IMF downgrades its World Economic forecast

Tobias Adrian, second left, monetary and capital markets department director at the International Monetary Fund, speaks at a news conference during the 2022 annual meeting of the IMF and the World Bank Group, Oct. 11, 2022, in Washington. [AP Photos]

The International Monetary Fund on Tuesday downgraded its 2023 world economic outlook, citing Russia's ongoing war against Ukraine, widespread inflationary pressures and higher interest rates boosting borrowing rates for both businesses and consumers.

The 190-nation lending agency said it expects a meager 2.7% global growth rate next year, down from the 2.9% it projected in July. The IMF left its 2022 prediction unchanged, a modest 3.2% figure that would be only slightly more than half of last year's 6% growth.