The International Monetary Fund revised on Friday the United States economic growth forecast for 2022 down from 3.7% to 2.9% due to the Federal Reserve increasing the pace of interest rate hikes.
"We are conscious that there is a narrowing path to avoiding a recession in the US. The economy continues to recover from the pandemic and important shocks are buffeting the economy from the Russian invasion of Ukraine and from lockdowns in China," IMF Managing Director Kristalina Georgieva noted.
The IMF confirmed the US would narrowly avoid a recession, with the country's GDP expanding by 1.7% in 2023 and 0.8% in 2024.