IMF Lowers Global Growth Outlook Due to Financial System Tremors and Banking Troubles.

The International Monetary Fund (IMF) has warned that a painful slowdown, including a recession, has become a bigger risk for the global economy amid concerns about the global banking system and rising interest rates. The IMF has lowered its growth forecast for 2023 to 2.8%, down from 2.9% in January, and expects growth to hover around 3% for the next five years, which is its weakest medium-term growth forecast since 1990. The IMF has urged central banks to maintain their efforts to contain prices while standing ready to stabilize the financial system.