President Biden said he does not foresee a major U.S. recession but acknowledged the risk of a 'slight' one, as the IMF warned the global economy could shrink.
that global growth would slow from 6 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023 — the weakest growth since 2001, it said Tuesday, except for the global financial crisis and the acute phase of the coronavirus pandemic.“The three largest economies, the United States, China and the euro area, will continue to stall,” Pierre-Olivier Gourinchas, the IMF’s chief economist,reporters. “In short, the worst is yet to come, and for many people, 2023 will feel like a recession.
Gourinchas said that countries accounting for a third of world output are expected to “contract” this year or next. In the United States, heGlobally, he, “inflation remains the most immediate threat to current and future prosperity by squeezing real incomes & undermining macro stability.” He urged central banks around the world to “keep a steady hand with monetary policy firmly focused on taming inflation.
This morning, I presented our analysis of the global economy. Russia’s war in Ukraine, the cost-of-living crisis & slowdown in China are the primary reasons we are downgrading growth to 3.2% in 2022 & 2.7% in 2023.
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