In its latest outlook, the International Monetary Fund says more than a third of the world economy will contract next year, but central banks still need to raise interest rates to curb inflation
, geopolitical turmoil caused by the war in Ukraine, and ongoing disruptions caused by COVID-19, particularly in China.
It also warned that there is a 25-per-cent chance that global growth will fall below 2 per cent next year. This could result from a combination of higher oil prices, further weakening in China’s real estate sector and tighter-than-expected global financial conditions. “The costs of these policy mistakes are not symmetric. Misjudging yet again the stubborn persistence of inflation could prove much more detrimental to future macroeconomic stability by gravely undermining the hard-won credibility of central banks,” he said.
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