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  • A sign of the times. The prior forecast was from January
  • Risks of stagflation, Ukraine war and China lockdowns hitting growth
  • Recession will be hard to avoid for many countries
  • Global inflation expected to moderate next year but will likely remain above targets in many economies
  • Growth in advanced countries to decelerate to 2.6% in 2022 vs 3.8% in January forecast
  • EM growth to slow to 3.4% from 6.6% in 2021
  • Russian economy to contract by 8.9%
  • If downside risks materialize, global growth could fall 2.1% in 2022 and 1.5% in 2023
  • Says it’s crucial that countries avoid export and import restrictions that magnify rising prices and distort markets
  • Sees ‘real threat’ of fast tightening of financial conditions pushing countries into the kind of debt seen in the 1980s

This is a sign of which way the wind is blowing. All the recession talk sometimes has a way of manifesting itself as well.