Persistent supply chain disruptions and pricing pressures are constraining the global economy's recovery from the COVID-19 pandemic, the International Monetary Fund said on Tuesday as it cut growth outlooks for the United States and other major industrial powers.
In its World Economic Outlook, the IMF trimmed its 2021 global growth forecast to 5.9% from the 6.0% forecast it made in July. It left a 2022 global growth forecast unchanged at 4.9%.
The United States is taking the brunt of these effects, and the IMF slashed its 2021 U.S. growth forecast by a full percentage point, to 6.0%, from 7.0% in July - a level that was seen as theU.S. growth could shrink further, the IMF said, because its forecasts assume that a deeply divided U.S. Congress will approve President Joe Biden's proposed infrastructure and social spending worth $4 trillion over a decade.
China's 2021 growth forecast was trimmed by 0.1 point to 8.0%, as the IMF cited a faster-than-expected scaleback of public investment spending. India's forecast was unchanged at 9.5%, but prospects in other emerging Asian countries have been diminished due to a worsening of the pandemic.
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