The International Monetary Fund trimmed its forecast for global growth this year and next by just 0.1 percentage points to 2.8 percent and 3 percent, respectively, in its April 2023 World Economic Outlook (WEO). On the surface, this suggests that not much has changed since the fund’s last update in January, but a closer reading of the report tells a different story. Indeed, the IMF warned that over the medium term, global growth is likely to be the weakest in more than 40 years as tighter financial conditions and high levels of indebtedness have risen.

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