IMF slashes global economic growth forecasts on Russia-Ukraine war, warns of inflationary pressure
Global economic outlook slashed down 0.8 and 0.2 percentage points for this year and 2023, respectively
By Arghyadeep Dutta
Published - Apr 19, 2022, 06:35 PM ET
Last Updated - Feb 22, 2024, 02:50 PM EST
Inflation in advanced economies to reach 5.7% and 8.7% for the developing nations
The International Monetary Fund (IMF) on Tuesday lowered its global economic outlook for 2022 and 2023 by a nearly full percentage point, saying the financial hit from Russia’s unprovoked invasion of Ukraine will “propagate far and wide.”
In its latest World Economic Outlook report, the institution is projecting a GDP growth of 3.6% for the global economy in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for this year and the following year, respectively, from its forecasts published back in January.
The global lender said, beyond 2023, the growth is expected to decline to about 3.3% over the medium-term.
