The latest global economic forecast: storms ahead
President Trump’s trade war is expected to slow economic growth across the globe this year, the International Monetary Fund said yesterday in a major report.
The gloomier outlook stems in large part from the impact of tariffs on the U.S. economy, which is expected to see slower growth and higher inflation. Growth forecasts for China and Europe were also lowered.
The I.M.F. forecasts that global output will slow to 2.8 percent this year from 3.3 percent in 2024. It also expects output to be slower next year.
Quotable: “The global economic system that has operated for the past 80 years is being reset,” the I.M.F.’s chief economist said. The surge in uncertainty related to trade policy but also more broadly is a major driver of the economic outlook, he said.
A carefully choreographed farewell begins
Pope Francis’ coffin will be taken in a procession today to St. Peter’s Basilica, where it will lie in state for about three days. Mourners will be able to attend the public viewing of his body before his funeral on Saturday.
The funeral will feature simpler rituals than those followed for past popes, in keeping with the informal style that became a trademark of Francis’ papacy. President Trump, Prime Minister Keir Starmer of Britain and President Emmanuel Macron of France are among the world leaders expected to attend the funeral in front of St. Peter’s. Here’s what to know about the funeral arrangements.
Rubio won’t attend the next round of Ukraine talks
Secretary of State Marco Rubio decided yesterday to skip the next stage of the Ukrainian cease-fire talks. Ukraine also rebuffed any deal that would recognize Russia’s occupation of Crimea, one of President Trump’s key proposals for a deal that would halt the fighting.
The back-to-back developments are a double blow, raising fresh questions about how much progress is being made toward winding down the war.
What’s next: Negotiators from the U.S., Europe and Ukraine will still meet in London today to continue hammering out a cease-fire proposal.
MORE TOP NEWS
In England, rural crime is on the rise, and farms have become a target. Gangs use drones and other technology to pinpoint machinery and parts, sometimes moving the goods abroad. The National Farmers’ Union described the communities as “under siege from rising crime.”
Lives lived: Aliza Magen, who was the highest-ranking woman in the Mossad’s history, serving as deputy, died at 87.
CONVERSATION STARTERS
The next big thing from Japan
Denim, whiskey, sushi — Japan may not have invented them, but the country is front of mind when they come up. So what’s next for Japan?
Chefs, designers and artists weighed in to predict the new obsessions in a special edition of T Magazine that aims to unpack Japan’s cultural influence. Explore the series.
That’s it for today’s briefing. See you tomorrow. — Justin
Reach Justin and the team at briefing@nytimes.com.
www.nytimes.com
#Wednesday #Briefing #Downgrade #Global #Growth
