IMF cuts 2023 global growth, warns major economies to stall

A man walks past a Russian rocket embedded in the asphalt on a nearly-deserted street in Kharkiv, Ukraine, on Monday. (Photo: The New York Times)

Global growth is expected to slow further next year, the International Monetary Fund (IMF) said Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiralling cost-of-living and economic downturns.

The world economy has been dealt multiple blows, with the war in Ukraine driving up food and energy prices following the Covid-19 outbreak, while soaring costs and rising interest rates threaten to reverberate around the globe.