WEO October 2022 Economic Outlook Report, “Confronting the Cost of Living Crisis”

WEO October 2022 Economic Outlook Report, “Confronting the Cost of Living Crisis”

It was reported that with inflation higher than it has been in several decades, the global economy is slowing down broadly and more sharply than predicted. Russia’s invasion of Ukraine, the rising cost of living, tightening financial conditions in most areas, and the ongoing COVID-19 epidemic all have a negative impact on the outlook.

According to projections, global growth will drop from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. Aside from the global financial crisis and the COVID-19 pandemic’s acute phase, this is the worst growth profile since 2001.