“THE WORLD MAY SOON BE TEETERING ON THE EDGE OF A GLOBAL RECESSION” – BLEAK FORECAST FROM IMF

The International Monetary Fund says there is an increasingly gloomy forecast for the global economy.
The Washington-based multi-lateral says the global economy is still reeling from the pandemic and Russia’s invasion of Ukraine.
Higher-than-expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions.
In its latest outlook, the IMF is predicting slowing global growth, falling from last year’s 6.1 percent to 3.2 percent this year and 2.9 percent next year.
Latin America and the Caribbean, which grew 6.9 per cent on average last year will fall to 3 per cent this year and 2 per cent next year.
The new comes as revised Eastern Caribbean Central Bank figures show this country’s economy grew by 7.4 per cent last year.
However, the ECCB monetary council has expressed concern about the impact of inflation on the Currency Union.
Prime Minister Hon. Gaston Browne says Antigua and Barbuda could see growth in real Gross Domestic Product of 8 per cent this year, especially if inflationary pressures subside.
Real GDP growth is the level of economic expansion adjusted for inflation.