As world leaders arrive for the Annual IMF and World Bank Meetings, the IMF releases its flagship World Economic Outlook report. The IMF downgraded economic growth to 2.7%, as the world economy grapples with the Ukraine war, pandemic, a food crisis and inflation.

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

"It seems likely that we are heading into a recession.

"The US and other large economies will see contractions and this impacts the entire global economy.

"The war and rising interest rates are putting developing countries in an even more difficult situation.

“Rising food and energy prices hurt everyone, in particular the poor. 

"Some of the proposed solutions of austerity and higher interest rates will cause pain.

"As the dollar gets stronger, developing country debts become dangerously unsustainable."

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 the IMF Food Shock Window here.