(VOVWORLD) -The International Monetary Fund (IMF) has lowered its forecast for global growth to 3.6% in 2022 and 2023 as a result of the lingering impact of the Ukraine conflict.
 People buy goods at a supermarket in Moscow, Russia, April 6. (Illustration: AFP/VNA) |
According to the IMF’s latest update of the World Economic Outlook report released on Tuesday, the global growth in 2022 and 2023 is down 0.8% and 0.2% from the fund's January forecast amid price hike and public debt increase. The report predicts medium-term global growth will also slow to 3.3%, lower than the average of 4.1% between 2004 and 2013.
The IMF report pointed out that European countries will see slower growth as the conflict in Ukraine pushes up fuel and food prices. “Higher global prices represent a negative terms-of-trade shock for most European countries, translating to lower output and higher inflation," the IMF said, adding that developing and emerging countries will be affected by the decline in this region.