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The International Monetary Fund (IMF) has again downgraded its global economic growth forecast for next year.
The IMF warns that "the worst has not yet come" and storm clouds are gathering.
Reporter Kim Yong-cheol reports.
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The International Monetary Fund (IMF) announced that it has downgraded its global economic growth forecast for next year to 2.7% in consideration of soaring prices, tightening fiscal policy, and COVID-19.
This is a 0.2 percentage point downward revision after lowering the growth forecast at the beginning of the year at 3.8% in April and July.
As a result, the economic growth forecast for next year has been lowered by 1.1 percentage points from the beginning of the year.
We kept our global growth forecast for this year at 3.2%.
The International Monetary Fund (IMF) says about a third of the global economy faces negative growth for the second straight quarter, meaning a technological recession.
[Pierre Gochinchas/IMF Chief Economic Analyst: The slowdown next year will be widespread.
Countries that account for a third of the global economy are expected to contract this year or next year.]
By country, the U.S. growth rate for next year was maintained at 1.0%, but the euro area lowered it by 0.7 percentage points and China by 0.2 percentage points. .
Korea's economic growth forecast for this year is 2.6%, 0.3 percentage points higher than the July forecast, and next year's growth rate is predicted to be 2.0%, 0.1 percentage point lower than the previous forecast.
The IMF pointed out that high inflation not seen in decades, austerity in most regions, Russia's invasion of Ukraine and the never-ending COVID-19 pandemic are putting a great strain on the economic outlook.
Global inflation will rise to 8.8% this year and then ease from next year, but could last longer due to energy and food price shocks, he added.
The IMF predicted that the worst had not come and that the storm clouds were gathering, and that the recession could be felt in earnest from next year.