The global economic outlook is even gloomier than projected last month, the International Monetary Fund said, citing a steady worsening in purchasing manager surveys in recent months
It blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions and food insecurity caused by Russia’s invasion of Ukraine.for 2023 to 2.7% from a previous forecast of 2.9%.
It said recent purchasing manager indices that gauge manufacturing and services activity signaled weakness in most Group of 20 major economies, with economic activity set to contract while inflation remained stubbornly high. "The challenges that the global economy is facing are immense and weakening economic indicators point to further challenges ahead," the IMF said, adding that the current policy environment was "unusually uncertain."
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