More than a third of the global economy is headed for contraction this year or next, and the three biggest economies—the United States, European Union and China—will continue to stall, International Monetary Fund economic counsellor Pierre-Olivier Gourinchas warned in a blog post accompanying the fund's latest World Economic Outlook
Global growth is expected to slow further next year, the IMF said Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns.