The IMF, the World Bank, the OECD, and the World Trade Organization shared their concerns about the worsening global economic outlook.
The IMF, World Bank, OECD, and World Trade Organization Presidents warned that ‘alarm bells were ringing in the global economy.
IMF Managing Director Kristalina Georgieva said economic indicators point to a further weakening global growth. After meeting with Chinese Premier Li Keqiang on Friday, Georgieva said that China’s flexibility in its strict Covid policies is good news for the local economy and the rest of the world.
The IMF expects global growth to be 3.2 percent this year, falling to 2.7 percent next year.
Every year, China talks with the IMF, World Bank, OECD, World Trade Organization, and other institutions.
World Bank President David Malpass is also pessimistic about the global outlook. Malpass said he was “deeply concerned” that the world economy would fall into recession and that more had to be done to avoid stagflation.
World Trade Organization (WTO) Director-General Ngozi Okonjo Iweala said that global trade is facing challenges and trade growth is losing momentum. Iweala shared his forecast that global goods trade will increase by only 1 percent next year after the 3.5 percent increase predicted for this year.
OECD Secretary-General Mathias Cormann, while sharing his prediction that the global economic outlook will continue to worsen, expressed that he found it pleasing China’s relaxation in Covid rules.
