The Latest Breaking News from PierreOlivier Gourinchas

New forecasts show a gloomy outlook for global growth and inflation.

Fund is more cautious about world economic outlook after turmoil at Silicon Valley Bank and Credit Suisse

The outlook for the world economy this year has dimmed in the face of chronically high inflation, rising interest rates and uncertainties resulting from the collapse of two big American banks

IMF says euro area and UK – one of only two G7 countries forecast to contract in 2023 – especially hit by energy costs and inflation

IMF says UK economy will contract by a worse-than-expected -0.6 per cent

Britain is the only G7 economy forecast to shrink in 2023, the IMF says, as higher energy prices, rising mortgage costs and increased taxes hit growth.

The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine. That's the view of the International Monetary Fund, which now expects the world…

"2023 could be the year of turning points, with growth bottoming out and inflation decreasing," IMF chief economist says.

IMF says UK economy is likely to contract 0.6% as rising interest rates and higher taxes take toll

Kristalina Georgieva expects growth to bottom out this year.

Governor Andrew Bailey sparked more market turmoil after he said Bank of England support will end on Friday.