After the outbreak of war in Ukraine, inflation spiralling dangerously out of control and punishing waves of coronavirus infections and lockdowns, the IMF this week had more bad news: the pain is far from over and the worst is yet to come.
At the onset of its annual meetings, held jointly with the World Bank, the multilateral lender warned that the “darkest hour” lay ahead. Next year could feel like a recession in much of the world and further sell-offs in markets could not be ruled out.
The twin threats — to growth and financial stability — underscored the enormity of the challenge facing policymakers from central banks and finance ministries that are gathering in Washington, over the coming days.
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