'The worst is yet to come and, for many people, 2023 will feel like a recession' theSun theSundaily news recession economy global business
Gourinchas speaking at a press conference during the World Bank/IMF annual meeting at IMF headquarters in Washington on Tuesday. – AFPpix: Global growth is expected to slow further next year, the International Monetary Fund 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.
This reflects slowdowns for the biggest economies, including a US GDP contraction in the first half of 2022 and continued lockdowns in China as it faces a property crisis. Growing price pressures are the most immediate threat to prosperity, said the IMF’s report, adding that central banks are now “laser-focused on restoring price stability”.Misjudging the persistence of inflation could prove detrimental to future macroeconomic stability, Gourinchas warned, “by gravely undermining the hard-won credibility of central banks”.
While the G20 has agreed on a “common framework” for debt restructuring for the poorest countries, only three have qualified and “more progress is needed”, Gourinchas told reporters.The IMF has also cut forecasts for the world's two biggest economies, the United States and China.
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