World leaders of the Group of 20 this week concluded a two-day summit in Indonesia at a time when nearly all member nations are battling sky-high inflation rates.
While it stayed steady in Canada in October compared to the previous month, inflation remains stubbornly high across many G20 nations and is yet to fall to pre-pandemic levels. Through a declaration, the G20 economies
So far, Argentina tops G20 economies with a staggering inflation rate of 88 per cent in October, surpassing Turkiye’s at 85.5 per cent.
Amongst the advanced G20 economies, the U.K. faces the second-highest inflation of 11.1 per cent, after Italy recorded 12.8 per cent in October 2022.
Canada’s current inflation rate was 6.9 per cent in October, matching the 6.9 per cent recorded in September.
So far, the high inflation rates have led to food insecurity, and coupled with Russia’s invasion of Ukraine, and persistent pandemic effects, it has become “increasingly evident†that there is a slowdown in global economic growth, according to the .
“Despite growing evidence of a global slowdown, policymakers should continue to prioritize containing inflation, which is contributing to a cost-of-living crisis,â€, an economist in IMF’s Research Department, wrote in an IMF blog. The most vulnerable groups and low-income countries, he said, are likely to be hit the hardest, and recent G20 indicators confirm that “the outlook is gloomier.â€
IMF's survey based measures
“We are seeing a reversal of all we had been fighting for: bringing poverty down, bringing hunger down,†said on Nov. 15. “Now we have 345 million people that are suffering from a food crisis.†In a separate report by The World Bank released on Monday, with domestic food price inflation remaining high in almost all low-and middle-income countries and high-income countries.
Composed of some of the world’s leading and largest economies including the European Union (EU), the and two-thirds of the world population. Leading G7 economies such as the U.S., U.K., Germany, and Canada are all a part of the G20. But unlike the G7, the Group of 20 also includes some of the largest emerging markets like India, China, and Brazil.
The the talks at the G20 summit, the first since Russia invaded Ukraine this year.
“Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy - constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks,".
Canada had been among the most forceful in urging G20 nations to condemn Russia’s war on Ukraine which has contributed to worsening inflation. The pointed out that the ongoing war has not only led to a humanitarian crisis but has also damaged the labour market recoveries in several emerging markets of Indonesia and South Africa. Associated sanctions have further contributed to supply disruptions, rising food insecurity, and energy concerns, especially across Europe.
With stubborn inflation rates,ecently downgraded its growth outlook for all the G20 nations, except for China.
Canada’s economy is forecasted to grow 3.3 per cent this year, only to slow to 1.5 per cent in 2023. According to the Bank of Canada’s monetary policy report,to between 0 per cent and 0.5 per cent through the end of 2022 and the first half of 2023.
Overall growth has been downgraded for advanced G20 nations, from 2.1 per cent this year to 0.9 per cent in 2023. In comparison, data showed that emerging G20 economies were expected to display relatively more resilience with growth projected to be 3.8 per cent in 2023 from 3.7 per cent in 2022.
Some of the largest tightening moves in decades were witnessed in the advanced G20 economies of Canada, the U.K., and the U.S.
The Bank of Canada raised its interest rate to 3.75 per cent from 3.25 per cent, while could see a potential recession in the first half of 2023.
The U.S. Federal Reserve has been most aggressive with its interest rates, lifting interest rates to a level not seen since before the Global Financial Crisis. In January 2022, its policy rate ranged between zero and 0.25 per cent, but the most recent interest rate in November ranges between 3.75 and 4 per cent. In July, the European Central Bank (ECB) started hiking rates for the first time since 2011 and has so far raised its key interest rates by a total of 200 basis points.
IMF's survey based measuresWith the notable exceptions of China and Japan, central banks across all G20 economies aggressively increased interest rates. Some emerging market economies of Argentina, Brazil, and Mexico tightened their monetary policies earlier than G20 advanced economies.
“A world divided would lose at least 1.5 percent of GDP annually,†said Georgieva. “And the cost would be much higher—2 times higher or more-—for open economies, those that depend on international cooperation.â€
The report warned that global fragmentation pressures could likely destroy any gains from decades of increasing globalization but collective efforts by G20 could help meet the challenges the world faces.
“The richest economies must stay committed to continued support for the poorest ones,†the report said.
The batteries of the walkie-talkies used by Lebanese armed group Hezbollah that blew up this week were laced with a highly explosive compound known as PETN, a Lebanese source familiar with the device's components told Reuters.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
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The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
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B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.
