GENERAL NEWS
IMF cuts global growth forecast |
Kristalina Georgieva , MD of the International |
What does this mean for policymakers ? It is |
Monetary Fund ( IMF ), opened the Annual |
a much more complex time , she said , which |
Meetings press conference on 13 October |
requires steady hands on the policy levers . |
2022 with cuts to global growth forecasts . |
Georgieva also highlighted the IMF ’ s Global |
“ As we gather , we face a difficult global |
Policy Agenda , appealing to policymakers to |
environment . The world economy has been hit |
act with a sense of urgency and act together to |
by one shock after another : COVID , Russia ’ s |
bring inflation down , put in place “ responsible |
invasion of Ukraine and climate disasters on |
fiscal policy ” and to safeguard financial |
every continent . They continue |
stability . |
to harm people ’ s lives and have |
“ In this environment , we |
caused a cost-of-living crisis . |
must also support vulnerable |
The immediate toll is clear . On |
emerging markets and |
Tuesday , we cut our global growth |
developing countries . It is tough |
forecast to 2.7 per cent in 2023 . |
for everybody , but it is even |
Across many economies , the risks |
tougher for countries that are |
of recession are rising . And even |
now being hit by a stronger |
when growth is positive , for many |
dollar , high borrowing costs and |
people , it will feel like a recession because of rising prices and shrinking real incomes ,” she commented .
“ On top of this , risks to financial stability are growing and uncertainty remains exceptionally high . Our World Economic Outlook shows a one-in-four chance that global growth could drop to a historic low of two per cent next year . These repeated shocks and growth setbacks raise a bigger question : are we experiencing a fundamental economic shift in the world economy from a world of relative predictability and stability to greater uncertainty and volatility ?” she asked .
Kristalina Georgieva . capital outflows — a triple blow that is particularly heavy for countries that are under a high level of debt ,” she said .
“ We need stronger efforts to confront food insecurity — 345 million people are acutely food insecure . Children , women and men are at risk of dying because of hunger . We also need transformational reforms to address climate change , to make digitalisation work for people and to address inequality . To confront these issues , we must act with a sense of urgency now , and we must act together ,” she concluded . n
Metalforming takes centre stage
What is the future of metalforming ? How can businesses position themselves to thrive amidst market challenges ?
These questions underpinned a day of deep discussion at the 20th ICOSPA Congress for the global sheet-metal engineering industry . After two years of pandemic-related delay , and for the first time since 2004 , the Congress was held at the National Metalforming Centre in Birmingham , UK . The ICOSPA Congress takes place once every three years . ISMR was a media partner at the event – its September issue was distributed throughout the Congress .
The International Council of Sheet Metal Presswork Associations ( ICOSPA ) is a key platform for cross-national exchange in the sheet-metal engineering industry . Metalforming and sheet-metal associations from Japan , Germany , France , UK , USA and China form part of ICOSPA . Over the past 50 years , ICOSPA member associations have represented over 12,300 companies from six countries .
“ The ICOSPA Congress on 20 October brought over 100 senior executives and business leaders from around the world to
Birmingham , which has a proud heritage as the heart of the Industrial Revolution and continues to be a sheet-metal and presswork hub – from manufacturing to future mobility , automation and electrification ,” said ICOSPA President , Steve Morley .
Key topics discussed on 20 October 2022 included innovative technologies that are transforming metalforming operations ; economic challenges around retaining profits ; ever-increasing demands on sustainable performance and future skills planning .
The event also included factory tours and a cocktail reception on 19 October 2022 , followed by the ICOSPA Congress and dinner on 20 October 2022 . The ICOSPA Council Meeting and dinner followed on Friday 21 October 2022 . n
Swedish Steel Prize 2023
Applications are now being accepted for the Swedish Steel Prize 2023 , the steel industry ’ s prestigious international award celebrating innovative steel solutions .
The Swedish Steel Prize recognizes those who fully utilise the potential of steel to improve not only their business or industry , but also society . Attracting entries from across the world , it is meant to inspire engineers , designers and inventors to further explore “ the unlimited potential of steel ”. The competition and its gathering promote the sharing of innovative solutions that leads to a better world .
“ The Swedish Steel Prize is a celebration of innovation and good engineering ,” explained Eva Petursson , chair of the Swedish Steel Prize Jury and head of SSAB ’ s Research and Innovation . “ We are looking for solutions that really push the limits of steel and with a sustainable or digital twist .”
The Swedish Steel Prize is open to any individual , company or institution and is awarded to the method or product that best displays how the properties of the chosen grade of steel has contributed to a significant innovation .
All entries are assessed by an independent jury . Together , they review each entry based on its level of innovation , creativity , sustainability , performance and competitiveness . Entries addressing the environment , digital solutions and new trends in the economy are especially encouraged .
The winner of the Swedish Steel Prize receives a diploma , a statuette by the sculptor Jörg Jeschke and intense media exposure . In conjunction with the Swedish Steel Prize event , SSAB will also make a SEK 100,000 donation to charity . The prize will be announced in Stockholm , Sweden , as part of the Swedish Steel Prize event from 10-11 May 2023 , where peers from around the world come to learn , network and be inspired by new steel technologies and their innovative applications .
All applications must be received before the deadline of 18 January 2023 for consideration . n
. steelprize . com / apply