See the below image for the Gloomy outlook on global economic diagram. Gourinchas said global growth has been revised to 2.9 percent for the next year, a drop of 0.7 points from its April projection. Expected inflation was increased to 6.6 percent in advanced economies and 9.5 percent in developing economies.
The World Bank last month slashed its 2022 global growth outlook to 2.9% from an earlier estimate of 4.1%, citing similar macroeconomic pressures. Worsening growth prospects in the U.S., China and India drove the IMF’s downward revisions.
The International Monetary Fund on Tuesday again downgraded its forecast for global growth this year, blaming worse-than-expected inflation for an overall “gloomy and more uncertain” outlook. The IMF now expects the global economy to grow by only 3.2% this year, a downgrade from the 3.6% it had previously projected in April.