The International Monetary Fund is downgrading its outlook for the world economy for 2023, citing a long list of threats that include Russia's war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic.
The 190-country lending agency forecast Tuesday that the global economy would eke out growth of just 2.7% next year, down from the 2.9% it had estimated in July. The IMF left unchanged its forecast for international growth this year -- a modest 3.2%, a sharp deceleration from last year's 6% expansion.
In its latest estimates, the IMF slashed its outlook for growth in the United States to 1.6% this year, down from a July forecast of 2.3%. It expects meager 1% U.S. growth next year. In the IMF's view, the collective economy of the 19 European countries that share the euro currency, reeling from crushingly high energy prices caused by Russia's attack on Ukraine and Western sanctions against Moscow, will grow just 0.5% in 2023.
But the stimulus came at a high cost. Factories, ports and freight yards were overwhelmed by powerful consumer demand for manufactured goods, especially in the United States, resulting in delays, shortages and higher prices.
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