International Monetary Fund (IMF) is an international financial institution that works toward the mission of fostering the global economy, fighting poverty, securing financial stability, and promoting employment. It currently has 190 countries as its members. The organization oversees the international monetary and financial system and monitors economic policies across the countries globally.
Recently, IMF predicted a global recession as the economies of the most financially stable countries/continents like the USA, China, and Europe are facing a downfall. IMF further stated that if the world faces this economic crisis, it would be one of the weakest years since 1970.
IMF predicts a fall in GDP growth worldwide by 3.2% in 2022, this prediction came after the organization’s earlier prediction of growth of GDP by 3.6% in April. IMF states reasons for this possibility of intensifying economic crisis-
- The Russia-Ukraine conflict
- High Inflation in several countries.