The International Monetary Fund on Tuesday revised its 2022 global GDP growth forecast downward by 0.8 percentage points to 3.6% and the 2023 estimate by 0.2 percentage points to 3.6%.
The IMF blamed the situation in eastern Europe for the reduction of the global economic growth projection, adding that "frequent and wider-ranging lockdowns in China... have also slowed activity there and could cause new bottlenecks in global supply chains."
"[S]upply shortages in some sectors are expected to last into 2023... inflation is now projected to remain elevated for much longer than in our previous forecast, in both advanced and emerging market and developing economies," the IMF noted.
