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The International Monetary Fund is downgrading its outlook for the world economy for 2023, citing a long list of threats that include Russia\u2019s war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic.<\/p>\n\n\n\n
The 190-country lending agency forecast Oct. 11 that the global economy would eke out growth of just 2.7% next year, down from the 2.9% it had estimated in July. The IMF left unchanged its forecast for international growth this year \u2014 a modest 3.2%, a sharp deceleration from last year\u2019s 6% expansion.<\/p>\n\n\n\n
\u201cThe worst is yet to come,\u2019\u2019 said IMF chief economist Pierre-Olivier Gourinchas. Three major economies \u2014 the United States, China and Europe \u2014 are stalling. Countries accounting for a third of global economic output will contract next year, suggesting that 2023 \u201cwill feel like a recession\u201d to many people around the world, he said.<\/p>\n\n\n\n
In its latest estimates, the IMF slashed its outlook for growth in the United States to 1.6% this year, down from a July forecast of 2.3%.<\/p>\n<\/div><\/div>\n\n\n\n