The world economy seems crippled by the soaring inflation amid the geopolitical war and tighter financial conditions. The International Monetary Fund slashed its global growth projections for 2022 and 2023, citing the global macroeconomic pressures. It now expects the world economy to grow 3.2% this year, further slowing to 2.9% next year. The organization pinned the world’s economic outlook as “gloomy and more uncertain.”
On the other hand, the Fed will likely go ahead with another rate hike this week. However, traders are assessing the chances of the Fed pausing its inflation-fighting efforts amid signs of the economy’s slowdown.
