The IMF on Tuesday downgraded its forecast for global economic growth this year, citing the impact of the Omicron variant of Covid-19, which contributed to a slowdown in the United States and China.
World GDP is forecast to expand 4.4 percent this year, half a point lower than its previous estimate released in October, due to the "impediments" caused by the latest outbreak, the IMF said.
Omicron "threatens to set back this tentative path to recover," while inflation will remain high for longer than expected, the IMF warned.
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Asia markets dive as volatility sweeps globe ahead of Fed meeting
Hong Kong (AFP) Jan 25, 2022
Asian markets plunged Tuesday following a highly volatile day on Wall Street fuelled by fears about the Federal Reserve's plans to hike interest rates, with attention lasered on its upcoming two-day policy meeting.
A disappointing start to the corporate earnings season, as well as growing concern about Russia's troop build-up on Ukraine's border and warnings of a possible invasion were also dragging on sentiment.
After spending much of last year playing down the spike in prices, the US central b ... read more
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