Nearly-empty roads during a lockdown due to Covid-19 in Shanghai, China, on Tuesday, April 19 2022. Picture: BLOOMBERG/QILAI SHEN
The fund sees inflation for this year at 5.7% in advanced economies and 8.7% in emerging and developing countries, significantly higher than just a few months ago. The pace of consumer-price increases is expected to slow to 2.5% and 6.5%, respectively, in each group of nations in 2023. The IMF said there was a risk that inflation expectations become unanchored, prompting more aggressive central bank tightening.
In the US and some parts of Europe, inflation is accelerating to the fastest level in decades, spurring expectations for central banks to tighten monetary policy faster than previously foreseen. The euro area got a particularly sharp downgrade, with growth projected at 2.8% for this year, down from a previous 3.9% estimate.
Overall, the IMF forecasts advanced economies will grow 3.3% and sees emerging markets and developing economies expanding 3.8%, down from prior estimates of 3.9% and 4.8%, respectively.
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