WASHINGTON (Pakistan Point News / Sputnik - 13th July, 2022) The International Monetary Fund (IMF) plans to further downgrade its global growth projection later in July, IMF Managing Director Kristalina Georgieva said on Wednesday.
"Recent indicators imply a weak second quarter - and we will be projecting a further downgrade to global growth for both 2022 and 2023 in our World Economic Outlook Update later this month," Georgieva said in a blog post.
The IMF Managing Director said while inflation remains higher than expected, major central banks have to announce further monetary tightening to address raise in prices.
Such a move is necessary but it will weigh on the process of economic recovery, Georgieva added.
