Russia one of the ‘biggest threats’ to world economy amid recession fears: Freeland
The IMF cited the war in Ukraine on Tuesday as one of the drivers for cutting its global growth forecast for 2023. High energy and food prices, inflation and sharply higher interest rates, also factored in to the IMF’s report, which indicated a third of the world economy will likely contract by next year.
A push to drop Russian oil has led to many European nations rationing current supplies for winter; as a result of the war, oil prices soared, driving inflation sky-high in many nations including Canada. While oil prices have dropped, they still remain at an elevated level compared to previous years and inflation has persisted, leading to projections of an economic slowdown next year.The IMF said global GDP growth next year will slow to 2.7 per cent, compared to a 2.
U.S. growth this year will be a meager 1.6 per cent – a 0.7 percentage point downgrade from July, reflecting an unexpected second-quarter GDP contraction. The IMF kept its 2023 U.S. growth forecast unchanged at 1.0 per cent.Deloitte forecasts short-lived recession in 2023, but says job losses shouldn’t be severe
“In short, the worst is yet to come, and for many people, 2023 will feel like a recession,” said IMF Chief Economist Pierre-Olivier Gourinchas in a statement Tuesday.will hit sooner and with more job losses than first expected.Outlook for global economy has ‘darkened’ amid inflation, tighter financial conditions: IMF
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