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Remembering Harley: Graveside memorial service honours homeless Hantsport man’s life | SaltWireLONDON - The head of the International Monetary Fund said on Wednesday that international cooperation in a divided world was essential, to combat a phase of slow global growth that would persist for years along with high interest rates.
"Inflation is still high and that requires interest rates to remain high, throwing more cold water on growth" that is already slow at 3%, IMF Managing Director Kristalina Georgieva said at a panel discussion at the annual Future Investment Initiative conference in Riyadh. Cooperation in a fragmented world is key for growth and"truly a matter of the highest priority," Georgieva said.
The costs of fragmentation were very significant."We have, on numerous occasions, demonstrated we are talking about chopping about 12% off global GDP," she added, without giving a timeframe. Georgieva said governments should react to lower global growth by applying"strong buffers through tax policies that guarantee revenues, and expenditure policies that guarantee investment in human capital investment in long term."There had been a broad shift against globalization, despite it having tripled the size of the world economy and lifted 1.5 billion people out of poverty,"because not everybody benefitted," she said.
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IMF Warns on Prolonged Middle East War, Higher Rates for LongerThe International Monetary Fund warned that a prolonged war between Hamas and Israel risks impacting economic activity and the inflation outlook in neighboring countries such as Egypt, Lebanon and Jordan.
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Posthaste: Bank of Canada expected to hold interest rates, but be prepared for surprises'Although less than 50%, the probability of a rate increase in our opinion is not negligible'
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TSX down, U.S. markets mixed amid ongoing uncertainty over interest ratesTORONTO — Losses in energy and metals stocks led the way down for Canada's main stock index Monday, while U.S. markets ended the day mixed. The S&P/TSX composite index closed down 68.90 points at 19,046.74.
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Fed: How long will interest rates need to stay restrictive?JPMorgan Chase CEO Jamie Dimon warned about the Fed Reserve's economic forecast at a conference in Saudi Arabia, calling Fed regulators '100% dead wrong' on ...
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Toronto councillor wants to explore relocating the Ontario Place spa to Exhibition PlaceA motion set to be voted on this week by the Board of Governors of Exhibition Place asks that city staff formally explore the idea of using Exhibition Place grounds as an alternative site for the proposed Therme spa and waterpark instead of Ontario Place.
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