IMF May Cut Forecast For Global Economic Growth

IMF may cut global economic growth forecast

Washington:

The International Monetary Fund (IMF) expects to further cut its forecast for global economic growth in 2022 next month, an IMF spokesperson said on Thursday, following moves by the World Bank and the Organization for Economic Co-operation and Development (OECD). Afterwards. Own forecasts this week.

This will be the IMF’s third fall this year. In April, the IMF cut its forecast for global economic growth in 2022 and 2023 by almost a full percentage point to 3.6%.

Fund spokesman Gerry Rice told a regular IMF briefing that the overall outlook still called for growth around the world, albeit at a slower level, with some countries facing a recession.

“Clearly there have been a number of developments that could prompt us to revise further down,” Rice told reporters. “A lot has happened and (is) happening very quickly since we last came up with our forecast.”

The IMF is scheduled to issue an update to its World Economic Outlook in mid-July.

The World Bank on Tuesday slashed its global growth forecast for 2022 by nearly a third to 2.9 percent, citing damage from Russia’s invasion of Ukraine and the COVID-19 pandemic, about a growing risk of stagflation. warned.

A day later, the OECD lowered its forecast by 1.5 percentage points to 3 percent, though it said the global economy should avoid a 1970s-style impasse.

Rice said the expected decline was due to the ongoing war in Ukraine, volatile commodity prices, very high food and energy prices and a more severe than expected slowdown in the Chinese economy, as well as rising interest rates in many advanced economies. He did not provide any details on China’s approach.

He said, “We are witnessing this confluence of crises…

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