According to a report from Fox Business, the International Monetary Fund on Tuesday slashed its global growth outlook for next year, warning that “stormy waters” are ahead for the global economy.
From Fox News:
The Washington-based institution said in its latest World Economic Outlook that global gross domestic product will still grow by 3.2% this year, but now anticipates it will slow sharply to just 2.7% in 2023. That is down 0.2 percentage points from its previous estimate and is a marked decline from its estimate of 3.8% at the beginning of the year, highlighting just how much the global economy has weakened in recent months.
Inflation could remain elevated for longer than previously expected, according to the IMF, which forecast prices peaking later this year and declining from 8.8% in 2022 to 6.5% in 2023.
“The worst is yet to come, and for many people 2023 will feel like a recession,” the report said
Read the full report over at Fox Business:
BREAKING: IMF warns 'worst is yet to come' for global economy as recession risks risehttps://t.co/J1xSBmMp2g pic.twitter.com/GKmHo91cbN
— FOX Business (@FoxBusiness) October 11, 2022