from Hacker News

'The worst is yet to come' for the global economy, IMF warns

by yi_xuan on 10/12/22, 3:50 AM with 37 comments

  • by pcurve on 10/12/22, 5:13 AM

    Good news is, IMF has a really lousy record of forecasting recession.

    https://www.ft.com/content/60581224-3335-11e8-b5bf-23cb17fd1...

    Bad news is, they always underestimated the recession.

  • by pagthem on 10/12/22, 6:22 AM

    I know many who are just hoping for a recession for prices (especially real estate) to come down.

  • by encryptluks2 on 10/12/22, 4:10 AM

    I don't think there is anything wrong with the economy per se, just that there are things wrong with people and the things people do for it. The economy is mostly imaginary... So many jobs and companies basically doing useless tasks in order to try to make more money but their products and contributions a negative to equality and a balanced society.

    If we could somehow actually shift the focus to making sure basic needs are met first, like all basic needs, then I don't think the economy would be seen as something to discuss.

  • by watmough on 10/12/22, 3:08 PM

    As usual the poorest will suffer worst. In people terms, and at the level of countries and continents.

    For those lucky enough to be within clinging reach of the lower middle class, efforts towards energy and food independence will reap huge rewards. Spain and Portugal could be taken as exemplars of embracing renewables. Even the UK, Australia and the Southern US have embraced solar and wind.

    The poorest, thinking of Africa, India, Pakistan, Sri Lanka will continue to, and escalate in suffering as energy pricing and climate chaos continue to steadily worsen.

  • by behnamoh on 10/12/22, 5:15 AM

    Correction: The worst outcome for ordinary folks, not the wealthy.

    I don't make 6 figures but I would imagine just earning that money boosts the confidence that "I can create value despite the economy". Your world view just changes the moment you make more than you will ever need. Your concerns would also be different. Right now I must be worried about my savings, rent, and TV news. At >$1M, I'd be worried about other "stuff".

    I've always thought that it's not like everyone who makes >$80K is ever going to use all that money. Much of it would be spent on kids' colleges (if any), and the rest of it allows you to retire >10 years before others. Idk what people do with the money.