- Risks of stagflation, Ukraine war and China lockdowns hitting growth
- Recession will be hard to avoid for many countries
- Global inflation expected to moderate next year but will likely remain above targets in many economies
- Growth in advanced countries to decelerate to 2.6% in 2022 vs 3.8% in January forecast
- EM growth to slow to 3.4% from 6.6% in 2021
- Russian economy to contract by 8.9%
- If downside risks materialize, global growth could fall 2.1% in 2022 and 1.5% in 2023
- Says it's crucial that countries avoid export and import restrictions that magnify rising prices and distort markets
- Sees 'real threat' of fast tightening of financial conditions pushing countries into the kind of debt seen in the 1980s
This is a sign of which way the wind is blowing. All the recession talk sometimes has a way of manifesting itself as well.