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MNI: IMF Chops Global Growth Forecast 0.8pp To 3.6% On War

(MNI) Ottawa
(MNI)

Fund also sees prolonged inflation and risks of further shortages.

The International Monetary Fund chopped its global economic growth forecast by 0.8pp to 3.6% this year as Ukraine's GDP may plunge 35% amid Russia's invasion, and warned central banks face tougher choices in responding to the resulting new round of supply disruptions.

Russia's output may shrink 8.5%, and the euro area's growth is seen 1.1pp lower than previously at 2.8% according to the fund's World Economic Outlook . U.S. growth was lowered 0.3pp to 3.7% amid rising interest rates and China's by 0.4pp to 4.4% amid tough Covid lockdowns and a fragile real estate sector.

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The International Monetary Fund chopped its global economic growth forecast by 0.8pp to 3.6% this year as Ukraine's GDP may plunge 35% amid Russia's invasion, and warned central banks face tougher choices in responding to the resulting new round of supply disruptions.

Russia's output may shrink 8.5%, and the euro area's growth is seen 1.1pp lower than previously at 2.8% according to the fund's World Economic Outlook . U.S. growth was lowered 0.3pp to 3.7% amid rising interest rates and China's by 0.4pp to 4.4% amid tough Covid lockdowns and a fragile real estate sector.

Keep reading...Show less