IMF warns global economy teetering on brink of recession as it slashes growth outlook
https://www.foxbusiness.com/economy/imf-warns-global-economy-teetering-brink-recession-slashes-growth-outlookThe International Monetary Fund on Tuesday slashed its global growth outlook for 2022 and 2023, warning the world economy faces a "gloomy and more uncertain" future that could include a recession.
The Washington-based institution said in its latest World Economic Outlook that global gross domestic product will grow by 3.2% this year – a 0.4 percentage point drop from its April estimate. The IMF expects global growth to decelerate further to 2.9% next year, which is a 0.7 percentage point decline from its previous estimate. By comparison, the economy grew by 6.1% last year following the brief but extremely severe recession in 2020.
The revised outlook comes as the economy confronts a slew of challenges, including the ongoing fallout from the Russian war in Ukraine, the hottest inflation in decades and continued COVID-19-related lockdowns in China that have fueled a worse-than-anticipated slowdown in the country.
The IMF is looking at a recession is about to happen or is already happening worldwide.
