The International Monetary Fund warns of a greater risk of recession and a darker global outlook | Jobi Cool

The International Monetary Fund is once again downgrading its projections for global economic growth in 2023, predicting that global economic growth will fall by $4 trillion by 2026.

Kristalina Georgieva, managing director of the International Monetary Fund, told an audience at Georgetown University on Thursday that “things are more likely to get worse before they get better,” saying that Russia’s invasion of Ukraine that began in February has completely changed the IMF’s outlook on Ukraine. economy.

Many countries are already seeing the huge impact of the war on their economies.

Georgieva said the agency had already cut its estimates for global growth three times. It now expects 3.2 percent for 2022 and now 2.9 percent for 2023.

“The risk of a recession is increasing,” she said, adding that the International Monetary Fund estimates that countries that make up a third of the global economy will see at least two consecutive quarters of economic contraction this year or next.

The plans come after OPEC+ decided on Wednesday to sharply cut output to support falling oil prices in a move that could deal another blow to the struggling global economy and raise politically sensitive pump prices for US drivers ahead of key national economies. elections.

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