At the end of July, the International Monetary Fund warned of a “gloomy outlook” for the world economy. It was doing so not because of a spike in poverty, a widening of inequality, or a surge in carbon emissions. Quite the contrary: the IMF was making its pessimistic assessment because it was revising down its forecast for global GDP growth for 2022 from 3.6 percent to 3.2 percent. In other words, the global economy was growing, but not enough, and that for the IMF was cause for concern.
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