The International Monetary Fund and the Asian Development Bank have both downgraded their growth projections for the global economy, according to a report by Philstar Biz.
The IMF now expects global growth of just three percent for this year, with a slight improvement to 3.4 percent forecast for 2027. The downgrade reflects persistent challenges including inflation, geopolitical tensions, and slower-than-expected recovery in major economies.
The ADB similarly lowered its outlook for developing Asia, citing weaker export demand and domestic headwinds. The revised forecasts underscore growing caution among multilateral institutions about the pace of global economic recovery.