The International Monetary Fund (IMF) cuts its global growth forecast for 2023 to 2.7%, noting that "the worst is yet to come, and for many people, 2023 will feel like a recession" for many.
The organization explained it downgraded its outlook as a result of the war in Ukraine, the cost-of-living crisis and China's economic slowdown. The IMF warned that the energy crisis in Europe is not likely to end soon. The report also showed that global inflation is expected to peak at the end of the current year at 8.8% and is set to "remain elevated for longer than previously expected."
Meanwhile, the projections for global growth in 2022 remained unchanged from its previous report at 3.2%.
