IMF likely to cut global growth estimate as conditions deteriorate: Official
The IMF expects to once again cut its forecast for world growth this year amid a continued deterioration of conditions in the global economy, a fund official said Thursday.
“So much has happened and (is) happening very quickly,” IMF spokesperson Gerry Rice told reporters, including the ongoing war in Ukraine, accelerating inflation and a steeper-than-expected slowdown in China.
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The fund in April cut the 2022 GDP estimate to 3.6 percent from 4.4 percent, but now “we’re seeing this confluence of crises… that could lead us to revise down further,” he said.
“We see the global economy headed into a growth slowdown,” Rice said, adding that “a number of countries may be looking at recession.”
The World Bank on Tuesday slashed its projection by more than a point to 2.9 percent, and warned that the United States faces a worrisome…