Rising global inflation is expected to hit emerging and developing economies particularly hard this year, adding to a “confluence of crises” that threatens us all, the UN’s acting human rights chief has warned.
Still reeling from the COVID pandemic and Russia’s invasion of Ukraine, the global economy is facing an increasingly murky and uncertain outlook, according to the latest report released on Tuesday by the International Monetary Fund (IMF).
Forecasting the “worst economic downturn since the Great Depression”, the International Monetary Fund said on Tuesday that growth for the year was likely to end up at minus three per cent, with a dramatic change evident since the last World Economic Outlook report in January.
The outlook for global growth is at its lowest since the financial crisis, but expected to pick up in the second half of 2019, the International Monetary Fund reported on Tuesday, so long as “policy missteps that could harm economic activity” are avoided.
Developing countries could experience what a senior economist at the International Monetary Fund or IMF has described as a “bumpy ride” in 2016.
The comment follows the publication of an update to the IMF’s World Economic Outlook, which was published in October last year.
The update projects that global growth this year will be 3.4 percent, slightly lower than last autumn’s forecast.
Bruce Edwards has compiled this report.
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