The IMF expects global growth to grow by around 3% over the next five years against a high interest rate environment, the weakest outlook in more than 30 years.
In March of this year, Silicon Valley Bank and Signature Bank collapsed, Silvergate closed, and Credit Suisse was quickly acquired.
The IMF report highlighted that recent bank turmoil and high inflation have heightened the risk of a global recession.
"The economic outlook is clearly skewed to the downside," the IMF said.
As the global economy weathers the shock during 2020-2022 and the recent financial sector turmoil, many uncertainties cloud the short-to-medium term outlook.
Fears of a recession loom large, while concerns about stubbornly high inflation remain. "
