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. .
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