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Economy

IMF cuts 2023 global growth forecast to 2.7% as rate hikes bite

'The worst is yet to come, and for many people 2023 will feel like a recession,' report says

The global economy is under pressure from the war in Ukraine, high energy prices and rising interest rates.    © AP

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its global growth forecast for 2023 to 2.7% as the world's largest economies continue to sputter amid widespread rate hikes aimed at reining in inflation.

This marks the first time since 2000 that the IMF has predicted global economic growth of less than 3% for the following year. "More than a third of the global economy will contract this year or next," the report said.

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