A troubled world: IMF paints a bleak picture

The growth projection for India has been lowered to 6.8 per cent for this fiscal year

The latest World Economic Outlook (WEO) of the International Monetary Fund (IMF) paints a sombre picture of the global economy. According to its estimates, after clocking 6 per cent in 2021, global growth is expected to slow to 3.2 per cent in the current year, and further to 2.7 per cent in 2023. While the slowdown in 2022 was factored in the July update of the WEO, the forecast for 2023 has been revised lower by 0.2 percentage points. If global growth remains in line with the IMF’s projections, it will be significantly below the trend. Global economic growth, for