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As world leaders arrive for G7, #G20, IMF and World Bank Meetings, the IMF downgraded economic growth to 2.7%. As the global economy grapples with the Ukraine war, pandemic, a food crisis and inflation, the IMF warns of recession in two reports. #IMFMeetings
It seems likely that we are heading into a recession. The US and other large economies will see contractions and this impacts the entire global economy.
The released flagship IMF World Economic Outlook report considers that rising interest rates could trigger more debt crises in developing countries. #IMFMeetings
#IMFMeetings Powell: Many on the committee thought it would be appropriate for there to be one or more 50 bps hikes.
Powell: Markets are reacting appropriately generally. We are committed to using our tools to get 2% inflation back.
Powell: Look at last tightening cycle - 2 year string of 25bps hikes. Inflation was a little over 3%.
Inflation is much higher now. It is appropriate to be moving a little more quickly.
50bps will be on the table for the main meeting.
Inflation is much higher now. It is appropriate to be moving a little more quickly.
50bps will be on the table for the main meeting.
The IMF needs more tools to fight modern, potentially more frequent global crises, Treasury Secretary Janet Yellen argued in a speech to the Atlantic Council this week. #IMFMeetings #G20
Health, climate and development challenges are creating worse economic shocks and leading to crises that are harder to solve. In the face of crisis, countries with more resources can act forcefully while poor countries get left behind.
Yellen’s speech comes days before she joins world leaders for #G20, World Bank and #IMFmeetings focused on developing countries struggling with debt, vaccine access and climate change. The Ukraine war brings a new shock to the global economy that leaders will discuss.
The IMF World Economic Outlook report lowered economic growth projections for wealthy and poor countries. The IMF forecasts 5.9% global economic growth. #IMFMeetings
What's most striking is that we are looking at economies declining both in wealthy and poor countries. Because the pandemic is impacting so many developing economies, the United States and other wealthy economies face supply shortages.
The IMF flagship report notes prolonged economic challenges while more than 96% of populations in low-income countries remain unvaccinated.
The #IMF says the "Great Lockdown" recession will likely be the worst since the Great Depression. Global economy projected to shrink by 3% in 2020. By contrast, in January, the IMF had forecast a global GDP expansion of 3.3% for this year. Details in chart below. Table: @IMFNews 
IMF: Partial global rebound to 5.8% in 2021 “assumes the #pandemic fades in the 2nd half of 2020, & that policy actions taken by countries are effective in preventing widespread firm bankruptcies, extended job losses, & system-wide financial strains.” #WEO ow.ly/ZLYi50zccSJ
How does your country fare in the latest #IMF projections for 2020 & 2021? imf.org/~/media/Files/… @IMFNews #economies #GDP #finance
