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IMF and World Bank Downgraded World Economy Growth Forecast for 2022–2023 and Raised Inflation Projection for 2022
[Мвф И Всемирный Банк Понизили Прогноз Роста Мировой Экономики В 2022–2023 Гг. И Повысили Прогноз Инфляции На 2022 Г]

Author

Listed:
  • Urmat K. Dzhunkeev

    (Russian Presidential Academy of National Economy and Public Administration)

  • Yury N. Perevyshin

    (Russian Presidential Academy of National Economy and Public Administration)

  • Pavel V. Trunin

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

  • Maria I. Chembulatova

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

The imposition of large-scale sanctions against Russia has a negative impact on the entire world economy, contributing to higher inflation and slower economic growth. The decline in GDP growth in most of the G-20 countries was affected, among other things, by the tightening of monetary policy in developed and developing countries. Record high rates of price growth led monetary authorities in the US, Australia, the UK, Canada, South Korea, India and Brazil to raise monetary policy rates between April 1 and May 10, 2022. The U.S. Federal Reserve announced the beginning of a balance sheet reduction from June 1, 2022. The Bank of Russia in April twice reduced its key rate by a total of 6 p.p. from a record level of 20% per annum due to the reduction of risks to financial and price stability in the Russian economy.

Suggested Citation

  • Urmat K. Dzhunkeev & Yury N. Perevyshin & Pavel V. Trunin & Maria I. Chembulatova, 2022. "IMF and World Bank Downgraded World Economy Growth Forecast for 2022–2023 and Raised Inflation Projection for 2022 [Мвф И Всемирный Банк Понизили Прогноз Роста Мировой Экономики В 2022–2023 Гг. И П," Russian Economic Development, Gaidar Institute for Economic Policy, issue 6, pages 4-14, June.
    • Handle: RePEc:gai:recdev:r2247
    as

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    References listed on IDEAS

    as
    1. World Bank, 2022. "Macro Poverty Outlook, Spring Meetings 2022," World Bank Publications - Reports 37346, The World Bank Group.
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    More about this item

    Keywords

    world economy; growth rates; forecast; monetary policy; IMF; World Bank;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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