The International Monetary Fund (IMF) is warning countries around the world to brace themselves for additional economic difficulties.
According to the Bretton Woods Institution, global growth for next year is expected to be 2.7 percent rather than 6 percent.
The Fund also stated it will do everything possible to protect vulnerable and weak economies.
Kristalina Georgieva, Managing Director of the IMF, advised world leaders at the 2022 IMF spring meeting in Washington DC to prioritise protecting vulnerable households and businesses, which he believes are important to the economy.
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“However, because of the pandemic, we must do so with physical buffers, and this environment does not support emerging marketing and development.”
“It’s difficult for everyone, but it’s especially difficult for countries hit by high dollar rates, borrowing costs, and capital inflows.”
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