Introduction:
The global economy, which is still reeling from the Covid pandemic and Russia’s invasion of Ukraine, is facing an increasingly gloomy and uncertain outlook. In its World Economic Outlook update July 2022, the IMF projects the global economy to slow further to 3.2% in 2022, from a forecast of 3.6 per cent issued in April. The growth forecast for 2023 has also been slashed to 2.9 per cent from the April estimate of 3.6 per cent, citing the impact of tighter monetary policy. In 2021, the world growth had rebounded to 6.1 per cent, after the COVID-19 pandemic crushed global output in 2020 with a 3.1% contraction. Now, with the economic outlook having darkened significantly owing to several factors, the world may soon be teetering on the edge of a global recession.
Analysis of the report:
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