IMF cuts its 2023 growth forecast amid colliding global shocks

📆 2022-10-12 12:25 AM

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📆 2022-10-12 12:25 AM
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The IMF said on Tuesday that forecasts show that a third of the world economy will likely contract by next year

The International Monetary Fund on Tuesday cut its global growth forecast for 2023 amid colliding pressures from the war in Ukraine, high energy and food prices, inflation and sharply higher interest rates, warning that conditions could worsen significantly next year.

The IMF said global GDP growth next year will slow to 2.7 per cent, compared to a 2.9 per cent forecast in July, as higher interest rates slow the U.S. economy, Europe struggles with spiking gas prices and China contends with continued COVID-19 lockdowns and a weakening property sector. A U.S. Treasury official said before the release of the IMF forecasts that the U.S. economy “remains quite resilient, even in the face of some significant global headwinds.”

The Fund forecast headline consumer price inflation peaking at 9.5 per cent in the third quarter of 2022, declining to 4.7 per cent by the fourth quarter of 2023.

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