IMF downgrades expectations for global economic recovery in 2022
By Iain Gilbert
Date: Tuesday 25 Jan 2022
(Sharecast News) - The International Monetary Fund cut global growth forecasts on Tuesday, citing a number of threats to the world's economic recovery from the Covid-19 pandemic.
The world lender downgraded its October prediction of 4.9% growth in collective gross domestic product in 2022, stating it now anticipates a figure of 4.4% - down from the 5.9% estimated during 2021.
The IMF said the reduction in its updated 2022 forecast was principally due to the world's two largest economies, the United States and China, but its World Economic Outlook was also cut for most advanced and emerging economies, including the UK.
Disruption stemming from restrictions aimed at stopping the Omicron Covid-19 variant and inflation were both cited as key reasons for the downgrade.
Of the world's advanced economies, Spain was the only one pegged to outperform the UK in terms of growth in 2022.
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