IMF warns of further slowdown in global GDP growth
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Fighting in Ukraine, higher interest rates by regulators in developed countries and the impact of the COVID-19 pandemic could trigger a slowdown in global GDP growth in 2023. This forecast was made by the International Monetary Fund (IMF), which in October lowered its estimate of global GDP growth from 2.9% to 2.7%. As follows from the material of the fund, in the future, the indicator may again be reduced.
“Indicators of economic growth in the G20 countries have fallen to levels that indicate its contraction. This is true for both advanced and emerging markets, highlighting the global nature of the slowdown,” reads an analysis on site IMF.
The fund’s specialists note that countries still need to try to contain the growth of inflation and, probably, tighten tax and budgetary policies.
On November 4, IMF Managing Director Kristalina Georgieva said that global GDP will shrink by 1.5% annually due to the fragmentation of global trade. At 3% of GDP, Mrs. Georgieva estimated the economic losses of Asian countries due to the decisive importance of trade in the structure of their economies.
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