The International Monetary Fund logo is seen outside the headquarters building during the IMF and World Bank Spring Meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas/File Photo

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WASHINGTON, June 9 (Reuters) – The International Monetary Fund plans to revise down its forecast for global economic growth in 2022 next month, an IMF spokesman said on Thursday, following decisions by the World Bank and of the Organization for Economic Co-operation and Development (OECD) to lower their own forecasts this week.

This would mark the IMF’s third downgrade this year. In April, the IMF had already lowered its forecast for global economic growth by almost one percentage point to 3.6% in 2022 and 2023.

Fund spokesman Gerry Rice told a regular IMF briefing that the overall outlook still called for growth around the world, albeit at a slower level, but some countries could face a recession.

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“Clearly a number of developments have taken place that may cause us to revise further,” Rice told reporters. “So many things have happened and (are) happening very quickly since the last time we came with our predictions.”

The IMF is expected to release an update to its World Economic Outlook in mid-July.

The World Bank on Tuesday cut its global growth forecast by almost a third to 2.9% for 2022, citing aggravating damage from Russia’s invasion of Ukraine and the COVID-19 pandemic, while putting warns of the growing risk of stagflation. Read more

A day later, the OECD lowered its forecast by 1.5 percentage points to 3%, although it said the global economy should avoid a crisis of 1970s-style stagflation. Read more

Rice said the expected downgrade was due to the ongoing war in Ukraine, volatile commodity prices, very high food and energy prices and a sharper-than-expected slowdown in the economy. Chinese economy, as well as rising interest rates in a number of advanced economies. He gave no details on China’s outlook.

“We’re seeing this confluence of crises…the combination of all these things going in the same direction of downside risks materializing,” he said.

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Reporting by Andrea Shalal and Jorgelina do Rosario; Editing by Bill Berkrot

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