The International Monetary Fund downgraded its 2023 outlook for the world economy, suggesting that next year "will feel like a recession" for many thanks to central bank reactions around the world.
The lending agency of 190 countries said Tuesday morning that global economic growth would be a meagre 2.7 per cent in 2023, down from the 2.9 per cent they'd estimated in July. For comparison, the world economy grew by six per cent in 2021. The IMF cited Russia's war in Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic.
"The worst is yet to come," said IMF chief economist Pierre-Olivier Gourinchas.
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