The 190-country-strong international financial institution, International Monetary Fund (IMF), has lowered its estimates for the growth of the global economy in 2022.

This comes in a report that pegs the struggle to the Coronavirus pandemic and the ongoing Russia-Ukraine crisis that has unequivocally resulted in inflation arising from supply-chain crises in the food industry, disruption in oil and gas exports, and more.

Inflation, as per the report, will also continue to affect emerging countries into the year.

Source: IMF

Meanwhile, the International Financial Commission indicated that the growth rate will reach 3.6 per cent this year, which marks a decrease of 0.8 per cent drop over what was initially expected.

This is further reflected in an increase of 5.7 per cent in inflation for developed countries – a rise of 1.8 per cent from what was expected, and 7.8 per cent for emerging and developed countries – which is a staggering 2.8 per cent rise.

Oman’s economy, however, is expected to grow by 5.6 per cent in 2022 as per IMF. This was revealed in the ‘World Economic Outlook’ report issued that reiterated the oil-producing nation’s positive stance for the year.