Amid 'extraordinary' uncertainty, IMF doesn't rule out global recession

IMF warns that risk is particularly prominent in 2023, and even small shocks could cause economies to stall

Projections released by the International Monetary Fund (IMF) on Tuesday showed that there may not be a global recession, though there would be a greater deceleration of economic growth than was expected earlier.

The IMF slashed its earlier projections of global economic growth by 0.4 percentage points to 3.2 per cent for 2022 and by 0.7 percentage points to 2.9 per cent in 2023. This is a marked deceleration when compared to the growth of 6.1 per cent in 2021, but not a recession, which was seen in 2020 when the global economy declined by 3.1 per cent.

However, these