That's according to the International Monetary Fund, which on Tuesday slashed its global growth forecast for 2022 by half a percentage point to 4.4%. The group said the world's two largest economies, the United States and China, would grow more slowly than it predicted in October.
The IMF now expects the pandemic to have cost the world $13.8 trillion in lost economic output by the end of 2024. While advanced economies are expected to return to their pre-pandemic trajectories this year, that's not the case for"several emerging markets and developing economies," which are still poised to suffer"sizable output losses."
It now sees consumer prices rising 3.9% in advanced economies this year and 5.9% in emerging market and developing economies — sharper increases than were recorded in 2021, when consumer prices rose 3.1% and 5.7%, respectively.
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