The failure of two midsize US banks and the forced acquisition of Credit Suisse by its longtime rival UBS has damaged confidence in the sector, IMF economists say
'The global economy and financial system are currently financing their own destruction because the global financial architecture is not fit for purpose'
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Groups representing asset managers in Europe and the US argue the IMF’s concerns about the $41tn sector are unfounded
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The IMF has made a significant downward revision to its 2022 World Economic Outlook. But the dour forecast for 2023 implies an even broader crisis
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'There is room for compromise beneficial to both sides,' said the director Kristalina Georgieva
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The world has made less progress than expected in April in terms of combating the pandemic and salvaging businesses, and so the forecasts have deteriorated
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