Losing momentum

Growth is likely to moderate further

The global economic recovery from the pandemic-induced disruption is rapidly losing strength. According to the International Monetary Fund’s (IMF’s) July update of the World Economic Outlook, the global economy is now expected to expand by 3.2 per cent in 2022 and 2.9 per cent in 2023. The multilateral agency has lowered its growth forecast by 0.4 and 0.7 percentage points for 2022 and 2023, respectively, compared to its April projections. The global economy is estimated to have expanded by 6.1 per cent in 2021. Growth in both advanced and developing economies is expected to moderate. The US, for instance, is