According to a report by the International Monetary Fund (IMF) on global growth projections, against a previous forecast in July of 2.9% growth in the global economy in 2023, the IMF cut its forecast for global economic growth over the next year by 0.2 percentage points to 2.7%.

The International Monetary Fund (IMF) predicted that next year will see an economic recession that will be felt by millions of people around the world.

Set aside growth rates during the global crisis and the peak of the coronavirus pandemic, next year's expected growth rate is the weakest since 2001, according to the IMF's World Economic Outlook Report on Tuesday.

World GDP growth estimates for 2022 remained unchanged at 3.2%, down from 6% growth in 2021.

More than a third of the world economy will experience two consecutive quarters of economic contraction, while the world's major economies, the United States, the European Union and China, will continue to slow.

The report stressed that the war in Ukraine continued to "destabilize the world economy vigorously", with its effects causing a "severe" energy crisis in Europe, as well as destruction in Ukraine itself.

The price of natural gas has more than 4-fold since 2021, with Russia now supplying the European continent with gas less than 20 percent of 2021 levels, and food prices rising as a result of the crisis.

The International Monetary Fund (IMF) expects global inflation to peak in late 2022, rising from 4.7% in 2021 to 8.8%, stating that it "will remain higher for longer than previously anticipated."

Global inflation is likely to fall to 6.5% in 2023 and 4.1% by 2024, according to IMF forecasts.

China also continues to implement a zero-COVID policy, which is causing lockdowns in cities, hampering economic activity in the world's second largest economy, along with the country's real estate sector crisis, which constitutes one fifth of China's economy.

The 2022 shocks will "reopen economic wounds" to developing countries and emerging economies, partially cured following the coronavirus pandemic, the IMF report said.