Download This PaperIMF 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
9 Pages Posted: 22 Mar 2023
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
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