Global economic recovery endures but the road to recovery is getting “rocky,” the International Monetary Fund (IMF) said Tuesday.
The agency said the global economy’s gradual recovery from the coronavirus pandemic and Russia’s war in Ukraine remains on track.
China reopening its economy is rebounding strongly and supply chain disruptions in the world economy are unwinding.
At the same time, dislocations to energy and food markets caused by the war are receding, it said.
"Simultaneously, the massive and synchronized tightening of monetary policy by most central banks should start to bear fruit, with inflation moving back towards targets," according to the IMF.
The agency expects inflation to slow to 5.1% in 2023, which is a significant downward revision of 0.6 percentage points from its January projection.