Global economic outlook ‘bleak’ according to IMF

New York skyline

The outlook for the global economy is bleak.

(Photo: AP)

Washington According to the International Monetary Fund (IMF), the prospects for the global economy are even worse than forecast last month. The global lender lowered its 2023 growth forecast to 2.7 percent from 2.9 percent the previous month, the Monetary Fund said on Sunday. Recent indicators “confirm that the outlook is bleaker,” particularly in Europe, he said in an IMF blog prepared for the G20 summit in Indonesia. The IMF blamed the tightening of monetary policy triggered by persistently high and widespread inflation, weak growth momentum in China, and ongoing supply chain disruptions and food insecurity resulting from Russia’s invasion of Ukraine.

“The challenges facing the global economy are immense and weakening economic indicators point to further difficulties,” the IMF said, adding that the current political environment is “unusually uncertain”. A worsening of the energy crisis in Europe would severely hamper growth and push up inflation.

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