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IMF: The economic outlook is getting gloomier

2022-11-14 14:40:30, Ekonomi CNA

IMF: The economic outlook is getting gloomier

The global economic outlook is gloomier than last month's forecasts, the International Monetary Fund said.

The main reasons for this, according to the IMF, are rising inflation and food insecurity, caused by Russia's war in Ukraine.

Last month, the IMF lowered its forecast for economic growth in 2023 to 2.7%, from a previous forecast of 2.9%.

In a report prepared for the G20 summit in Indonesia on Tuesday, the IMF said the latest indicators "confirm that the outlook is even gloomier", especially in Europe.

"The challenges facing the global economy are great, and economic indicators point to further challenges ahead," the IMF said, adding that the current policy environment is "extremely uncertain."

A worsening of the energy crisis in Europe would severely damage economic growth and increase inflation, the global lender warned.

Inflation around the world has started to rise initially due to the coronavirus pandemic.

The increase has continued even after Russia began its invasion of Ukraine at the end of February.

These two countries are among the largest exporters of cereals in the world.

The IMF warned that even more extreme weather can damage economic growth./REL

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