trapped under chunks of concrete in cities and towns across Turkey and Syria.

Videos shared on social media showed dozens of collapsed buildings, while frightened residents huddled on the darkened streets amid the chaos.

There were also videos of the only runway at Hatay airport in southern Turkey torn open as a result of the earthquake.

Turkish President Recep Erdogan said the quake was felt in many parts of the country.

“I convey my best wishes to all our citizens who were affected by the earthquake that occurred in Kahramanmaraş and was felt in many parts of our country. All our relevant units are on alert under the coordination of AFAD,” Erdogan said.

“Our search and rescue teams were immediately dispatched to the areas affected by the earthquake. Our Ministry of Interior and Health, AFAD, Governorships, and all other institutions started their work rapidly.

“We hope that we will get through this disaster together as soon as possible and with the least damage, and we continue our work.

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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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