IMF lowers 2022 global GDP forecast to 3.6% from 4.4%

• 2023 GDP lowered to 3.6% from 3.8%
• Warns that rising food and fuel prices could 'significantly increase' risk of unrest
• Downgrade reflects war's direct impact on Russia, global spillovers and elevated inflation 'for much longer'
• Global GDP seen moderating to about 3.3% over the medium term
• Inflation projected at 5.7% in advanced economies, 1.8 pp higher than January forecast
• Warns that worsening supply-demand imbalances could lead to persistent high inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term and slow growth
• Lowers 2022 US GDP to 3.7% from 4.0%
• Lowers 2023 US GDP to 2.3% from 2.6%
• Latest covid lockdowns in China could cause bottlenecks
• Lowers eurozone growth to 2.8% from 3.9% in 2022
• Lowers eurozone GDP to 2.3% from 2.5% in 2023
• Sees China GDP at 4.4% vs 4.8% this year
• Lowers UK GDP to 3.7% from 4.7% in 2022
• Lowers UK GDP to 1.2% from 2.3% in 2023

All countries except one group saw their outlooks revised lower: commodity exporters.That's a good reminder of the state-of-play in markets.

The table highlights just how hard eurozone growth has been marked down. With that, it's no surprise seeing EUR/USD through 1.08.