The global economy is already in trouble, yet risks keep piling up.
, and tighter monetary policy around the world have continued to slam the already fragile global economy, it said.Next year is thought to be even worse: just 2.9%, only slightly above the 2.5% growth level that the IMF has typically considered a global recession.Russia potentially shutting off the flow of gas to Europe
That scenario, the IMF warned, could prompt an official recession next year, causing global growth to tumble further to just 2%. That level of anemic growth has happened just five times since 1970, the IMF said.in April, likening the fallout from Russia's invasion of Ukraine to that of an "earthquake." At that point, it had predicted about 3.6% growth in both 2022 and 2023.
That's well below the government's official target of about 5.5%, and would represent "the slowest [rate] in more than four decades, excluding the pandemic," according to Gourinchas.
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