IMF cuts 2023 global growth, says ‘worst is yet to come’

The International Monetary Fund has downgraded its outlook for the world economy for 2023, citing a long list of threats that include Russia's war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic.

In its report, the 190-country lending agency forecast trimmed its 2023 global GDP growth forecast to 2.7 percent, 0.2 point down from July expectations.

The world economy has been dealt multiple blows, with the war in Ukraine driving up food and energy prices following the coronavirus outbreak, while soaring costs and rising interest rates threaten to reverberate around the globe.

The global growth profile is its weakest since 2001, apart from during the global financial crisis and the worst of the pandemic, the International Monetary Fund (IMF) said.