In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'
The University of Ottawa's special advisor on antisemitism says he has resigned following posts he made on social media celebrating the pager explosions in Lebanon this week.
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Friends and strangers have set up a makeshift memorial outside the home of a five-year-old boy who was found dead yesterday in Coteau-du-lac.
The Royal Canadian Mounted Police has lost 205 firearms since 2020, including more than 120 handguns and at least five fully automatic weapons like machine-guns.
The lawyer for a B.C. RCMP officer convicted of obstruction for telling a witness to delete cellphone video following the violent 2017 arrest of Dale Culver has requested a stay of proceedings.
Israel warned U.S. Defence Secretary Lloyd Austin in a call Tuesday that a military operation was going to take place in Lebanon but gave no details, U.S. officials said Thursday. The same day of the call, in an attack widely blamed on Israel, thousands of pagers belonging to Hezbollah militants exploded.
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A federal law enforcement agency confirmed it's opened an investigation into Robert F. Kennedy Jr. after he allegedly cut off the head of a dead whale and took it home two decades ago.
A judge in a rural Kentucky county was shot and killed in his courthouse chambers Thursday, and the local sheriff was charged with murder, police said.
A 22-year-old woman who became an abortion rights advocate after she was raped by her stepfather as a child tells her story in a new campaign ad for Democratic presidential nominee Kamala Harris.
South Korea’s government, western countries and adoption agencies worked in tandem to supply some 200,000 Korean children to parents overseas, despite years of evidence they were being procured through questionable or downright unscrupulous means, an investigation led by The Associated Press found.
Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
Conservative Leader Pierre Poilievre and NDP Leader Jagmeet Singh got into a heated exchange in the House of Commons on Thursday, just minutes after Singh announced his party would not be supporting the Conservatives' first non-confidence motion against Prime Minister Justin Trudeau's government.
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Ontario’s Minister of Sport, Neil Lumsden, will donate his brain to research.
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Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
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NASA scientists have successfully replicated spider-like shapes found on the surface of Mars in a laboratory setting for the first time.
Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.
Viewers of Jeopardy got a chance to test their knowledge of trivia about B.C.'s biggest city Wednesday night.
British actress Florence Pugh has revealed that shaving her head for her latest movie role was a 'really bizarre' experience that sent her body 'into a bit of trauma.'
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Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.
Maple Leaf Foods asserted its innocence in an alleged bread price-fixing scheme ahead of a hearing to determine whether it will be added to an ongoing class-action lawsuit.
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In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'
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The mayor of Fort Saskatchewan apologized on Thursday for comments she made earlier this week about killing feral cats.
Gas prices increased in all three Maritime provinces for the first time in more than a month.
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Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.
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A social media post of purple apples “growing†in Saskatchewan has sparked a lot of attention. However, garden experts say there's no such thing.
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New details have been shared about a missing family that was last seen on Sept. 1 in Kitchener, Ont.
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A gym teacher at a private Christian school in Saskatoon has been charged. Terra MacEwan, 44, is charged with assault with a weapon. A Saskatoon mother who spoke with CTV News says her autistic son was MacEwan's victim.
Thomas Hamp says he believed secret police were out to kidnap, torture, and kill him when he fatally stabbed his girlfriend Emily Sanche in February of 2022.
A social media post of purple apples “growing†in Saskatchewan has sparked a lot of attention. However, garden experts say there's no such thing.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
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James Bay Ontario Provincial Police have charged four commercial vehicle drivers with impaired, including one who was hauling 36,000 kilograms of ammonia hydrate.
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Police were focusing their attention on the northeast corner of Richmond and Horton, with members of the emergency response unit taking up positions at the scene.
Shedden, southwest of London, hasn’t changed much in decades – but word is spreading that hundreds of new residents could soon be calling the town home.
Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Ontario Provincial Police executed a search warrant in Walkerton.
Standing up, speaking out, and showing solidarity — survivors and supporters gathered in the core to take back the night in Windsor. The city is just one of a growing list of communities that have declared intimate partner violence (IPV) an epidemic.
The Windsor Police Service (WPS) has seized over $56,000 in drugs and have arrested one suspect.
SERVEONE Canada, a global procurement solution company, has begun Canadian operations in Tecumseh.
In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.
The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.
To appreciate why Mimi Vandermolen is so pleased to notice one particular vehicle she’s walking past, you need to know that seeing this many cars in one place would have been unimaginable when she was growing-up in the post-war Netherlands.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.
A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.
Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.
A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.
North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.
Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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