IMF warns of fragile global economy and potential stressors in non-bank financial sector.

The International Monetary Fund (IMF) has lowered its global growth outlook for 2023 and warned of a "hard landing" if interest rates remain high. The IMF's World Economic Outlook report predicts global GDP will rise by 2.8% this year and 3% next year, down 0.1 percentage point from its January forecast. The IMF also warned that the risks to the outlook are "heavily skewed to the downside" due to financial turmoil and inflation. The US economy is expected to grow by 1.6% this year, the euro zone to expand by 0.8%, and Britain to contract by 0.3%.