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Economy

IMF cuts global and Asian growth estimates as recession risk looms

COVID shutdowns and real estate slump in China bog down rest of region

A construction site in Beijing. The IMF cut China's growth projection by 1.1 percentage point to 3.3% for 2022.   © Reuters

NEW YORK -- The International Monetary Fund has lowered its 2022 economic forecasts for global growth to 3.2% and for emerging and developing Asia to 4.6% amid a Chinese economic downturn and the continued spillover from Russia's war in Ukraine.

"The risks to the outlook are overwhelmingly tilted to the downside," IMF chief economist Pierre-Olivier Gourinchas said Tuesday in a virtual news conference for the fund's first update to the April edition of its World Economic Outlook report.

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