Slowdowns in the world’s two biggest economies — the United States and China — are likely to be larger than expected this year, dragging down output on every continent and reducing global growth, a new report warned Tuesday.
Higher inflation, supply chain chokepoints, and pandemic-related shutdowns and worker shortages continue to afflict rich and poor nations, the International Monetary Fund wrote in its latest World Economic Report.
"The global economy enters 2022 in a weaker position than previously expected,” the fund said in reducing its estimated global growth rate to 4.4% from the 4.9% it projected just three months ago.