The International Monetary Fund (IMF) released its October World Economic report yesterday.
The IMF expects global growth to slow from 6 percent in 2021 to 3.2 percent in 2022, marking the weakest growth profile since 2001, excluding the financial crisis and COVID-19. The IMF downwardly revised its 2022 and 2023 sub-Saharan Africa growth forecasts by -0.2ppt and -0.3ppt to 3.6 percent and 3.7 percent, respectively.
The IMF expects the Democratic Republic of Congo (6.1 percent), Côte d’Ivoire (5.5 percent) and Kenya (5.3 percent) to record the strongest GDP growth this year. The global economy is going through a turbulent period, partly due to the effects of COVID-19, the Russia-Ukraine war and the aggressive tightening of monetary policy — all of which are weighing heavily on the global economic outlook. Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 and is then expected to decline to 6.5 percent in 2023.