The International Monetary Fund (IMF) said on Monday, in an article prepared for the G20 leaders’ summit in Indonesia, that recent high-frequency indicators “confirm that the outlook is bleaker,” especially in Europe.

Additional comments

“Recent Purchasing Managers’ Indices that measure the activity of manufacturing and services noted weakness in most Group of 20 economies“.

“Economic activity contracted, while inflation remained stubbornly highciting the monetary policy tightening triggered by persistently high and widespread inflation, the Weak growth momentum in China and continued supply disruptions and food insecurity caused by Russia’s invasion of Ukraine.”