IMF Chief Warns of Weakest Global Economic Growth Since 1990.

The International Monetary Fund (IMF) has warned that the global economy is facing its weakest outlook in over three decades due to the pandemic, Russia's invasion of Ukraine, and high inflation. The IMF projects that the global economy will grow at an annual rate of less than 3% this year, down from 3.4% in 2022. The transition from ultralow borrowing costs to higher interest rates is slowing growth in advanced economies, while driving up debt costs in the developing world. The IMF also warned of a potential debt crisis in the developing world, where 15% of low-income countries are already struggling to repay their loans. The widening split between the US and China is also a key worry, as the global economy could fragment into rival trading blocs.