IMF Warns of Looming , Global Recession.<br />On July 26, the International Monetary Fund released <br />a report lowering its world economic forecast due to <br />major slowdowns in the world's three largest economies.<br />The United States, China and Europe all <br />face downturns amid Russia's war in Ukraine, <br />surging inflation and tighter monetary policy. .<br />The IMF warns that the world economy <br />is expected to grow just 3.2% in 2022, <br />down 6.1% from last year.<br />CNN reports that, the outlook for 2023, is even worse.<br />According to the IMF, 2023 is only expected <br />to see 2.9% growth, just slightly above the <br />level considered to be a global recession.<br />According to the IMF, 2023 is only expected <br />to see 2.9% growth, just slightly above the <br />level considered to be a global recession.<br />The IMF already reduced its <br />global forecast in April, predicting <br />3.6% growth in both 2022 and 2023.<br />Pierre-Olivier Gourinchas, the IMF's director <br />of research, wrote in a blog post that , "the outlook has darkened significantly.".<br />Pierre-Olivier Gourinchas, the IMF's director <br />of research, wrote in a blog post that , "the outlook has darkened significantly.".<br />The world may soon be teetering <br />on the edge of a global recession, <br />only two years after the last one, Pierre-Olivier Gourinchas, <br />IMF director of research, via CNN.<br />As a result, businesses have <br />already begun to brace <br />for an economic downturn.<br />On July 26, GM announced <br />that it would be pulling back <br />on expenses and hiring
