IMF downgrades its World Economic Forecast

Tobias Adrian, second from left, monetary and capital markets department director at the International Monetary Fund, speaks at a news conference during the 2022 annual meeting of the IMF and the World Bank Group, Oct. 11, 2022, in Washington. (Photo: AP)

WASHINGTON: The International Monetary Fund on Tuesday downgraded its 2023 world economic outlook, citing Russia’s ongoing war against Ukraine, widespread inflationary pressures and higher interest rates boosting borrowing rates for both businesses and consumers.