The world economy is caught in an inflationary spiral. But Russia should be less affected by the international sanctions than what was expected, underlined the IMF this week. In addition, European countries, on the other hand, are suffering more from the sanctions than expected. Russia's gross domestic product (GDP) growth is expected to contract by 6.0% in 2022, the International Monetary Fund predicts, much less than the 8.5% plunge it had forecast in its previous assessment published in the month of April, according to a report published in the French newspaper The Le Point on Wednesday. “The Russian economy should have contracted less than expected in the second quarter, exports of crude oil and non-energy products holding up better than expected”, details the IMF. “In addition, domestic demand is also showing some resilience thanks to the containment of the effect of sanctions on the domestic financial sector and a weaker than expected labour market weakening,” the Fund added. Since the start of the Russian invasion of Ukraine on February 24, Western countries have taken a salvo of sanctions against Russia intended to strangle it financially and economically. Their effects should be felt more than expected in 2023, the year for which the IMF anticipates a recession in the Russian economy of 3.5%, or 1.2 points less than its previous forecasts, according to Le Point.   On the other hand, “the effects of the war on the main European economies have been more negative than expected”, specifies the IMF. Economic growth forecasts for 2022 have indeed been lowered for Germany (-0.9 points to 1.2%), France (-0.6 points to 2.3%) and Spain (- 0.8 points at 4.0%). These stronger consequences in the EU countries are due to “rising energy prices as well as declining consumer confidence and slowing manufacturing activity resulting from continued supply chain disruptions and rising costs of raw materials”, details the IMF. And a complete cessation of Russian gas exports would “significantly” reduce growth in the euro zone in 2022 and 2023. This would, in effect, force European countries to implement energy rationing measures, which would badly affect major industrial sectors, according to Le Point.   Source: The Economic Times

The Shibchar upazila administration under Madaripur district has ordered to shut all shops except shops of medicines, raw materials and groceries. Besides, the authority has ordered to halt the vehicular movement in the upazila. The decisions have been taken to prevent coronavirus spread in the locality. Upazila Nirbahi Officer Md. Asaduzzaman confirmed the matter at an emergency press conference on Thursday afternoon. Shibchar upazila Chairman Shamsuddin Khan, ASP Abir Mahmud, Upazila Health and Family Planning Officer Dr. Shashanka Chandra Ghosh were present at that time. It was known that in Madaripur district 220 people are in home quarantine, one in quarantine at a hospital, four in isolation. Besides, 136 people were relieved from the home quarantine. AH

Chief Election Commissioner (CEC) KM Nurul Huda said that no final decision is taken regarding Electronic Voting Machine (EVM). But Election Commission (EC) wants to use EVM in the upcoming parliament election in a limited volume. If the RPO is amended then EVM will be used as much as areas it can be possible. The CEC briefed the newsmen after holding a view exchange meeting with local administration officials in Bogura on Thursday. He said these at that time. Responding to a question whether BNP’s registration will be cancelled or not if they do not participate in this election the CEC said, I hope that BNP will participate in the next parliament election. KM Nurul Huda said, there is no chance to hold dialogue with political parties before the election. Political parties are independent to take part in election, whether they would take part in election or not- EC has nothing to do in this regard. Decision will be taken after declaring the election schedule over army deployment in the election. The CEC held view exchange meeting with the high officials of Bogura district administration, police and other law enforcement agencies on the occasion of eleventh national parliament election.  AH