The International Monetary Fund warned the United States that government spending and increasing national debt are not sustainable and could hurt the global economy.
The Washington, D.C.-based group that represents 190 member countries also called the U.S. economy “overheated.” The debt warning follows several other high-profile calls to address growing U.S. debt.
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The U.S. House is expected to vote on funding for Ukraine, Israel and Taiwan this weekend, a controversial climax to months of battling in both chambers.
House Speaker Mike Johnson, R-La., has arranged the vote for this weekend, likely on Saturday, despite calls from many in his own party to abandon funding for Ukraine, which is set to receive about $60 billion in foreign aid in its war against Russia’s invasion if the measure passes this weekend.
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The International Monetary Fund (IMF) cut its global economic growth forecast for 2022 on Tuesday, citing growing COVID-19 cases, supply chain bottlenecks and soaring inflation.
The IMF now projects global gross domestic (GDP) product to grow 4.4% in 2022, down from 5.9% growth in 2021, according to the IMF’s World Economic Outlook report published Tuesday. The IMF projected global GDP would reach 4.9% in its Fall report.
“The global economy enters 2022 in a weaker position than previously expected,” the report said, blaming “downside surprises,” including soaring COVID-19 cases and turbulent markets.
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