The International Monetary Fund has bad news for the big 3 – the United States, China and the Euro area – and the global economy.
“The world may soon be teetering on the edge of a global recession, only two years after the last one,” writes IMF chief economist Pierre-Olivier Gourinchas in his latest blog “, Global Economic Growth Slows Amid Gloomy and More Uncertain Outlook”.
Slowing growth and the rising spectre of inflation spell a gloomy global economic outlook. At the same time, the aftershocks of the ongoing Covid-19 pandemic and the Russia-Ukraine war continue to haunt global economic recovery.
But the forecast of economic gloom extending to 2023 was always on the cards, given the grim picture painted by IMF chief Kristalina Georgieva in her recent blog.
Big 3 Drag World Economy
The US, China and the Euro Area comprise about 50 per cent of the global economy. Any…