IMF WEO october 2022_chart of the week

Global GDP growth might fall even under 1% by 2023 with Russia already under -3% this year, IMF warns

There is a one-in-four probability global growth will fall below 2% next year and that there is a likelihood of 10 percent to 15 percent that it will drop below 1% IMF warns today after the release of its WEO (World Economic Outlook) last week.
The IMF’s World Economic Outlook released last week foresees that global economic growth will slow from 3.2% this year to 2.7% next year.

The 2022 projection was unchanged from the last estimate, in July, but next year’s forecast was cut by 0.2 percentage points.
Despite the central scenario projections, the IMF sees a lot of uncertainty fraughting the outlook, that’s why the International Monetary Fund underscores the under 1% growth likelihood along with the forecast chart of the day.

Anyway, the global deceleration will be broad-based, underscores the IMF, and the 2023 projection is less than half of last year’s 6% expansion.
Countries accounting for about a third of the global economy are estimated to have a two-quarter contraction in real gross domestic product this year or next, reminds IMF as it was advanced by its Managing Director Kristalina Georgieva last week.

In the interactive chart released today by the IMF it is clearly shown that the Russian Federation is one of the few countries to grow under the -3% this year and under the -2,3% next year. The war in Ukraine and hte sanctions against Russia by the illegal invasion of its neigboring country has surely mcuh to do with this recession.

Image over the headline.- IMF WEO chart of the day.© IMF

Related external links:

Chart of the Week (WEO) interactive version

Related Eastwind links:

Georgieva, on the need to cut inflation.- Fiscal measures shouldn’t undermine monetary policy or the pain will be prolonged

IMF estimates risk of worldwide economic loss at $4 trillion dollars from 2022 to 2026 by slowdown


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