Global economy faces tougher year, warns IMF chief

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For much of the global economy, 2023 is going to be a tough year as the main engines of global growth the United States, Europe all experience weakening activity, the head of the International Monetary Fund said.

The New Year is going to be “tougher than the year we leave behind,” IMF Managing Director Kristalina Georgieva said on the CBS. “Why? Because the three big economies the US, EU and China are all slowing down simultaneously,” she said.

In October, the IMF cut its outlook for global would be marketed at a rate of Rs2,440 per 50kg bag from Jan 1, 2023, an increase of Rs190 per bag.

A spokesperson for the company claimed that the increase was forced because of rising production costs.

On Monday, Engro Fertilisers Limited’s shares gained Rs2.91, or 3.79pc

Meanwhile, the energy sector also performed well, with Pakistan Petroleum Ltd (PPL) shares up Rs3.23 or 4.74pc; Cynergyico Pk Limited’s up Rs0.21 or 5.69pc; and Sui Northern Gas Pipelines’s (SNGPL) up Rs2.81 or 7.48pc.

The energy sector was behind the index’s rally in the last few trading days of 2022 following the government’s constitution of a committee for the settlement of circular debt in the gas sector.

Finance Minister Ishaq Dar had directed the committee on Dec 29 to finalise its report within three working days to resolve the issue.