The world economy has been dealt multiple blows while soaring costs and rising interest rates threaten to reverberate around the globe.
Chief economist of the International Monetary Fund, Pierre-Olivier Gourinchas, speaks at a press conference following the publication of the Washington-based lender's October 2022 global outlook.WASHINGTON - Global growth is expected to slow further next year, the IMF said Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns.
More than a third of the global economy is headed for contraction this year or next, and the three biggest economies –- the United States, European Union and China –- will continue to stall, he warned.In its report, the IMF trimmed its 2023 global GDP forecast to 2.7 percent, 0.2 points down from July expectations.The global growth profile is its"weakest" since 2001, apart from during the global financial crisis and the worst of the pandemic, the IMF said.
"Declining real disposable income continues to eat into consumer demand, and higher interest rates are taking an important toll on spending," the report added.
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