The International Monetary Fund cut its global growth forecast for 2023, warning of a potential global recession next year.
The IMF lowered its global growth estimates in its Oct. 11 World Economic Outlook report to 2.7 percent, which is down from its 2.9 percent outlook in July.
The report said that “the slowdown of the global economy has intensified,” calling it “the weakest growth profile since 2001,” besides the Great Recession and the pandemic.
“The worst is yet to come, and for many people 2023 will feel like a recession,” said IMF chief economist Pierre-Olivier Gourinchas.
The IMF’s GDP estimate for 2022 remained steady at 3.2 percent, down from the 6 percent growth seen in 2021….