![\"IMF](\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/image_2022-07-15_132338250-696x392.png\" "\\"IMF")
The International Monetary Fund (IMF) and the World Bank have warned of a possible global recession at the start of the annual meeting of the two bodies in Washington on Monday.\u00a0<\/p>\n
Growth was slowing in the industrialized countries of Europe, World Bank President David Malpass said.\u00a0<\/p>\n
Referring to the dollar\u2019s recent rise, he said currency devaluation posed a problem for low-income countries, where the debt burden was growing.\u00a0<\/p>\n
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The rise in interest rates was an additional burden for these countries, and inflation remained a major problem for all, but particularly for the poor, Malpass said.\u00a0<\/p>\n
IMF Managing Director Kristalina Georgieva noted slowing economies in all three of the world\u2019s major economic zones. She pointed to increased energy prices as a problem for the eurozone and to outbreaks of the coronavirus pandemic in China as a persistent cause of supply chain problems.\u00a0<\/p>\n
While the labour market in the United States remained strong, jobs growth was slowing in response to interest rate increases imposed by the Federal Reserve.\u00a0<\/p>\n
On Tuesday, the IMF is to present its latest forecasts for the global economy. Georgieva has announced that the growth prediction will be reduced again.\u00a0<\/p>\n
She pointed to factors such as the pandemic, the Russian invasion of Ukraine and climatic disasters on all continents as creating problematic situations.\u00a0<\/p>\n
For the first time since 2019, the meeting is taking place in a single location, with gatherings over recent years being in hybrid format.\u00a0<\/p>\n
The meeting brings together finance ministers and representatives of banking and development aid, as well as central bankers.\u00a0<\/p>\n
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