Advanced economies will expand 2.6% in 2022 and emerging market countries will grow 3.8%, down from march forecasts of 3.2% and 4.2%.

Currently high inflation rates could persist for several more months, owing to elevated energy and food prices.

Except for Russia, do not currently expect a recession in any G-20 country in 2022 or 2023.

Risks that could further reduce forecasts include escalation of Russia-Ukraine conflict, faster-than-expected slowdown in China’s growth.