IMF says global economic outlook getting 'gloomier', risks abound

IMF blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions

The global economic outlook is even gloomier than projected last month, the International Monetary Fund (IMF) said, citing a steady worsening in purchasing manager surveys in recent months.

It blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions and food insecurity caused by Russia’s invasion of Ukraine.

The global lender last month cut its global growth forecast for 2023 to 2.7 per cent from a previous forecast of 2.9 per cent. In a blog prepared for a summit of G20 leaders in Indonesia, the IMF said recent