Surging inflation and severe slowdowns in the United States and China prompted the IMF to downgrade its outlook for the global economy this year and next while giving an even starker assessment of what may lie ahead.
IMF chief economist Pierre-Olivier Gourinchas says the outlook has darkened significantly since April adding that the world may soon be teetering on the edge of a global recession, only two years after the last one.
The International Monetary Fund cut the 2022 global GDP estimate to 3.2 percent, four-tenths of a point lower than the April forecast, and about half the rate seen last year.