The International Monetary Fund (IMF) on Tuesday maintained its global growth forecast in 2024 at 3.2 percent, consistent with its projection in July, according to its newly released World Economic Outlook (WEO).
The level of uncertainty surrounding the global economic outlook is high, the report noted.
"Newly elected governments (about half of the world population has gone or will go to the polls in 2024) could introduce significant shifts in trade and fiscal policy," the report stated.
"Moreover, the return of financial market volatility over the summer has stirred old fears about hidden vulnerabilities. This has heightened anxiety over the appropriate monetary policy stance -- especially in countries where inflation is persistent and signs of slowdown are emerging," it further read.
The report also pointed out that a further intensification of geopolitical rifts could weigh on trade, investment and the free flow of ideas. "This could affect long-term growth, threaten the resilience of supply chains, and create difficult trade-offs for central banks," the report said.
In an exclusive interview with China Central Television (CCTV), IMF Chief Economist Pierre-Olivier Gourinchas said rising geopolitical tensions are something that they are very concerned about.
"We can mention geopolitical uncertainties. There are multiple dimensions to that. One could be shifting about conflict in the Middle East, how that could translate in an escalation in commodity prices, oil prices or shipping costs, that would weigh down on trade and activity. We can think about also financial conditions. Financial conditions could become much tighter," he said.
In addition, the IMF predicted that worldwide inflation will cool to 5.8 percent this year and to 4.3 percent in 2025 due to tight monetary policies implemented in multiple economies.
IMF maintains 2024 global growth forecast at 3.2 pct, warns of geopolitical tensions
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
