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The International Monetary Fund cut its forecast for global economic growth in today’s regular update of its World Economic Outlook. The IMF is now projecting global economic growth of 3.6% in 2022. That’s down from a forecast of 4.4% growth in January before Russia invaded Ukraine. And the forecast is well below actual growth of 6.1% in 2021. The IMF also lowered its forecast to 2023 to 3.6% from the prior 3.8% growth.

Adding to the bundle of good news, the IMF raised its forecast for inflation to 5.7% for advanced economies and 8.7% for emerging and developing economies for 2022. The IMF is calling for inflation to fall in 2023 to 2.5% in developed economies and 6.5% in emerging and developing economies.

But before you get too giddy at those forecasts for 2023, do note that the IMF warned that inflation expectations may run out of control and force central banks to adopt much more aggressive policies.