The International Monetary Fund will significantly worsen the forecast for the global economy in its July report, said Seyla Pazarbasioglu, Director of the IMF’s Strategy, Policy and Analysis Department. She is quoted by Bloomberg.

Rising food and energy prices, slowing capital inflows to emerging markets, the ongoing COVID-19 pandemic and weakening economic growth in China „majorly complicate” the task of coping with rising risks, she said at an event at a meeting of G20 finance ministers and central bankers.

„We are seeing crisis after crisis, which really hit the global economy,” Pazarbasioglu said.

In April, the IMF lowered its global economic growth forecast for 2022 to 3.6% from 4.4% due to the situation in Ukraine. In a report to be published this month, „we will significantly lower our forecast,” Pazarbasioglu promised.

Head of research at the Bank for International Settlements (BIS), Hyun Sung-shin, said at the same event that „the path of the global economy towards a soft landing is narrowing.”

The IMF will publish another forecast for the global economy on July 26.