IMF Cuts Global Economic Growth Forecast

The International Monetary Fund warned that the global economy is entering 2022 in a weaker position than previously expected as it downgraded its global growth outlook largely due to clouds gathering over the recoveries in the United States and China. <br />The IMF’s latest World Economic Outlook calls for the global growth to downshift from 5.9 per cent in 2021 to 4.4 per cent this year. <br />The Fund saw the US economy growing 4.0 per cent this year while China’s economy grew 4.8 per cent this year thanks to the country’s business-sapping, zero-tolerance COVID-19 policy, and ongoing stress in its heavily indebted property sector.