IMF Warns of Looming , Global Recession.
On July 26, the International Monetary Fund released a report lowering its world economic forecast due to major slowdowns in the world's three largest economies.
The United States, China and Europe all face downturns amid Russia's war in Ukraine, surging inflation and tighter monetary policy.
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The IMF warns that the world economy is expected to grow just 3.2% in 2022, down 6.1% from last year.
CNN reports that, the outlook for 2023, is even worse.
According to the IMF, 2023 is only expected to see 2.9% growth, just slightly above the level considered to be a global recession.
According to the IMF, 2023 is only expected to see 2.9% growth, just slightly above the level considered to be a global recession.
The IMF already reduced its global forecast in April, predicting 3.6% growth in both 2022 and 2023.
Pierre-Olivier Gourinchas, the IMF's director of research, wrote in a blog post that , "the outlook has darkened significantly.".
Pierre-Olivier Gourinchas, the IMF's director of research, wrote in a blog post that , "the outlook has darkened significantly.".
The world may soon be teetering on the edge of a global recession, only two years after the last one, Pierre-Olivier Gourinchas, IMF director of research, via CNN.
As a result, businesses have already begun to brace for an economic downturn.
On July 26, GM announced that it would be pulling back on expenses and hiring
