The International Monetary Fund downgraded its forecast for the global economy next year and warned inflation will be worse than previously expected due largely to the ongoing disruptions spurred by the war on Ukraine.
Tuesday, the IMF said global growth is expected to fall from 6% in 2021 to 3.2% this year and 2.7% in 2023—0.2 percentage points lower than its forecast just three months ago.
Fueling the overall decline, the IMF downgraded its U.S. economic growth forecast to 1% as a result of the Fed’s ongoing interest rate hikes, but noted the slowdown could be “most pronounced” in Europe, where an energy crisis spurred by the unprovoked war on Ukraine will continue to take a “heavy toll” into next year.
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