'Risks to the outlook remain unusually large and to the downside,' the IMF said in a new global outlook report.
"Many advanced economies and emerging markets may face housing-market-related risks as mortgage rates rise and lending standards tighten, squeezing potential borrowers out of the market," the IMF's newnotes."If further adverse shocks were to realize, tighter financial conditions may trigger market illiquidity, disorderly sell-offs, or distress."
Eric LeCompte, executive director of the Jubilee USA Network, said in response to the IMF's warnings that"it seems likely that we are heading into a recession." "The U.S. and other large economies will see contractions and this impacts the entire global economy," said LeCompte."The war and rising interest rates are putting developing countries in an even more difficult situation. Rising food and energy prices hurt everyone, in particular the poor."
"Some of the proposed solutions of austerity and higher interest rates will cause pain," LeCompte added."As the dollar gets stronger, developing country debts become dangerously unsustainable."
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