IMF downgrades outlook for global economy in 2023 amid Ukraine war

An attendee walks outside the 2022 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington (Patrick Semansky/AP)

The International Monetary Fund (IMF) has downgraded its outlook for the world economy for 2023, citing a long list of threats that include Russia’s war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic.

The 190-country lending agency forecast that the global economy would eke out growth of just 2.7% next year, down from the 2.9% it had estimated in July.