The International Monetary Fund again cut global and country growth forecasts to 3.2% from its April forecast of 3.6%. Post COVID global growth was at 6.1%, which during COVID was 3.1%. The IMF said “the downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked”. Growth slowdowns in China and Russia fueled the revised projection.
IMF’s Chief Economist Pierre-Olivier Gourinchas said “The outlook has darkened significantly since April. The world may soon be teetering on the edge of a global recession, only two years after the last one.”
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