‘The worst is yet to come’: IMF issues stark recession warning
2 years, 2 months ago

‘The worst is yet to come’: IMF issues stark recession warning

CNN  

London CNN Business — The International Monetary Fund has once again downgraded its forecast for the global economy with a sharp warning: “The worst is yet to come, and for many people 2023 will feel like a recession.” The agency said Tuesday that it expects global growth to slump to 2.7% next year, with a 25% probability it could fall below 2%. “More than a third of the global economy will contract this year or next, while the three largest economies — the United States, the European Union, and China — will continue to stall,” said Pierre-Olivier Gourinchas, the IMF’s chief economist. The IMF believes that global inflation will peak late this year, but will “remain elevated for longer than previously expected,” even as central banks work aggressively to bring it under control. “Given the size of China’s economy and its importance for global supply chains, this will weigh heavily on global trade and activity,” the IMF said.

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