IMF lowers global economic growth forecast for 2023

International Business News – The International Monetary Fund (IMF) lowered its global economic growth forecast for 2023 on the 11th, and argued that the worst is yet to come and that the situation could deteriorate significantly next year, according to Singapore’s Union-Tribune website on the 11th.

According to Reuters, the IMF lowered global gross domestic product growth to 2.7 percent next year from 2.9 percent earlier, but left its growth forecast for this year unchanged at 3.2 percent.

The IMF cited the latest World Economic Outlook forecast that a third of the world’s economies will likely fall into contraction next year.

The IMF lowered Asia’s forecast economic growth to 4.4 percent in 2022, compared with 4.6 percent in July, the report said.

The report noted that the IMF lowered its growth forecast for Asia because rising inflation is forcing many central banks to tighten monetary policy and exports are facing the impact of economic slowdown in the United States and other countries.