World Bank & IMF Warns on Global Recession

World Bank and the International Monetary Fund (IMF), repeated warnings of a pending global recession. Kritalina Georgieve the managing director of IMF, and David Malpass President of World Bank both said that there was a real danger of a world recession next year.

Georgieve also mentioned that the institution has downgraded its global growth projections 3 times, and it now expects 3,2 percent for the year 2022, and 2,9 percent for 2023. The bleak projections from IMF come as central banks around the world raise interest rates in hopes of taming rising inflation. 

The US Federal reserve has been the most aggressive in rising interests rate as a means to control inflation, and now central banks in Asia and England have begun to follow by rising their interest rates. Many countries are now seeing major impacts of the Russian–Ukraine war on their economies.