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. | News24_Business
The global growth profile is its"weakest" since 2001, apart from during the global financial crisis and the worst of the pandemic, said the IMF.
Growing price pressures are the most immediate threat to prosperity, said Gourinchas in the report, adding that central banks are now"laser-focused on restoring price stability".But misjudging the persistence of inflation could prove detrimental to future macroeconomic stability, he warned,"by gravely undermining the hard-won credibility of central banks."
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. "Declining real disposable income continues to eat into consumer demand, and higher interest rates are taking an important toll on spending," the IMF said.
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