Daily Management Review

IMF cuts global growth forecast for 2022


According to the International Monetary Fund's (IMF) spokesman Gerry Rice, the global economy's growth forecast for 2022 will be lowered once more.

Toshimasa Ishibashi
Toshimasa Ishibashi
"We decreased our projection in April. We cut it from 4.4 percent in 2022 to 3.6 percent now. There have been a lot of developments since then that could lead to similar action in the future," Rice stated.

The last time the global growth estimate was revised was in April. According to Rice, the IMF's next report will be out in July.

The current status of the international economy, according to IMF experts, is the worst since World War II. The coronavirus pandemic, the situation in Ukraine, and climate change were highlighted as causes for such an assessment.

For a possible solution to the world economy's problems, the international organization proposed easing trade restrictions to reduce the deficit and lower food and other goods prices, as well as stepping up joint efforts to solve countries' debt problems by establishing clear procedures and deadlines for debtors and creditors, and extending this system to other vulnerable and heavily indebted countries. Furthermore, cross-border payments must be modernized, and climate change must be addressed, according to the IMF.

source: reuters.com