Ahead of G20, IMF Warns of Worsening Global Economy

Global economic conditions continue to deteriorate, the International Monetary Fund reiterated Sunday, driven by a slew of ongoing challenges crimping manufacturing and services output.

In a report prepared for the Group of Twenty’s annual summit in Indonesia later this week, the IMF noted that recent economic indicators from G20 countries reinforce its decision last month to lower its 2023 global growth forecast to 2.7% from 2.9%.

Interest rate hikes to combat surging inflation, the Russia/Ukraine war, China’s Covid-19 pandemic lockdowns and supply chain disruptions all remain hurdles for global economic growth, the IMF said.

“There has been a steady worsening in recent months for purchasing manager indices that are tracking a range of G20 economies,” the IMF said. “Readings for a growing share of G20 countries have fallen from expansionary territory earlier this year to levels that signal…

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