Thread by @Eric_LeCompte

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

As the dollar gets stronger, developing country debts become dangerously unsustainable. The war and rising interest rates are putting developing countries in an even more difficult situation.

In its Global Financial Stability Report, the IMF stated that the persistence of inflation is a challenge the world economy has not faced in decades.

The combination of high inflation and recession deeply affects the poor. Some of the proposed solutions of austerity and higher interest rates will cause pain. #IMFMeetings

In a chapter devoted to climate finance, the report indicated that developing countries will need $300 billion a year just to adapt to the impacts of climate change, a figure that may grow larger by 2050.

We need to protect our planet and we need to limit the economic losses posed by climate change.

On Wednesday, G7 and African finance ministers meet and on Thursday, #G20 finance ministers. The IMF and World Bank main policymaking bodies meet on Friday.