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International Monetary Fund says global economic outlook looking “gloomier”

Posted: Monday, November 14, 2022. 10:59 am CST.

By Zoila Palma Gonzalez: The International Monetary Fund (IMF) says that the global economic outlook is looking “gloomier” than projected in October, Reuters report.

On Sunday, the IMF said that the outlook is looking darker citing a steady worsening in purchasing manager surveys in recent months.

According to the IMF, the outlook could be because of tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions and food insecurity caused by Russia’s invasion of Ukraine.

In October, the IMF cut its global growth forecast for next year to 2.7% from a previous forecast of 2.9%.

The IMF said recent high-frequency indicators “confirm that the outlook is gloomier,” particularly in Europe.

“The challenges that the global economy is facing are immense and weakening economic indicators point to further challenges ahead,” the IMF said, adding that the current policy environment was “unusually uncertain.”

In addition, the IMF noted that severe weather events would also harm growth across the globe.

 

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