Citing Russias war, IMF cuts global growth forecast to 3.6%

The International Monetary Fund has downgraded the outlook for the world economy this year and nextBy PAUL WISEMAN AP Economics WriterApril 19, 2022, 2:05 PM – 4 minutes readShare to FacebookShare to TwitterEmail this articleWASHINGTON– The International Monetary Fund on Tuesday reduced the outlook for the world economy this year and next, blaming Russias war in Ukraine for interrupting worldwide commerce, pressing up oil costs, threatening food materials and increasing unpredictability already heightened by the coronavirus and its variants.The 190-country lender cut its forecast for worldwide development to 3.6% this year, a high falloff from 6.1% last year and from the 4.4% development it had actually expected for 2022 back in January. U.S. economic growth is expected to drop to 3.7% this year from 5.7% in 2021, which had been the fastest development because 1984. For the 19 nations that share the euro currency, the IMF projections collective growth of 2.8% in 2022, down dramatically from the 3.9% it anticipated in January and from 5.3% last year.The IMF expects the growth of the Chinese economy, the worlds 2nd most significant, to slow down to 4.4% this year from 8.1% in 2021.