This week, the International Monetary Fund cut its global GDP growth forecast for 2022 and 2023 in the wake of the economic disruption caused by Russia's invasion of Ukraine. At the same time, COVID-19 lockdowns in China are weighing on the Chinese economy, and Bank of America economist Ethan Harris has dialed back his 2022 GDP growth expectations in China to the low end of the consensus range.
IMF Global Forecast: The IMF has cut its global GDP growth forecast from 4.4% to 3.6% in 2022 and from 3.8% to 3.6% in 2023. In its updated projections, the IMF said sanctions tied to the Ukraine war will have "a severe impact on the Russian economy" and estimated Russian GDP will decline 8.5% in 2022 and another 2.3% in 2023.
