Trust me, you are not going to like it. Just take a look at Sri Lanka and magnify it 10 times.
New Recruit
this. people want change more than ever now.
While I can certainly understand that sentiment, the notion that default is some sort of bitter medicine, once taken will cure the illness, is delusional. What default will lead to is a perennial shortage of capital leading to long term underdevelopment. A good example is Argentina.
Citi warns 'rolling recessions' will shake global economy in 2023
Brian Sozzi
·Anchor, Editor-at-Large
Wed, November 30, 2022 at 7:21 AM·3 min read
The global economic outlook for 2023 is murky at best, economists at Citi warn.
"As we survey the prospects for the global economy, we see many reasons for concern, including continued challenges from the pandemic and the Russia-Ukraine war, high inflation, and headwinds from central bank rate hikes," Citi chief economist Nathan Sheets wrote in a client note Wednesday.
"Reflecting these factors, the global economy is likely to endure 'rolling' country-level recessions during the coming year."
Citi believes the eurozone and U.K. will enter a recession by the end of this year. The U.S. stands to enter a recession by mid-2023, Sheets believes, as the full impact of higher interest rates from the Federal Reserve is felt on consumers and businesses.
The relative winner, believe it or not, may be China.
"We see growth [in China] accelerating as the authorities soften the zero-Covid policy," Sheets wrote.
"Still, excluding China, global growth next year will be running close to some definitions of global recession. More positively, many of the recessions in our forecast are relatively mild and should help pave the way for improved performance by early 2024."
Chinese factor .... Yuan trading currency ..not good sign .USD losing its dominance in Int'l Market?
Did Iran collapse after sanctions?
Iran test launches new satellite-carrying rocket
Tehran refutes US concerns that the same long-range ballistic technology could also be used to launch nuclear warheads.www.aljazeera.com
Iran does not have to import fuel. So, the economy will not come to a screeching halt. They have a fairly well-developed industrial base that appears self-sufficient. Iran has a much smaller population. It will take a couple of decades of difficulty for Pakistan to reach Iran's self-sufficiency. Not impossible, just a matter of time. They also seem to have fairly stable political system in spite of the street riots one sees on TV.
