IMF Lowers Growth for 2022 and 2023, Cites Risks to Ukraine Conflict, Inflation
IMF ECONOMIC OUTLOOK UPDATE:
IMF lowers global growth projections in light of the Ukraine war and inflation
Global growth lowered to 3.6% from 4.4% in January projections
Inflation expected to average 5.7% (advanced economies) and 8.7% in emerging markets
CONFLICT IN UKRAINE LOWERS IMF GROWTH FORECASTS ACROSS THE BOARD
The IMF cited the war in Ukraine as “economic damage from the conflict will contribute to a significant slowdown in global growth in 2022 and to add to inflation.”
Projected global growth has been revised lower from an estimated figure of 4.4% in 2022 to 3.6% and is 0.2% lower for 2023 than the January forecast of 3.8%.
Additionally, the IMF revised its 2022 inflation projections to 5.7% for advanced economies and 8.7% for emerging markets. The figures are 1.8% and 2.8% higher than January’s projections with the catalyst for inflation being the war-induced commodity price increases.
