ZAIN REBRANDING.

Global growth is expected to slow even more than originally anticipated in 2022 and 2023. That is according to the International Monetary Fund’s just released World Economic Outlook. The IMF estimates growth this year to slow to 3.2% & 2.9% the following year, lower than what was reported back in April.

In just 3 months, the International Monetary Fund’s outlook for the global economy is even gloomier. Not only does the IMF say growth will slow around the world, it also says the cost of living will rise even further than originally anticipated back in April. Many central banks are raising interest rates to combat soaring inflation but it puts countries at risk for a recession. In addition to rising prices, the continued war in Ukraine and renewed Covid related shutdowns in China are putting pressure on the outlook for the global economy.

A breakdown of the revised WEO forecasts showed growth downgrades in 2022 of 0.8 points in the US, 0.9 points in Germany and 1.1 points for China. In 2023, all the world’s major economies apart from Nigeria and Saudi Arabia – both oil exporting countries – are now expected to grow more slowly.

Only Japan and Canada of the group of major industrial nations are forecast to grow by more than 1% next year, with the IMF predicting expansion of 1% in the US and France, 0.8% in Germany and 0.7% in Italy.