IMF and World Bank Downgraded Forecast For Global Economy Growth In 2022—2023 and Raised The Inflation FORECAST FOR 2022

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2022, No. 6, pp. 3-11

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See all articles by Yury Perevyshin

Yury Perevyshin

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Department of Economics

Pavel Trunin

Gaidar Institute for Economic Policy

Maria Chembulatova

Gaidar Institute for Economic Policy

Urmat Dzhunkeev

Lomonosov Moscow State University

Date Written: June 1, 2022

Abstract

The imposition of sweeping sanctions against Russia has a negative impact on
the entire global economy, contributing to accelerating inflation and slowing
economic growth. The decline in GDP growth in most G-20 countries has been
influenced, among other things, by tightening of the monetary policy in developed
and developing countries. Record high price growth resulted in raising monetary
policy rates by monetary authorities in the USA, Australia, the UK, Canada, South
Korea, India and Brazil between 1 April 1 and 10 May 2022. The US Federal Reserve
announced the start of a balance sheet reduction from 1 June 2022. The Bank of
Russia cut its key rate twice in April by a total of 6 p.p. from a record level of 20%
due to a reduction in risks to financial and price stability in the Russian economy.

Keywords: Russian economy, global economic growth, IMF, WSorld Bank, inflation

JEL Classification: F43

Suggested Citation

Perevyshin, Yury and Trunin, Pavel and Chembulatova, Maria and Dzhunkeev, Urmat, IMF and World Bank Downgraded Forecast For Global Economy Growth In 2022—2023 and Raised The Inflation FORECAST FOR 2022 (June 1, 2022). Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2022, No. 6, pp. 3-11, Available at SSRN: https://ssrn.com/abstract=

Yury Perevyshin

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Department of Economics ( email )

Russia

Pavel Trunin (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Maria Chembulatova

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Urmat Dzhunkeev

Lomonosov Moscow State University ( email )

GSP-2, Leninskie Gory
Moscow, 119992
Russia

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