"We project global growth this year at 4.4%, 0.5 percentage point lower than previously forecast, mainly because of downgrades for the United States and China," Gita Gopinath, the IMF's No. 2 official, read fromThe IMF said the rapid spread of the Omicron variant had led to renewed mobility restrictions in many countries and increased labor shortages, while supply disruptions were continuing to fuel inflation.
The IMF cut its forecast for U.S. growth by 1.2 percentage points given the failure of U.S. President Joe Biden to pass a massive social and climate spending package, earlier tightening of U.S. monetary policy and continued supply shortages. She said rising interest rates should address exuberance in financial markets and usher in "a more orderly correction" as long as the Fed communicated clearly about its policy.
Pandemic-induced disruptions related to China's zero-tolerance COVID-19 policy and protracted financial stress among property developers prompted the downgrade, the IMF said. It revised up its 2022 inflation forecasts for both advanced and developing economies, and said elevated price pressures were likely to persist longer than previously forecast given ongoing supply chain disruptions and high energy prices.
While advanced economies are projected to return to pre-pandemic trend this year, several emerging markets and developing economies face sizeable output losses, the IMF said.
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