“Stormy Waters” Ahead Projected in IMF’s October World Economic Outlook
As global inflation remains the highest it’s been in several decades, about one-third of the global economy is expected to contract this year or next. In its October 2022 World Economic Outlook (WEO): Countering the Cost-of-Living Crisis, the International Monetary Fund (IMF) projects global growth will remain at 3.2% in 2022, unchanged from July’s forecast, and will drop to 2.7% in 2023, a 0.2% downgrade from that projection. Global inflation is expected to rise to 8.8% in 2022 but decline to 6.5% in 2023 and to 4.1% in 2024.