The global economy may soon be teetering on the edge of a recession and will likely grow more slowly than previously expected this year and next year, the International Monetary Fund said Tuesday.
The global economy may soon be teetering on the edge of a recession and will likely grow more slowly than previously expected this year and next year, the International Monetary Fund“The global economy is facing an increasingly gloomy and uncertain outlook. Many of the downside risks flagged in our April World Economic Outlook have begun to materialize,” International Monetary Fund chief economist Pierre-Olivier GourinchasThe IMF now expects the world economy to grow 3.
A general rule of thumb is that global growth below two percent qualifies as a recession. While national recessions typically involve negative growth over two quarters, the global economy almost never shrinks so a very low level of growth is considered a slump. “Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions. China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine. As a result, global output contracted in the second quarter of this year,” Gourinchas said.
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