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Global Economic Outlook Getting 'Gloomier', Says IMF Ahead Of G20 Meeting
IMF says global economic outlook getting 'gloomier', risks abound The global economic outlook is even gloomier than projected last month, the International Monetary Fund said on Sunday, citing a steady worsening in purchasing manager surveys in recent months. It blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions and food insecurity caused by Russia's invasion of Ukraine. The global lender last month cut its global growth forecast for 2023 to 2.7 per cent from a previous forecast of 2.9 per cent. "Readings for a growing share of G20 countries have fallen from expansionary territory earlier this year to levels that signal contraction," the IMF said, adding that global fragmentation added to "a confluence of downside risks." Increasingly severe weather events would also harm growth across the globe, it said. Source: NDTV #IMF
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