Washington, October 11 (Xinhua) -- The International Monetary Fund (IMF) released the latest World Economic Outlook report on October 11, predicting that the global economy will grow by 3.2% in 2022, the same as the forecast in July; Global growth will slow further to 2.7% in 2023, 0.2 percentage points lower than the July forecast.

The report notes that the current global economy faces many challenges: inflation is at its highest level in decades, financial conditions are tightening in most regions, the crisis in Ukraine and the ongoing coronavirus pandemic, which seriously affect global growth prospects.

Specifically, advanced economies are expected to grow by 2.4 percent this year, 0.1 percentage points lower than the previous forecast, and 1.1 percent next year, 0.3 percentage points lower than the previous forecast. Emerging market and developing economies are expected to grow 3.7 percent this year, 0.1 percentage points higher than previous forecasts, and 3.7 percent next year, 0.2 percentage points lower than previous forecasts.

IMF Managing Director Georgieva previously said that even if the economy achieves positive growth, people will feel a recession because of shrinking real incomes and rising prices.

The report also points to significant downside risks to the global economic outlook, with possible monetary policy failures in dealing with inflation, more energy and food price shocks that could lead to longer inflation, and tighter global financial conditions that could trigger widespread emerging market debt distress.