Most difficult global outlook since 1930s heralds end of US-led world order | Larry Elliott

IMF has revised up growth forecasts but medium-term prospects remain poor as globalisation goes into reverse

• World Bank official calls for shake-up of G20 debt relief scheme

The 2020s are almost halfway over and are on course to be the most difficult decade for the global economy since the 1930s. Every finance minister and central bank governor at the spring meeting of the International Monetary Fund in Washington last week knows that, even if they were not prepared to admit it publicly.

The IMF likes to look on the bright side. It revised up slightly its forecast for global growth and now thinks scarring from the coronavirus pandemic and the cost of living crisis will be less severe than it originally feared. Interest rates have risen without triggering the recessions that were predicted. A soft landing has been finessed. The performance of some countries - the US and India to take two examples - has been strong.