The International Monetary Fund (IMF), is asking countries across the world to brace themselves for more economic challenges.
The Bretton Woods institution says global growth for next year has been pegged at 2.7 percent instead of the 6 percent expected.
But the Fund says it will do its best to protect the vulnerable and weak economies.
Managing Director of the IMF, Kristalina Georgieva speaking at the 2022 IMF spring meeting in Washington DC advised world leaders to prioritize protecting vulnerable households and businesses, which according to him are important to the economy.
“But we have to do that with physical buffers, exhaust it because of the pandemic and this environment does not support emerging marketing and development.”
“It is tough for everybody but even tougher for countries that have been hit by high dollar rates, borrowing costs, and capital inflows.”