The heads of the International Monetary Fund and World Bank warned of a rising risk of a global recession as advanced economies slow and faster inflation forces the Federal Reserve to keep raising interest rates.
THE heads of the International Monetary Fund and World Bank warned of a rising risk of a global recession as advanced economies slow and faster inflation forces the Federal Reserve to keep raising interest rates, adding to the debt pressures on developing nations.
The IMF calculates that about one-third of the world economy will have at least two consecutive quarters of contraction this year and next and that the lost output through 2026 will be $4 trillion. She added that fiscal support should be well-targeted so that it doesn’t fuel inflation and that the world needs to help emerging and developing economies hit particularly hard by tightening financial conditions.
At an event later Monday, Georgieva said the IMF estimates that there’s a $9 billion shortfall in balance of payments coverage for middle- and low-income countries. The IMF’s creation last month of a “food shock window” of emergency financing will help meet those needs, she said.
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