The International Monetary Fund cuts its forecast for global economic growth

International Monetary Fund spokesman Jerry Rice said in a regular press briefing for the International Monetary Fund that the general expectations still call for growth around the world, albeit at a slower level, but some countries may face a recession. "Obviously there have been a number of developments that could lead us to further review the cut, a lot has happened and is happening very quickly since we brought in our last forecast," Rice added, and the IMF has already lowered its forecast for global economic growth by about a full percentage point to 3.6 % in 2022 and 2023.

The World Bank cut its global growth forecast by nearly a third to 2.9% for 2022, and the Organization for Economic Co-operation and Development lowered its forecast by 1.5% to 3% and said the global economy should avoid a 1970s-style bout of stagflation.