IMF scales down global growth forecast for 2022
Wednesday, 20 April 2022 16:21 
(Togo First) - The IMF scaled down its global growth forecast for 2022 on April 19, 2022. From 4.4%, which the institution projected in January, the figure now stands at 3.6%. A drop the Bretton Woods body attributes to the Russia-Ukraine war, rolling lockdowns in China. The IMF made the new forecast during its spring meetings with the World Bank, in Washington.
The forecast revision is based on the IMF’s expectation that global inflation will be higher and last longer than previously anticipated. “The war in Ukraine will disrupt supply chains, which have barely recovered from the disruptions of the past two years due to plant closures, rising sea freight prices, and port congestion,” it said.
Meanwhile, David Malpass, president of the World Bank, wrote in an analysis that the war in Ukraine should hurt east European economies, and part of Asia, more than coronavirus. Earlier this month, the Bank said Ukraine’s economic growth would fall by nearly 50% this year. It also said developing countries are facing great challenges, as a result of other conflicts happening in the world, covid-19 and climate change.
The two institutions, in this context, warned of growing risks of fragility, conflict, instability, and food insecurity. These, they noted, will make developing countries more vulnerable, especially regarding their debt levels, low literacy, and climate change effects. The IMF and World Bank hence agreed on the crucial aspect of preparing for coming crises and boosting international cooperation, to help the most vulnerable people to become more resilient.
Esaïe Edoh
