No-one can prevent the global economic slowdown

Policymakers are not able to support growth and must now do the opposite.

In its latest World Economic Outlook, the IMF revised global growth forecasts lower for 2022 and 2023. The forecast for global GDP growth was downgraded by 0.8 of a percentage point for this year and 0.2 of a point for next year.

Adverse growth revisions across developed economies and large emerging markets are evident when you look at more frequently updated economists’ forecasts. While Russia has suffered the worst slump, most developed economies and large emerging markets also exhibit generalised, though modest, deteriorations in their outlooks…