PAVEL TRUNIN: THE GLOBAL ECONOMIC OUTLOOK REMAINS UNFAVORABLE

As stated by analysts, the IMF adjusted downwards global GDP growth rates in 2022 to 3.2% on the back of tightening of the monetary policy by the FRS and the European Central Bank, as well as lockdowns and problems emerged in the construction sector in China. At the same time, the IMF adjusted upwards the Russian economic outlook owing to a successful implementation of measures aimed at the stabilization of the financial sector and a smaller-than-expected slump in manufacturing.

“The Asian Development Bank revised downward the developed countries’ GDP growth rates outlook for 2022 to 2.3%, a decrease of 1.2 points as compared with the previous data,” experts noted.

It is worth mentioning that eleven central banks of G20 countries held meetings on their monetary policies. Specifically, four countries left the interest rate unchanged (the People’s Bank of China, the Bank of Japan, the Bank of Indonesia and the Bank of Turkey), six banks raised it (the FRS, the European Central Bank, the Bank of Canada, the Bank of South Korea, the Reserve Bank of Australia and the Reserve Bank of South Africa) and only the Central Bank of Russia reduced straight the key interest rate by 150 points to 8%. At the same time, for a second time running the FRS raised the rate by 75 points and the Bank of Canada, by 100 points, a marked increase since August 1998. For the first time in the past 11 years, the European Central Bank adjusted the rate upwards first by 50 points and then by additional 75 points to 1.25% annually.