IMF blog: Latest Global Growth Forecasts Show Challenges Facing Economies

21 October 2022

The global deceleration will be broad-based, with many economies poised to contract, and the outlook remains uncertain

The IMF’s World Economic Outlook released last week forecasts that global economic growth will slow from 3.2 percent this year to 2.7 percent next year. The 2022 projection was unchanged from the last estimate, in July, but next year’s was cut by 0.2 percentage point. 

The global deceleration will be broad-based, and the 2023 projection is less than half of last year’s 6 percent expansion. Countries accounting for about a third of the global economy are estimated to have a two-quarter contraction in real gross domestic product this year or next. 

The outlook is also fraught with uncertainty. We estimate there is a one-in-four probability global growth will fall below 2 per

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