Washington DC – As world leaders arrive in Washington, DC for IMF and World Bank Annual Meetings, the IMF releases its flagship World Economic Outlook report, where it forecasts an economic slowdown over the next two years and pegs global growth at 3.2%.

Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitors IMF meetings since 2010, releases the following statement on the IMF Meetings and World Economic Outlook Report:

"Uncertainty is the key word to describe the forecasts we are receiving this week on the economy, jobs and growth.

"In spite of a small improvement compared to April projections, the IMF projects in two years we will still not reach growth levels we had from before the pandemic.

"The IMF sees higher inflation than their forecasts of a year ago.  

"The IMF is concerned with high debt levels and recommends that struggling countries should have access to timely, predictable and cheaper debt restructuring.

"The IMF underscores that in the poorest countries, which have not overcome the economic effects of the pandemic, a combination of high debt and aid cuts may fuel more social unrest."

Read the full World Economic Outlook Report here.

Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.

Read Jubilee USA's press release on Pope Leo's first official teaching document “Dilexi Te” here.