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Economy

IMF cuts emerging Asia growth estimate on war, COVID lockdowns

Warns of 'significant slowdown' in global economic expansion

The IMF expects global gross domestic product to expand 3.6% in 2022, down from the 4.4% predicted in January -- before Russia invaded Ukraine and before lockdowns in China. (Source photos by Reuters) 

TOKYO/NEW YORK -- The International Monetary Fund has cut its growth forecast this year for Asia's emerging economies to 5.4% from the 5.9% previously touted, hit by spillover from the Ukraine war and COVID lockdowns in China.

In its World Economic Outlook report released Tuesday, the organization also said it now expects global gross domestic product to expand 3.6% in 2022, down from the 4.4% predicted in January -- before Russia invaded its neighbor.

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