IMF says global economy is edging towards recession

Fund cuts forecasts as US, China and eurozone stall and inflation beats expectations

The International Monetary Fund has said the global economy could soon be teetering on the brink of recession amid evidence that the world's three biggest economies are all stalling and inflation is higher than previously forecast.

In a downbeat update to its April world economic outlook (WEO), the IMF cut its growth forecasts in 2022 and 2023 - and raised the prospect of a more pronounced slowdown.

A sudden stop of European gas flows from Russia as a result of the war in Ukraine.

Stubbornly high inflation.

A debt crisis triggered by tighter global financial conditions.

Further Covid-19 outbreaks and lockdowns in China.

Social unrest triggered by rising food and energy prices.

Trade wars and geopolitical fragmentation.