Global Economic Outlook “gloomier” than before: IMF

The global economic outlook is becoming “gloomier” claimed the International Monetary Fund (IMF) which also cautioned against risks. 

The IMF, on Sunday, stated that the global economic outlook is gloomier in comparison to what was projected last month. According to reports, the IMF said that in recent months surveys have shown a steady worsening in purchasing power citing reasons such as tightening monthly inflation, broad-based inflation, weak growth momentum in China, and the disruption in supply, specifically with regard to food insecurity caused by the Russian invasion of Ukraine have led to the “gloomier” outlook.

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Last month, the IMF cut its global forecast for 2023 to 2.7 percent which was less than its previously suggested forecast of 2.9 percent. Additionally, the IMF has said that high-frequency indicators have helped to confirm that the outlook in Europe is especially “gloomier”. 

According to reports, the IMF said that the purchasing manager index which gauges the manufacturing and services activities has shown weaker economies in the 20 major economies. In a statement issued by the IMF, it has been stated “Readings for a growing share of G20 countries have fallen from expansionary territory earlier this year to levels that signal contraction”. 

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Moreover, the IMF stated that rising challenges to the global economy are a contributing factor to the weakening economic indicators posing further risks. The monetary fund further stated that if the energy crisis in Europe worsens, it would severely hamper growth while prolonged high inflation would result in further tightening of global financial conditions

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