The International Monetary Fund (IMF) is urging nations to prepare for escalating economic difficulties.
According to the Bretton Woods organisation, instead of the predicted 6 percent, the worldwide growth rate for 2019 has been estimated at 2.7%.
The Fund, however, asserts that it would make every effort to defend the weak and vulnerable economies.
Speaking at the IMF spring meeting in 2022 in Washington, DC, Managing Director Kristalina Georgieva urged world leaders to put protecting vulnerable households and businesses first since they are crucial to the economy.
“But we have to do that with physical buffers, exhaust it because of the pandemic and this environment does not support emerging marketing and development” Kristalina said.
It is tough for everybody but even tougher for countries that have been hit by high dollar rates, borrowing costs, and capital inflows.