In a report released Tuesday, the International Monetary Fund once again lowered its world economic forecast as it predicted major slowdowns in the three biggest economies: the United States, China and Europe
.Those downturns, combined with the ongoing war in Ukraine, inflation surging faster than expected, and tighter monetary policy around the world have continued to slam the already fragile global economy, it said. The IMF now expects the world economy to grow just 3.2% this year, down from 6.1% in 2021. 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.
Now,"the outlook has darkened significantly," Pierre-Olivier Gourinchas, the IMF's director of research, wrote in a blog post Tuesday."The world may soon be teetering on the edge of a global recession, only two years after the last one."The world's top three economies are all facing stalled activity. In the United States, consumers have found themselves with less purchasing power as prices rise — leading to lower-than-expected consumer spending, the IMF noted.
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