'The outlook has darkened significantly:' IMF warns world economy could be on cusp of recession Economy
Global economic expansion will likely slow to 3.2 per cent this year, less than the 3.6 per cent forecast by the fund in April and the 4.4 per cent seen in January, the IMF said in an update to its World Economic Outlook released Tuesday.
Canada’s economy will outperform its peers this year, growing 3.4 per cent, before falling to 1.8 per cent growth in 2023, the IMF predicts. “The outlook has darkened significantly since April. The world may soon be teetering on the edge of a global recession, only two years after the last one,” Pierre-Olivier Gourinchas, the IMF’s chief economist, said in a blog accompanying the release of the update.
The risks the fund outlined in the April edition of the World Economic Outlook are materializing, the fund said. Such dangers include a worsening of the war in Ukraine, escalation of sanctions on Russia, a sharper-than-anticipated slowdown in China, renewed COVID-19 flare-ups and an inflation wave that’s forcing central banks to raise interest rates.Article content
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