The International Monetary Fund expected that global economic activity will witness a broad slowdown that exceeded expectations, with inflation rates exceeding their levels recorded during several previous decades.
The International Monetary Fund's World Economic Prospects report shows that the outlook is heavily burdened by the cost-of-living crisis, tightening financial conditions in most regions, the Russian invasion of Ukraine, and the continuation of the COVID-19 pandemic.
Forecasts indicate a slowdown in global growth from 6 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023, which represents the weakest growth patterns ever since 2001, with the exception of the period of the global financial crisis and the critical stage of the Covid-19 pandemic.
The report showed that the worst is yet to come, and for many people in 2023 will feel stagnant, based on international warnings from the United Nations, the World Bank and many global CEOs. According to the report, more than a third of the global economy will experience two consecutive quarters of negative growth, while the three largest economies, the United States, the European Union and China, will continue to slow down.
Source (Al-Arabiya.net website, edited)
