IMF tells central banks to focus on inflation as recession looms

Fund says worst yet to come' because of rising living costs, Ukraine war and Chinese slowdown

The International Monetary Fund has told central banks to stay the course" in their fight against inflation, despite warning that a third of the global economy will be in recession next year.

In its half-yearly update, the Washington-based IMF said the worst was yet to come". It cited a combination of cost of living pressures, Russia's invasion of Ukraine and a slowdown in China as important factors behind a fresh growth downgrade.