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The World Economy Is Being Impacted By High Inflation

The International Monetary Fund's latest outlook on the global economy is dim, as they’ve decreased their growth projection.

Emma AscottbyEmma Ascott
April 11, 2023
in Business
Reading Time: 2 mins read
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The World Economy Is Being Impacted By High Inflation

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What’s going on:  

The International Monetary Fund’s latest outlook on the global economy is bleak, as they have downgraded their growth projection to 2.8% this year. This dismal news comes in light of chronically high inflation, rising interest rates, and the collapse of two prominent American banks, according to the Associated Press.  

Compared to the 3.4% growth estimate in 2022, and the 2.9% estimate made in January, the IMF’s revised forecast is a stark reality. 

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Why it matters:    

The IMF has warned that there is a 15% likelihood of an extreme “downside scenario,” which is often associated with a global recession, where global per capita economic output could decrease. 

It is likely that the job market will be moderately to severely affected if this projected outlook is correct. 

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How it’ll impact the future: 

This year, the United States is predicted to experience a 1.6% growth according to the fund’s latest estimates, which is lower than the 2.1% expansion in 2022, but still better than the 1.4% predicted by the IMF in January.  

The strong job market in the US is continuing to drive consumer spending despite higher borrowing costs for major purchases. For now, the economy is staying afloat, as is the job market in the US – although it is tightening.

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Source: AP News
Tags: Business
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Emma Ascott

Emma Ascott

Emma Ascott is a contributing writer for Allwork.Space based in Phoenix, Arizona. She graduated from Walter Cronkite at Arizona State University with a bachelor’s degree in journalism and mass communication in 2021. Emma has written about a multitude of topics, such as the future of work, politics, social justice, money, tech, government meetings, breaking news and healthcare.

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