Global growth is expected to slow further next year, the IMF said on Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns.
WASHINGTON - Global growth is expected to slow further next year, the IMF said on Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns.
This reflects slowdowns for the biggest economies, including a US GDP contraction in the first half of 2022 and virus lockdowns in China on top of a property market crisis.A key factor behind the slowdown is a shift in policy as central banks try to bring down soaring inflation, with higher interest rates starting to take the heat out of domestic demand.
Progress toward debt restructurings for the hardest-hit is needed to avoid a wave of sovereign debt crisis.The IMF has cut forecasts for the two biggest economies, United States and China, as well.
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