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IMF: Global economy is limping

In the latest report unveiled by the International Monetary Fund (IMF), the global economy is bracing itself for a slower growth rate in 2023 compared to the preceding year. The IMF’s projections indicate a GDP growth of 3% for 2023, down from the 3.5% witnessed in the previous year, a figure significantly below historical averages.

“The global economy is limping along, not sprinting,” Pierre-Olivier Gourinchas, Economic Counsellor and the Director of Research of the IMF, wrote in an article about the report.

This moderation in growth can be attributed to a combination of factors, including the persistent repercussions of the COVID-19 pandemic, Russia’s ongoing conflict in Ukraine, and monetary policy adjustments aimed at reining in inflation. Additionally, a decrease in fiscal support amid high debt levels and the impact of extreme weather events have all contributed to this subdued economic outlook.

You can read more on the matter here.

What’s going on?

• Mia Khalifa Axed from Playboy After Live-Tweeting Support for Hamas (theDeepDive)

• Can Tesla Afford An Oncoming Union After Slashing Its Margins? (theDeepDive)

• UK Labour leader promises ‘a decade of national renewal’ in disrupted conference speech (CNBC)

• Google Readies To Block Canadian News Content Under Bill C-18 (theDeepDive)

• Warnings of Blackouts and Soaring Bills: Alberta’s Ad Campaign Takes Aim at Clean Energy Regulations (theDeepDive)

• US Police Shoot, Kill Driver in Chinese Consulate Incident (Bloomberg)

• Hamas’ Attack Against Israel May Have Little Impact on Financial Markets … Unless Iran is Proven to Have Been Involved (theDeepDive)

• Are Brands Giving Up on Threads? (theDeepDive)

• Yellen says World Bank needs 'cultural change' to better mobilize private capital (Reuters)

• Annie Altman, OpenAI CEO's Sister, Tweets About Sexual Abuse Suffered From "Brother" Sam Altman (theDeepDive)

What’s the latest?

• IMF Warns Of Global Slowdown: The International Monetary Fund (IMF) warned of a slowdown in the global economy due to higher interest rates, the Ukraine conflict, and geopolitical tensions. It anticipates a drop in global economic growth from 3% this year to 2.9% in 2024. Concerns also arise from the Israel-Hamas conflict, which could affect oil prices and subsequently global inflation and growth.

• Israel Retaliates: Israel conducted its most extensive airstrikes on the Gaza Strip, causing widespread destruction despite threats from Hamas militants to execute hostages for each home hit. The death toll from weekend Hamas attacks, including the deadliest assault in Israel's history, has surpassed 1,000, with most victims being civilians. Israel has called up hundreds of thousands of reservists and placed Gaza under total siege.

• Finland Gas Line Cut: A subsea gas pipeline and telecommunications cable connecting Finland and Estonia under the Baltic Sea have been damaged, potentially due to external activity. The Balticconnector gas pipeline was shut down due to concerns about gas leakage. It remains unclear whether the damage was deliberate or accidental.

• TD Class Action: A proposed class action lawsuit has been filed against Toronto-Dominion Bank alleging that over 1,000 TD mobile mortgage specialists in Canada did not receive proper vacation and holiday pay. The case claims that TD failed to pay or adequately pay these specialists their vacation and public holiday pay on commissions and other variable payments.

• Canada Supports Israel: Prime Minister Justin Trudeau and Conservative Leader Pierre Poilievre attended rallies in support of Israel amid the ongoing conflict with Hamas. They condemned Hamas's terrorist attacks and expressed solidarity with Israel's right to defend itself. The leaders emphasized that Hamas doesn't represent the Palestinian people, Muslims, or Canadians, condemning those who support the group.

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The stock market and stuff

• Unifor Launches Strikes Against General Motors In Canada (theDeepDive)

• Strike At Newmont’s Mexican Mine Nears End After 8% Salary Boost Agreement (theDeepDive)

• Binance Link To Hamas Resurfaces As Israel Declares War (theDeepDive)

In the juniors

• Trulieve Files Lawsuit Against Two Former Employees, YourWay Cannabis, and Four Other Companies Over ‘Kickback Schemes’ (theDeepDive)

• ATHA Energy Identifies 40 Kilometres Of Conductive Corridors At East Vista Project (theDeepDive)

• Curaleaf Applies To Be Second US Cannabis Operator Listed On TSX (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.