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IMF warning on global economy: “The worst is yet to come”

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According to media reports, the International Monetary Fund (IMF) has forecast a difficult 2023, cutting growth projections and forecasting economic contraction in a third of the world.

“The worst is yet to come,” the World Economic Outlook report from the global financial institution said.

“For many people, 2023 will feel like a recession”, it said.

According to Sky News, the report includes a downward revision of the global growth rate for 2023 from what the IMF predicted in July.

Next year, 2.7 percent growth is expected. It is lower than the 6% growth experienced last year and the 3.2% growth forecast for this year.

According to Sky News, this is the “weakest growth profile” since 2001, excluding the acute phase of the Covid-19 pandemic and the global financial crisis.

“The world is in a volatile period: economic, geopolitical, and ecological changes all impact the global outlook,” According to the report. According to Sky News, the IMF predicts that roughly one-third of the world economy will experience two consecutive quarters of negative growth.


About the author

Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala.

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