World Economic Outlook July Update 2022
Open accessAbstract
A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide––especially in the United States and major European economies––triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.
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The omicron wave has shown that serious economic disruptions can occur even in highly vaccinated populations, as it led to shortages of health and other essential workers, school closures, disruptions to business operations, and prevented the restoration of tourism and international travel.
“Third, the omicron wave has shown that serious economic disruptions can occur even in highly vaccinated populations,215 as it led to shortages of health and other essential workers, school closures, disruptions to business operations, and prevented the restoration of tourism and international travel.”
From The Lancet Commission on lessons for the future from the COVID-19 pandemic (2022) · cites this paper as [215]
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Cited by 2
- Authors
- Fund, I. M.
- Corresponding author
- International Monetary Fund
- Venue
- International Monetary Fund eBooks
- Publisher
- International Monetary Fund
- Published
- 2022-07
- OpenAlex
- W4410332668
- Cited by
- 2
- References
- 0
- Citations by year
- 2026: 1 · 2025: 1
- FWCI
- 0.41
- Type
- book
- Language
- ar
- Open access
- bronze
- doi.org
- Locations
- International Monetary Fund eBooks (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › COVID-19 Pandemic Impacts
- Keywords
- global economic outlook, economic contraction, inflation, financial conditions, COVID-19 lockdown, Chinese economic slowdown, economic recovery
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