This year was supposed to confirm the world economy's comeback from the Covid pandemic crisis. Instead, the six-month-old war in Ukraine has sparked fears of recession
International Monetary Fund (IMF) Chief Economist Pierre Olivier Gourinchas speaks during an interview with AFP at the IMF headquarters in Washington, DC, on July 26, 2022. Surging inflation and severe slowdowns in the United States and China prompted the IMF on July 26, 2022, to downgrade its outlook for the global economy this year and next, while giving an even starker assessment of what may lie ahead. Image: OLIVIER DOULIERY / AFP
Paris, France: This year was supposed to confirm the world economy's comeback from the Covid pandemic crisis. Instead, the six-month-old war in Ukraine has sparked fears of recession.
"Six short months ago the macro landscape was markedly different from today," the financial data firm S&P Global said in a recent report.
Both the United States and eurozone economies were expected to see strong growth, and elevated inflation levels were seen by policymakers and markets as transitory.
"Things have changed, and not for the better," added S&P Global.