A continued slowdown in almost all the world’s advanced economies is expected to drag global growth below 3 percent this year, the International Monetary Fund’s managing director warned. | AFP
While Asia’s emerging markets are expected to see substantial increases in economic output — with India and China predicted to account for half of all growth this year — the good news will be outweighed by a slowdown expected for 90 percent of the world’s advanced economies.She added that world growth will likely remain at roughly three percent for the next half-decade, the lowest medium-term forecast since the 1990s.
Low-income countries are expected to suffer a double shock from high borrowing costs and a decline in demand for their exports, which could cause poverty and hunger to increase, Georgieva said. “About 15 percent of low-income countries are already in debt distress an additional 45 percent are near it,” she added, calling on wealthier IMF members to do more to provide support.
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