General News
Meropi Kyriacou Honored as TNH Educator of the Year
NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.
PARIS — Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening outlook.
The Paris-based organization projects worldwide growth to be a modest 3% this year before slowing further to just 2.2% next year, representing around $2.8 trillion in lost global output in 2023.
The war in Ukraine has driven up food and energy prices worldwide, with Russia a key global energy and fertilizer supplier and both countries major exporters of grain for millions of people worldwide already facing hunger. Meanwhile, China’s COVID-19 lockdowns have shuttered large parts of its economy.
“The war, the burden of high energy and food prices, as well as zero COVID-19 policies from China, mean that growth will be lower, and inflation will be higher and more persistent,” OECD Secretary-General Mathias Cormann told reporters in Paris.
The inflation and energy supply shock led the OECD to project annual economic growth to slow to around 1.5% in the United States this year and just 0.5% next year. The group expects the economy to grow 1.25% this year in the 19 countries using the euro currency, with risks of deeper declines in several European economies during the winter months, and 0.3% in 2023.
It noted the specter of energy shortages in Europe after Russia reduced supplies of natural gas needed to heat homes, generate electricity and power factories. Shortages could send energy prices up worldwide and force businesses to ration, pushing many European countries into a recession next year, the OECD said.
Growth in China is expected to drop to 3.2% this year. Except in 2020 when the pandemic emerged, it would be the lowest growth rate in China since the 1970s. The group projected it would rise slightly to 4.7% next year.
Inflation is expected to drop gradually through next year in most Group of 20 countries as central banks keep raising interest rates and global growth slows. Headline inflation is projected to ease from 8.2% this year to 6.6% in 2023 in the G-20 economies, but that’s still far above many central banks’ targets of 2%.
“These challenging economic situations will require bold, well-designed and well-coordinated policies,” Cormann said.
The OECD called for short-term help for people hurt the most by rising prices, further interest rate hikes by central banks, climate policies that follow countries’ search for alternate energy sources and international cooperation to strengthen food supplies.
NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.
CAIRO — Stalled talks aimed at securing a cease-fire in the war between Israel and Hamas are expected to restart in earnest in Qatar as soon as Sunday, according to Egyptian officials.
BROOMALL, PA – Following the blessings and vision of His Eminence Metropolitan Apostolos of New Jersey, the Metropolis of New Jersey together with the Metropolis Philoptochos initiated the newly created Walking with Christ ministry with the First Seminarian Benefit Luncheon, hosted at the St.
LONDON — Prince William and his wife Catherine have been filmed at a farm shop near their Windsor home, The Sun newspaper reported — the first footage of Kate since she had abdominal surgery for an unspecified condition two months ago.
ATHENS - "The statements of the Turkish president regarding the illegal invasion of Cyprus in 1974 constitute a blatant distortion of the historical truth and an insult to the memory of the victims," according to Greek diplomatic sources on Tuesday.
NEW YORK — Donald Trump’s lawyers told a New York appellate court Monday that it's impossible for him to post a bond covering the full amount of a $454 million civil fraud judgment while he appeals, suggesting the former president's legal losses have put him in a serious cash crunch.