The International Monetary Fund has lowered its global economic growth forecast by 0.5 percentage points. According to the latest World Economic Outlook, published on Tuesday, the organisation now expects global gross domestic product to grow by 4.4% this year, compared to the October 2021 forecast of 4.9%.

“The global economy will be in a weaker position in 2022 than previously expected,” the report states, citing the rapid spread of Omicron, supply chain disruptions, and high inflation as reasons for the downgrade. The world’s largest economies, the US and China, play a major role in the reduction of global growth, as the IMF significantly lowered the outlooks for both countries. (...)