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Global Economic Development: Worsening Forecasts
[Развитие Мировой Экономики: Ухудшение Прогнозов]

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

In July, the IMF, the European Commission, and the Asian Development Bank updated their previous world economic development forecasts. In the updated IMF forecast, the global GDP growth rate for 2022 is reduced to 3.2% because of a slowdown in the movement of that indicator in the largest G20 economies. At the same time, for a number of G20 countries (Brazil, Indonesia, South Africa, and Russia) the projections for 2022 have been improved due to rising prices for energy and some metals; and in the case of Russia, also due to the effective measures designed to stabilize its financial sector. The forecasts are also deteriorating in view of the monetary policy tightening by the monetary authorities across a considerable majority of G20 countries in response to the acceleration of inflation.

Suggested Citation

  • Urmat K. Dzhunkeev & Yury N. Perevyshin & Pavel V. Trunin & Maria I. Chembulatova, 2022. "Global Economic Development: Worsening Forecasts [Развитие Мировой Экономики: Ухудшение Прогнозов]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 9, pages 4-14, September.
    • Handle: RePEc:gai:recdev:r2273
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    More about this item

    Keywords

    world economy; growth rates; forecast; monetary policy; IMF; European Commission; Asian Development 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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