IMF Slashes Forecasts for Global Economy in “Gloomy” Outlook 

On Tuesday, the International Monetary Fund said global economic growth will slow considerably this year and issued a new warning that there are several risks threatening to force the global economy to the precipice of a recession. 

Next year, world output has the possibility of falling to 2.9 percent, which is 0.7 percentage points lower than what the IMF anticipated three months ago. This reveals a significant change from last year when there was a pace of 6.1 percent.  

As inflation is continues to spiral upward and Russia closes off gas pipelines to Europe, global growth is predicted to decline to 2.6 percent and another 2 percent in 2022 and 2023, respectively — highlighting the worst economic outcomes since 1970. 

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