The Middle East and North Africa would benefit from rising oil prices, with growth seen reaching 5.3% in 2022 before slowing to 3.6% in 2023, while South Asia would see growth of 6.8% this year and 5.8% in 2023. Growth was expected to decelerate sharply in Latin America and the Caribbean, reaching just 2.5% this year and slowing further to 1.9% in 2023, the bank said. Ukraine’s economy was expected to contract by 45.1% and Russia’s by 8.9%. The regional European and Central Asian economy, which does not include Western Europe, was expected to contract by 2.9% after growth of 6.5% in 2021, rebounding slightly to growth of 1.5% in 2023. Negative spillovers from the war in Ukraine would more than offset any near-term boost reaped by commodity exporters from higher energy prices, with 2022 growth forecasts revised down in nearly 70% of emerging markets and developing economies. growth was seen dropping to 2.5% in 2022, down from 5.7% in 2021, with the euro zone to see growth of 2.5% after 5.4%.Įmerging market and developing economies were seen achieving growth of just 3.4% in 2022, down from 6.6% in 2021, and well below the annual average of 4.8% seen in 2011-2019.Ĭhina’s economy was seen expanding by just 4.3% in 2022 after growth of 8.1% in 2021. Growth in advanced economies was projected to decelerate sharply to 2.6% in 2022 and 2.2% in 2023 after hitting 5.1% in 2021. It said global inflation should moderate next year but would likely remain above targets in many economies. The bank forecast a slump in global growth to 2.9% in 2022 from 5.7 percent in 2021, a drop of 1.2 percentage points from its January forecast, and said growth was likely to hover near that level in 20. The tech world is under antitrust scrutiny more broadly as lawmakers zero in on big industry players.He also called for efforts to step up debt relief, warning that some middle-income countries were potentially at risk strengthen efforts to contain COVID and speed the transition to a low-carbon economy. The company said it continues "to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates." Investors were watching how a new privacy update from Apple would impact its bottom line. Congress unveiled the package of five antitrust bills in mid-June. The company's earnings come after it decided in early June that former President Donald Trump will be suspended from the platform until at least January 2023.įacebook and its Big Tech peers also face potentially new legislation designed to keep them from growing too large and powerful. Facebook passed that mark after a US court threw out the Federal Trade Commission antitrust lawsuit against the company, as well as one put forward by state attorneys general.įacebook is the fifth US company to hit the $1 trillion market cap milestone. The company hit a major milestone during its second quarter, surpassing a $1 trillion market capitalization in late June. Shares fell about 4.5% in late trading following the release. User numbers ballooned during 2020, as the pandemic kept people inside and online, but the firm said: "We expect year-over-year total revenue growth rates to decelerate significantly" in the second half of 2021.
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