The International Monetary Fund on Tuesday cut its global growth projections for 2022 and 2023, dubbing the world’s economic outlook “gloomy and more uncertain.”
The IMF now expects the world economy to grow 3.2% this year, before slowing further to a 2.9% GDP rate in 2023. The revisions mark a downgrade of 0.4 and 0.7 percentage points, respectively, from its April projections.
The Washington-based institute said the revised outlook indicated that the downside risks outlined in its earlier report were now materializing. Among those challenges are soaring global inflation, a worse-than-expected slowdown in China and the ongoing fallout from the war in Ukraine.
“A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022,” the report said.
“Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide — especially in the United States and major European economies — triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine,” it added."
IMF cuts global GDP forecast as economic outlook grows gloomy (cnbc.com) While consumption of copper for E/V-Solar will remain steady - increasing next year, profitablity in earnings will depress stock market and miners. Specualtion in commodities will withdraw. Chinese devloper debt could rock the global markets and cause wild dislocation of fundementals and market indices. Anticipation of these conditions will allow the taking of exeptional opportunity.
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