IMF once again lowered its world economic growth forecast for this year and next

2022-07-27

On the 26th, the International Monetary Fund (IMF) lowered its world economic growth forecast for 2022 and 2023 to 3.2% and 2.9% respectively, which is another reduction after the agency lowered its world economic growth forecast in April. The IMF released the updated contents of the world economic outlook report on the same day. It is expected that the world economic growth will slow down from 6.1% last year to 3.2% this year, 0.4 percentage points lower than the forecast in April; The world economy is expected to grow by 2.9% in 2023, 0.7 percentage points lower than the forecast in April. IMF believes that higher than expected inflation in the world, especially in the United States and major European economies, has led to a tightening of the financial environment, and the negative spillover effect of the Ukrainian crisis has further impacted the world economy. Specifically, the economic growth of the United States in 2022 and 2023 is expected to be 2.3% and 1.0% respectively, 1.4 and 1.3 percentage points lower than the forecast in April. The economic growth of the eurozone this year and next is expected to be 2.6% and 1.2% respectively, 0.2 and 1.1 percentage points lower than the forecast in April. The IMF pointed out that the world economy faces multiple downside risks, including the sudden stop of European natural gas imports from Russia caused by the Ukrainian crisis, inflation being more difficult to control than expected, and the tightening of the global financial environment exacerbating the debt problems of emerging markets and developing economies. If these risks become a reality, inflation will rise further, and the world economic growth rate will drop to 2.6% and 2.0% in 2022 and 2023, respectively. (Xinhua News Agency)

Edit:He Chuanning    Responsible editor:Su Suiyue

Source:Xinhua

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