Today, the International Monetary Fund (IMF) has made a shocking announcement – the global economy is expected to see its weakest growth in more than 30 years. CNBC has reported that the IMF forecasts global growth of 2.8% in 2021 and 3% in 2024, which is slightly lower than their estimates in January.
According to the IMF, “the world economy is not currently expected to return over the medium term to the rates of growth that prevailed before the pandemic.”
Looking at the individual countries, the IMG anticipates a 1.6% growth rate for the United States, while the UK is expected to contract by 0.3%. Furthermore, the IMF estimates that inflation will not return to target levels before 2025.
With the IMF’s reduced outlook, we all must prepare ourselves for a long and difficult, yet hopeful, road to recovery.