‘The worst is yet to come’ for the global economy, IMF warns.
Set your phasers to Doom.
www.devex.com/news/the-worst-is-yet-to-come-for-the-global-economy-imf-warns-104167#:~:text=The%20International%20Monetary%20Fund%20is,as%20Russia's%20war%20in%20Ukraine.
“The worst is yet to come,” said the fund’s Chief Economist Pierre-Olivier Gourinchas. Speaking to a packed press conference Tuesday to launch the latest World Economic Outlook, he had a grim warning on global inflation, saying it is expected to peak at 9.5% this year and will remain elevated for longer than previously forecast.
The world is in for one of the worst periods for economic growth in the last two decades, surpassed only by the 2008 global financial crisis and the start of the COVID-19 pandemic, according to the report, which was released as finance ministers and global leaders gather in Washington for the World Bank-IMF annual meetings.
“Winter 2022 will be challenging, but winter 2023 will likely be worse,” Gourinchas said.
h/t Doctor Congo